Ready to Sell Your Hingham, Massachusetts Restaurant?

After years of hard work, you have made the decision sell your Hingham, Massachusetts restaurant

Contemplating opening a different Hingham, Massachusetts restaurant, moving, or maybe slowing down. Regardless of the reason, selling your Hingham, Massachusetts restaurant can be way more challenging than you might realize. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the labor you may have put into it.

Necessary Actions to Take when Selling Your Restaurant

You may either decide to contract with a Hingham, Massachusetts restaurant broker to guide you in selling your Hingham, Massachusetts restaurant or take on the task on your own. If you are considering selling your Hingham, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Gather any Important Documentation

This is an important preparatory step to make when you commence the process of marketing your Hingham, 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 find helpful to have on you:

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

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

It's probably smart not to reveal all these documents to a possible buyer right away. But, you should have them on hand because you will eventually require them during the sales process.

In addition, compiling these documents lets you view your Hingham, Massachusetts restaurant through the lens of a buyer. It gives you a clear picture of the Hingham, Massachusetts restaurant you're selling. In addition, it helps you identify if there are any concerns you will need to take care of.

#2 Put Your Financial Documents in Order

Your financial records are an important aspect of selling your Hingham, Massachusetts restaurant. That’s the reason you should make an effort to make your documents accurate and well organized.

Offering your financial documents to possible buyers may aid clear any doubt they may have regarding your Hingham, Massachusetts restaurant.

Your financial documents 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 these documents. This may make it easier for you to transmit the information to possible buyers.

Also, as a seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these items may create legal issues for you if a buyer later on discovers these liabilities post signing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Hingham, 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 Hingham, Massachusetts restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an in-depth evaluation of your financial records, whether favorable or not, this will help them evaluate the true value of the Hingham, Massachusetts restaurant.

This will be in your best interest to ensure that you increase sales and reduce expenses to increase your cash flow starting to sell your Hingham, Massachusetts restaurant.

The estimated time it takes to sell a Hingham, Massachusetts restaurant is 6 months. Within the six months, there are many things you can do in order to strengthen your profit and cut various costs, and therefore strengthen the value of your Hingham, Massachusetts restaurant.

Also, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This could aid you in deriving the probable worth of your Hingham, 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 Hingham, Massachusetts restaurant will go a great distance in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Hingham, Massachusetts restaurant does not appeal to buyers, they might take a pass without consideration.

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

Spot-free windows, polished door handles and a clean floor are other small items that can help create a great initial impression.

Additionally, you should ensure that all the equipment is in satisfactory condition. If your equipment is not working properly, it may convey the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial capabilities and output abilities. It can even dampen the excitment of your employees, and in turn, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for Hingham 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 Hingham, Massachusetts restaurant broker to help. A professional Hingham, Massachusetts restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you make the decision to take on this project alone, you will need to carry out appropriate advertising. You can list your Hingham, Massachusetts restaurant on listing websites and let your family and friends know about your intentions to market for sale your Hingham, Massachusetts restaurant.

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

#8 Be Prepared

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

You will never know when a buyer could walk into your Hingham, Massachusetts restaurant. Some buyers may even come in as customers in order to carry out some research before reaching out to you.

#9 Sell Your Hingham, Massachusetts Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the transaction. The paperwork will likely begin with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

This agreement includes details including the selling price of your Hingham, Massachusetts restaurant, items and equipment and inventory value.

Choosing a Hingham, Massachusetts Restaurant Broker

While trying to sell your Hingham, Massachusetts restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first-timers.

It's true, if you're looking to achieve the most out of the business transaction, you need some level of expertise to stand out against your cometitors while attempting to find buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Hingham, Massachusetts restaurant broker is recommended. A Hingham, Massachusetts restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Hingham, Massachusetts restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Hingham, Massachusetts Restaurant Broker

Deciding to sell your Hingham, Massachusetts restaurant through a Hingham, Massachusetts restaurant broker has several advantages. First, however, you need to select the best Hingham, Massachusetts restaurant broker to assist you in selling your Hingham, Massachusetts restaurant.

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

Hingham Zip Codes We Support: 02043, 02044