Time to Sell Your Haverhill, Massachusetts Restaurant?

After years of labor, you have decided to sell your Haverhill, Massachusetts restaurant

Considering starting a new Haverhill, Massachusetts restaurant, moving, or even slowing down. Regardless of the reason, selling your Haverhill, Massachusetts restaurant can be a lot more complicated than you might realize. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough profit for all the time you’ve put into it.

Important Actions to Take in Selling Your Restaurant

You may either think to hire a eatery broker to help you in selling your Haverhill, Massachusetts restaurant or take on the task on your own. Whether considering selling your Haverhill, Massachusetts restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather the Necessary Paperwork

This is a necessary preparatory step to make when you commence the process of offering your Haverhill, Massachusetts restaurant.

The necessary paperwork may vary from state to state--even in Massachusetts, but the following is a list of some generalized documents you may be requierd to have at hand:

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

Corbett Restaurant Group has the expertise to help you in the sale of your Haverhill, Massachusetts restaurant. Call today for a no strings attached consultation at (888) 266-5182.

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

Also, compiling these documents allows you to see your Haverhill, Massachusetts restaurant through the lens of a buyer. It provides you a clear picture of the Haverhill, Massachusetts restaurant you're selling. In addition, it allows you to show whether there are any concerns you'll need to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial detail of selling your Haverhill, Massachusetts restaurant. That’s the reason you should make it a priority to make these documents accurate and well organized.

Showing your financial records to potential buyers could help clear any hesitations they may have regarding your Haverhill, Massachusetts restaurant.

These financial records may include:

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

Also, ensure you have duplicate copies of all of these records. This may make it easier for you to send the documentation to possible buyers.

Likewise, as a seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these items could create legal problems for you if a buyer later discovers these liabilities post closing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Haverhill, Massachusetts restaurant, you need to review of your commercial lease. It would be devestating if, after attracting a buyer, your lease prevents 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 Haverhill, Massachusetts restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an detailed evaluation of your financials, whether favorable or not, this helps them estimate the true value of your Haverhill, Massachusetts restaurant.

It is therefore in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow planning to sell your Haverhill, Massachusetts restaurant.

The estimated time it may take to sell a Haverhill, Massachusetts restaurant is 6 months. Within the six months, there is a lot you can do in order to strengthen your profit and reduce several costs, and thus strengthen the worth of your Haverhill, Massachusetts restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This will aid you in estimating the overall value of your Haverhill, Massachusetts restaurant. If you understand the overall value this may help you come up with a selling price.

#5 Increase Curb Appeal

The first impression of your Haverhill, Massachusetts restaurant could go a long way in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Haverhill, Massachusetts restaurant does not appeal to buyers, they could pass over right off the bat.

To avoid this from happening, all things in and out of your Haverhill, Massachusetts restaurant must be cleaned and maintained. Landscaped and a clean parking lot can help create curb appeal for potential buyers.

Clean windows, polished door handles and a neat floor are also small items that could help create a unforgettable initial impression.

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

Faulty equipment could raise doubt about your financial capabilities and output capabilities. It can even dampen the excitment 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 concerning buying your Haverhill, Massachusetts restaurant.

#7 Search for Haverhill Buyers

Marketing to prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional Haverhill, Massachusetts restaurant broker to help. The professional Haverhill, Massachusetts restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you decide to take on this task yourself, you will need to create appropriate advertising. You can show your Haverhill, Massachusetts restaurant on listing websites and tell family and friends about your intentions to sell your Haverhill, Massachusetts restaurant.

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

#8 Be Prepared

Whether you decide to sell your Haverhill, Massachusetts restaurant yourself, or through a Haverhill, Massachusetts restaurant broker, you need to always be ready. Be ready to show your Haverhill, Massachusetts restaurant to potential buyers at all times.

You never know when a buyer could visit your Haverhill, Massachusetts restaurant. Some buyers might even visit as customers just to carry out some research before contacting you.

#9 Sell Your Haverhill, Massachusetts Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the deal. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This document includes details such as the selling price of your Haverhill, Massachusetts restaurant, assets and equipment and inventory value.

Choosing a Haverhill, Massachusetts Restaurant Broker

While trying to sell your Haverhill, Massachusetts restaurant on your own can be an exciting endeavor, it could also be quite risky, especially for first-timers.

It's true, if you're looking to achieve the most out of the business transaction, you need a higher level of experience in order to stand above and against the cometitors while trying to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Haverhill, Massachusetts restaurant broker comes in. A Haverhill, Massachusetts restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Haverhill, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

With the assistance of a Haverhill, Massachusetts restaurant broker, you can maintain your undivided attention on operating your Haverhill, Massachusetts restaurant and rest easy knowing that a professional is in charge of selling your Haverhill, Massachusetts restaurant.

Contact a Haverhill, Massachusetts Restaurant Broker

Choosing to sell your Haverhill, Massachusetts restaurant through a Haverhill, Massachusetts restaurant broker has many advantages. First, however, you need to select the best Haverhill, Massachusetts restaurant broker to assist you in selling your Haverhill, Massachusetts restaurant.

At Corbett Restaurant Brokers, we consider it our honor to represent you in the sale of your Haverhill, Massachusetts restaurant. And, we work harder than any other Haverhill 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 Haverhill, Massachusetts restaurant for a great price.

Haverhill Zip Codes We Support: 01830, 01831, 01832, 01835