Ready to Sell Your Somerville, Massachusetts Restaurant?

After years of labor, you have decided to sell your Somerville, Massachusetts restaurant

Considering starting a new Somerville, Massachusetts restaurant, moving, or even retiring. Regardless of the reason, selling a Somerville, Massachusetts restaurant can be a lot more complicated than you might realize. This is because it takes thoughtful preparation and a solid strategy to successfully walk away with enough proceeds for all the sweat you may have put into it.

Necessary Actions to Take in Selling Your Restaurant

You may either decide to contract with a Somerville, Massachusetts restaurant broker to assist you in selling your Somerville, Massachusetts restaurant or take on the task yourself. Whether considering selling your Somerville, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather any Necessary Paperwork

This is an important first step to make when you begin the process of marketing your Somerville, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but below is a list of some standard documents you may be requierd to have at hand:

• A list of your assets
• Lease documentation
• 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 expertise to assist you in the market for sale of your Somerville, Massachusetts restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to reveal all these documents to a prospective buyer day one. But, you should have them ready because you will certainly need them during the sales process.

In addition, compiling these documents allows you to see your Somerville, Massachusetts restaurant through the lens of a buyer. This provides you a clear picture of the Somerville, Massachusetts restaurant you're offering for sale. Furthermore, it helps you identify whether there are any concerns you will need to take care of.

#2 Get Your Financial Documents in Order

Your financial records are an important aspect of selling your Somerville, Massachusetts restaurant. That’s why you should strive to have your documents complete and well organized.

Offering your financial documents to possible buyers may help clear any hesitations they might have concerning your Somerville, Massachusetts restaurant.

These financial records could 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 the records. This can make it easier for you to send the documentation to potential buyers.

Also, as a seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failure to inform a buyer regarding these things can create legal issues for you if a buyer later discovers these ommissions post closing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Somerville, Massachusetts restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from sealing the deal.

For this reason, it could be advisable to talk to your landlord concerning your plan to sell your Somerville, 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 will help them estimate the true value of the Somerville, Massachusetts restaurant.

It is therefore in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow before trying to sell your Somerville, Massachusetts restaurant.

The estimated time it takes to sell a Somerville, Massachusetts restaurant is 6 months. Within the six months, there is a lot you can do to increase your profit and cut various costs, and thus increase the value of your Somerville, Massachusetts restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This could assist you in coming up with the overall value of your Somerville, Massachusetts restaurant. Understanding the overall value will help you determine a selling price.

#5 Make Your Restaurant Look Better

The appearance of your Somerville, Massachusetts restaurant will go a long way in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Somerville, Massachusetts restaurant does not appeal to buyers, they likely take a pass without consideration.

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

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

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

Faulty equipment could raise doubt about your financial status and production capabilities. It could even dampen the excitment of your employees, and in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning purchasing your Somerville, Massachusetts restaurant.

#7 look for Somerville Buyers

Marketing to prospective buyers is time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire a professional Somerville, Massachusetts restaurant broker to help. The professional Somerville, Massachusetts restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to take on this project yourself, you will need to carry out appropriate advertising. You can list your Somerville, Massachusetts restaurant on business websites and let your family and friends know about your intentions to market for sale your Somerville, Massachusetts restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer will visit your Somerville, Massachusetts restaurant. Some buyers may even come in as customers just to perform some research before contacting you.

#9 Sell Your Somerville, Massachusetts Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to complete the deal. The documentation will likely begin with the Asset Purchase Agreement.

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

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

Choosing a Somerville, Massachusetts Restaurant Broker

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

The fact remains, in order for you to achieve the most out of the business deal, you need a higher level of experience to stand above and against the cometitors while trying to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Somerville, Massachusetts restaurant broker is needed. A Somerville, Massachusetts restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Somerville, Massachusetts restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Somerville, Massachusetts Restaurant Broker

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

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

Somerville Zip Codes We Support: 02143, 02144, 02145, 02155