Decided to Sell Your Melrose, Massachusetts Restaurant?

After years of sweat equity, you have decided to sell your Melrose, Massachusetts restaurant

Contemplating opening a different eatery, moving, or maybe retiring. No matter the reason, selling a Melrose, Massachusetts restaurant can be a lot more challenging than you might think. This is because it takes careful preparation and a solid strategy to successfully get out with enough money for all the labor you’ve put into it.

Necessary Steps to Take when Selling Your Restaurant

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

#1 Put Together the Necessary Documentation

This is a necessary preparatory step to make when you start the process of selling your Melrose, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but below is a list of a few general documents you may be requierd 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 expertise to assist you in the sale of your Melrose, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

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

Also, compiling these documents lets you view your Melrose, Massachusetts restaurant through the lens of a buyer. It gives you a clear image of the Melrose, Massachusetts restaurant you're offering for sale. Furthermore, it allows you to show if there are any concerns you'll have to address.

#2 Get Your Financial Records in Order

Your financial documents are an important detail of selling your Melrose, Massachusetts restaurant. This is why you should strive to have these documents complete and organized.

Offering your financial records to potential buyers may aid clear any hesitations they might have concerning your Melrose, Massachusetts restaurant.

The financial records can 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 records. This will make it easier for you to transmit the documentation to prospective buyers.

In addition, as the seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things may create legal issues for you if a buyer later discovers these liabilities post closing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Melrose, Massachusetts restaurant, you need to understand of your commercial lease. It would be devestating if, after securing a buyer, your lease ends up preventing you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

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

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to build up your cash flow before trying to sell your Melrose, Massachusetts restaurant.

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

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

This will aid you in coming up with the probable value of your Melrose, Massachusetts restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Melrose, Massachusetts restaurant could go a great distance in helping you bring potential buyers. Conversely, if the overall aesthetic of your Melrose, Massachusetts restaurant does not appeal to buyers, they might take a pass immediately.

To prevent this from happening, all things in and out of your Melrose, Massachusetts restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a neat floor are also easy things that can help create a memorable first impression.

Additionally, you should ensure that all the equipment is in top condition. If your equipment is not functioning, it may convey the message that you're in a hurry to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial status and output abilities. It could even dampen the excitment of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Melrose Buyers

Marketing to potential buyers is time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire an experienced Melrose, Massachusetts restaurant broker to help. A professional Melrose, Massachusetts restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you decide to handle this project yourself, you will need to carry out appropriate advertising. You can show your Melrose, Massachusetts restaurant on business websites and tell family and friends about your plans to market for sale your Melrose, Massachusetts restaurant.

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

#8 Be Ready

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

You never know when a buyer could walk into your Melrose, Massachusetts restaurant. Some buyers might even come in as customers in order to carry out some research before contacting you.

#9 Sell Your Melrose, Massachusetts Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to finalize the contract. The paperwork will usually start with the Asset Purchase Agreement.

You may need your attorney’s assistance in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Melrose, Massachusetts Restaurant Broker

While attempting to sell your Melrose, Massachusetts restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first-timers.

The fact remains, if you're looking to get the most out of the business transaction, you need some level of expertise in order to stand above and against the cometitors while trying to find buyers.

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

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

Contact a Melrose, Massachusetts Restaurant Broker

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

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

Melrose Zip Codes We Support: 02176