Are You Ready to Sell Your Franklin, Massachusetts Restaurant?

Following years of sweat equity, you have decided to sell your Franklin, Massachusetts restaurant

Considering starting a new Franklin, Massachusetts restaurant, relocating, or even retiring. No matter the reason, selling a Franklin, Massachusetts restaurant can be way more challenging than you might realize. This is because it takes careful preparation and a solid strategy to successfully walk away with enough proceeds for all the sweat you’ve put into it.

Important Actions to Consider when Selling Your Restaurant

You can either make the decision to contract with a Franklin, Massachusetts restaurant broker to help you in selling your Franklin, Massachusetts restaurant or take on the task yourself. If you are considering selling your Franklin, Massachusetts restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather the Business Documentation

This is a necessary first step to take when you start the process of marketing your Franklin, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but below is a list of a few standard documents you may find helpful to have prepared:

• A list of your assets
• Lease documentation
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection records
• Architectural plan
• Financial statements and other important financial documents

Corbett Restaurant Group comes with expertise to help you in the sale of your Franklin, Massachusetts restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a prospective buyer right away. However, you should have them on hand because you will certainly require them during the sales process.

In addition, putting together these documents lets you see your Franklin, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Franklin, Massachusetts restaurant you are offering for sale. Furthermore, it helps you show whether there are any concerns you will have to address.

#2 Get Your Financial Documents in Order

Your financial documents are an important detail of selling your Franklin, Massachusetts restaurant. This is why you should strive to make your documents accurate and organized.

Offering your financial records to possible buyers may aid clear any hesitations they may have concerning your Franklin, Massachusetts restaurant.

The financial records can include:

• Inventory of equipment and assets
• Profit and loss statements
• Tax records
• Cash transactions
• Bank statements

In addition, make sure you have soft copies of all of the records. This will make it easier for you to send the information to potential buyers.

Also, as the seller, you have to disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these things could create legal problems for you if a buyer later discovers these ommissions post sealing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your Franklin, Massachusetts restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Franklin, Massachusetts restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will most likely request an in-depth evaluation of your financial records, whether favorable or not, this helps them estimate the true value of the Franklin, Massachusetts restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to build your cash flow planning to sell your Franklin, Massachusetts restaurant.

The estimated time it may take to sell a Franklin, Massachusetts restaurant is 6 months. Within those six months, there is a lot you can do in order to strengthen your profit and cut various costs, and therefore strengthen the value of your Franklin, Massachusetts restaurant.

Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This could help you in deriving the probable value of your Franklin, Massachusetts restaurant. When you understand the overall value this may help you determine a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Franklin, Massachusetts restaurant could go a great distance in helping you attract potential buyers. Conversely, if the overall appearance of your Franklin, Massachusetts restaurant does not appeal to buyers, they might take a pass right off the bat.

To avoid this from happening, all things in and out of your Franklin, Massachusetts restaurant must be cleaned and maintained. Landscaping and a clean parking area could help create curb appeal for potential buyers.

Spot-free windows, polished handles and a presentable floor are also simple things that would help create a memorable first impression.

Additionally, you should make sure all the equipment is in satisfactory condition. If your equipment is not functioning, it can send the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial situation and production abilities. It may even dampen the mood of your staff, and in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding purchasing your Franklin, Massachusetts restaurant.

#7 Search for Franklin Buyers

Marketing to prospective buyers is time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire a professional Franklin, Massachusetts restaurant broker to help. The professional Franklin, Massachusetts restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you decide to take on this task alone, you will need to carry out proper advertising. You can market your Franklin, Massachusetts restaurant on business websites and tell family and friends about your plans to sell your Franklin, Massachusetts restaurant.

As you will likely run across competition when trying to sell your Franklin, Massachusetts restaurant, you need your restaurant to stand out.

#8 Be Prepared

Whether you decide to sell your Franklin, Massachusetts restaurant yourself, or with a a Franklin, Massachusetts restaurant broker, you should always be prepared. Be prepared to show your Franklin, Massachusetts restaurant to prospective buyers at all times.

You'll never know when a buyer will visit your Franklin, Massachusetts restaurant. Some buyers may even visit as customers in order to carry out some research before contacting you.

#9 Sell Your Franklin, Massachusetts Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the contract. The paperwork will usually start with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the contract.

This agreement includes details such as the selling price of your Franklin, Massachusetts restaurant, assets and equipment as well as inventory value.

Choosing a Franklin, Massachusetts Restaurant Broker

While trying to sell your Franklin, Massachusetts restaurant on your own can be an exhilarating project, it can also be quite risky, especially for first time sellers.

It's true, if you're looking to achieve the most from of the business transaction, you need some level of experience in order to stand out against the competition while trying to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Franklin, Massachusetts restaurant broker comes in. A Franklin, Massachusetts restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Franklin, Massachusetts restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

With the assistance of a Franklin, Massachusetts restaurant broker, you can focus your undivided attention on operating your Franklin, Massachusetts restaurant and rest assured with the knowledge that a professional is in charge of selling your Franklin, Massachusetts restaurant.

Contact a Franklin, Massachusetts Restaurant Broker

Deciding to sell your Franklin, Massachusetts restaurant through a Franklin, Massachusetts restaurant broker has many advantages. First, however, you need to select the best Franklin, Massachusetts restaurant broker to help you in selling your Franklin, Massachusetts restaurant.

At Corbett Restaurant Brokers, we consider it our duty to represent you in the sale of your Franklin, Massachusetts restaurant. And, we work harder than any other Franklin broker to secure the best deal for your restaurant and at the highest sale value.

Contact Corbett Restaurant Group today and let us help you sell your Franklin, Massachusetts restaurant for a great price.

Franklin Zip Codes We Support: 02038