Ready to Sell Your Johnston, Rhode Island Restaurant?

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

Contemplating opening a different Johnston, Rhode Island restaurant, moving, or even slowing down. Regardless of the reason, selling a Johnston, Rhode Island restaurant can be a lot more challenging than you might think. This is because it takes careful preparation and a solid game plan to successfully exit with enough profit for all the sweat you may have put into it.

Important Steps to Consider when Selling Your Restaurant

You can either think to hire a eatery broker to guide you in selling your Johnston, Rhode Island restaurant or take on the task yourself. Whether considering selling your Johnston, Rhode Island restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together all Business Paperwork

This is a necessary first step to make when you begin the process of marketing your Johnston, Rhode Island restaurant.

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

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

Corbett Restaurant Group comes with expertise to assist you in the sale of your Johnston, Rhode Island restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to reveal all these documents to a potrntial buyer right away. But, you should have them ready because you will eventually require them during the sales process.

In addition, compiling these documents allows you to view your Johnston, Rhode Island restaurant through the lens of a buyer. This provides you a clear picture of the Johnston, Rhode Island restaurant you are selling. In addition, it allows you to identify whether there are any loopholes you will have to take care of.

#2 Put Your Financial Documents in Order

Your financial records are an important part of selling your Johnston, Rhode Island restaurant. That’s the reason you should make an effort to have your documents complete and well organized.

Offering your financial records to potential buyers could aid clear any doubt they may have concerning your Johnston, 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 soft copies of all of the documents. This may make it easier for you to transmit the information to prospective buyers.

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

#3 Put Together the Information On Your Commercial Lease

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

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an detailed analysis of your financials, whether favorable or not, this will help them estimate the true value of the Johnston, 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 build your cash flow before trying to sell your Johnston, Rhode Island restaurant.

The estimated time it may take to sell a Johnston, Rhode Island restaurant is 6 months. Within the six months, there are many things you can do to strengthen your profit and slash several costs, and therefore strengthen the worth of your Johnston, Rhode Island restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This may assist you in coming up with the probable value of your Johnston, Rhode Island restaurant. When you understand the overall worth this could help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Johnston, Rhode Island restaurant could go a long way in helping you attract potential buyers. Alternatively, if the general aesthetic of your Johnston, Rhode Island restaurant does not appeal to buyers, they might take a pass right off the bat.

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

Spot-free windows, polished door handles and a presentable floor are other easy things 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 functioning, it could convey the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial capabilities and production abilities. It could even dampen the morale of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 Search for Johnston Buyers

Searching for potential buyers is time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire an experienced Johnston, Rhode Island restaurant broker to help. A professional Johnston, Rhode Island restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to take on this task yourself, you will need to carry out appropriate advertising. You can offer your Johnston, Rhode Island restaurant on business websites and let your family and friends know about your intentions to market for sale your Johnston, Rhode Island restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Johnston, Rhode Island Restaurant

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

You should have your attorney’s expertise in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Johnston, Rhode Island Restaurant Broker

While trying to sell your Johnston, Rhode Island restaurant on your own can be an exciting endeavor, it could also be quite risky, especially for first-timers.

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

Experience is also vital during negotiations with potential buyers. This is when an experienced Johnston, Rhode Island restaurant broker is needed. A Johnston, Rhode Island restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Johnston, 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 Johnston, Rhode Island restaurant broker, you can maintain your undivided attention on operating your Johnston, Rhode Island restaurant and rest assured knowing that a professional is in charge of selling your Johnston, Rhode Island restaurant.

Contact a Johnston, Rhode Island Restaurant Broker

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

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

Johnston Zip Codes We Support: 02919