Decided to Sell Your Northampton, Massachusetts Restaurant?

Following years of labor, you have decided to sell your Northampton, Massachusetts restaurant

Considering starting a new eatery, relocating, or maybe slowing down. Regardless of the reason, selling your Northampton, Massachusetts restaurant can be way more complicated than you might realize. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough profit for all the sweat you’ve put into it.

Important Steps to Take in Selling Your Restaurant

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

#1 Gather the Necessary Documentation

This is an important first step to take when you start the process of offering your Northampton, 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 be requierd to have prepared:

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

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

You certainly do not want to reveal the majority of these documents to a possible buyer right away. But, you should have them at hand because you will certainly require them during the sales process.

Also, putting together these documents lets you see your Northampton, Massachusetts restaurant through the lens of a buyer. It provides you a clear picture of the Northampton, Massachusetts restaurant you are offering for sale. In addition, it helps you identify if there are any concerns you'll have to address.

#2 Get Your Financial Records in Order

Your financial documents are a crucial aspect of selling your Northampton, Massachusetts restaurant. That’s the reason you should make an effort to make your documents complete and organized.

Offering your financial records to potential buyers may aid clear any doubt they may have concerning your Northampton, Massachusetts restaurant.

Your financial documents can include:

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

Also, make sure you have duplicate copies of all of the records. This will make it easier for you to send the information to potential buyers.

Also, as the seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer regarding these items can create legal issues for you if a buyer later discovers these ommissions after signing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Northampton, Massachusetts restaurant, you need to review of your commercial lease. It would be disappointing if, after attracting 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 Northampton, Massachusetts restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this helps with estimating the value of the Northampton, Massachusetts restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to build your cash flow planning to sell your Northampton, Massachusetts restaurant.

The estimated time it may take to sell a Northampton, Massachusetts restaurant is six months. Within the six months, there are many things you can do to increase your profit and reduce several costs, and therefore strengthen the worth of your Northampton, Massachusetts restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This could assist you in deriving the overall worth of your Northampton, Massachusetts restaurant. If you understand the overall value this could help you come up with a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Northampton, Massachusetts restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the general aesthetic of your Northampton, Massachusetts restaurant does not look good to buyers, they might take a pass without consideration.

To prevent this from happening, everything in and out of your Northampton, Massachusetts restaurant must be clean. Landscaped and a clean parking lot can help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a clean floor are also easy items that would help create a great first impression.

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

Non-functional equipment also raises doubt about your financial status and output abilities. It may even dampen the morale of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers concerning purchasing your Northampton, Massachusetts restaurant.

#7 look for Northampton Buyers

Looking for prospective buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire a professional Northampton, Massachusetts restaurant broker to help. A professional Northampton, Massachusetts restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you make the decision to take on this project by yourself, you will need to create proper advertising. You can market your Northampton, Massachusetts restaurant on listing websites and tell family and friends about your plans to sell your Northampton, Massachusetts restaurant.

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

#8 Be Ready

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

You'll never know when a buyer could walk into your Northampton, Massachusetts restaurant. Some buyers may even visit as customers just to perform some research before contacting you.

#9 Sell Your Northampton, 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 finalize the transaction. The documentation often begin with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This document includes details including the selling price of your Northampton, Massachusetts restaurant, assets and equipment as well as inventory value.

Choosing a Northampton, Massachusetts Restaurant Broker

While attempting to sell your Northampton, Massachusetts restaurant on your own can be an exhilarating project, it can also be very risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business transaction, you need a higher level of experience in order to stand above and against your cometitors while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Northampton, Massachusetts restaurant broker comes in. A Northampton, Massachusetts restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Northampton, Massachusetts restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

With the assistance of a Northampton, Massachusetts restaurant broker, you can maintain your undivided attention on operating your Northampton, Massachusetts restaurant and rest assured with the knowledge that a professional is in charge of selling your Northampton, Massachusetts restaurant.

Contact a Northampton, Massachusetts Restaurant Broker

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

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

Northampton Zip Codes We Support: 01053, 01060, 01061, 01062, 01063