Ready to Sell Your Westfield, Massachusetts Restaurant?

Following years of hard work, you have made the decision sell your Westfield, Massachusetts restaurant

Contemplating opening a different Westfield, Massachusetts restaurant, moving, or maybe slowing down. Regardless of the reason, selling your Westfield, Massachusetts restaurant can be a lot more complicated than you might think. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the time you’ve put into it.

Important Actions to Consider when Selling Your Restaurant

You may either think to contract with a Westfield, Massachusetts restaurant broker to assist you in selling your Westfield, Massachusetts restaurant or do the task on your own. If you are considering selling your Westfield, Massachusetts restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather all Necessary Documentation

This is a necessary preparatory step to make when you begin the process of selling your Westfield, Massachusetts restaurant.

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

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

Corbett Restaurant Group comes with expertise to assist you in the sale of your Westfield, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably best not to reveal all these documents to a prospective buyer day one. But, you may want to have them at hand because you will certainly need them during the sales process.

Also, putting together these documents lets you see your Westfield, Massachusetts restaurant through the lens of a buyer. It gives you a clear image of the Westfield, 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 records are an important detail of selling your Westfield, Massachusetts restaurant. This is why you should strive to have your documents accurate and well organized.

Showing your financial documents to potential buyers may help clear any hesitations they may have regarding your Westfield, Massachusetts restaurant.

The financial records can include:

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

Also, ensure you have soft copies of all of these records. This may make it easier for you to send the records to potential buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things may create legal issues for you if a buyer later on discovers these ommissions after completing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Westfield, Massachusetts restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after securing a buyer, your lease prevents you from sealing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Westfield, Massachusetts restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an detailed evaluation of your financials, whether favorable or not, this helps them estimate the value of your Westfield, Massachusetts restaurant.

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

The average time it takes to sell a Westfield, Massachusetts restaurant is six months. Within the six months, there are many things you can do in order to strengthen your profit and slash various costs, and thus increase the value of your Westfield, Massachusetts restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This could assist you in coming up with the probable worth of your Westfield, Massachusetts restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Westfield, Massachusetts restaurant can go a long way in helping you bring potential buyers. Conversely, if the general look of your Westfield, Massachusetts restaurant does not look good to buyers, they could pass over immediately.

To prevent this from happening, all things in and out of your Westfield, Massachusetts restaurant must be cleaned and maintained. Landscaped and a clean parking area may help create appeal for potential buyers.

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

Additionally, you should ensure that all the equipment is in satisfactory 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 could raise doubt about your financial capabilities and output capabilities. It may even dampen the excitment of your staff, 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 buying your Westfield, Massachusetts restaurant.

#7 look for Westfield Buyers

Looking for prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced Westfield, Massachusetts restaurant broker to help. The professional Westfield, Massachusetts restaurant broker will have recommendations for saving time & money for attracting more potential buyers. However, if you make the decision to handle this project alone, you will need to carry out proper advertising. You can show your Westfield, Massachusetts restaurant on listing websites and tell family and friends about your plans to market for sale your Westfield, Massachusetts restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Westfield, Massachusetts Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the transaction. The documentation often start with the Asset Purchase Agreement.

You may need your attorney’s expertise in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Westfield, Massachusetts Restaurant Broker

Although attempting to sell your Westfield, Massachusetts restaurant on your own can be an exciting project, it could also be quite risky, especially for first time sellers.

The fact remains, if you're looking to get the most out of the business transaction, you need a higher level of experience in order to stand above and against your competition while trying to attract buyers.

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

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

Contact a Westfield, Massachusetts Restaurant Broker

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

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

Westfield Zip Codes We Support: 01085, 01086