Ready to Sell Your Medford, Massachusetts Restaurant?

After years of labor, you have decided to sell your Medford, Massachusetts restaurant

Considering starting a different eatery, moving, or maybe slowing down. No matter the reason, selling your Medford, Massachusetts restaurant can be a lot more complicated than you may think. This is because it takes careful preparation and a solid game plan to successfully get out with enough profit for all the labor you’ve put into it.

Important Actions to Consider when Selling Your Restaurant

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

#1 Put Together all Important Paperwork

This is a necessary preparatory step to make when you commence the process of offering your Medford, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but below is a list of some standard documents you may be requierd to have prepared:

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

Corbett Restaurant Group comes with expertise to assist you in the sale of your Medford, Massachusetts restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably smart not to show all these documents to a possible buyer day one. But, you may want to have them at hand because you will eventually require them during the sales process.

In addition, putting together these documents allows you to view your Medford, Massachusetts restaurant through the lens of a buyer. It gives you a clear image of the Medford, Massachusetts restaurant you are offering for sale. Furthermore, it helps you identify whether there are any concerns you'll have to take care of.

#2 Get Your Financial Records in Order

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

Showing your financial documents to possible buyers could aid clear any doubt they might have regarding your Medford, Massachusetts restaurant.

These financial records 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 the records. This may make it easier for you to transmit the documentation to possible buyers.

Likewise, as the seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these items could create legal issues for you if a buyer later discovers these liabilities post closing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Medford, Massachusetts restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease ends up preventing you from closing the deal.

For this reason, it could be advisable to have a discussion with your landlord regarding your plan to sell your Medford, Massachusetts restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed analysis of your financials, whether favorable or not, this helps them estimate the value of your Medford, Massachusetts restaurant.

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

The estimated time it takes to sell a Medford, Massachusetts restaurant is 6 months. Within the six months, there are many things you can do in order to strengthen your profit and slash various costs, and thus increase the value of your Medford, Massachusetts restaurant.

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

#5 Increase Curb Appeal

The first impression of your Medford, Massachusetts restaurant can go a great distance in helping you attract potential buyers. Conversely, if the overall look of your Medford, Massachusetts restaurant does not appeal to buyers, they might take a pass right off the bat.

To prevent this from happening, all things in and out of your Medford, Massachusetts restaurant must be cleaned and maintained. Landscaping and a clean parking lot could help create appeal for potential buyers.

Clean windows, polished handles and a clean floor are also easy things that can 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 properly, it can convey the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial capabilities and production abilities. It may even lower the morale of your employees, which 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 regarding buying your Medford, Massachusetts restaurant.

#7 look for Medford Buyers

Searching for potential buyers is time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire a professional Medford, Massachusetts restaurant broker to help. A professional Medford, Massachusetts restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this task by yourself, you will need to carry out proper advertising. You can show your Medford, Massachusetts restaurant on listing websites and tell family and friends about your plans to market for sale your Medford, Massachusetts restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Medford, Massachusetts restaurant yourself, or with a a Medford, Massachusetts restaurant broker, you should always be prepared. Be prepared to show your Medford, Massachusetts restaurant to potential buyers at all times.

You never know when a buyer will walk into your Medford, Massachusetts restaurant. Some buyers may even come in as customers just to perform some research before contacting you.

#9 Sell Your Medford, Massachusetts Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to finalize the contract. The documentation will likely begin with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Medford, Massachusetts Restaurant Broker

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

The fact remains, in order for you to achieve the most from of the business transaction, you need a higher level of experience to stand out against the competition while attempting to attract buyers.

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

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

Contact a Medford, Massachusetts Restaurant Broker

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

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

Medford Zip Codes We Support: 02153, 02155, 02156