Right Time to Sell Your Pawtucket, Rhode Island Restaurant?

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

Considering opening a different Pawtucket, Rhode Island restaurant, moving, or even slowing down. Regardless of the reason, selling your Pawtucket, 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 walk away with enough proceeds for all the time you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

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

#1 Put Together any Necessary Documentation

This is an important initial step to make when you start the process of marketing your Pawtucket, 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 need to have at hand:

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

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

It's probably smart not to reveal the majority of these documents to a possible buyer right away. However, you may want to have them ready because you will eventually require them during the sales process.

In addition, compiling these documents allows you to view your Pawtucket, Rhode Island restaurant through the lens of a buyer. It provides you a clear picture of the Pawtucket, Rhode Island restaurant you are selling. In addition, it allows you to identify if there are any areas you'll need to take care of.

#2 Get Your Financial Documents in Order

Your financial records are a crucial part of selling your Pawtucket, Rhode Island restaurant. That’s the reason you should strive to have your documents complete and organized.

Showing your financial documents to prospective buyers could aid clear any doubt they may have regarding your Pawtucket, Rhode Island restaurant.

Your 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 soft copies of all of the documents. This could make it easier for you to send the records to possible buyers.

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

#3 Gather the Details of Your Commercial Lease

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

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

#4 Appraise Your Restaurant

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

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

The estimated time it takes to sell a Pawtucket, Rhode Island restaurant is six months. Within those six months, there is a lot you can do in order to strengthen your profit and reduce several costs, and therefore increase the value of your Pawtucket, Rhode Island restaurant.

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

This may help you in coming up with the probable value of your Pawtucket, Rhode Island restaurant. If you understand the overall worth this could help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Pawtucket, Rhode Island restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the general aesthetic of your Pawtucket, Rhode Island restaurant does not appeal to buyers, they could take a pass right off the bat.

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

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

Furthermore, you should make sure all your equipment is in top 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.

Non-functional equipment also raises doubt about your financial status and production capabilities. It could even lower the excitment of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Pawtucket Buyers

Looking for potential buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire a professional Pawtucket, Rhode Island restaurant broker to help. The professional Pawtucket, Rhode Island restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you decide to handle this project by yourself, you will need to create proper advertising. You can show your Pawtucket, Rhode Island restaurant on business websites and tell family and friends about your plans to market for sale your Pawtucket, Rhode Island restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer could walk into your Pawtucket, Rhode Island restaurant. Some buyers may even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your Pawtucket, Rhode Island Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the contract. The documentation will likely begin with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Pawtucket, Rhode Island Restaurant Broker

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

It's true, in order for you to achieve the most from of the business deal, you need some level of expertise in order to stand out against your cometitors while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Pawtucket, Rhode Island restaurant broker is needed. A Pawtucket, Rhode Island restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Pawtucket, Rhode Island restaurant. Additionally, a restaurant broker will liekly help you sell faster and for more money.

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

Contact a Pawtucket, Rhode Island Restaurant Broker

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

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

Pawtucket Zip Codes We Support: 02860, 02861, 02862, 02863