Right Time to Sell Your Marblehead, Massachusetts Restaurant?

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

Considering opening a different eatery, relocating, or maybe slowing down. No matter the reason, selling your Marblehead, Massachusetts restaurant can be a lot more challenging than you may realize. This is because it takes careful preparation and a solid game plan to successfully walk away with enough money for all the time you’ve put into it.

Necessary Actions to Take when Selling Your Restaurant

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

#1 Gather the Necessary Documentation

This is a necessary first step to take when you begin the process of marketing your Marblehead, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but the following is a list of a few standard documents you may be requierd to have on you:

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

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You probably do not want to show the majority of these documents to a potrntial buyer first day. However, you may want to have them ready because you will certainly require them during the sales process.

Also, putting together these documents allows you to view your Marblehead, Massachusetts restaurant through the lens of a buyer. It gives you a clear image of the Marblehead, Massachusetts restaurant you're selling. In addition, it allows you to identify if there are any loopholes you'll have to address.

#2 Get Your Financial Records in Order

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

Offering your financial records to prospective buyers could aid clear any hesitations they may have regarding your Marblehead, 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 hard copies of all of these records. This may make it easier for you to transmit the records to prospective buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these things may create legal problems for you if a buyer later on discovers these ommissions post closing the deal.

#3 Organize the Details of Your Commercial Lease

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

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

#4 Appraise Your Restaurant

Buyers and investors will most likely request an in-depth evaluation of your financials, whether favorable or not, this helps them estimate the true value of your Marblehead, Massachusetts restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build up your cash flow planning to sell your Marblehead, Massachusetts restaurant.

The average time it takes to sell a Marblehead, Massachusetts restaurant is 6 months. Within the six months, there are several things you can do to increase your profit and slash various costs, and thus increase the worth of your Marblehead, 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 may assist you in estimating the overall value of your Marblehead, Massachusetts restaurant. If you understand the overall value this could help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Marblehead, Massachusetts restaurant will go a great distance in helping you attract potential buyers. Alternatively, if the overall appearance of your Marblehead, Massachusetts restaurant does not look good to buyers, they might take a pass immediately.

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

Spot-free windows, polished handles and a neat floor are other small items that would help create a memorable first impression.

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

Faulty equipment may rouse doubt about your financial situation and output capabilities. It may even lower the excitment of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 Search for Marblehead Buyers

Searching for potential buyers is time-consuming and can require specific skills and a certain level of expertise. This may require that you hire a professional Marblehead, Massachusetts restaurant broker to help. The professional Marblehead, Massachusetts restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you make the decision to take on this task alone, you will need to create proper advertising. You can market your Marblehead, Massachusetts restaurant on listing websites and tell family and friends about your plans to sell your Marblehead, Massachusetts restaurant.

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

#8 Be Ready

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

You will never know when a buyer could visit your Marblehead, Massachusetts restaurant. Some buyers may even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Marblehead, 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 complete the deal. The paperwork will usually begin with the Asset Purchase Agreement.

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

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

Choosing a Marblehead, Massachusetts Restaurant Broker

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

It's true, if you're looking to get the most out of the business transaction, you need some level of expertise to stand out against the competition while attempting to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Marblehead, Massachusetts restaurant broker is recommended. A Marblehead, Massachusetts restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Marblehead, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell quicker and at a great price.

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

Contact a Marblehead, Massachusetts Restaurant Broker

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

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

Marblehead Zip Codes We Support: 01945