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

After years of labor, you have decided to sell your Cranston, Rhode Island restaurant

Contemplating starting a new Cranston, Rhode Island restaurant, relocating, or maybe slowing down. Regardless of the reason, selling your Cranston, Rhode Island restaurant can be way more challenging than you might realize. This is because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you may have put into it.

Necessary Actions to Take in Selling Your Restaurant

You can either decide to hire a Cranston, Rhode Island restaurant broker to guide you in selling your Cranston, Rhode Island restaurant or do the task yourself. If you are considering selling your Cranston, Rhode Island restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Put Together the Business Paperwork

This is an important first step to make when you commence the process of offering your Cranston, Rhode Island restaurant.

The required documents may vary from state to state--even in Rhode Island, but the following is a list of some general documents you may need to have at hand:

• A list of your assets
• Lease contract
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documentation
• 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 Cranston, Rhode Island restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a potrntial buyer day one. But, you may want to have them ready because you will certainly need them during the sales process.

In addition, compiling these documents lets you see your Cranston, Rhode Island restaurant through the lens of a buyer. This provides you a clear image of the Cranston, Rhode Island restaurant you're selling. In addition, it helps you identify whether there are any concerns you'll need to take care of.

#2 Get Your Financial Documents in Order

Your financial records are an important detail of selling your Cranston, Rhode Island restaurant. This is why you should make it a priority to make your documents accurate and organized.

Showing your financial records to potential buyers may assist to clear any hesitations they might have regarding your Cranston, Rhode Island restaurant.

These financial documents could include:

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

Also, ensure you have soft copies of all of these records. This may make it easier for you to transmit the records to possible buyers.

Likewise, as a seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things could create legal issues for you if a buyer later discovers these ommissions after closing the deal.

#3 Gather the Details of Your Commercial Lease

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

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

#4 Appraise Your Restaurant

Buyers and investors will most likely request an detailed analysis of your financials, whether favorable or not, this helps them evaluate the true value of your Cranston, Rhode Island restaurant.

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

The average time it may take to sell a Cranston, Rhode Island 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 strengthen the value of your Cranston, Rhode Island restaurant.

Also, when it comes 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 deriving the overall worth of your Cranston, Rhode Island restaurant. If you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Cranston, Rhode Island restaurant can go a great distance in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Cranston, Rhode Island restaurant does not appeal to buyers, they could pass over without consideration.

To prevent this from happening, all things in and out of your Cranston, Rhode Island restaurant must be clean. Manicured and a clean parking area can help create appeal for prospective buyers.

Spot-free windows, polished door handles and a neat floor are other simple things that can help create a memorable initial impression.

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

Non-functional equipment could raise doubt about your financial situation and output abilities. It could even dampen the mood of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning buying your Cranston, Rhode Island restaurant.

#7 Search for Cranston Buyers

Searching for potential buyers can be time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire a professional Cranston, Rhode Island restaurant broker to help. The professional Cranston, Rhode Island restaurant broker will have recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this task yourself, you will need to carry out appropriate advertising. You can list your Cranston, Rhode Island restaurant on business websites and tell family and friends about your plans to market for sale your Cranston, Rhode Island restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Cranston, Rhode Island Restaurant

This is the last 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 often start with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

This document includes details including the selling price of your Cranston, Rhode Island restaurant, assets and equipment and inventory value.

Choosing a Cranston, Rhode Island Restaurant Broker

Although trying to sell your Cranston, Rhode Island restaurant on your own can be an exciting endeavor, it could also be quite risky, especially for first time sellers.

It's true, in order for you to get the most out of the business deal, you need some level of expertise in order to stand out against the competition while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Cranston, Rhode Island restaurant broker comes in. A Cranston, Rhode Island restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Cranston, Rhode Island restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Cranston, Rhode Island Restaurant Broker

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

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

Cranston Zip Codes We Support: 02831, 02905, 02907, 02910, 02920, 02921