Decided to Sell Your Westford, Massachusetts Restaurant?

Following years of labor, you have decided to sell your Westford, Massachusetts restaurant

Contemplating starting a new Westford, Massachusetts restaurant, moving, or even retiring. No matter the reason, selling a Westford, Massachusetts restaurant can be way more complicated than you might realize. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough profit for all the sweat you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

You may either think to contract with a eatery broker to help you in selling your Westford, Massachusetts restaurant or do the task on your own. Whether considering selling your Westford, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather all Necessary Documentation

This is an important first step to take when you commence the process of selling your Westford, Massachusetts restaurant.

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

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

Corbett Restaurant Group has the experience to help you in the market for sale of your Westford, Massachusetts restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You probably do not want to reveal all these documents to a possible buyer first day. But, you may want to have them at hand because you will eventually require them during the sales process.

Also, compiling these documents allows you to view your Westford, Massachusetts restaurant through the lens of a buyer. It gives you a clear picture of the Westford, Massachusetts restaurant you're offering for sale. In addition, it allows you to show whether there are any areas you will have to address.

#2 Put Your Financials in Order

Your financial records are an important part of selling your Westford, Massachusetts restaurant. This is why you should make an effort to have these documents accurate and well organized.

Offering your financial documents to possible buyers could assist to clear any doubt they might have regarding your Westford, Massachusetts restaurant.

These financial documents 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 the documents. This could make it easier for you to send the records to prospective buyers.

Also, as the seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these items can create legal problems for you if a buyer later discovers these liabilities after closing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Westford, Massachusetts restaurant, you need to understand of your commercial lease. It could be disappointing 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 regarding your plan to sell your Westford, Massachusetts restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed evaluation of your financials, whether favorable or not, this helps with estimating the value of your Westford, Massachusetts restaurant.

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

The average time it may take to sell a Westford, Massachusetts restaurant is 6 months. Within the six months, there are several things you can do in order to strengthen your profit and reduce various costs, and thus strengthen the value of your Westford, 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 assist you in deriving the overall value of your Westford, Massachusetts restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Westford, Massachusetts restaurant will go a great distance in helping you attract potential buyers. Conversely, if the general curb appeal of your Westford, Massachusetts restaurant does not look good to buyers, they might pass over right off the bat.

To avoid this from happening, all things in and out of your Westford, Massachusetts restaurant must be clean. Landscaping and a clean parking area can help create appeal for potential buyers.

Spot-free windows, polished door handles and a presentable floor are also small items that can help create a great first impression.

Furthermore, you should make sure all the equipment is in satisfactory condition. If your equipment is not working, it might convey the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial capabilities and production capabilities. It can even lower the mood of your employees, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers concerning purchasing your Westford, Massachusetts restaurant.

#7 Search for Westford Buyers

Searching for prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire a professional Westford, Massachusetts restaurant broker to help. A professional Westford, Massachusetts restaurant broker will offer recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to take on this task alone, you will need to carry out proper advertising. You can market your Westford, Massachusetts restaurant on listing websites and tell family and friends about your intentions to sell your Westford, Massachusetts restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Westford, Massachusetts Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to complete the transaction. The documentation will usually start with the Asset Purchase Agreement.

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

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

Choosing a Westford, Massachusetts Restaurant Broker

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

It's true, in order for you to achieve the most out of the business transaction, you need a higher level of expertise to stand above and against your cometitors while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Westford, Massachusetts restaurant broker is needed. A Westford, Massachusetts restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Westford, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a Westford, Massachusetts Restaurant Broker

Deciding to sell your Westford, Massachusetts restaurant through a Westford, Massachusetts restaurant broker has many advantages. First, however, you need to select the best Westford, Massachusetts restaurant broker to help you in selling your Westford, Massachusetts restaurant.

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

Westford Zip Codes We Support: 01886