Decided to Sell Your Mansfield, Massachusetts Restaurant?

After years of labor, you have made the decision sell your Mansfield, Massachusetts restaurant

Considering starting a new Mansfield, Massachusetts restaurant, relocating, or maybe slowing down. No matter the reason, selling a Mansfield, Massachusetts restaurant can be a lot more difficult than you may think. This is because it takes careful preparation and a solid strategy to successfully walk away with enough proceeds for all the labor you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You may either think to hire a eatery broker to guide you in selling your Mansfield, Massachusetts restaurant or take on the task on your own. If you are considering selling your Mansfield, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Gather any Business Paperwork

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

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

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

You probably do not want to reveal the majority of these documents to a prospective buyer first day. But, you may want to have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents allows you to view your Mansfield, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Mansfield, Massachusetts restaurant you are selling. In addition, it allows you to show whether there are any loopholes you'll have to address.

#2 Put Your Financial Documents in Order

Your financial documents are a crucial aspect of selling your Mansfield, Massachusetts restaurant. This is why you should make an effort to make these documents complete and organized.

Showing your financial records to prospective buyers could assist to clear any doubt they may have regarding your Mansfield, Massachusetts restaurant.

These financial documents could include:

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

Also, ensure you have duplicate copies of all of the documents. This will make it easier for you to transmit the documentation to prospective buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these things could create legal issues for you if a buyer later discovers these ommissions post completing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Mansfield, Massachusetts restaurant, you need to review of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from sealing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors may request an detailed evaluation of your financial records, whether favorable or not, this helps with estimating the value of the Mansfield, Massachusetts restaurant.

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

The estimated time it may take to sell a Mansfield, Massachusetts restaurant is 6 months. Within the six months, there are many things you can do to strengthen your profit and slash several costs, and thus increase the value of your Mansfield, Massachusetts restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This may assist you in deriving the overall value of your Mansfield, Massachusetts restaurant. If you understand the overall worth this could help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Mansfield, Massachusetts restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the general look of your Mansfield, Massachusetts restaurant does not appeal to buyers, they could take a pass without a second look.

To prevent this from happening, everything in and out of your Mansfield, Massachusetts restaurant must be clean. Landscaped and a clean parking area could help create appeal for prospective buyers.

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

Furthermore, you should make sure that all your equipment is in top condition. If your equipment is not functioning, it can convey the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial status and output capabilities. It can even dampen the morale of your employees, 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 Mansfield, Massachusetts restaurant.

#7 look for Mansfield Buyers

Searching for potential buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire a professional Mansfield, Massachusetts restaurant broker to help. A professional Mansfield, Massachusetts restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this task alone, you will need to carry out proper advertising. You can market your Mansfield, Massachusetts restaurant on listing websites and let your family and friends know about your intentions to market for sale your Mansfield, Massachusetts restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Mansfield, Massachusetts Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to finalize the deal. The paperwork will likely begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Mansfield, Massachusetts Restaurant Broker

While attempting to sell your Mansfield, Massachusetts restaurant on your own can be an exciting project, it can also be very risky, especially for first-timers.

The fact remains, if you're looking to achieve the most from of the business deal, you need some level of expertise to stand out against the competition while trying to attract buyers.

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

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

Contact a Mansfield, Massachusetts Restaurant Broker

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

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

Mansfield Zip Codes We Support: 02031, 02048