Time to Sell Your Woburn, Massachusetts Restaurant?

After years of labor, you have decided to sell your Woburn, Massachusetts restaurant

Considering starting a new Woburn, Massachusetts restaurant, relocating, or even slowing down. No matter the reason, selling a Woburn, Massachusetts restaurant can be way more difficult than you may think. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough profit for all the sweat you’ve put into it.

Important Actions to Take in Selling Your Restaurant

You can either decide to contract with a eatery broker to help you in selling your Woburn, Massachusetts restaurant or take on the task on your own. If you are considering selling your Woburn, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together all Business Paperwork

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

The necessary documents may vary from state to state--even in Massachusetts, but below is a list of some standard documents you may need to have prepared:

• A list of your assets
• Lease contract
• 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 help you in the market for sale of your Woburn, Massachusetts restaurant. Call today for a no strings attached consultation at (888) 266-5182.

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

In addition, putting together these documents allows you to see your Woburn, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Woburn, Massachusetts restaurant you are offering for sale. Furthermore, it allows you to identify whether there are any areas you'll need to address.

#2 Get Your Financials in Order

Your financial records are a crucial part of selling your Woburn, Massachusetts restaurant. This is why you should make it a priority to make your documents accurate and well organized.

Showing your financial documents to possible buyers may help clear any hesitations they might have concerning your Woburn, 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 duplicate copies of all of these documents. This will make it easier for you to send the records to possible buyers.

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

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Woburn, Massachusetts restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from closing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Woburn, Massachusetts restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed evaluation of your financials, whether favorable or not, this will help them evaluate the true value of the Woburn, Massachusetts restaurant.

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to build your cash flow before trying to sell your Woburn, Massachusetts restaurant.

The estimated time it may take to sell a Woburn, Massachusetts restaurant is 6 months. Within those six months, there are many things you can do in order to increase your profit and reduce various costs, and thus increase the value of your Woburn, Massachusetts restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This will help you in deriving the overall value of your Woburn, Massachusetts restaurant. If you understand the overall value this may help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Woburn, Massachusetts restaurant could go a great distance in helping you bring potential buyers. Conversely, if the overall look of your Woburn, Massachusetts restaurant does not look good to buyers, they could pass over without consideration.

To avoid this from happening, everything in and out of your Woburn, Massachusetts restaurant must be clean. Landscaped and a clean parking lot can help create curb appeal for potential buyers.

Clean windows, polished handles and a neat floor are also small things that could help create a great first impression.

Furthermore, you should ensure all your equipment is in satisfactory condition. If your equipment is not working, it may send the message that you're in a hurry to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial status and production abilities. It may even dampen the excitment of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding buying your Woburn, Massachusetts restaurant.

#7 look for Woburn Buyers

Marketing to prospective buyers is time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire a professional Woburn, Massachusetts restaurant broker to help. The professional Woburn, Massachusetts restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you decide to take on this task alone, you will need to carry out appropriate advertising. You can list your Woburn, Massachusetts restaurant on business websites and let your family and friends know about your intentions to market for sale your Woburn, Massachusetts restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Woburn, Massachusetts Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to finalize the deal. The paperwork often start with the Asset Purchase Agreement.

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

This document includes details including the selling price of your Woburn, Massachusetts restaurant, items and equipment as well as inventory value.

Choosing a Woburn, Massachusetts Restaurant Broker

Although attempting to sell your Woburn, Massachusetts restaurant on your own can be an exhilarating endeavor, it can also be quite risky, especially for first time sellers.

The fact remains, if you're looking to get the most out of the business deal, you need some level of expertise to stand out against your competition while attempting to find buyers.

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

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

Contact a Woburn, Massachusetts Restaurant Broker

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

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

Woburn Zip Codes We Support: 01801, 01806, 01807, 01813, 01815, 01888