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

After years of labor, you have made the decision sell your Newport, Rhode Island restaurant

Contemplating starting a different eatery, moving, or even retiring. No matter the reason, selling your Newport, Rhode Island restaurant can be way more complicated than you may realize. This is because it takes careful preparation and a solid strategy to successfully exit with enough profit for all the time you may have put into it.

Necessary Actions to Consider when Selling Your Restaurant

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

#1 Put Together the Important Paperwork

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

The required documents may vary from state to state--even in Rhode Island, but below is a list of some standard documents you may find helpful to have on you:

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

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

It's probably best not to reveal the majority of these documents to a prospective buyer day one. However, you may want to have them at hand because you will certainly need them during the sales process.

In addition, putting together these documents allows you to see your Newport, Rhode Island restaurant through the lens of a buyer. It gives you a clear image of the Newport, Rhode Island restaurant you are offering for sale. Furthermore, it allows you to show whether there are any loopholes you'll have to take care of.

#2 Put Your Financial Documents in Order

Your financial records are a crucial detail of selling your Newport, Rhode Island restaurant. That’s the reason you should make an effort to make these documents complete and organized.

Showing your financial documents to possible buyers could assist to clear any hesitations they might have regarding your Newport, Rhode Island restaurant.

These financial records 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 documents. This may make it easier for you to transmit the records to potential buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these items may create legal problems for you if a buyer later on discovers these ommissions post completing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Newport, Rhode Island restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease ends up preventing you from closing the deal.

For this reason, it is advisable to have a discussion with your landlord regarding your plan to sell your Newport, Rhode Island restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an in-depth analysis of your financial records, whether favorable or not, this helps them evaluate the value of your Newport, Rhode Island restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build your cash flow before trying to sell your Newport, Rhode Island restaurant.

The estimated time it may take to sell a Newport, Rhode Island restaurant is six months. Within the six months, there is a lot you can do to strengthen your profit and slash several costs, and thus strengthen the value of your Newport, Rhode Island restaurant.

In addition, 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 may help you in deriving the overall worth of your Newport, Rhode Island restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Newport, Rhode Island restaurant could go a long way in helping you attract potential buyers. Conversely, if the general aesthetic of your Newport, Rhode Island restaurant does not appeal to buyers, they might take a pass immediately.

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

Clean windows, polished handles and a neat floor are also easy items that can help create a unforgettable first impression.

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

Faulty equipment also raises doubt about your financial capabilities and output abilities. It may even lower the morale of your employees, which in response, 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 purchasing your Newport, Rhode Island restaurant.

#7 Search for Newport Buyers

Looking for potential buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire an experienced Newport, Rhode Island restaurant broker to help. A professional Newport, Rhode Island restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this project alone, you will need to carry out proper advertising. You can offer your Newport, Rhode Island restaurant on business websites and tell family and friends about your plans to sell your Newport, Rhode Island restaurant.

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

#8 Be Ready

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

You never know when a buyer will walk into your Newport, Rhode Island restaurant. Some buyers may even come in as customers just to perform some research before reaching out to you.

#9 Sell Your Newport, 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 documentation to complete the contract. The documentation will usually begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Newport, Rhode Island Restaurant Broker

Although attempting to sell your Newport, 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, in order for you to get the most from of the business deal, you need some level of expertise to stand out against your competition while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Newport, Rhode Island restaurant broker comes in. A Newport, Rhode Island restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Newport, Rhode Island restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a Newport, Rhode Island Restaurant Broker

Deciding to sell your Newport, Rhode Island restaurant through a Newport, Rhode Island restaurant broker has several advantages. First, however, you need to select the best Newport, Rhode Island restaurant broker to help you in selling your Newport, Rhode Island restaurant.

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

Newport Zip Codes We Support: 02840, 02841