Decided to Sell Your Wakefield, Massachusetts Restaurant?

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

Contemplating starting a different Wakefield, Massachusetts restaurant, relocating, or even retiring. Regardless of the reason, selling your Wakefield, Massachusetts restaurant can be way more challenging than you may realize. This is because it takes thoughtful preparation and a solid strategy to successfully exit with enough money for all the sweat you’ve put into it.

Important Actions to Consider when Selling Your Restaurant

You may either make the decision to hire a Wakefield, Massachusetts restaurant broker to assist you in selling your Wakefield, Massachusetts restaurant or do the task yourself. Whether considering selling your Wakefield, Massachusetts restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together any Important Documentation

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

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

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

Corbett Restaurant Group has the expertise to assist you in the sale of your Wakefield, Massachusetts restaurant. Call today for a no strings attached business review at (888) 266-5182.

You probably do not want to reveal all these documents to a potrntial buyer right away. However, you should have them ready because you will eventually need them during the sales process.

Also, compiling these documents allows you to see your Wakefield, Massachusetts restaurant through the lens of a buyer. It provides you a clear picture of the Wakefield, Massachusetts restaurant you are selling. In addition, it allows you to identify if there are any loopholes you will need to take care of.

#2 Get Your Financial Documents in Order

Your financial records are a crucial detail of selling your Wakefield, Massachusetts restaurant. That’s why you should make it a priority to make your documents complete and well organized.

Offering your financial records to possible buyers may assist to clear any hesitations they might have regarding your Wakefield, Massachusetts restaurant.

Your financial records could include:

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

In addition, ensure you have duplicate copies of all of these records. This could make it easier for you to send the documentation to potential buyers.

Also, as a seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failing to inform a buyer regarding these items can create legal issues for you if a buyer later discovers these ommissions after completing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Wakefield, Massachusetts restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it is advisable to talk to your landlord concerning your plan to sell your Wakefield, Massachusetts restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors could request an in-depth analysis of your financial records, whether favorable or not, this helps them evaluate the value of the Wakefield, Massachusetts restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to build up your cash flow before trying to sell your Wakefield, Massachusetts restaurant.

The estimated time it may take to sell a Wakefield, Massachusetts restaurant is 6 months. Within those six months, there are many things you can do in order to increase your profit and cut various costs, and therefore strengthen the value of your Wakefield, Massachusetts restaurant.

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

This could help you in estimating the probable value of your Wakefield, Massachusetts restaurant. When you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Wakefield, Massachusetts restaurant will go a great distance in helping you bring potential buyers. Conversely, if the general appearance of your Wakefield, Massachusetts restaurant does not look good to buyers, they might pass over immediately.

To prevent this from happening, all things in and out of your Wakefield, Massachusetts restaurant must be clean. Manicured and a clean parking area can help create appeal for prospective buyers.

Spot-free windows, polished door handles and a clean floor are also easy things that would help create a memorable initial impression.

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

Non-functional equipment may rouse doubt about your financial status and output capabilities. It can even lower the mood of your staff, which in response, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding buying your Wakefield, Massachusetts restaurant.

#7 look for Wakefield Buyers

Looking for prospective buyers is time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire an experienced Wakefield, Massachusetts restaurant broker to help. A professional Wakefield, Massachusetts restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to take on this task alone, you will need to carry out appropriate advertising. You can offer your Wakefield, Massachusetts restaurant on listing websites and tell family and friends about your intentions to market for sale your Wakefield, Massachusetts restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will visit your Wakefield, Massachusetts restaurant. Some buyers might even visit as customers in order to perform some research before reaching out to you.

#9 Sell Your Wakefield, Massachusetts Restaurant

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

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

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

Choosing a Wakefield, Massachusetts Restaurant Broker

Although trying to sell your Wakefield, Massachusetts restaurant on your own can be an exciting project, it could 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 experience in order to stand out against the competition while attempting to attract buyers.

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

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

Contact a Wakefield, Massachusetts Restaurant Broker

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

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

Wakefield Zip Codes We Support: 01880, 01940