Ready to Sell Your Stoneham, Massachusetts Restaurant?

After years of sweat equity, you have decided to sell your Stoneham, Massachusetts restaurant

Considering starting a new eatery, relocating, or maybe slowing down. Regardless of the reason, selling a Stoneham, Massachusetts restaurant can be a lot more challenging than you might think. This is because it takes careful preparation and a solid strategy to successfully exit with enough profit for all the labor you’ve put into it.

Necessary Actions to Consider in Selling Your Restaurant

You may either think to contract with a Stoneham, Massachusetts restaurant broker to guide you in selling your Stoneham, Massachusetts restaurant or take on the task yourself. If you are considering selling your Stoneham, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together all Important Paperwork

This is a necessary preparatory step to take when you start the process of marketing your Stoneham, Massachusetts restaurant.

The required documents may vary from state to state--even in Massachusetts, but the following is a list of some standard documents you may need to have ready:

• A list of your assets
• Lease contract
• 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 sale of your Stoneham, Massachusetts restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You certainly do not want to show the majority of these documents to a possible buyer day one. But, you should have them at hand because you will eventually need them during the sales process.

Also, compiling these documents lets you view your Stoneham, Massachusetts restaurant through the lens of a buyer. It provides you a clear image of the Stoneham, Massachusetts restaurant you are offering for sale. In addition, it helps you identify if there are any concerns you'll need to take care of.

#2 Put Your Financial Records in Order

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

Showing your financial records to prospective buyers could assist to clear any hesitations they might have concerning your Stoneham, Massachusetts restaurant.

The financial documents could include:

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

In addition, make sure you have duplicate copies of all of the records. This can make it easier for you to transmit the information to potential buyers.

Also, as a 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 on discovers these ommissions after sealing the deal.

#3 Organize the Details of Your Commercial Lease

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

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed evaluation of your financials, whether favorable or not, this will help them estimate the true value of the Stoneham, Massachusetts restaurant.

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow planning to sell your Stoneham, Massachusetts restaurant.

The average time it takes to sell a Stoneham, Massachusetts restaurant is six months. Within those six months, there are many things you can do to strengthen your profit and slash several costs, and therefore strengthen the worth of your Stoneham, Massachusetts restaurant.

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

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

#5 Increase Curb Appeal

The first impression of your Stoneham, Massachusetts restaurant could go a long way in helping you bring potential buyers. Conversely, if the general appearance of your Stoneham, Massachusetts restaurant does not look good to buyers, they might pass over right off the bat.

To prevent this from happening, everything in and out of your Stoneham, Massachusetts restaurant must be clean. Manicured and a clean parking lot could help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a presentable floor are also easy items that can help create a unforgettable initial impression.

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

Non-functional equipment could raise doubt about your financial situation and output capabilities. It may even dampen the morale of your employees, which 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 purchasing your Stoneham, Massachusetts restaurant.

#7 look for Stoneham Buyers

Searching for potential buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire a professional Stoneham, Massachusetts restaurant broker to help. A professional Stoneham, Massachusetts restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you decide to take on this project by yourself, you will need to carry out proper advertising. You can show your Stoneham, Massachusetts restaurant on business websites and let your family and friends know about your intentions to sell your Stoneham, Massachusetts restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Stoneham, Massachusetts Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to finalize the deal. The documentation will likely start with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Stoneham, Massachusetts Restaurant Broker

While trying to sell your Stoneham, Massachusetts restaurant on your own can be an exciting project, it can also be very risky, especially for first time sellers.

It's true, if you're looking to get the most from of the business deal, you need some level of experience to stand out against your competition while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Stoneham, Massachusetts restaurant broker is needed. A Stoneham, Massachusetts restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Stoneham, Massachusetts restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Stoneham, Massachusetts Restaurant Broker

Deciding to sell your Stoneham, Massachusetts restaurant through a Stoneham, Massachusetts restaurant broker has several advantages. First, however, you need to select the best Stoneham, Massachusetts restaurant broker to assist you in selling your Stoneham, Massachusetts restaurant.

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

Stoneham Zip Codes We Support: 01808, 02180