Ready to Sell Your East Providence, Rhode Island Restaurant?

Following years of hard work, you have made the decision sell your East Providence, Rhode Island restaurant

Contemplating opening a new East Providence, Rhode Island restaurant, relocating, or even slowing down. No matter the reason, selling your East Providence, Rhode Island restaurant can be way more difficult than you might realize. This is because it takes careful preparation and a solid strategy to successfully walk away with enough profit for all the time you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You may either decide to contract with a East Providence, Rhode Island restaurant broker to guide you in selling your East Providence, Rhode Island restaurant or do the task yourself. If you are considering selling your East Providence, Rhode Island restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Gather the Business Paperwork

This is a necessary first step to make when you commence the process of selling your East Providence, 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 find helpful to have on you:

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

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

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

In addition, putting together these documents allows you to see your East Providence, Rhode Island restaurant through the lens of a buyer. This gives you a clear picture of the East Providence, Rhode Island restaurant you are offering for sale. In addition, it helps you identify if there are any areas you'll have to address.

#2 Put Your Financial Records in Order

Your financial records are a crucial part of selling your East Providence, Rhode Island restaurant. This is why you should make an effort to make your documents complete and organized.

Showing your financial documents to prospective buyers may aid clear any hesitations they might have concerning your East Providence, Rhode Island restaurant.

These financial records 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 the records. This could make it easier for you to transmit the information to possible buyers.

In addition, as a seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these things could create legal problems for you if a buyer later on discovers these liabilities post completing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your East Providence, Rhode Island restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed analysis of your financials, whether favorable or not, this helps them evaluate the value of your East Providence, Rhode Island restaurant.

This will be in your best interest to ensure that you increase sales and reduce expenses to increase your cash flow planning to sell your East Providence, Rhode Island restaurant.

The average time it may take to sell a East Providence, Rhode Island restaurant is 6 months. Within those six months, there are many things you can do to strengthen your profit and reduce various costs, and therefore increase the value of your East Providence, 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 will help you in estimating the probable worth of your East Providence, Rhode Island restaurant. If you understand the overall worth this may help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your East Providence, Rhode Island restaurant will go a great distance in helping you bring potential buyers. Conversely, if the overall aesthetic of your East Providence, Rhode Island restaurant does not look good to buyers, they might take a pass right off the bat.

To avoid this from happening, everything in and out of your East Providence, Rhode Island restaurant must be clean. Landscaping and a clean parking area can help create curb appeal for potential buyers.

Spot-free windows, polished handles and a clean floor are also small items that could help create a unforgettable initial impression.

Additionally, you should make sure all the equipment is in top condition. If your equipment is not functioning, it might 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 output capabilities. It can even dampen the excitment of your staff, which 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 regarding buying your East Providence, Rhode Island restaurant.

#7 look for East Providence Buyers

Looking for prospective buyers can be time-consuming and can require specific skills and a certain level of experience. This may require that you hire a professional East Providence, Rhode Island restaurant broker to help. The professional East Providence, Rhode Island restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to handle this task by yourself, you will need to carry out proper advertising. You can offer your East Providence, Rhode Island restaurant on business websites and tell family and friends about your plans to market for sale your East Providence, Rhode Island restaurant.

As you will likely run across competition when trying to sell your East Providence, Rhode Island restaurant, you need your restaurant to stand out.

#8 Be Ready

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

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

#9 Sell Your East Providence, Rhode Island Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the contract. The documentation will likely start with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Involving 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 East Providence, Rhode Island restaurant, items and equipment as well as inventory value.

Choosing a East Providence, Rhode Island Restaurant Broker

While trying to sell your East Providence, Rhode Island restaurant on your own can be an exhilarating project, it could also be very risky, especially for first time sellers.

It's true, if you're looking to achieve the most out of the business deal, you need a higher level of expertise to stand above and against your competition while trying to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced East Providence, Rhode Island restaurant broker is recommended. A East Providence, Rhode Island restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your East Providence, Rhode Island restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

With the assistance of a East Providence, Rhode Island restaurant broker, you can focus your undivided attention on operating your East Providence, Rhode Island restaurant and rest assured knowing that a professional is in charge of selling your East Providence, Rhode Island restaurant.

Contact a East Providence, Rhode Island Restaurant Broker

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

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

East Providence Zip Codes We Support: 02860, 02914, 02915, 02916