Right Time to Sell Your Revere, Massachusetts Restaurant?

After years of hard work, you have made the decision sell your Revere, Massachusetts restaurant

Contemplating starting a different eatery, relocating, or maybe retiring. No matter the reason, selling a Revere, Massachusetts restaurant can be a lot more challenging than you might realize. This is because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You can either think to hire a Revere, Massachusetts restaurant broker to help you in selling your Revere, Massachusetts restaurant or do the task yourself. If you are considering selling your Revere, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Put Together any Business Documentation

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

The necessary paperwork may vary from state to state--even in Massachusetts, but the following is a list of a few general 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 has the experience to assist you in the market for sale of your Revere, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably smart not to show the majority of these documents to a prospective buyer day one. But, you may want to have them at hand because you will eventually need them during the sales process.

In addition, putting together these documents allows you to see your Revere, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Revere, Massachusetts restaurant you're offering for sale. In addition, it helps you identify if there are any concerns you'll have to take care of.

#2 Get Your Financials in Order

Your financial records are an important part of selling your Revere, Massachusetts restaurant. That’s the reason you should make an effort to make these documents complete and well organized.

Showing your financial records to possible buyers could aid clear any hesitations they may have concerning your Revere, Massachusetts restaurant.

Your financial documents could include:

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

Also, ensure you have soft copies of all of the documents. This could make it easier for you to transmit the information to prospective buyers.

Also, as a seller, you must disclose information including debts, owed taxes, deferred repairs, etc. Failing to inform a buyer regarding these things could create legal problems for you if a buyer later on discovers these ommissions post sealing the deal.

#3 Organize the Details of Your Commercial Lease

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

For this reason, it could be advisable to talk to your landlord concerning your plan to sell your Revere, Massachusetts restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors could request an in-depth evaluation of your financial records, whether favorable or not, this will help them estimate the value of your Revere, Massachusetts restaurant.

It is therefore in your best interest to make sure that you increase sales and reduce expenses to increase your cash flow planning to sell your Revere, Massachusetts restaurant.

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

Also, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This will assist you in coming up with the overall worth of your Revere, Massachusetts restaurant. If you understand the overall worth this may help you come up with a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Revere, Massachusetts restaurant will go a great distance in helping you attract potential buyers. Conversely, if the overall aesthetic of your Revere, Massachusetts restaurant does not appeal to buyers, they might pass over without a second look.

To prevent this from happening, everything in and out of your Revere, Massachusetts restaurant must be cleaned and maintained. Manicured and a clean parking lot could help create appeal for potential buyers.

Clean windows, polished door handles and a clean floor are also easy items that can help create a unforgettable first impression.

Additionally, you should make sure that all the equipment is in satisfactory condition. If your equipment is not working, it could send the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial situation and production abilities. It could even lower the excitment of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Revere Buyers

Searching for potential buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire a professional Revere, Massachusetts restaurant broker to help. A professional Revere, Massachusetts restaurant broker will offer recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to take on this project alone, you will need to carry out appropriate advertising. You can market your Revere, Massachusetts restaurant on business websites and tell family and friends about your plans to market for sale your Revere, Massachusetts restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer will walk into your Revere, Massachusetts restaurant. Some buyers may even come in as customers in order to carry out some research before contacting you.

#9 Sell Your Revere, Massachusetts Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the deal. The paperwork will usually begin with the Asset Purchase Agreement.

You may need your attorney’s expertise 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 including the selling price of your Revere, Massachusetts restaurant, items and equipment as well as inventory value.

Choosing a Revere, Massachusetts Restaurant Broker

Although trying to sell your Revere, Massachusetts restaurant on your own can be an exhilarating endeavor, it could also be very risky, especially for first time sellers.

The fact remains, if you're looking to achieve the most from of the business transaction, you need a higher level of experience in order to stand out against the competition while trying to attract buyers.

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

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

Contact a Revere, Massachusetts Restaurant Broker

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

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

Revere Zip Codes We Support: 02151