Right Time to Sell Your Waltham, Massachusetts Restaurant?

After years of sweat equity, you have made the decision sell your Waltham, Massachusetts restaurant

Contemplating starting a different Waltham, Massachusetts restaurant, moving, or even retiring. Regardless of the reason, selling your Waltham, Massachusetts restaurant can be a lot more challenging than you might think. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough profit for all the labor you may have put into it.

Important Steps to Consider in Selling Your Restaurant

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

#1 Gather the Necessary Paperwork

This is a necessary first step to take when you commence the process of marketing your Waltham, 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 be requierd to have on you:

• A list of your assets
• Lease contract
• 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 comes with experience to assist you in the sale of your Waltham, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably best not to show all these documents to a prospective buyer right away. However, you may want to have them ready because you will certainly need them during the sales process.

Also, compiling these documents allows you to see your Waltham, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Waltham, Massachusetts restaurant you're offering for sale. Furthermore, it helps you identify if there are any areas you will have to address.

#2 Get Your Financial Documents in Order

Your financial records are an important detail of selling your Waltham, Massachusetts restaurant. That’s the reason you should make an effort to make your documents complete and well organized.

Offering your financial documents to potential buyers may assist to clear any doubt they might have regarding your Waltham, Massachusetts restaurant.

These financial records 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 documents. This can make it easier for you to send the documentation to prospective 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 items may create legal issues for you if a buyer later discovers these ommissions after completing the deal.

#3 Organize the Information On Your Commercial Lease

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

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

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed analysis of your financial records, whether favorable or not, this helps with estimating the true value of your Waltham, Massachusetts restaurant.

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to build up your cash flow planning to sell your Waltham, Massachusetts restaurant.

The average time it may take to sell a Waltham, Massachusetts restaurant is 6 months. Within the six months, there are many things you can do in order to increase your profit and reduce several costs, and therefore strengthen the value of your Waltham, 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 estimate your assets.

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

#5 Increase Curb Appeal

The first impression of your Waltham, Massachusetts restaurant can go a long way in helping you attract potential buyers. Alternatively, if the general curb appeal of your Waltham, Massachusetts restaurant does not look good to buyers, they likely take a pass right off the bat.

To avoid this from happening, everything in and out of your Waltham, Massachusetts restaurant must be cleaned and maintained. Landscaping and a clean parking lot could help create curb appeal for potential buyers.

Spot-free windows, polished handles and a clean floor are other easy things that could help create a memorable first impression.

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

Non-functional equipment can raise doubt about your financial capabilities and production capabilities. It could even lower the morale of your staff, and in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding purchasing your Waltham, Massachusetts restaurant.

#7 look for Waltham Buyers

Searching for prospective buyers is time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire an experienced Waltham, Massachusetts restaurant broker to help. The professional Waltham, Massachusetts restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you decide to take on this task yourself, you will need to create proper advertising. You can list your Waltham, Massachusetts restaurant on business websites and let your family and friends know about your plans to sell your Waltham, Massachusetts restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Waltham, 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 contract. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

This agreement includes details such as the selling price of your Waltham, Massachusetts restaurant, assets and equipment and inventory value.

Choosing a Waltham, Massachusetts Restaurant Broker

Although attempting to sell your Waltham, 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 achieve the most from of the business transaction, you need some level of experience to stand out against your competition while trying to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Waltham, Massachusetts restaurant broker is needed. A Waltham, Massachusetts restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Waltham, Massachusetts restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

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

Contact a Waltham, Massachusetts Restaurant Broker

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

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

Waltham Zip Codes We Support: 02451, 02452, 02453, 02454, 02455, 02493