Are You Ready to Sell Your Worcester, Massachusetts Restaurant?

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

Contemplating opening a new eatery, relocating, or maybe retiring. No matter the reason, selling your Worcester, Massachusetts restaurant can be a lot more complicated than you may think. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the time you’ve put into it.

Necessary Actions to Consider when Selling Your Restaurant

You can either make the decision to contract with a eatery broker to guide you in selling your Worcester, Massachusetts restaurant or take on the task yourself. If you are considering selling your Worcester, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Gather any Important Paperwork

This is a necessary first step to take when you begin the process of marketing your Worcester, 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 prepared:

• Gather your assets
• Lease document
• 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 experience to help you in the market for sale of your Worcester, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

You certainly do not want to reveal all these documents to a possible buyer day one. But, you should have them on hand because you will eventually require them during the sales process.

Also, compiling these documents lets you view your Worcester, Massachusetts restaurant through the lens of a buyer. It provides you a clear image of the Worcester, Massachusetts restaurant you're selling. In addition, it allows you to identify if there are any loopholes you will have to take care of.

#2 Put Your Financials in Order

Your financial records are a crucial aspect of selling your Worcester, Massachusetts restaurant. This is why you should make an effort to have your documents accurate and well organized.

Showing your financial documents to prospective buyers may aid clear any hesitations they might have regarding your Worcester, Massachusetts restaurant.

Your financial records could include:

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

In addition, ensure you have hard copies of all of the records. This could make it easier for you to transmit the records to potential buyers.

Also, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer regarding these items could create legal issues for you if a buyer later on discovers these ommissions after signing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Worcester, Massachusetts restaurant, you need to review of your commercial lease. It could be disappointing if, after securing a buyer, your lease prevents you from closing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors may request an detailed analysis of your financials, whether favorable or not, this helps with estimating the true value of your Worcester, Massachusetts restaurant.

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow before trying to sell your Worcester, Massachusetts restaurant.

The estimated time it takes to sell a Worcester, Massachusetts restaurant is 6 months. Within those six months, there are several things you can do in order to increase your profit and reduce various costs, and therefore strengthen the worth of your Worcester, 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 could help you in estimating the probable worth of your Worcester, Massachusetts restaurant. Understanding the overall value will help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Worcester, Massachusetts restaurant could go a long way in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Worcester, Massachusetts restaurant does not look good to buyers, they likely pass over right off the bat.

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

Clean windows, polished door handles and a clean floor are also easy items that could help create a great initial impression.

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

Faulty equipment can raise doubt about your financial situation and output capabilities. It could even lower the morale of your staff, and in turn, 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 purchasing your Worcester, Massachusetts restaurant.

#7 look for Worcester Buyers

Marketing to potential buyers can be time-consuming and can require specific skills and a certain level of expertise. This may require that you hire a professional Worcester, Massachusetts restaurant broker to help. The professional Worcester, Massachusetts restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you make the decision to take on this project yourself, you will need to create proper advertising. You can market your Worcester, Massachusetts restaurant on business websites and let your family and friends know about your plans to sell your Worcester, Massachusetts restaurant.

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

#8 Be Prepared

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

You never know when a buyer will walk into your Worcester, Massachusetts restaurant. Some buyers may even visit as customers in order to carry out some research before contacting you.

#9 Sell Your Worcester, Massachusetts Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to complete the transaction. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s help in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Worcester, Massachusetts Restaurant Broker

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

It's true, if you're looking to achieve the most from of the business transaction, you need some level of experience to stand above and against the cometitors while attempting to attract buyers.

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

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

Contact a Worcester, Massachusetts Restaurant Broker

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

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

Worcester Zip Codes We Support: 01545, 01601, 01602, 01603, 01604, 01605, 01606, 01607, 01608, 01609, 01610, 01613, 01614, 01615, 01653, 01654, 01655