Decided to Sell Your Quincy, Massachusetts Restaurant?

After years of labor, you have made the decision sell your Quincy, Massachusetts restaurant

Considering starting a different Quincy, Massachusetts restaurant, moving, or maybe slowing down. No matter the reason, selling a Quincy, Massachusetts restaurant can be a lot more challenging than you may think. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough profit for all the time you may have put into it.

Necessary Steps to Take in Selling Your Restaurant

You may either decide to contract with a Quincy, Massachusetts restaurant broker to guide you in selling your Quincy, Massachusetts restaurant or do the task yourself. Whether considering selling your Quincy, Massachusetts restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather all Business Documentation

This is a necessary first step to make when you begin the process of marketing your Quincy, Massachusetts restaurant.

The necessary documents 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 at hand:

• 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 experience to assist you in the market for sale of your Quincy, Massachusetts restaurant. Call today for a no strings attached business review at (888) 266-5182.

You certainly do not want to show the majority of these documents to a prospective buyer right away. But, you should have them on hand because you will eventually need them during the sales process.

Also, compiling these documents allows you to view your Quincy, Massachusetts restaurant through the lens of a buyer. This gives you a clear picture of the Quincy, Massachusetts restaurant you are offering for sale. In addition, it allows you to identify whether there are any loopholes you will need to address.

#2 Put Your Financial Documents in Order

Your financial records are a crucial detail of selling your Quincy, Massachusetts restaurant. That’s why you should make it a priority to have your documents complete and well organized.

Showing your financial records to potential buyers may assist to clear any hesitations they may have regarding your Quincy, Massachusetts restaurant.

Your financial records can include:

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

In addition, ensure you have soft copies of all of these documents. This can make it easier for you to send the information to possible buyers.

In addition, as a seller, you must 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 after sealing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Quincy, 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 may advisable to talk to your landlord regarding your plan to sell your Quincy, Massachusetts restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an detailed evaluation of your financial records, whether favorable or not, this helps with estimating the value of the Quincy, Massachusetts restaurant.

This will be in your best interest to make sure that you increase sales and reduce expenses to increase your cash flow before trying to sell your Quincy, Massachusetts restaurant.

The average time it takes to sell a Quincy, Massachusetts restaurant is 6 months. Within the six months, there is a lot you can do to strengthen your profit and cut several costs, and therefore strengthen the value of your Quincy, Massachusetts restaurant.

Also, 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 coming up with the overall worth of your Quincy, Massachusetts restaurant. When you understand the overall worth this may help you come up with a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Quincy, Massachusetts restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the general look of your Quincy, Massachusetts restaurant does not appeal to buyers, they likely take a pass right off the bat.

To prevent this from happening, everything in and out of your Quincy, Massachusetts restaurant must be clean. Landscaping and a clean parking area could help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a clean floor are other easy items that could help create a great initial impression.

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

Non-functional equipment may rouse doubt about your financial situation and output abilities. It may even dampen the morale of your staff, and in turn, 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 buying your Quincy, Massachusetts restaurant.

#7 Search for Quincy Buyers

Looking for prospective buyers is time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire an experienced Quincy, Massachusetts restaurant broker to help. The professional Quincy, Massachusetts restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you decide to take on this task yourself, you will need to carry out proper advertising. You can market your Quincy, Massachusetts restaurant on business websites and tell family and friends about your plans to market for sale your Quincy, Massachusetts restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Quincy, Massachusetts restaurant yourself, or with a a Quincy, Massachusetts restaurant broker, you should always be ready. Be prepared to show your Quincy, Massachusetts restaurant to prospective buyers at all times.

You'll never know when a buyer will visit your Quincy, Massachusetts restaurant. Some buyers may even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Quincy, Massachusetts Restaurant

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

You should have your attorney’s expertise in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Quincy, Massachusetts Restaurant Broker

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

It's true, if you're looking to achieve the most out of the business deal, you need a higher level of experience in order to stand above and against your cometitors while trying to attract buyers.

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

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

Contact a Quincy, Massachusetts Restaurant Broker

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

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

Quincy Zip Codes We Support: 02169, 02170, 02171, 02269