Right Time to Sell Your Coventry, Rhode Island Restaurant?

After years of hard work, you have made the decision sell your Coventry, Rhode Island restaurant

Considering starting a new eatery, moving, or maybe retiring. No matter the reason, selling a Coventry, Rhode Island restaurant can be a lot more complicated than you might think. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough profit for all the time you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You can either think to hire a eatery broker to help you in selling your Coventry, Rhode Island restaurant or do the task on your own. If you are considering selling your Coventry, Rhode Island restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Put Together the Business Documentation

This is a necessary preparatory step to take when you commence the process of marketing your Coventry, Rhode Island restaurant.

The necessary documents may vary from state to state--even in Rhode Island, but below is a list of a few generalized documents you may be requierd to have ready:

• A list of 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 assist you in the sale of your Coventry, Rhode Island restaurant. Call today for a no strings attached consultation at (888) 266-5182.

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

In addition, putting together these documents lets you see your Coventry, Rhode Island restaurant through the lens of a buyer. This gives you a clear picture of the Coventry, Rhode Island restaurant you're selling. Furthermore, it allows you to identify if there are any loopholes you'll have to take care of.

#2 Get Your Financial Records in Order

Your financial documents are an important aspect of selling your Coventry, Rhode Island restaurant. That’s the reason you should make it a priority to make these documents accurate and well organized.

Offering your financial records to prospective buyers may help clear any doubt they might have regarding your Coventry, Rhode Island restaurant.

The financial records may include:

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

In addition, ensure you have duplicate copies of all of these documents. This will make it easier for you to send the records to possible buyers.

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

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Coventry, Rhode Island restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord concerning your plan to sell your Coventry, Rhode Island restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this helps with estimating the value of your Coventry, Rhode Island restaurant.

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

The estimated time it takes to sell a Coventry, Rhode Island restaurant is six months. Within those 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 Coventry, Rhode Island restaurant.

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This will help you in coming up with the probable value of your Coventry, Rhode Island restaurant. If you understand the overall value this could help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Coventry, Rhode Island restaurant will go a long way in helping you attract potential buyers. Conversely, if the general aesthetic of your Coventry, Rhode Island restaurant does not look good to buyers, they might take a pass without consideration.

To avoid this from happening, everything in and out of your Coventry, Rhode Island restaurant must be clean. 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 great initial impression.

Furthermore, you should ensure that all the equipment is in top condition. If your equipment is not functioning, it might send the message that you are in a hurry to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial situation and production capabilities. It may even lower the mood 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 potential buyers regarding purchasing your Coventry, Rhode Island restaurant.

#7 look for Coventry Buyers

Looking for potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional Coventry, Rhode Island restaurant broker to help. A professional Coventry, Rhode Island restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this task by yourself, you will need to carry out proper advertising. You can market your Coventry, Rhode Island restaurant on listing websites and tell family and friends about your plans to sell your Coventry, Rhode Island restaurant.

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

#8 Be Ready

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

You will never know when a buyer could walk into your Coventry, Rhode Island restaurant. Some buyers might even come in as customers in order to carry out some research before reaching out to you.

#9 Sell Your Coventry, Rhode Island Restaurant

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

You should have your attorney’s assistance in creating this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Coventry, Rhode Island Restaurant Broker

While attempting to sell your Coventry, Rhode Island restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first time sellers.

The fact remains, in order for you to get the most from of the business deal, you need some level of experience to stand above and against your cometitors while trying to find buyers.

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

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

Contact a Coventry, Rhode Island Restaurant Broker

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

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

Coventry Zip Codes We Support: 02816, 02823, 02827, 02831