Time to Sell Your Newton, Massachusetts Restaurant?

After years of labor, you have decided to sell your Newton, Massachusetts restaurant

Considering starting a new eatery, moving, or even retiring. Regardless of the reason, selling your Newton, Massachusetts restaurant can be way more complicated than you might realize. Thats because it takes careful preparation and a solid game plan to successfully get out with enough money for all the time you’ve put into it.

Important Actions to Take when Selling Your Restaurant

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

#1 Gather all Necessary Paperwork

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

The required documents may vary from state to state--even in Massachusetts, but the following is a list of some general documents you may find helpful to have ready:

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

Corbett Restaurant Group comes with expertise to assist you in the market for sale of your Newton, Massachusetts restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably smart not to show the majority of these documents to a prospective buyer day one. However, you should have them at hand because you will certainly need them during the sales process.

In addition, putting together these documents allows you to see your Newton, Massachusetts restaurant through the lens of a buyer. It provides you a clear picture of the Newton, Massachusetts restaurant you are offering for sale. Furthermore, it helps you show whether there are any loopholes you will need to take care of.

#2 Put Your Financial Records in Order

Your financial documents are an important part of selling your Newton, Massachusetts restaurant. That’s the reason you should make it a priority to have these documents complete and organized.

Offering your financial documents to prospective buyers may assist to clear any doubt they may have regarding your Newton, Massachusetts restaurant.

The financial documents may include:

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

In addition, make sure you have hard copies of all of these records. This may make it easier for you to transmit the documentation to potential buyers.

Likewise, as the seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things may create legal issues for you if a buyer later on discovers these ommissions post sealing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Newton, Massachusetts restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease prevents you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the true value of the Newton, 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 planning to sell your Newton, Massachusetts restaurant.

The average time it takes to sell a Newton, Massachusetts restaurant is 6 months. Within the six months, there are many things you can do to increase your profit and slash various costs, and therefore increase the value of your Newton, Massachusetts restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

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

#5 Make Your Restaurant Attractive

The first impression of your Newton, Massachusetts restaurant could go a great distance in helping you attract potential buyers. Conversely, if the overall aesthetic of your Newton, Massachusetts restaurant does not appeal to buyers, they might take a pass without consideration.

To avoid this from happening, all things in and out of your Newton, Massachusetts restaurant must be cleaned and maintained. Landscaped and a clean parking lot can help create appeal for potential buyers.

Clean windows, polished door handles and a neat floor are also simple things that can help create a unforgettable first impression.

Additionally, you should make sure that all the equipment is in top condition. If your equipment is not working, it can send the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment also raises doubt about your financial situation and output abilities. It may even lower the morale of your staff, and 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 Newton, Massachusetts restaurant.

#7 Search for Newton Buyers

Marketing to potential buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire an experienced Newton, Massachusetts restaurant broker to help. A professional Newton, Massachusetts restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this task alone, you will need to create proper advertising. You can market your Newton, Massachusetts restaurant on business websites and tell family and friends about your intentions to market for sale your Newton, Massachusetts restaurant.

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

#8 Be Ready

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

You will never know when a buyer will walk into your Newton, Massachusetts restaurant. Some buyers might even visit as customers in order to perform some research before contacting you.

#9 Sell Your Newton, Massachusetts Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to complete the transaction. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Newton, Massachusetts Restaurant Broker

Although trying to sell your Newton, Massachusetts restaurant on your own can be an exciting endeavor, it can also be quite risky, especially for first time sellers.

It's true, in order for you to get the most out of the business transaction, you need some level of experience to stand out against your competition while trying to find buyers.

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

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

Contact a Newton, Massachusetts Restaurant Broker

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

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

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