Ready to Sell Your South Kingstown, Rhode Island Restaurant?

After years of hard work, you have decided to sell your South Kingstown, Rhode Island restaurant

Considering opening a different eatery, moving, or maybe slowing down. No matter the reason, selling your South Kingstown, Rhode Island restaurant can be a lot more complicated than you may realize. Thats because it takes careful preparation and a solid strategy to successfully walk away with enough proceeds for all the sweat you’ve put into it.

Important Actions to Take when Selling Your Restaurant

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

#1 Gather any Important Documentation

This is a necessary preparatory step to make when you start the process of marketing your South Kingstown, Rhode Island restaurant.

The necessary paperwork may vary from state to state--even in Rhode Island, but below is a list of some standard documents you may need to have ready:

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

Corbett Restaurant Group has the expertise to assist you in the market for sale of your South Kingstown, 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 prospective buyer day one. However, you may want to have them ready because you will certainly require them during the sales process.

In addition, putting together these documents allows you to see your South Kingstown, Rhode Island restaurant through the lens of a buyer. This gives you a clear image of the South Kingstown, Rhode Island restaurant you're selling. In addition, it helps you show whether there are any loopholes you will have to take care of.

#2 Put Your Financial Records in Order

Your financial documents are an important aspect of selling your South Kingstown, Rhode Island restaurant. That’s why you should strive to have your documents complete and well organized.

Showing your financial records to potential buyers may aid clear any hesitations they may have regarding your South Kingstown, Rhode Island restaurant.

Your financial documents may include:

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

In addition, ensure you have duplicate copies of all of the documents. This may make it easier for you to transmit the information to potential buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these items can create legal issues for you if a buyer later discovers these ommissions after closing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your South Kingstown, Rhode Island restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after securing a buyer, your lease prevents you from sealing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this will help them estimate the true value of the South Kingstown, Rhode Island restaurant.

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

The average time it may take to sell a South Kingstown, Rhode Island restaurant is 6 months. Within the six months, there is a lot you can do in order to strengthen your profit and reduce various costs, and therefore strengthen the value of your South Kingstown, Rhode Island restaurant.

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

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

#5 Increase Curb Appeal

The first impression of your South Kingstown, Rhode Island restaurant will go a great distance in helping you attract potential buyers. Conversely, if the general curb appeal of your South Kingstown, Rhode Island restaurant does not look good to buyers, they might take a pass without a second look.

To prevent this from happening, all things in and out of your South Kingstown, Rhode Island restaurant must be clean. Landscaping and a clean parking area can help create appeal for potential buyers.

Spot-free windows, polished handles and a presentable floor are also small items that would help create a unforgettable first impression.

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

Non-functional equipment could raise doubt about your financial capabilities and output abilities. It may even lower the mood of your employees, and in response, 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 South Kingstown, Rhode Island restaurant.

#7 look for South Kingstown Buyers

Searching for potential buyers is time-consuming and can require specific skills and a certain level of experience. This may require that you hire a professional South Kingstown, Rhode Island restaurant broker to help. The professional South Kingstown, Rhode Island restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you decide to handle this task yourself, you will need to carry out appropriate advertising. You can list your South Kingstown, Rhode Island restaurant on listing websites and tell family and friends about your plans to market for sale your South Kingstown, Rhode Island restaurant.

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

#8 Be Prepared

Whether you decide to sell your South Kingstown, Rhode Island restaurant yourself, or through a South Kingstown, Rhode Island restaurant broker, you need to always be ready. Be prepared to show your South Kingstown, Rhode Island restaurant to potential buyers at all times.

You'll never know when a buyer could walk into your South Kingstown, Rhode Island restaurant. Some buyers may even visit as customers just to carry out some research before contacting you.

#9 Sell Your South Kingstown, Rhode Island Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the contract. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a South Kingstown, Rhode Island Restaurant Broker

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

The fact remains, if you're looking to achieve the most out of the business transaction, you need some level of experience to stand above and against the competition while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced South Kingstown, Rhode Island restaurant broker is recommended. A South Kingstown, Rhode Island restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your South Kingstown, Rhode Island restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a South Kingstown, Rhode Island Restaurant Broker

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

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

South Kingstown Zip Codes We Support: 02874, 02879, 02880, 02881, 02883, 02892