Time to Sell Your North Andover, Massachusetts Restaurant?

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

Contemplating starting a different North Andover, Massachusetts restaurant, relocating, or maybe slowing down. No matter the reason, selling your North Andover, Massachusetts restaurant can be a lot more difficult than you might think. 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 may either make the decision to hire a North Andover, Massachusetts restaurant broker to guide you in selling your North Andover, Massachusetts restaurant or do the task on your own. Whether considering selling your North Andover, Massachusetts restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Necessary Documentation

This is an important preparatory step to take when you commence the process of marketing your North Andover, Massachusetts restaurant.

The required paperwork may vary from state to state--even in Massachusetts, but the following is a list of a few generalized 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 documentation
• Architectural drawings
• Financial statements and other important financial documents

Corbett Restaurant Group comes with experience to help you in the market for sale of your North Andover, 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 eventually need them during the sales process.

Also, compiling these documents allows you to see your North Andover, Massachusetts restaurant through the lens of a buyer. It provides you a clear picture of the North Andover, Massachusetts restaurant you are selling. In addition, it helps you show whether there are any areas you will need to take care of.

#2 Get Your Financial Documents in Order

Your financial records are an important aspect of selling your North Andover, Massachusetts restaurant. This is why you should make an effort to have your documents accurate and well organized.

Showing your financial documents to potential buyers could help clear any hesitations they may have regarding your North Andover, Massachusetts restaurant.

Your financial documents can 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 could make it easier for you to transmit the documentation to potential buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, expected 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 signing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your North Andover, Massachusetts restaurant, you need to review of your commercial lease. It would be devestating if, after attracting a buyer, your lease prevents you from closing the deal.

For this reason, it may advisable to have a discussion with your landlord concerning your plan to sell your North Andover, Massachusetts restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financials, whether favorable or not, this helps with estimating the true value of the North Andover, Massachusetts restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to increase your cash flow before trying to sell your North Andover, Massachusetts restaurant.

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

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

This will aid you in coming up with the overall value of your North Andover, Massachusetts restaurant. If you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Look Good

The appearance of your North Andover, Massachusetts restaurant will go a great distance in helping you bring potential buyers. Conversely, if the general curb appeal of your North Andover, Massachusetts restaurant does not appeal to buyers, they might take a pass immediately.

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

Clean windows, polished handles and a neat floor are also easy things that could help create a great initial impression.

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

Faulty equipment also raises doubt about your financial capabilities and output abilities. It may even dampen the excitment of your employees, and 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 North Andover, Massachusetts restaurant.

#7 Search for North Andover Buyers

Searching for prospective buyers is time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced North Andover, Massachusetts restaurant broker to help. A professional North Andover, Massachusetts restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to handle this task by yourself, you will need to create appropriate advertising. You can market your North Andover, Massachusetts restaurant on listing websites and tell family and friends about your plans to market for sale your North Andover, Massachusetts restaurant.

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

#8 Be Prepared

Whether you decide to sell your North Andover, Massachusetts restaurant yourself, or through a North Andover, Massachusetts restaurant broker, you need to always be prepared. Be prepared to show your North Andover, Massachusetts restaurant to potential buyers at all times.

You'll never know when a buyer will walk into your North Andover, Massachusetts restaurant. Some buyers might even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your North Andover, Massachusetts Restaurant

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

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

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

Choosing a North Andover, Massachusetts Restaurant Broker

While attempting to sell your North Andover, Massachusetts restaurant on your own can be an exhilarating project, it can also be very risky, especially for first time sellers.

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

Expertise is also vital during negotiations with potential buyers. This is when an experienced North Andover, Massachusetts restaurant broker is needed. A North Andover, Massachusetts restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your North Andover, Massachusetts restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

With the help of a North Andover, Massachusetts restaurant broker, you can focus your undivided attention on operating your North Andover, Massachusetts restaurant and rest easy with the knowledge that a professional is in charge of selling your North Andover, Massachusetts restaurant.

Contact a North Andover, Massachusetts Restaurant Broker

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

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

North Andover Zip Codes We Support: 01845