Are You Ready to Sell Your Lynn, Massachusetts Restaurant?

Following years of sweat equity, you have made the decision sell your Lynn, Massachusetts restaurant

Contemplating opening a new Lynn, Massachusetts restaurant, moving, or even slowing down. Regardless of the reason, selling your Lynn, Massachusetts restaurant can be way more difficult than you might think. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough money for all the sweat you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

You can either decide to hire a Lynn, Massachusetts restaurant broker to guide you in selling your Lynn, Massachusetts restaurant or do the task on your own. Whether considering selling your Lynn, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together the Important Documentation

This is a necessary initial step to make when you start the process of selling your Lynn, 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:

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

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

It's probably best not to reveal the majority of these documents to a potrntial buyer right away. However, you should have them at hand because you will certainly require them during the sales process.

Also, compiling these documents lets you view your Lynn, Massachusetts restaurant through the lens of a buyer. It provides you a clear picture of the Lynn, Massachusetts restaurant you are selling. Furthermore, it allows you to identify if there are any areas you will need to address.

#2 Put Your Financials in Order

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

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

Your financial documents may include:

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

In addition, ensure you have soft copies of all of these records. This could make it easier for you to send the records to possible buyers.

Likewise, as a seller, you must disclose information including 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 ommissions after closing the deal.

#3 Organize the Details of Your Commercial Lease

In the process of preparing to sell your Lynn, Massachusetts restaurant, you need to understand of your commercial lease. It would be disappointing if, after securing a buyer, your lease prevents you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord concerning your plan to sell your Lynn, Massachusetts restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the value of the Lynn, Massachusetts restaurant.

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

The estimated time it may take to sell a Lynn, Massachusetts restaurant is 6 months. Within the six months, there are many things you can do to increase your profit and reduce various costs, and therefore increase the value of your Lynn, Massachusetts restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This could assist you in estimating the overall value of your Lynn, Massachusetts restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Lynn, Massachusetts restaurant can go a great distance in helping you bring potential buyers. Alternatively, if the general appearance of your Lynn, Massachusetts restaurant does not look good to buyers, they likely take a pass without consideration.

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

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

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

Non-functional equipment also raises doubt about your financial capabilities and output capabilities. It could even lower the morale of your employees, and in response, 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 Lynn, Massachusetts restaurant.

#7 look for Lynn Buyers

Searching for prospective buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced Lynn, Massachusetts restaurant broker to help. A professional Lynn, Massachusetts restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to handle this project alone, you will need to carry out proper advertising. You can market your Lynn, Massachusetts restaurant on business websites and tell family and friends about your intentions to sell your Lynn, Massachusetts restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Lynn, Massachusetts Restaurant

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

You should have your attorney’s help in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Lynn, Massachusetts Restaurant Broker

While trying to sell your Lynn, Massachusetts restaurant on your own can be an exciting endeavor, 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 transaction, you need some level of expertise to stand above and against the competition while trying to attract buyers.

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

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

Contact a Lynn, Massachusetts Restaurant Broker

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

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

Lynn Zip Codes We Support: 01901, 01902, 01903, 01904, 01905, 01910