Right Time to Sell Your West Springfield, Massachusetts Restaurant?

Following years of hard work, you have decided to sell your West Springfield, Massachusetts restaurant

Contemplating starting a new West Springfield, Massachusetts restaurant, relocating, or maybe retiring. No matter the reason, selling your West Springfield, Massachusetts restaurant can be way more difficult than you might think. This is because it takes thoughtful preparation and a solid game plan to successfully exit with enough proceeds for all the labor you’ve put into it.

Important Actions to Take when Selling Your Restaurant

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

#1 Gather the Important Documentation

This is a necessary initial step to make when you begin the process of offering your West Springfield, Massachusetts restaurant.

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

• A list of your assets
• Lease contract
• 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 has the expertise to help you in the sale of your West Springfield, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to show the majority of these documents to a potrntial buyer right away. But, you may want to have them on hand because you will eventually need them during the sales process.

Also, compiling these documents allows you to see your West Springfield, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the West Springfield, Massachusetts restaurant you're selling. Furthermore, it helps you identify whether there are any areas you will need to address.

#2 Put Your Financial Records in Order

Your financial records are an important part of selling your West Springfield, Massachusetts restaurant. This is why you should strive to have these documents complete and well organized.

Showing your financial records to potential buyers may help clear any hesitations they may have concerning your West Springfield, Massachusetts restaurant.

The financial records can include:

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

Also, make sure you have hard copies of all of the documents. This could make it easier for you to send the documentation to potential buyers.

Likewise, as the seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failing to inform a buyer about these items may create legal issues for you if a buyer later discovers these ommissions after signing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your West Springfield, Massachusetts restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease ends up preventing you from closing the deal.

For this reason, it is advisable to have a discussion with your landlord concerning your plan to sell your West Springfield, Massachusetts restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors could request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the value of the West Springfield, Massachusetts restaurant.

This will be in your best interest to ensure that you increase sales and reduce expenses to build your cash flow starting to sell your West Springfield, Massachusetts restaurant.

The estimated time it may take to sell a West Springfield, Massachusetts restaurant is six months. Within those six months, there are many things you can do in order to strengthen your profit and reduce various costs, and thus increase the worth of your West Springfield, 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 value your assets.

This may assist you in estimating the overall worth of your West Springfield, Massachusetts restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your West Springfield, Massachusetts restaurant can go a long way in helping you attract potential buyers. Conversely, if the overall appearance of your West Springfield, 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 West Springfield, Massachusetts restaurant must be clean. Manicured and a clean parking lot may help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a presentable floor are also small things that would help create a memorable first impression.

Furthermore, you should make sure that all the equipment is in top condition. If your equipment is not working properly, it may 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 status and production capabilities. It may even dampen the morale of your staff, and 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 concerning purchasing your West Springfield, Massachusetts restaurant.

#7 Search for West Springfield Buyers

Marketing to prospective buyers is time-consuming and often requires specific skills and a certain level of experience. This may require that you hire a professional West Springfield, Massachusetts restaurant broker to help. A professional West Springfield, Massachusetts restaurant broker will offer recommendations for saving time for attracting more prospective buyers. However, if you decide to handle this task by yourself, you will need to create appropriate advertising. You can show your West Springfield, Massachusetts restaurant on listing websites and tell family and friends about your intentions to market for sale your West Springfield, Massachusetts restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your West Springfield, Massachusetts Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the contract. The paperwork will likely begin with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

This agreement includes details including the selling price of your West Springfield, Massachusetts restaurant, assets and equipment as well as inventory value.

Choosing a West Springfield, Massachusetts Restaurant Broker

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

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

Expertise is also vital during negotiations with potential buyers. This is when an experienced West Springfield, Massachusetts restaurant broker is recommended. A West Springfield, Massachusetts restaurant broker has the resources, experience and strategy required to easily take on the task of selling your West Springfield, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

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

Contact a West Springfield, Massachusetts Restaurant Broker

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

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

West Springfield Zip Codes We Support: 01089, 01090