Are You Ready to Sell Your Milford, Massachusetts Restaurant?

Following years of hard work, you have made the decision sell your Milford, Massachusetts restaurant

Contemplating starting a different eatery, relocating, or even retiring. Regardless of the reason, selling your Milford, Massachusetts restaurant can be way more challenging than you may think. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough money for all the labor you’ve put into it.

Important Steps to Consider when Selling Your Restaurant

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

#1 Put Together any Business Documentation

This is an important initial step to make when you start the process of selling your Milford, Massachusetts restaurant.

The necessary paperwork may vary from state to state--even in Massachusetts, but below is a list of some general documents you may find helpful to have on you:

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

Corbett Restaurant Group comes with experience to help you in the market for sale of your Milford, Massachusetts restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a possible buyer right away. But, you may want to have them on hand because you will certainly require them during the sales process.

In addition, compiling these documents lets you view your Milford, Massachusetts restaurant through the lens of a buyer. This gives you a clear image of the Milford, Massachusetts restaurant you're offering for sale. Furthermore, it allows you to show whether there are any concerns you will have to address.

#2 Get Your Financials in Order

Your financial records are a crucial aspect of selling your Milford, Massachusetts restaurant. That’s why you should strive to make these documents accurate and organized.

Showing your financial documents to prospective buyers may help clear any doubt they might have regarding your Milford, Massachusetts restaurant.

Your financial documents can 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 documents. This will make it easier for you to send the documentation to possible buyers.

Likewise, as a seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer regarding these items can create legal problems for you if a buyer later on discovers these ommissions after closing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Milford, Massachusetts restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after securing a buyer, your lease hinders you from sealing the deal.

For this reason, it may advisable to talk to your landlord concerning your plan to sell your Milford, 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 financial records, whether favorable or not, this helps with estimating the value of your Milford, Massachusetts restaurant.

It is therefore in your best interest to ensure that you augment sales and reduce expenses to increase your cash flow before trying to sell your Milford, Massachusetts restaurant.

The average time it may take to sell a Milford, Massachusetts restaurant is 6 months. Within those six months, there is a lot you can do in order to increase your profit and cut several costs, and therefore increase the worth of your Milford, Massachusetts restaurant.

Also, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This could assist you in coming up with the probable worth of your Milford, Massachusetts restaurant. If you understand the overall worth this could help you settle on a selling price.

#5 Make Your Restaurant Attractive

The appearance of your Milford, Massachusetts restaurant will go a great distance in helping you bring potential buyers. Conversely, if the overall appearance of your Milford, Massachusetts restaurant does not look good to buyers, they could pass over without consideration.

To avoid this from happening, all things in and out of your Milford, Massachusetts restaurant must be cleaned and maintained. Manicured and a clean parking lot could help create appeal for prospective buyers.

Clean windows, polished handles and a clean floor are other small things that can help create a great first impression.

Furthermore, you should ensure all the equipment is in satisfactory condition. If your equipment is not functioning, it might send the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment also raises doubt about your financial status and production capabilities. It can even dampen the mood of your staff, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers concerning purchasing your Milford, Massachusetts restaurant.

#7 Search for Milford Buyers

Searching for prospective buyers is time-consuming and can require specific skills and a certain level of experience. This may require that you hire an experienced Milford, Massachusetts restaurant broker to help. The professional Milford, Massachusetts restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you make the decision to take on this task alone, you will need to carry out appropriate advertising. You can market your Milford, Massachusetts restaurant on business websites and let your family and friends know about your intentions to market for sale your Milford, Massachusetts restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Milford, Massachusetts Restaurant

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

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

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

Choosing a Milford, Massachusetts Restaurant Broker

While attempting to sell your Milford, Massachusetts restaurant on your own can be an exciting endeavor, it could also be quite risky, especially for first time sellers.

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

Experience is also vital during negotiations with prospective buyers. This is when an experienced Milford, Massachusetts restaurant broker is recommended. A Milford, Massachusetts restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Milford, Massachusetts restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

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

Contact a Milford, Massachusetts Restaurant Broker

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

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

Milford Zip Codes We Support: 01757