Right Time to Sell Your Salem, Massachusetts Restaurant?

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

Contemplating opening a new Salem, Massachusetts restaurant, moving, or even retiring. No matter the reason, selling a Salem, Massachusetts restaurant can be way more complicated than you might realize. Thats 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 Steps to Take in Selling Your Restaurant

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

#1 Gather the Necessary Paperwork

This is a necessary preparatory step to make when you commence the process of selling your Salem, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but below 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 help you in the sale of your Salem, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a prospective buyer day one. However, you may want to have them on hand because you will certainly need them during the sales process.

Also, putting together these documents allows you to view your Salem, Massachusetts restaurant through the lens of a buyer. This gives you a clear image of the Salem, Massachusetts restaurant you're selling. Furthermore, it helps you show whether there are any areas you'll need to take care of.

#2 Get Your Financials in Order

Your financial records are a crucial detail of selling your Salem, Massachusetts restaurant. That’s the reason you should make an effort to make these documents accurate and well organized.

Showing your financial records to potential buyers could help clear any doubt they may have regarding your Salem, Massachusetts restaurant.

These financial documents may include:

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

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

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

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Salem, Massachusetts restaurant, you need to understand of your commercial lease. It could be disappointing if, after attracting a buyer, your lease prevents you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financials, whether favorable or not, this helps them estimate the value of the Salem, Massachusetts restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow before trying to sell your Salem, Massachusetts restaurant.

The average time it may take to sell a Salem, Massachusetts restaurant is six months. Within those six months, there are several things you can do to increase your profit and slash several costs, and therefore increase the worth of your Salem, Massachusetts restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This could help you in estimating the probable worth of your Salem, Massachusetts restaurant. When you understand the overall worth this could help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Salem, Massachusetts restaurant can go a great distance in helping you attract potential buyers. Alternatively, if the general curb appeal of your Salem, Massachusetts restaurant does not look good to buyers, they could pass over right off the bat.

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

Clean windows, polished handles and a clean floor are other simple items that can help create a great first impression.

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

Faulty equipment could raise doubt about your financial capabilities and production abilities. It could even lower the excitment of your employees, which 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 purchasing your Salem, Massachusetts restaurant.

#7 look for Salem Buyers

Searching for potential buyers is time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire a professional Salem, Massachusetts restaurant broker to help. A professional Salem, Massachusetts restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this project yourself, you will need to create appropriate advertising. You can show your Salem, Massachusetts restaurant on listing websites and tell family and friends about your intentions to sell your Salem, Massachusetts restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Salem, Massachusetts Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the transaction. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every detail of the contract.

This document includes details including the selling price of your Salem, Massachusetts restaurant, items and equipment and inventory value.

Choosing a Salem, Massachusetts Restaurant Broker

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

It's true, in order for you to get the most from of the business deal, you need some level of experience in order to stand above and against the competition while attempting to find buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Salem, Massachusetts restaurant broker is needed. A Salem, Massachusetts restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Salem, Massachusetts restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

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

Contact a Salem, Massachusetts Restaurant Broker

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

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

Salem Zip Codes We Support: 01970, 01971