Are You Ready to Sell Your Methuen, Massachusetts Restaurant?

After years of sweat equity, you have made the decision sell your Methuen, Massachusetts restaurant

Contemplating opening a new Methuen, Massachusetts restaurant, relocating, or even retiring. No matter the reason, selling your Methuen, Massachusetts restaurant can be a lot more challenging than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the labor you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You can either make the decision to hire a Methuen, Massachusetts restaurant broker to help you in selling your Methuen, Massachusetts restaurant or take on the task on your own. Whether considering selling your Methuen, Massachusetts restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Important Paperwork

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

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

• A list of your assets
• Lease contract
• 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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It's probably best not to show the majority of these documents to a prospective buyer right away. But, you may want to have them on hand because you will certainly need them during the sales process.

Also, compiling these documents lets you see your Methuen, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Methuen, Massachusetts restaurant you are selling. In addition, it helps you show whether there are any areas you will have to take care of.

#2 Get Your Financials in Order

Your financial documents are a crucial part of selling your Methuen, Massachusetts restaurant. That’s why you should strive to have these documents complete and organized.

Offering your financial documents to prospective buyers may aid clear any hesitations they may have regarding your Methuen, Massachusetts restaurant.

These financial records may include:

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

Also, ensure you have hard copies of all of the records. This could make it easier for you to transmit the records to potential buyers.

Also, as a seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these items could create legal problems for you if a buyer later on discovers these ommissions after sealing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Methuen, Massachusetts restaurant, you need to understand of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders you from closing the deal.

For this reason, it could be advisable to talk to your landlord concerning your plan to sell your Methuen, Massachusetts restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will most likely request an detailed evaluation of your financial records, whether favorable or not, this will help them estimate the value of your Methuen, Massachusetts restaurant.

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to build your cash flow planning to sell your Methuen, Massachusetts restaurant.

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

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This could help you in coming up with the overall worth of your Methuen, Massachusetts restaurant. If you understand the overall worth this may help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Methuen, Massachusetts restaurant can go a long way in helping you attract potential buyers. Alternatively, if the general look of your Methuen, 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 Methuen, Massachusetts restaurant must be clean. Landscaped and a clean parking lot can help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a neat floor are other easy things that could help create a unforgettable first impression.

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

Non-functional equipment can raise doubt about your financial status and production abilities. It can even lower the excitment of your staff, 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 concerning purchasing your Methuen, Massachusetts restaurant.

#7 look for Methuen Buyers

Looking for prospective buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire a professional Methuen, Massachusetts restaurant broker to help. The professional Methuen, Massachusetts restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you decide to take on this task alone, you will need to create proper advertising. You can market your Methuen, Massachusetts restaurant on listing websites and tell family and friends about your intentions to market for sale your Methuen, Massachusetts restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Methuen, Massachusetts Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the transaction. The paperwork often start with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Methuen, Massachusetts Restaurant Broker

Although attempting to sell your Methuen, Massachusetts restaurant on your own can be an exhilarating endeavor, it can also be quite risky, especially for first time sellers.

The fact remains, in order for you to get the most out of the business transaction, you need a higher level of expertise to stand out against the cometitors while attempting to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Methuen, Massachusetts restaurant broker is recommended. A Methuen, Massachusetts restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Methuen, Massachusetts restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Methuen, Massachusetts Restaurant Broker

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

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

Methuen Zip Codes We Support: 01844