Ready to Sell Your Needham, Massachusetts Restaurant?

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

Considering opening a new eatery, moving, or maybe retiring. No matter the reason, selling a Needham, Massachusetts restaurant can be way more difficult than you might think. Thats because it takes thoughtful preparation and a solid strategy to successfully walk away with enough money for all the sweat you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You may either think to hire a Needham, Massachusetts restaurant broker to guide you in selling your Needham, Massachusetts restaurant or do the task on your own. If you are considering selling your Needham, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together all Business Documentation

This is a necessary initial step to take when you commence the process of marketing your Needham, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but the following is a list of a few general documents you may need to have at hand:

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

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

It's probably smart not to show the majority of these documents to a potrntial buyer day one. But, you may want to have them on hand because you will certainly require them during the sales process.

Also, putting together these documents allows you to see your Needham, Massachusetts restaurant through the lens of a buyer. It gives you a clear picture of the Needham, Massachusetts restaurant you're selling. Furthermore, it helps you identify whether there are any concerns you will have to address.

#2 Get Your Financial Records in Order

Your financial documents are a crucial aspect of selling your Needham, Massachusetts restaurant. That’s the reason you should make it a priority to make these documents accurate and well organized.

Showing your financial documents to prospective buyers could help clear any doubt they might have concerning your Needham, Massachusetts restaurant.

The financial documents may include:

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

Also, ensure you have soft copies of all of these documents. This can make it easier for you to send the documentation to possible buyers.

Also, as a seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failing to inform a buyer regarding these items could create legal issues for you if a buyer later on discovers these liabilities post completing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Needham, Massachusetts restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after securing a buyer, your lease prevents 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 Needham, Massachusetts restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will most likely request an detailed evaluation of your financial records, whether favorable or not, this helps with estimating the true value of the Needham, Massachusetts restaurant.

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to build up your cash flow before trying to sell your Needham, Massachusetts restaurant.

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

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

This may aid you in deriving the overall value of your Needham, Massachusetts restaurant. If you understand the overall value this may help you settle on a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Needham, Massachusetts restaurant will go a great distance in helping you bring potential buyers. Alternatively, if the general aesthetic of your Needham, Massachusetts restaurant does not look good to buyers, they likely take a pass immediately.

To prevent this from happening, everything in and out of your Needham, Massachusetts restaurant must be cleaned and maintained. Landscaping and a clean parking lot could help create curb appeal for prospective buyers.

Spot-free windows, polished handles and a clean floor are other simple items that could help create a unforgettable first impression.

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

Faulty equipment could raise doubt about your financial situation and production capabilities. It could even dampen the excitment of your staff, which in response, 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 purchasing your Needham, Massachusetts restaurant.

#7 look for Needham Buyers

Searching for potential buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire an experienced Needham, Massachusetts restaurant broker to help. A professional Needham, Massachusetts restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you decide to handle this task by yourself, you will need to carry out proper advertising. You can offer your Needham, Massachusetts restaurant on business websites and tell family and friends about your plans to sell your Needham, Massachusetts restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Needham, 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 complete the transaction. The documentation will usually start with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Needham, Massachusetts Restaurant Broker

Although attempting to sell your Needham, Massachusetts restaurant on your own can be an exciting project, it can 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 some level of experience in order to stand out against your competition while attempting to attract buyers.

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

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

Contact a Needham, Massachusetts Restaurant Broker

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

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

Needham Zip Codes We Support: 02457, 02492, 02494