Are You Ready to Sell Your Bristol, Rhode Island Restaurant?

After years of sweat equity, you have made the decision sell your Bristol, Rhode Island restaurant

Considering opening a new Bristol, Rhode Island restaurant, moving, or even slowing down. No matter the reason, selling a Bristol, Rhode Island restaurant can be way more difficult than you might realize. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough money for all the sweat you’ve put into it.

Necessary Actions to Take in Selling Your Restaurant

You may either make the decision to hire a eatery broker to guide you in selling your Bristol, Rhode Island restaurant or do the task on your own. If you are considering selling your Bristol, Rhode Island restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather any Necessary Paperwork

This is an important preparatory step to take when you start the process of marketing your Bristol, Rhode Island restaurant.

The necessary paperwork may vary from state to state--even in Rhode Island, but the following is a list of some generalized documents you may need to have ready:

• Gather your assets
• Lease document
• 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 expertise to help you in the market for sale of your Bristol, Rhode Island restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You certainly do not want to show all these documents to a potrntial buyer first day. However, you should have them on hand because you will eventually need them during the sales process.

In addition, putting together these documents lets you view your Bristol, Rhode Island restaurant through the lens of a buyer. It gives you a clear picture of the Bristol, Rhode Island restaurant you are selling. In addition, it helps you show whether there are any areas you'll need to take care of.

#2 Put Your Financial Documents in Order

Your financial records are a crucial detail of selling your Bristol, Rhode Island restaurant. This is the reason you should make it a priority to make your documents accurate and organized.

Offering your financial records to potential buyers could aid clear any hesitations they may have regarding your Bristol, Rhode Island restaurant.

These financial records may 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 send the documentation to possible buyers.

Also, as a seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these things may create legal issues for you if a buyer later on discovers these liabilities after sealing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Bristol, Rhode Island restaurant, you need to understand of your commercial lease. It could be devestating if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it may advisable to talk to your landlord regarding your plan to sell your Bristol, Rhode Island restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed evaluation of your financial records, whether favorable or not, this will help them evaluate the true value of your Bristol, Rhode Island restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow planning to sell your Bristol, Rhode Island restaurant.

The average time it may take to sell a Bristol, Rhode Island restaurant is six months. Within the six months, there is a lot you can do in order to increase your profit and reduce several costs, and therefore increase the value of your Bristol, Rhode Island 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 assist you in estimating the overall worth of your Bristol, Rhode Island restaurant. If you understand the overall worth this could help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Bristol, Rhode Island restaurant can go a great distance in helping you bring potential buyers. Alternatively, if the general look of your Bristol, Rhode Island restaurant does not appeal to buyers, they might take a pass right off the bat.

To avoid this from happening, everything in and out of your Bristol, Rhode Island restaurant must be cleaned and maintained. Landscaped and a clean parking lot may help create appeal for potential buyers.

Spot-free windows, polished handles and a neat floor are other easy things that could help create a unforgettable first impression.

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

Non-functional equipment may rouse doubt about your financial capabilities and production abilities. It could even lower the excitment of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers concerning purchasing your Bristol, Rhode Island restaurant.

#7 Search for Bristol Buyers

Searching for prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire a professional Bristol, Rhode Island restaurant broker to help. The professional Bristol, Rhode Island restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you decide to handle this project alone, you will need to carry out appropriate advertising. You can market your Bristol, Rhode Island restaurant on business websites and tell family and friends about your intentions to sell your Bristol, Rhode Island restaurant.

As you will likely come across competition when trying to sell your Bristol, Rhode Island restaurant, you need your restaurant to stand out.

#8 Be Prepared

If you decide to sell your Bristol, Rhode Island restaurant yourself, or through a Bristol, Rhode Island restaurant broker, you need to always be ready. Be prepared to show your Bristol, Rhode Island restaurant to potential buyers at all times.

You'll never know when a buyer could walk into your Bristol, Rhode Island restaurant. Some buyers may even come in as customers in order to perform some research before reaching out to you.

#9 Sell Your Bristol, Rhode Island Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the contract. The documentation will usually begin with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the deal.

This document includes details such as the selling price of your Bristol, Rhode Island restaurant, assets and equipment and inventory value.

Choosing a Bristol, Rhode Island Restaurant Broker

While trying to sell your Bristol, Rhode Island restaurant on your own can be an exhilarating project, it could also be very risky, especially for first-timers.

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

Expertise is also vital during negotiations with potential buyers. This is when an experienced Bristol, Rhode Island restaurant broker is recommended. A Bristol, Rhode Island restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Bristol, Rhode Island restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

With the help of a Bristol, Rhode Island restaurant broker, you can maintain your undivided attention on operating your Bristol, Rhode Island restaurant and rest easy with the knowledge that a professional is in charge of selling your Bristol, Rhode Island restaurant.

Contact a Bristol, Rhode Island Restaurant Broker

Choosing to sell your Bristol, Rhode Island restaurant through a Bristol, Rhode Island restaurant broker has several advantages. First, however, you need to select the best Bristol, Rhode Island restaurant broker to help you in selling your Bristol, Rhode Island restaurant.

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

Bristol Zip Codes We Support: 02809, 02885