Ready to Sell Your Lincoln, Rhode Island Restaurant?

After years of sweat equity, you have made the decision sell your Lincoln, Rhode Island restaurant

Contemplating starting a different eatery, relocating, or maybe retiring. No matter the reason, selling a Lincoln, Rhode Island restaurant can be way more complicated than you may think. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough profit for all the labor you’ve put into it.

Necessary Actions to Take when Selling Your Restaurant

You can either think to hire a Lincoln, Rhode Island restaurant broker to help you in selling your Lincoln, Rhode Island restaurant or do the task yourself. If you are considering selling your Lincoln, Rhode Island restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together the Business Paperwork

This is an important first step to make when you start the process of selling your Lincoln, Rhode Island restaurant.

The necessary paperwork 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 on you:

• Gather 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 comes with expertise to help you in the market for sale of your Lincoln, Rhode Island restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You certainly do not want to reveal the majority of these documents to a possible buyer first day. But, you may want to have them at hand because you will eventually need them during the sales process.

In addition, compiling these documents allows you to view your Lincoln, Rhode Island restaurant through the lens of a buyer. This gives you a clear image of the Lincoln, Rhode Island restaurant you're selling. Furthermore, it allows you to show whether there are any areas you will have to address.

#2 Put Your Financial Documents in Order

Your financial records are an important aspect of selling your Lincoln, Rhode Island restaurant. That’s why you should make an effort to make these documents accurate and well organized.

Showing your financial documents to potential buyers may aid clear any hesitations they may have regarding your Lincoln, Rhode Island restaurant.

Your financial records could include:

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

Also, make sure you have hard copies of all of these records. This could make it easier for you to transmit the records to prospective buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these things may create legal issues for you if a buyer later on discovers these ommissions post completing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Lincoln, Rhode Island restaurant, you need to understand of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this will help them estimate the value of the Lincoln, Rhode Island restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to increase your cash flow planning to sell your Lincoln, Rhode Island restaurant.

The average time it takes to sell a Lincoln, Rhode Island restaurant is 6 months. Within the six months, there are many things you can do to strengthen your profit and reduce several costs, and therefore increase the worth of your Lincoln, Rhode Island restaurant.

Also, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This could aid you in estimating the overall worth of your Lincoln, 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 Lincoln, Rhode Island restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the overall aesthetic of your Lincoln, Rhode Island restaurant does not appeal to buyers, they might take a pass without a second look.

To prevent this from happening, everything in and out of your Lincoln, Rhode Island restaurant must be cleaned and maintained. Landscaped and a clean parking lot could help create appeal for prospective buyers.

Spot-free windows, polished handles and a presentable floor are other small things that can help create a unforgettable initial impression.

Additionally, you should make sure all your equipment is in satisfactory condition. If your equipment is not working properly, it could convey the message that you're in a hurry to pass a bad deal to the buyer.

Faulty equipment could raise doubt about your financial status and production capabilities. It can even lower the mood of your employees, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 look for Lincoln Buyers

Looking for potential buyers can be time-consuming and can require specific skills and a certain level of experience. This may require that you hire an experienced Lincoln, Rhode Island restaurant broker to help. A professional Lincoln, Rhode Island restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you make the decision to handle this project by yourself, you will need to create appropriate advertising. You can show your Lincoln, Rhode Island restaurant on listing websites and tell family and friends about your intentions to sell your Lincoln, Rhode Island restaurant.

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

#8 Be Prepared

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

You never know when a buyer could visit your Lincoln, Rhode Island restaurant. Some buyers might even come in as customers in order to perform some research before contacting you.

#9 Sell Your Lincoln, Rhode Island Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to finalize the contract. The paperwork often begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in creating this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Lincoln, Rhode Island Restaurant Broker

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

The fact remains, in order for you to achieve the most out of the business transaction, you need a higher level of experience in order to stand above and against your cometitors while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Lincoln, Rhode Island restaurant broker comes in. A Lincoln, Rhode Island restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Lincoln, Rhode Island restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Lincoln, Rhode Island Restaurant Broker

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

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

Lincoln Zip Codes We Support: 02802, 02838, 02865