Ready to Sell Your New Bedford, Massachusetts Restaurant?

After years of hard work, you have made the decision sell your New Bedford, Massachusetts restaurant

Considering opening a different New Bedford, Massachusetts restaurant, relocating, or even slowing down. No matter the reason, selling a New Bedford, Massachusetts restaurant can be a lot more difficult than you might think. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough proceeds for all the time you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

You may either make the decision to contract with a New Bedford, Massachusetts restaurant broker to guide you in selling your New Bedford, Massachusetts restaurant or do the task yourself. If you are considering selling your New Bedford, 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 all Important Paperwork

This is a necessary first step to take when you begin the process of selling your New Bedford, Massachusetts restaurant.

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

• A list of your assets
• Lease document
• 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 comes with experience to help you in the sale of your New Bedford, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a possible buyer first day. However, you should have them on hand because you will certainly require them during the sales process.

In addition, compiling these documents lets you view your New Bedford, Massachusetts restaurant through the lens of a buyer. It gives you a clear picture of the New Bedford, Massachusetts restaurant you are offering for sale. In addition, it allows you to identify if there are any loopholes you will have to address.

#2 Put Your Financial Documents in Order

Your financial records are a crucial part of selling your New Bedford, Massachusetts restaurant. This is the reason you should make an effort to make your documents accurate and organized.

Offering your financial documents to potential buyers may assist to clear any doubt they might have regarding your New Bedford, Massachusetts restaurant.

Your financial documents can 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 documents. This may make it easier for you to send the information to potential buyers.

In addition, as a seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these things could create legal issues for you if a buyer later on discovers these liabilities after completing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your New Bedford, Massachusetts restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after attracting a buyer, your lease prevents you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an detailed evaluation of your financials, whether favorable or not, this will help them evaluate the true value of your New Bedford, Massachusetts restaurant.

This will be in your best interest to ensure that you augment sales and reduce expenses to build up your cash flow starting to sell your New Bedford, Massachusetts restaurant.

The estimated time it may take to sell a New Bedford, Massachusetts restaurant is six months. Within the six months, there are several things you can do in order to strengthen your profit and slash various costs, and therefore strengthen the value of your New Bedford, Massachusetts restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This could assist you in estimating the overall value of your New Bedford, Massachusetts restaurant. When you understand the overall worth this may help you settle on a selling price.

#5 Make Your Restaurant Attractive

The first impression of your New Bedford, Massachusetts restaurant could go a long way in helping you bring potential buyers. Alternatively, if the overall appearance of your New Bedford, Massachusetts restaurant does not look good to buyers, they likely pass over without a second look.

To prevent this from happening, all things in and out of your New Bedford, Massachusetts restaurant must be clean. Landscaped and a clean parking lot may help create curb appeal for potential buyers.

Spot-free windows, polished handles and a presentable floor are also simple things that could help create a great initial impression.

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

Non-functional equipment could raise doubt about your financial situation and output abilities. It can even dampen the excitment of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding purchasing your New Bedford, Massachusetts restaurant.

#7 look for New Bedford Buyers

Looking for potential buyers can be time-consuming and can require specific skills and a certain level of experience. This may demand that you hire a professional New Bedford, Massachusetts restaurant broker to help. A professional New Bedford, Massachusetts restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this task yourself, you will need to carry out proper advertising. You can offer your New Bedford, Massachusetts restaurant on listing websites and tell family and friends about your plans to sell your New Bedford, Massachusetts restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your New Bedford, Massachusetts Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the deal. The paperwork often begin 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 detail of the deal.

This document includes details including the selling price of your New Bedford, Massachusetts restaurant, assets and equipment and inventory value.

Choosing a New Bedford, Massachusetts Restaurant Broker

Although attempting to sell your New Bedford, Massachusetts restaurant on your own can be an exhilarating project, it could also be very risky, especially for first time sellers.

It's true, if you're looking to achieve the most from of the business deal, you need some level of experience in order to stand out against your competition while attempting to find buyers.

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

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

Contact a New Bedford, Massachusetts Restaurant Broker

Choosing to sell your New Bedford, Massachusetts restaurant through a New Bedford, Massachusetts restaurant broker has multiple advantages. First, however, you need to select the best New Bedford, Massachusetts restaurant broker to help you in selling your New Bedford, Massachusetts restaurant.

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

New Bedford Zip Codes We Support: 02740, 02741, 02742, 02744, 02745, 02746, 02747