Right Time to Sell Your Wilmington, Massachusetts Restaurant?

After years of labor, you have made the decision sell your Wilmington, Massachusetts restaurant

Contemplating starting a different eatery, moving, or maybe retiring. No matter the reason, selling a Wilmington, Massachusetts restaurant can be way more complicated than you might think. This is because it takes thoughtful preparation and a solid strategy to successfully walk away with enough profit for all the time you’ve put into it.

Important Actions to Consider when Selling Your Restaurant

You can either decide to contract with a Wilmington, Massachusetts restaurant broker to guide you in selling your Wilmington, Massachusetts restaurant or take on the task yourself. Whether considering selling your Wilmington, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Put Together any Important Documentation

This is an important preparatory step to make when you begin the process of marketing your Wilmington, Massachusetts restaurant.

The required documents may vary from state to state--even in Massachusetts, but below is a list of a few standard 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 records
• Architectural drawings
• Financial statements and other important financial documents

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

It's probably smart not to reveal the majority of these documents to a potrntial buyer first day. But, you should have them on hand because you will eventually need them during the sales process.

In addition, compiling these documents lets you see your Wilmington, Massachusetts restaurant through the lens of a buyer. It gives you a clear picture of the Wilmington, Massachusetts restaurant you are selling. Furthermore, it helps you identify if there are any loopholes you will have to take care of.

#2 Put Your Financial Documents in Order

Your financial records are a crucial part of selling your Wilmington, Massachusetts restaurant. That’s why you should make an effort to have your documents complete and well organized.

Showing your financial records to prospective buyers could aid clear any hesitations they may have concerning your Wilmington, Massachusetts restaurant.

These financial records can include:

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

Also, make sure you have soft copies of all of the records. This may make it easier for you to transmit the information to possible buyers.

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

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Wilmington, Massachusetts restaurant, you need to understand of your commercial lease. It would be disappointing if, after securing a buyer, your lease ends up preventing 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 Wilmington, Massachusetts restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

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

It is therefore in your best interest to ensure that you increase sales and make a reduction in your expenses to build up your cash flow starting to sell your Wilmington, Massachusetts restaurant.

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

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

This may assist you in deriving the probable value of your Wilmington, Massachusetts restaurant. When you understand the overall worth this may help you determine a selling price.

#5 Increase Curb Appeal

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

To avoid this from happening, all things in and out of your Wilmington, Massachusetts restaurant must be cleaned and maintained. Landscaped and a clean parking lot can help create appeal for potential buyers.

Clean windows, polished handles and a presentable floor are also easy things that can help create a memorable initial impression.

Furthermore, you should make sure that all your equipment is in top condition. If your equipment is not working, it may send the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial status and output abilities. 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 look credible in order to build the confidence of prospective buyers regarding purchasing your Wilmington, Massachusetts restaurant.

#7 Search for Wilmington Buyers

Looking for potential buyers can be time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire an experienced Wilmington, Massachusetts restaurant broker to help. The professional Wilmington, Massachusetts restaurant broker will offer recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to take on this task by yourself, you will need to create appropriate advertising. You can offer your Wilmington, Massachusetts restaurant on business websites and tell family and friends about your intentions to sell your Wilmington, Massachusetts restaurant.

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

#8 Be Prepared

Whether you decide to sell your Wilmington, Massachusetts restaurant yourself, or through a Wilmington, Massachusetts restaurant broker, you should always be ready. Be ready to show your Wilmington, Massachusetts restaurant to prospective buyers at all times.

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

#9 Sell Your Wilmington, Massachusetts Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the contract. The documentation will likely start with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Wilmington, Massachusetts Restaurant Broker

Although trying to sell your Wilmington, Massachusetts restaurant on your own can be an exciting endeavor, 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 some level of experience in order to stand above and against the competition while trying to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Wilmington, Massachusetts restaurant broker is recommended. A Wilmington, Massachusetts restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Wilmington, Massachusetts restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Wilmington, Massachusetts Restaurant Broker

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

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

Wilmington Zip Codes We Support: 01887