Are You Ready to Sell Your Leominster, Massachusetts Restaurant?

Following years of labor, you have made the decision sell your Leominster, Massachusetts restaurant

Contemplating starting a different Leominster, Massachusetts restaurant, moving, or maybe retiring. No matter the reason, selling a Leominster, Massachusetts restaurant can be way more complicated than you might realize. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough profit for all the sweat you’ve put into it.

Necessary Steps to Consider when Selling Your Restaurant

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

#1 Gather the Important Documentation

This is an important first step to take when you start the process of marketing your Leominster, Massachusetts restaurant.

The required paperwork may vary from state to state--even in Massachusetts, but the following is a list of a few standard documents you may need to have at hand:

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

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

You probably do not want to show all these documents to a possible buyer first day. However, you should have them on hand because you will certainly require them during the sales process.

Also, compiling these documents allows you to see your Leominster, Massachusetts restaurant through the lens of a buyer. It provides you a clear picture of the Leominster, Massachusetts restaurant you are selling. Furthermore, it allows you to identify if there are any loopholes you will need to take care of.

#2 Put Your Financials in Order

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

Showing your financial records to potential buyers may help clear any hesitations they might have concerning your Leominster, Massachusetts restaurant.

Your financial records can include:

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

In addition, ensure you have hard copies of all of these documents. This can make it easier for you to transmit the information to possible buyers.

In addition, as a seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these items could create legal issues for you if a buyer later discovers these liabilities post completing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Leominster, Massachusetts restaurant, you need to understand of your commercial lease. It could be devestating if, after attracting a buyer, your lease prevents you from closing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Leominster, Massachusetts restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

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

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow before trying to sell your Leominster, Massachusetts restaurant.

The average time it may take to sell a Leominster, Massachusetts restaurant is six months. Within those six months, there is a lot you can do in order to strengthen your profit and slash various costs, and thus strengthen the value of your Leominster, 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 may aid you in estimating the probable worth of your Leominster, Massachusetts restaurant. When you understand the overall worth this may help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Leominster, Massachusetts restaurant will go a great distance in helping you bring potential buyers. Alternatively, if the general curb appeal of your Leominster, Massachusetts restaurant does not appeal to buyers, they could take a pass immediately.

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

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

Additionally, you should make sure all the equipment is in satisfactory condition. If your equipment is not working properly, 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 could even lower the morale of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers concerning purchasing your Leominster, Massachusetts restaurant.

#7 look for Leominster Buyers

Marketing to potential buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire an experienced Leominster, Massachusetts restaurant broker to help. A professional Leominster, Massachusetts restaurant broker will offer recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to take on this project yourself, you will need to carry out proper advertising. You can list your Leominster, Massachusetts restaurant on listing websites and tell family and friends about your plans to sell your Leominster, Massachusetts restaurant.

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

#8 Be Ready

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

You will never know when a buyer will visit your Leominster, Massachusetts restaurant. Some buyers might even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your Leominster, 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 documentation will usually begin with the Asset Purchase Agreement.

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

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

Choosing a Leominster, Massachusetts Restaurant Broker

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

It's true, in order for you to get the most from of the business deal, you need a higher level of expertise in order to stand above and against your competition while attempting to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Leominster, Massachusetts restaurant broker is needed. A Leominster, Massachusetts restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Leominster, Massachusetts restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Leominster, Massachusetts Restaurant Broker

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

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

Leominster Zip Codes We Support: 01420, 01453