Ready to Sell Your Pittsfield, Massachusetts Restaurant?

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

Considering opening a different eatery, moving, or even slowing down. No matter the reason, selling your Pittsfield, Massachusetts restaurant can be a lot more difficult than you may realize. Thats because it takes careful preparation and a solid strategy to successfully exit with enough money for all the sweat you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

You can either decide to hire a Pittsfield, Massachusetts restaurant broker to help you in selling your Pittsfield, Massachusetts restaurant or take on the task on your own. If you are considering selling your Pittsfield, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Gather all Important Paperwork

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

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

• 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 experience to help you in the sale of your Pittsfield, Massachusetts restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to reveal the majority of these documents to a potrntial buyer day one. However, you should have them at hand because you will eventually need them during the sales process.

Also, putting together these documents lets you view your Pittsfield, Massachusetts restaurant through the lens of a buyer. This gives you a clear image of the Pittsfield, Massachusetts restaurant you are selling. In addition, it helps you identify if there are any loopholes you'll have to take care of.

#2 Get Your Financial Records in Order

Your financial records are a crucial aspect of selling your Pittsfield, Massachusetts restaurant. This is the reason you should make it a priority to make these documents complete and well organized.

Offering your financial records to potential buyers may help clear any doubt they might have regarding your Pittsfield, Massachusetts restaurant.

Your financial documents may include:

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

In addition, ensure you have duplicate copies of all of the records. This will make it easier for you to send the records to prospective buyers.

Also, as a seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these things may create legal issues for you if a buyer later on discovers these ommissions after signing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Pittsfield, Massachusetts restaurant, you must find out the terms of your commercial lease. It would be devestating if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it could be advisable to have a discussion with your landlord regarding your plan to sell your Pittsfield, Massachusetts restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

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

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to build up your cash flow planning to sell your Pittsfield, Massachusetts restaurant.

The average time it takes to sell a Pittsfield, Massachusetts restaurant is 6 months. Within the six months, there are several things you can do in order to strengthen your profit and cut several costs, and therefore increase the value of your Pittsfield, 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 help you in deriving the overall worth of your Pittsfield, Massachusetts restaurant. When you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Pittsfield, Massachusetts restaurant could go a long way in helping you bring potential buyers. Alternatively, if the overall look of your Pittsfield, Massachusetts restaurant does not look good to buyers, they likely pass over immediately.

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

Spot-free windows, polished door handles and a presentable floor are other small items that would help create a unforgettable initial impression.

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

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

You should appear credible in order to build the confidence of potential buyers regarding buying your Pittsfield, Massachusetts restaurant.

#7 look for Pittsfield Buyers

Searching for potential buyers can be time-consuming and can require specific skills and a certain level of expertise. This may require that you hire a professional Pittsfield, Massachusetts restaurant broker to help. The professional Pittsfield, Massachusetts restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this task alone, you will need to carry out proper advertising. You can offer your Pittsfield, Massachusetts restaurant on listing websites and let your family and friends know about your plans to market for sale your Pittsfield, Massachusetts restaurant.

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

#8 Be Ready

If you decide to sell your Pittsfield, Massachusetts restaurant yourself, or with a a Pittsfield, Massachusetts restaurant broker, you need to always be prepared. Be ready to show your Pittsfield, Massachusetts restaurant to prospective buyers at all times.

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

#9 Sell Your Pittsfield, Massachusetts Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the transaction. The documentation often start with the Asset Purchase Agreement.

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

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

Choosing a Pittsfield, Massachusetts Restaurant Broker

Although trying to sell your Pittsfield, Massachusetts restaurant on your own can be an exciting endeavor, it can also be very risky, especially for first-timers.

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

Experience is also vital during negotiations with potential buyers. This is when an experienced Pittsfield, Massachusetts restaurant broker is recommended. A Pittsfield, Massachusetts restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Pittsfield, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell quicker and at a great price.

With the assistance of a Pittsfield, Massachusetts restaurant broker, you can maintain your undivided attention on operating your Pittsfield, Massachusetts restaurant and rest easy knowing that a professional is in charge of selling your Pittsfield, Massachusetts restaurant.

Contact a Pittsfield, Massachusetts Restaurant Broker

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

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

Pittsfield Zip Codes We Support: 01201, 01202, 01203