Decided to Sell Your Smithfield, Rhode Island Restaurant?

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

Contemplating starting a different eatery, relocating, or maybe slowing down. No matter the reason, selling a Smithfield, Rhode Island restaurant can be way more challenging than you might think. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough profit for all the sweat you’ve put into it.

Important Steps to Take in Selling Your Restaurant

You may either make the decision to contract with a eatery broker to guide you in selling your Smithfield, Rhode Island restaurant or take on the task on your own. If you are considering selling your Smithfield, Rhode Island restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather any Business Documentation

This is an important preparatory step to make when you commence the process of offering your Smithfield, Rhode Island restaurant.

The required documents may vary from state to state--even in Rhode Island, but below is a list of a few generalized documents you may be requierd to have on you:

• Gather your assets
• Lease contract
• 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 has the experience to assist you in the sale of your Smithfield, Rhode Island restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably smart not to show all these documents to a possible buyer day one. But, you may want to have them ready because you will eventually require them during the sales process.

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

#2 Get Your Financial Documents in Order

Your financial documents are an important aspect of selling your Smithfield, Rhode Island restaurant. This is the reason you should make an effort to make these documents accurate and well organized.

Offering your financial documents to potential buyers may aid clear any doubt they might have concerning your Smithfield, Rhode Island restaurant.

Your financial records could 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 these records. This will make it easier for you to send the records to possible buyers.

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

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Smithfield, Rhode Island restaurant, you need to understand of your commercial lease. It would be devestating if, after securing a buyer, your lease ends up preventing you from closing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Smithfield, Rhode Island restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will most likely request an in-depth evaluation of your financials, whether favorable or not, this helps with estimating the value of your Smithfield, Rhode Island restaurant.

This will be in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow planning to sell your Smithfield, Rhode Island restaurant.

The average time it takes to sell a Smithfield, Rhode Island restaurant is 6 months. Within those six months, there is a lot you can do to increase your profit and cut several costs, and thus strengthen the worth of your Smithfield, Rhode Island restaurant.

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

This could help you in estimating the overall worth of your Smithfield, Rhode Island restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your Smithfield, Rhode Island restaurant could go a long way in helping you bring potential buyers. Alternatively, if the general aesthetic of your Smithfield, Rhode Island restaurant does not look good to buyers, they might take a pass right off the bat.

To avoid this from happening, everything in and out of your Smithfield, Rhode Island restaurant must be clean. Landscaping and a clean parking lot may help create curb appeal for prospective buyers.

Clean windows, polished handles and a clean floor are also easy things that could help create a memorable initial impression.

Furthermore, you should ensure all your equipment is in satisfactory condition. If your equipment is not working, it might send the message that you're in a hurry to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial capabilities and output capabilities. It may even lower 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 potential buyers regarding purchasing your Smithfield, Rhode Island restaurant.

#7 look for Smithfield Buyers

Looking for potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced Smithfield, Rhode Island restaurant broker to help. The professional Smithfield, Rhode Island restaurant broker will offer recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to handle this project by yourself, you will need to create proper advertising. You can show your Smithfield, Rhode Island restaurant on business websites and let your family and friends know about your intentions to market for sale your Smithfield, Rhode Island restaurant.

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

#8 Be Ready

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

You never know when a buyer could walk into your Smithfield, Rhode Island restaurant. Some buyers might even visit as customers just to perform some research before reaching out to you.

#9 Sell Your Smithfield, Rhode Island Restaurant

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

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

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

Choosing a Smithfield, Rhode Island Restaurant Broker

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

The fact remains, if you're looking to achieve the most from of the business deal, you need some level of experience in order to stand out against your cometitors while trying to attract buyers.

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

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

Contact a Smithfield, Rhode Island Restaurant Broker

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

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

Smithfield Zip Codes We Support: 02814, 02828, 02865, 02917