Time to Sell Your Lawrence, Massachusetts Restaurant?

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

Considering starting a different Lawrence, Massachusetts restaurant, relocating, or maybe slowing down. No matter the reason, selling your Lawrence, Massachusetts restaurant can be a lot more challenging than you might think. This is because it takes careful preparation and a solid strategy to successfully get out with enough money for all the time you’ve put into it.

Necessary Steps to Take when Selling Your Restaurant

You can either think to contract with a eatery broker to guide you in selling your Lawrence, Massachusetts restaurant or do the task yourself. Whether considering selling your Lawrence, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather any Important Paperwork

This is a necessary first step to make when you begin the process of selling your Lawrence, Massachusetts restaurant.

The required paperwork may vary from state to state--even in Massachusetts, but below is a list of some standard documents you may find helpful to have on you:

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

Corbett Restaurant Group has the experience to assist you in the market for sale of your Lawrence, Massachusetts restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably best not to show all these documents to a prospective buyer day one. But, you may want to have them at hand because you will certainly require them during the sales process.

In addition, compiling these documents allows you to view your Lawrence, Massachusetts restaurant through the lens of a buyer. This gives you a clear image of the Lawrence, Massachusetts restaurant you're offering for sale. Furthermore, it helps you show whether there are any concerns you will need to take care of.

#2 Put Your Financial Records in Order

Your financial records are a crucial part of selling your Lawrence, Massachusetts restaurant. That’s why you should make an effort to have your documents complete and well organized.

Showing your financial records to possible buyers could assist to clear any hesitations they may have regarding your Lawrence, Massachusetts restaurant.

These financial records can include:

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

Also, ensure you have soft copies of all of these records. This could make it easier for you to send the information to potential buyers.

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

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your Lawrence, Massachusetts restaurant, you need to understand of your commercial lease. It could be devestating if, after securing a buyer, your lease hinders you from closing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors will often request an detailed evaluation of your financials, whether favorable or not, this will help them estimate the true value of the Lawrence, Massachusetts restaurant.

It is therefore in your best interest to ensure that you augment sales and reduce expenses to build your cash flow starting to sell your Lawrence, Massachusetts restaurant.

The average time it takes to sell a Lawrence, Massachusetts restaurant is six months. Within the six months, there are many things you can do in order to strengthen your profit and slash several costs, and thus strengthen the worth of your Lawrence, Massachusetts restaurant.

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

This could help you in coming up with the overall value of your Lawrence, Massachusetts restaurant. If you understand the overall worth this could help you determine a selling price.

#5 Increase Curb Appeal

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

To prevent this from happening, everything in and out of your Lawrence, Massachusetts restaurant must be clean. Manicured and a clean parking lot can help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a neat floor are other small things that could help create a unforgettable initial impression.

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

Faulty equipment also raises doubt about your financial situation and output capabilities. It could even dampen the mood of your employees, which 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 Lawrence, Massachusetts restaurant.

#7 Search for Lawrence Buyers

Looking for potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced Lawrence, Massachusetts restaurant broker to help. The professional Lawrence, Massachusetts restaurant broker will offer recommendations for saving time & money for drawing in more potential buyers. However, if you decide to take on this task by yourself, you will need to carry out proper advertising. You can list your Lawrence, Massachusetts restaurant on business websites and tell family and friends about your intentions to market for sale your Lawrence, Massachusetts restaurant.

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

#8 Be Prepared

If you decide to sell your Lawrence, Massachusetts restaurant yourself, or through a Lawrence, Massachusetts restaurant broker, you need to always be prepared. Be ready to show your Lawrence, Massachusetts restaurant to prospective buyers at all times.

You'll never know when a buyer will walk into your Lawrence, Massachusetts restaurant. Some buyers might even visit as customers in order to perform some research before contacting you.

#9 Sell Your Lawrence, Massachusetts Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to complete the contract. The documentation will usually start with the Asset Purchase Agreement.

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

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

Choosing a Lawrence, Massachusetts Restaurant Broker

Although trying to sell your Lawrence, Massachusetts restaurant on your own can be an exhilarating project, it can also be very risky, especially for first time sellers.

The fact remains, in order for you to achieve the most from of the business deal, you need some level of expertise to stand out against your cometitors while attempting to find buyers.

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

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

Contact a Lawrence, Massachusetts Restaurant Broker

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

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

Lawrence Zip Codes We Support: 01840, 01841, 01842, 01843, 01844