Time to Sell Your South Boston, Massachusetts Restaurant?

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

Contemplating starting a new eatery, relocating, or even slowing down. No matter the reason, selling a South Boston, Massachusetts restaurant can be way more challenging than you might think. This is because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the labor you may have put into it.

Important Actions to Take when Selling Your Restaurant

You may either think to contract with a eatery broker to assist you in selling your South Boston, Massachusetts restaurant or take on the task yourself. If you are considering selling your South Boston, Massachusetts restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather any Necessary Paperwork

This is a necessary initial step to take when you commence the process of marketing your South Boston, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but the following is a list of some 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 records
• Architectural drawings
• Financial statements and other important financial documents

Corbett Restaurant Group comes with expertise to help you in the market for sale of your South Boston, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a possible buyer first day. But, you should 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 South Boston, Massachusetts restaurant through the lens of a buyer. This provides you a clear picture of the South Boston, Massachusetts restaurant you are offering for sale. In addition, it helps you identify whether there are any areas you will have to address.

#2 Put Your Financials in Order

Your financial documents are a crucial detail of selling your South Boston, 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 help clear any doubt they may have regarding your South Boston, Massachusetts restaurant.

Your financial documents 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 records. This may make it easier for you to transmit the records to potential buyers.

Likewise, as the seller, you have to disclose information such as debts, owed taxes, deferred repairs, etc. Failing to inform a buyer about these items can create legal problems for you if a buyer later on discovers these liabilities after closing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your South Boston, Massachusetts restaurant, you need to understand 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 regarding your plan to sell your South Boston, Massachusetts restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

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

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to build up your cash flow starting to sell your South Boston, Massachusetts restaurant.

The estimated time it may take to sell a South Boston, Massachusetts restaurant is 6 months. Within those six months, there are many things you can do in order to increase your profit and reduce several costs, and thus strengthen the value of your South Boston, 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 aid you in estimating the probable value of your South Boston, Massachusetts restaurant. When you understand the overall worth this could help you determine a selling price.

#5 Make Your Restaurant Attractive

The first impression of your South Boston, Massachusetts restaurant will go a long way in helping you bring potential buyers. Conversely, if the overall curb appeal of your South Boston, Massachusetts restaurant does not appeal to buyers, they might take a pass immediately.

To avoid this from happening, all things in and out of your South Boston, Massachusetts restaurant must be clean. Landscaping and a clean parking lot could help create appeal for potential buyers.

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

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

Faulty equipment also raises doubt about your financial situation and output abilities. It could even lower the excitment of your staff, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding buying your South Boston, Massachusetts restaurant.

#7 look for South Boston Buyers

Searching for potential buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire a professional South Boston, Massachusetts restaurant broker to help. A professional South Boston, Massachusetts restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you decide to take on this project alone, you will need to create proper advertising. You can market your South Boston, Massachusetts restaurant on business websites and let your family and friends know about your plans to sell your South Boston, Massachusetts restaurant.

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

#8 Be Prepared

If you decide to sell your South Boston, Massachusetts restaurant yourself, or through a South Boston, Massachusetts restaurant broker, you need to always be ready. Be prepared to show your South Boston, Massachusetts restaurant to prospective buyers at all times.

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

#9 Sell Your South Boston, Massachusetts Restaurant

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

You may need your attorney’s expertise in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a South Boston, Massachusetts Restaurant Broker

While trying to sell your South Boston, Massachusetts restaurant on your own can be an exciting endeavor, it can also be very risky, especially for first-timers.

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

Expertise is also vital during negotiations with prospective buyers. This is when an experienced South Boston, Massachusetts restaurant broker is recommended. A South Boston, Massachusetts restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your South Boston, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

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

Contact a South Boston, Massachusetts Restaurant Broker

Choosing to sell your South Boston, Massachusetts restaurant through a South Boston, Massachusetts restaurant broker has several advantages. First, however, you need to select the best South Boston, Massachusetts restaurant broker to help you in selling your South Boston, Massachusetts restaurant.

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

South Boston Zip Codes We Support: 02127