Ready to Sell Your North Attleborough, Massachusetts Restaurant?

Following years of sweat equity, you have decided to sell your North Attleborough, Massachusetts restaurant

Contemplating opening a new eatery, relocating, or even slowing down. No matter the reason, selling your North Attleborough, Massachusetts restaurant can be a lot more difficult than you might realize. This is because it takes thoughtful preparation and a solid strategy to successfully walk away with enough profit for all the labor you’ve put into it.

Important Actions to Take in Selling Your Restaurant

You may either decide to hire a eatery broker to assist you in selling your North Attleborough, Massachusetts restaurant or take on the task yourself. If you are considering selling your North Attleborough, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Gather all Business Documentation

This is a necessary preparatory step to make when you start the process of offering your North Attleborough, Massachusetts restaurant.

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

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

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You probably do not want to show all these documents to a potrntial buyer day one. However, you may want to have them ready because you will certainly require them during the sales process.

Also, compiling these documents allows you to see your North Attleborough, Massachusetts restaurant through the lens of a buyer. This provides you a clear picture of the North Attleborough, Massachusetts restaurant you're selling. Furthermore, it helps you identify if there are any concerns you will need to take care of.

#2 Put Your Financial Documents in Order

Your financial documents are an important aspect of selling your North Attleborough, Massachusetts restaurant. That’s the reason you should strive to have these documents complete and organized.

Showing your financial documents to prospective buyers may assist to clear any hesitations they may have concerning your North Attleborough, Massachusetts restaurant.

Your financial records may include:

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

In addition, make sure you have soft copies of all of the records. This may make it easier for you to transmit the information to possible buyers.

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

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your North Attleborough, Massachusetts restaurant, you must find out the terms of your commercial lease. It could be devestating if, after securing a buyer, your lease prevents you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed evaluation of your financial records, whether favorable or not, this will help them evaluate the true value of the North Attleborough, Massachusetts restaurant.

It is therefore in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow starting to sell your North Attleborough, Massachusetts restaurant.

The average time it takes to sell a North Attleborough, Massachusetts restaurant is six months. Within those six months, there are several things you can do in order to increase your profit and slash several costs, and thus increase the value of your North Attleborough, Massachusetts restaurant.

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

This could aid you in deriving the probable worth of your North Attleborough, Massachusetts restaurant. Understanding the overall value will help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your North Attleborough, Massachusetts restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the general curb appeal of your North Attleborough, Massachusetts restaurant does not look good to buyers, they might take a pass immediately.

To avoid this from happening, everything in and out of your North Attleborough, Massachusetts restaurant must be clean. Landscaping and a clean parking area may help create appeal for prospective buyers.

Spot-free windows, polished handles and a neat floor are also small things that would help create a memorable first impression.

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

Non-functional equipment could raise doubt about your financial capabilities and production abilities. It can even dampen the mood of your staff, and in response, negatively affect your output and effect your profit and loss statement.

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

#7 Search for North Attleborough Buyers

Marketing to potential buyers is time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire a professional North Attleborough, Massachusetts restaurant broker to help. A professional North Attleborough, Massachusetts restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you decide to take on this task by yourself, you will need to carry out appropriate advertising. You can list your North Attleborough, Massachusetts restaurant on business websites and tell family and friends about your intentions to market for sale your North Attleborough, Massachusetts restaurant.

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

#8 Be Ready

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

You will never know when a buyer will visit your North Attleborough, Massachusetts restaurant. Some buyers may even visit as customers just to perform some research before contacting you.

#9 Sell Your North Attleborough, Massachusetts Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the transaction. The paperwork will usually start with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a North Attleborough, Massachusetts Restaurant Broker

While attempting to sell your North Attleborough, Massachusetts restaurant on your own can be an exciting project, it could also be quite risky, especially for first-timers.

The fact remains, in order for you to achieve the most out of the business transaction, you need a higher level of expertise to stand out against your cometitors while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced North Attleborough, Massachusetts restaurant broker comes in. A North Attleborough, Massachusetts restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your North Attleborough, Massachusetts restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a North Attleborough, Massachusetts Restaurant Broker

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

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

North Attleborough Zip Codes We Support: 02760, 02761, 02763