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

Following years of labor, you have decided to sell your Cumberland, Rhode Island restaurant

Considering starting a different eatery, relocating, or maybe slowing down. No matter the reason, selling your Cumberland, Rhode Island restaurant can be way more challenging than you might think. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough proceeds for all the sweat you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

You may either make the decision to contract with a eatery broker to assist you in selling your Cumberland, Rhode Island restaurant or take on the task yourself. Whether considering selling your Cumberland, Rhode Island restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather the Important Paperwork

This is a necessary first step to take when you start the process of offering your Cumberland, Rhode Island restaurant.

The required paperwork may vary from state to state--even in Rhode Island, but below is a list of a few standard documents you may be requierd to have prepared:

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

Corbett Restaurant Group has the experience to help you in the sale of your Cumberland, Rhode Island restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably smart not to show all these documents to a possible buyer day one. However, you should have them ready because you will eventually require them during the sales process.

Also, putting together these documents allows you to view your Cumberland, Rhode Island restaurant through the lens of a buyer. This provides you a clear picture of the Cumberland, Rhode Island restaurant you're selling. In addition, it allows you to identify whether there are any loopholes you will need to address.

#2 Put Your Financials in Order

Your financial documents are an important part of selling your Cumberland, Rhode Island restaurant. This is why you should make it a priority to make your documents complete and organized.

Offering your financial records to possible buyers could assist to clear any doubt they might have regarding your Cumberland, Rhode Island restaurant.

These financial documents may include:

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

Also, ensure you have duplicate copies of all of the records. This could make it easier for you to transmit the documentation to potential buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, deferred repairs, etc. Failing to inform a buyer regarding these things may create legal issues for you if a buyer later discovers these ommissions post completing the deal.

#3 Organize the Information On Your Commercial Lease

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

For this reason, it could be advisable to have a discussion with your landlord regarding your plan to sell your Cumberland, Rhode Island restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financial records, whether favorable or not, this helps with estimating the value of your Cumberland, Rhode Island restaurant.

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

The estimated time it takes to sell a Cumberland, Rhode Island restaurant is six months. Within those six months, there are several things you can do in order to strengthen your profit and reduce several costs, and thus increase the value of your Cumberland, Rhode Island restaurant.

In addition, when it comes 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 estimating the probable worth of your Cumberland, Rhode Island restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Cumberland, Rhode Island restaurant could go a long way in helping you bring potential buyers. Alternatively, if the general appearance of your Cumberland, Rhode Island restaurant does not appeal to buyers, they could take a pass without a second look.

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

Spot-free windows, polished door handles and a clean floor are other small items that can help create a memorable first impression.

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

Faulty equipment also raises doubt about your financial status and production abilities. It could even dampen the morale of your employees, which 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 concerning buying your Cumberland, Rhode Island restaurant.

#7 Search for Cumberland Buyers

Marketing to potential buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire a professional Cumberland, Rhode Island restaurant broker to help. A professional Cumberland, Rhode Island restaurant broker will offer recommendations for saving time & money for drawing in more potential buyers. However, if you decide to take on this project alone, you will need to carry out appropriate advertising. You can list your Cumberland, Rhode Island restaurant on business websites and let your family and friends know about your intentions to sell your Cumberland, Rhode Island restaurant.

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

#8 Be Ready

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

You will never know when a buyer could visit your Cumberland, Rhode Island restaurant. Some buyers may even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Cumberland, Rhode Island Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the deal. The documentation will usually begin with the Asset Purchase Agreement.

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

This document includes details including the selling price of your Cumberland, Rhode Island restaurant, items and equipment as well as inventory value.

Choosing a Cumberland, Rhode Island Restaurant Broker

Although attempting to sell your Cumberland, Rhode Island 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 deal, you need some level of experience to stand out against the competition while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Cumberland, Rhode Island restaurant broker is recommended. A Cumberland, Rhode Island restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Cumberland, Rhode Island restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Cumberland, Rhode Island Restaurant Broker

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

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

Cumberland Zip Codes We Support: 02802, 02864, 02865