Time to Sell Your North Kingstown, Rhode Island Restaurant?

Following years of sweat equity, you have made the decision sell your North Kingstown, Rhode Island restaurant

Considering opening a different eatery, moving, or maybe retiring. Regardless of the reason, selling your North Kingstown, Rhode Island restaurant can be a lot more complicated than you may think. This is because it takes careful preparation and a solid game plan to successfully get out with enough proceeds for all the labor you’ve put into it.

Necessary Steps to Take when Selling Your Restaurant

You can either think to contract with a eatery broker to help you in selling your North Kingstown, Rhode Island restaurant or take on the task yourself. Whether considering selling your North Kingstown, Rhode Island restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Put Together any Important Documentation

This is an important first step to take when you commence the process of offering your North Kingstown, Rhode Island restaurant.

The required documents may vary from state to state--even in Rhode Island, but the following is a list of a few general documents you may find helpful to have prepared:

• 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 expertise to assist you in the market for sale of your North Kingstown, Rhode Island restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably smart not to show the majority of these documents to a possible buyer day one. But, you may want to have them on hand because you will certainly need them during the sales process.

Also, compiling these documents lets you see your North Kingstown, Rhode Island restaurant through the lens of a buyer. It provides you a clear picture of the North Kingstown, Rhode Island restaurant you're selling. In addition, it allows you to show if there are any concerns you will need to address.

#2 Get Your Financials in Order

Your financial documents are a crucial part of selling your North Kingstown, Rhode Island restaurant. This is the reason you should make an effort to make these documents accurate and organized.

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

The financial records can 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 these records. This may make it easier for you to transmit the information to possible buyers.

In addition, as a seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these things could create legal problems for you if a buyer later discovers these ommissions post signing the deal.

#3 Gather the Information On Your Commercial Lease

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

For this reason, it may advisable to talk to your landlord concerning your plan to sell your North Kingstown, Rhode Island restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an detailed evaluation of your financial records, whether favorable or not, this helps with estimating the true value of the North Kingstown, 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 build your cash flow planning to sell your North Kingstown, Rhode Island restaurant.

The estimated time it takes to sell a North Kingstown, Rhode Island restaurant is 6 months. Within the six months, there are many things you can do in order to increase your profit and slash various costs, and therefore strengthen the value of your North Kingstown, Rhode Island restaurant.

Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This could assist you in deriving the overall worth of your North Kingstown, Rhode Island restaurant. When you understand the overall worth this could help you come up with a selling price.

#5 Make Your Restaurant Look Good

The first impression of your North Kingstown, Rhode Island restaurant can go a long way in helping you attract potential buyers. Alternatively, if the overall look of your North Kingstown, Rhode Island restaurant does not look good to buyers, they could pass over without consideration.

To avoid this from happening, all things in and out of your North Kingstown, Rhode Island restaurant must be cleaned and maintained. Manicured and a clean parking lot may help create curb appeal for potential buyers.

Clean windows, polished door handles and a neat floor are also simple items that would help create a memorable first impression.

Additionally, you should ensure that all the equipment is in satisfactory condition. If your equipment is not working, it might convey the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial situation and production abilities. It could even dampen the excitment 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 prospective buyers concerning buying your North Kingstown, Rhode Island restaurant.

#7 look for North Kingstown Buyers

Marketing to prospective buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire a professional North Kingstown, Rhode Island restaurant broker to help. A professional North Kingstown, Rhode Island restaurant broker will offer recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this task alone, you will need to carry out proper advertising. You can offer your North Kingstown, Rhode Island restaurant on business websites and let your family and friends know about your plans to market for sale your North Kingstown, Rhode Island restaurant.

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

#8 Be Ready

Regardless if you decide to sell your North Kingstown, Rhode Island restaurant yourself, or with a a North Kingstown, Rhode Island restaurant broker, you need to always be ready. Be prepared to show your North Kingstown, Rhode Island restaurant to prospective buyers at all times.

You'll never know when a buyer could walk into your North Kingstown, Rhode Island restaurant. Some buyers might even come in as customers just to perform some research before contacting you.

#9 Sell Your North Kingstown, Rhode Island Restaurant

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

You may need your attorney’s assistance in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a North Kingstown, Rhode Island Restaurant Broker

While attempting to sell your North Kingstown, Rhode Island restaurant on your own can be an exciting project, it can also be quite risky, especially for first-timers.

The fact remains, in order for you to achieve the most from of the business deal, you need some level of expertise to stand above and against your competition while trying to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced North Kingstown, Rhode Island restaurant broker comes in. A North Kingstown, Rhode Island restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your North Kingstown, Rhode Island restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

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

Contact a North Kingstown, Rhode Island Restaurant Broker

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

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

North Kingstown Zip Codes We Support: 02822, 02852, 02854, 02874