Are You Ready to Sell Your Yarmouth, Massachusetts Restaurant?

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

Considering opening a new Yarmouth, Massachusetts restaurant, relocating, or even retiring. No matter the reason, selling your Yarmouth, Massachusetts restaurant can be a lot more difficult than you might think. This is because it takes thoughtful preparation and a solid game plan to successfully exit with enough profit for all the labor you may have put into it.

Necessary Steps to Consider in Selling Your Restaurant

You can either make the decision to hire a eatery broker to guide you in selling your Yarmouth, Massachusetts restaurant or do the task on your own. If you are considering selling your Yarmouth, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Put Together the Necessary Paperwork

This is a necessary preparatory step to take when you start the process of marketing your Yarmouth, Massachusetts restaurant.

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

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

Corbett Restaurant Group has the expertise to help you in the market for sale of your Yarmouth, Massachusetts restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

Also, putting together these documents allows you to see your Yarmouth, Massachusetts restaurant through the lens of a buyer. It provides you a clear image of the Yarmouth, Massachusetts restaurant you are selling. Furthermore, it allows you to identify whether there are any loopholes you will need to address.

#2 Get Your Financials in Order

Your financial records are an important detail of selling your Yarmouth, Massachusetts restaurant. That’s why you should strive to have these documents accurate and well organized.

Offering your financial documents to prospective buyers may aid clear any doubt they may have concerning your Yarmouth, Massachusetts restaurant.

Your financial documents may include:

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

In addition, make sure you have hard copies of all of these records. This may make it easier for you to send the records to prospective buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these items can create legal issues for you if a buyer later on discovers these ommissions post signing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Yarmouth, Massachusetts restaurant, you must find out the terms of your commercial lease. It would be devestating if, after attracting 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 Yarmouth, Massachusetts restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

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

It is therefore in your best interest to make sure that you increase sales and reduce expenses to build up your cash flow starting to sell your Yarmouth, Massachusetts restaurant.

The estimated time it takes to sell a Yarmouth, Massachusetts restaurant is 6 months. Within the six months, there are many things you can do in order to increase your profit and cut several costs, and thus increase the value of your Yarmouth, Massachusetts restaurant.

In addition, 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 help you in coming up with the overall worth of your Yarmouth, Massachusetts restaurant. If you understand the overall value this could help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Yarmouth, Massachusetts restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the overall look of your Yarmouth, Massachusetts restaurant does not appeal to buyers, they might take a pass without a second look.

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

Clean windows, polished door handles and a neat floor are other small items that can help create a memorable first impression.

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

Non-functional equipment also raises doubt about your financial capabilities and production capabilities. It may even lower the morale of your employees, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Yarmouth Buyers

Looking for potential buyers is time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire an experienced Yarmouth, Massachusetts restaurant broker to help. The professional Yarmouth, Massachusetts restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this task yourself, you will need to create appropriate advertising. You can list your Yarmouth, Massachusetts restaurant on business websites and let your family and friends know about your plans to market for sale your Yarmouth, Massachusetts restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will walk into your Yarmouth, Massachusetts restaurant. Some buyers might even come in as customers in order to perform some research before contacting you.

#9 Sell Your Yarmouth, Massachusetts Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the contract. The paperwork will usually start with the Asset Purchase Agreement.

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

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

Choosing a Yarmouth, Massachusetts Restaurant Broker

Although attempting to sell your Yarmouth, 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 get the most out of the business transaction, you need some level of experience in order to stand above and against the cometitors while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Yarmouth, Massachusetts restaurant broker is recommended. A Yarmouth, Massachusetts restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Yarmouth, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell quicker and at a great price.

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

Contact a Yarmouth, Massachusetts Restaurant Broker

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

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

Yarmouth Zip Codes We Support: 02637, 02664, 02673, 02675