Right Time to Sell Your Shrewsbury, Massachusetts Restaurant?

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

Contemplating opening a new Shrewsbury, Massachusetts restaurant, relocating, or even retiring. No matter the reason, selling a Shrewsbury, Massachusetts restaurant can be way more challenging than you may realize. Thats because it takes careful preparation and a solid strategy to successfully walk away with enough money for all the labor you’ve put into it.

Important Actions to Take when Selling Your Restaurant

You can either decide to contract with a eatery broker to help you in selling your Shrewsbury, Massachusetts restaurant or take on the task yourself. If you are considering selling your Shrewsbury, Massachusetts restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather all Business Paperwork

This is a necessary initial step to take when you start the process of selling your Shrewsbury, 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 on you:

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

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You certainly do not want to show all these documents to a possible buyer day one. However, you should have them at hand because you will certainly require them during the sales process.

In addition, putting together these documents lets you see your Shrewsbury, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Shrewsbury, Massachusetts restaurant you are selling. In addition, it allows you to identify if there are any concerns you will need to take care of.

#2 Put Your Financials in Order

Your financial documents are an important detail of selling your Shrewsbury, Massachusetts restaurant. That’s the reason you should make an effort to make these documents accurate and organized.

Showing your financial documents to potential buyers may help clear any doubt they may have concerning your Shrewsbury, Massachusetts restaurant.

The financial documents could include:

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

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

In addition, as the seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these items can create legal issues for you if a buyer later on discovers these ommissions after completing the deal.

#3 Put Together the Details of Your Commercial Lease

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

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

#4 Appraise Your Restaurant

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

This will be in your best interest to ensure that you augment sales and reduce expenses to build your cash flow planning to sell your Shrewsbury, Massachusetts restaurant.

The estimated time it may take to sell a Shrewsbury, Massachusetts restaurant is 6 months. Within those six months, there are many things you can do in order to increase your profit and cut various costs, and thus strengthen the worth of your Shrewsbury, Massachusetts restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This could assist you in deriving the probable worth of your Shrewsbury, Massachusetts restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your Shrewsbury, Massachusetts restaurant could go a great distance in helping you attract potential buyers. Conversely, if the overall aesthetic of your Shrewsbury, 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 Shrewsbury, Massachusetts restaurant must be clean. Landscaping and a clean parking lot may help create curb appeal for prospective buyers.

Clean windows, polished door handles and a presentable floor are also easy things that would help create a memorable initial impression.

Additionally, you should make sure that all the equipment is in satisfactory condition. If your equipment is not functioning, it might convey the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial capabilities and output abilities. It can even lower the mood 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 Shrewsbury, Massachusetts restaurant.

#7 look for Shrewsbury Buyers

Looking for prospective buyers is time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire a professional Shrewsbury, Massachusetts restaurant broker to help. A professional Shrewsbury, Massachusetts restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you decide to handle this task alone, you will need to create appropriate advertising. You can show your Shrewsbury, Massachusetts restaurant on business websites and tell family and friends about your plans to sell your Shrewsbury, Massachusetts restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Shrewsbury, Massachusetts Restaurant

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

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

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

Choosing a Shrewsbury, Massachusetts Restaurant Broker

Although attempting to sell your Shrewsbury, Massachusetts restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first-timers.

It's true, if you're looking to get the most out of the business deal, you need a higher level of expertise in order to stand above and against your competition while attempting to attract buyers.

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

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

Contact a Shrewsbury, Massachusetts Restaurant Broker

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

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

Shrewsbury Zip Codes We Support: 01545, 01546