Decided to Sell Your Lowell, Massachusetts Restaurant?

Following years of labor, you have decided to sell your Lowell, Massachusetts restaurant

Contemplating opening a different eatery, moving, or maybe slowing down. No matter the reason, selling a Lowell, Massachusetts restaurant can be way more complicated than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you’ve put into it.

Necessary Actions to Take when Selling Your Restaurant

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

#1 Gather any Necessary Documentation

This is an important first step to take when you commence the process of offering your Lowell, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but the following is a list of a few general documents you may find helpful 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 plans
• Financial statements and other important financial documents

Corbett Restaurant Group has the experience to help you in the market for sale of your Lowell, Massachusetts restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You certainly do not want to show all these documents to a possible buyer right away. However, you may want to have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents lets you view your Lowell, Massachusetts restaurant through the lens of a buyer. It gives you a clear picture of the Lowell, Massachusetts restaurant you are selling. Furthermore, it helps you identify if there are any loopholes you'll have to address.

#2 Get Your Financials in Order

Your financial records are an important aspect of selling your Lowell, Massachusetts restaurant. This is the reason you should make an effort to have these documents complete and organized.

Showing your financial records to prospective buyers may help clear any doubt they may have regarding your Lowell, Massachusetts restaurant.

The financial documents may include:

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

In addition, ensure you have duplicate copies of all of these documents. This can 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, deferred repairs, etc. Failing to inform a buyer about these items may create legal issues for you if a buyer later on discovers these liabilities after completing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Lowell, Massachusetts restaurant, you need to review of your commercial lease. It could be disappointing if, after securing 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 Lowell, Massachusetts restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an in-depth analysis of your financial records, whether favorable or not, this will help them evaluate the true value of the Lowell, 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 up your cash flow planning to sell your Lowell, Massachusetts restaurant.

The estimated time it takes to sell a Lowell, Massachusetts restaurant is six months. Within the six months, there are several things you can do to strengthen your profit and reduce several costs, and therefore strengthen the value of your Lowell, Massachusetts restaurant.

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

This may aid you in coming up with the overall value of your Lowell, Massachusetts restaurant. When you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Lowell, Massachusetts restaurant will go a great distance in helping you attract potential buyers. Conversely, if the overall appearance of your Lowell, Massachusetts restaurant does not appeal to buyers, they could take a pass without consideration.

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

Spot-free windows, polished door handles and a clean floor are also easy items that would help create a great first impression.

Additionally, you should ensure all your equipment is in top condition. If your equipment is not working, it could convey the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment could raise doubt about your financial capabilities and output capabilities. It may even dampen the mood of your staff, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding buying your Lowell, Massachusetts restaurant.

#7 Search for Lowell Buyers

Marketing to prospective buyers can be time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire a professional Lowell, Massachusetts restaurant broker to help. A professional Lowell, Massachusetts restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you decide to handle this task yourself, you will need to carry out appropriate advertising. You can market your Lowell, Massachusetts restaurant on business websites and let your family and friends know about your intentions to sell your Lowell, Massachusetts restaurant.

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

#8 Be Ready

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

You'll never know when a buyer could walk into your Lowell, Massachusetts restaurant. Some buyers may even come in as customers just to perform some research before reaching out to you.

#9 Sell Your Lowell, Massachusetts Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the deal. The documentation will usually begin with the Asset Purchase Agreement.

You may need your attorney’s assistance in drafting this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Lowell, Massachusetts Restaurant Broker

Although attempting to sell your Lowell, Massachusetts restaurant on your own can be an exciting project, it can also be quite risky, especially for first time sellers.

It's true, if you're looking to get the most out of the business deal, you need a higher level of expertise to stand above and against the cometitors while attempting to find buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Lowell, Massachusetts restaurant broker is needed. A Lowell, Massachusetts restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Lowell, Massachusetts restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Lowell, Massachusetts Restaurant Broker

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

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

Lowell Zip Codes We Support: 01826, 01850, 01851, 01852, 01853, 01854