Decided to Sell Your Southbridge, Massachusetts Restaurant?

Following years of labor, you have made the decision sell your Southbridge, Massachusetts restaurant

Considering opening a different eatery, relocating, or even retiring. No matter the reason, selling your Southbridge, Massachusetts restaurant can be a lot more difficult than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough money for all the labor you’ve put into it.

Necessary Actions to Consider in Selling Your Restaurant

You can either think to hire a eatery broker to assist you in selling your Southbridge, Massachusetts restaurant or do the task on your own. If you are considering selling your Southbridge, Massachusetts restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Important Paperwork

This is a necessary preparatory step to make when you start the process of offering your Southbridge, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but the following is a list of some generalized documents you may need to have at hand:

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

It's probably best not to show the majority of these documents to a possible buyer right away. But, you should have them on hand because you will certainly need them during the sales process.

Also, compiling these documents allows you to see your Southbridge, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Southbridge, Massachusetts restaurant you're selling. In addition, it helps you show whether there are any concerns you will have to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial detail of selling your Southbridge, Massachusetts restaurant. That’s why you should make an effort to make your documents complete and organized.

Showing your financial documents to prospective buyers could assist to clear any doubt they might have regarding your Southbridge, Massachusetts restaurant.

The financial records can 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 will make it easier for you to send the documentation to potential buyers.

In addition, as the seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these items could create legal issues for you if a buyer later discovers these ommissions after signing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Southbridge, Massachusetts restaurant, you need to review 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 is advisable to have a discussion with your landlord regarding your plan to sell your Southbridge, Massachusetts restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financial records, whether favorable or not, this helps them evaluate the true value of the Southbridge, Massachusetts restaurant.

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

The average time it takes to sell a Southbridge, Massachusetts restaurant is 6 months. Within those six months, there is a lot you can do in order to strengthen your profit and cut various costs, and thus strengthen the value of your Southbridge, Massachusetts restaurant.

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

This will assist you in deriving the probable value of your Southbridge, Massachusetts restaurant. Understanding the overall value will help you determine a selling price.

#5 Make Your Restaurant Look Better

The appearance of your Southbridge, Massachusetts restaurant can go a great distance in helping you attract potential buyers. Conversely, if the overall look of your Southbridge, Massachusetts restaurant does not appeal to buyers, they might pass over right off the bat.

To avoid this from happening, all things in and out of your Southbridge, Massachusetts restaurant must be cleaned and maintained. Landscaped and a clean parking lot can help create appeal for prospective buyers.

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

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

Non-functional equipment could raise doubt about your financial capabilities and output abilities. It could even lower the mood of your employees, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Southbridge Buyers

Searching for prospective buyers is time-consuming and often requires specific skills and a certain level of experience. This may require that you hire an experienced Southbridge, Massachusetts restaurant broker to help. A professional Southbridge, Massachusetts restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you decide to handle this task yourself, you will need to create proper advertising. You can show your Southbridge, Massachusetts restaurant on listing websites and let your family and friends know about your intentions to market for sale your Southbridge, Massachusetts restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Southbridge, 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 complete the deal. The documentation will likely begin with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Involving 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 Southbridge, Massachusetts restaurant, items and equipment as well as inventory value.

Choosing a Southbridge, Massachusetts Restaurant Broker

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

The fact remains, if you're looking to get the most from of the business deal, you need some level of experience in order to stand above and against your cometitors while attempting to attract buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Southbridge, Massachusetts restaurant broker is recommended. A Southbridge, Massachusetts restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Southbridge, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

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

Contact a Southbridge, Massachusetts Restaurant Broker

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

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

Southbridge Zip Codes We Support: 01550