Are You Ready to Sell Your Springfield, Massachusetts Restaurant?

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

Contemplating opening a different Springfield, Massachusetts restaurant, moving, or maybe retiring. Regardless of the reason, selling your Springfield, Massachusetts restaurant can be way more challenging than you might think. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough proceeds for all the labor you may have put into it.

Necessary Steps to Consider in Selling Your Restaurant

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

#1 Gather the Necessary Paperwork

This is an important preparatory step to take when you start the process of selling your Springfield, Massachusetts restaurant.

The required documents may vary from state to state--even in Massachusetts, but the following is a list of a few general documents you may find helpful to have at hand:

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

Corbett Restaurant Group comes with expertise to assist you in the sale of your Springfield, 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 potrntial buyer first day. But, you may want to have them ready because you will certainly need them during the sales process.

In addition, compiling these documents allows you to see your Springfield, Massachusetts restaurant through the lens of a buyer. It provides you a clear picture of the Springfield, Massachusetts restaurant you're selling. Furthermore, it allows you to identify whether there are any loopholes you'll have to take care of.

#2 Put Your Financials in Order

Your financial documents are a crucial aspect of selling your Springfield, Massachusetts restaurant. This is why you should strive to have these documents accurate and well organized.

Showing your financial documents to potential buyers could aid clear any doubt they might have concerning your Springfield, Massachusetts restaurant.

Your financial documents can include:

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

In addition, make sure you have hard copies of all of the records. This may make it easier for you to transmit the documentation to potential buyers.

In addition, as a seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these things may create legal problems for you if a buyer later discovers these liabilities post closing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Springfield, Massachusetts restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Springfield, 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 helps with estimating the true value of your Springfield, Massachusetts restaurant.

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

The average time it takes to sell a Springfield, Massachusetts restaurant is six months. Within the six months, there is a lot you can do in order to strengthen your profit and reduce various costs, and thus increase the worth of your Springfield, 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 aid you in estimating the probable value of your Springfield, Massachusetts restaurant. When you understand the overall value this may help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Springfield, Massachusetts restaurant will go a long way in helping you bring potential buyers. Conversely, if the general look of your Springfield, Massachusetts restaurant does not look good to buyers, they likely take a pass without consideration.

To prevent this from happening, everything in and out of your Springfield, Massachusetts restaurant must be clean. Manicured and a clean parking area can help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a presentable floor are also easy things that could help create a unforgettable first impression.

Furthermore, you should ensure all the equipment is in top condition. If your equipment is not working properly, it can send the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial status and production abilities. It may even lower the excitment of your employees, and in response, 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 purchasing your Springfield, Massachusetts restaurant.

#7 Search for Springfield Buyers

Searching for prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional Springfield, Massachusetts restaurant broker to help. The professional Springfield, Massachusetts restaurant broker will offer recommendations for saving time for attracting more prospective buyers. However, if you make the decision to take on this project alone, you will need to carry out appropriate advertising. You can offer your Springfield, Massachusetts restaurant on listing websites and let your family and friends know about your intentions to market for sale your Springfield, Massachusetts restaurant.

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

#8 Be Prepared

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

You never know when a buyer could walk into your Springfield, Massachusetts restaurant. Some buyers may even visit as customers just to perform some research before contacting you.

#9 Sell Your Springfield, Massachusetts Restaurant

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

You should have your attorney’s expertise in creating this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Springfield, Massachusetts Restaurant Broker

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

It's true, in order for you to achieve the most out of the business transaction, you need a higher level of expertise to stand above and against your competition while trying to find buyers.

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

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

Contact a Springfield, Massachusetts Restaurant Broker

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

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

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