Decided to Sell Your West Warwick, Rhode Island Restaurant?

Following years of labor, you have decided to sell your West Warwick, Rhode Island restaurant

Contemplating opening a different West Warwick, Rhode Island restaurant, relocating, or even retiring. No matter the reason, selling a West Warwick, Rhode Island restaurant can be way more challenging than you may think. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

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

#1 Gather the Business Documentation

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

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

• Gather your assets
• Lease documentation
• 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 comes with expertise to help you in the sale of your West Warwick, Rhode Island restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You certainly do not want to reveal the majority of these documents to a potrntial buyer first day. However, you should have them ready because you will eventually require them during the sales process.

In addition, compiling these documents lets you view your West Warwick, Rhode Island restaurant through the lens of a buyer. It provides you a clear picture of the West Warwick, Rhode Island restaurant you are selling. Furthermore, it helps you identify whether there are any concerns you will need to address.

#2 Put Your Financial Records in Order

Your financial documents are a crucial aspect of selling your West Warwick, Rhode Island restaurant. This is why you should strive to have these documents complete and well organized.

Offering your financial records to prospective buyers may assist to clear any doubt they might have regarding your West Warwick, Rhode Island restaurant.

These 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 documents. This will make it easier for you to transmit the documentation to prospective buyers.

In addition, as a seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer regarding these things can create legal problems for you if a buyer later on discovers these liabilities post signing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your West Warwick, Rhode Island restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the true value of the West Warwick, Rhode Island restaurant.

It is therefore in your best interest to ensure that you augment sales and reduce expenses to increase your cash flow before trying to sell your West Warwick, Rhode Island restaurant.

The average time it may take to sell a West Warwick, Rhode Island restaurant is 6 months. Within those six months, there are many things you can do in order to increase your profit and slash several costs, and thus strengthen the worth of your West Warwick, Rhode Island restaurant.

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

This will assist you in coming up with the overall value of your West Warwick, Rhode Island restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your West Warwick, Rhode Island restaurant can go a great distance in helping you attract potential buyers. Alternatively, if the general curb appeal of your West Warwick, Rhode Island restaurant does not look good to buyers, they could take a pass right off the bat.

To prevent this from happening, all things in and out of your West Warwick, Rhode Island restaurant must be cleaned and maintained. Landscaped and a clean parking lot may help create appeal for prospective buyers.

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

Furthermore, you should make sure all the equipment is in satisfactory condition. If your equipment is not functioning, it could convey the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial situation and output capabilities. It may even lower the excitment of your employees, which in turn, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers concerning purchasing your West Warwick, Rhode Island restaurant.

#7 Search for West Warwick 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 an experienced West Warwick, Rhode Island restaurant broker to help. A professional West Warwick, Rhode Island restaurant broker will come with recommendations for saving time 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 show your West Warwick, Rhode Island restaurant on listing websites and tell family and friends about your plans to market for sale your West Warwick, Rhode Island restaurant.

As you will probably come across competition when trying to sell your West Warwick, Rhode Island restaurant, you need your restaurant to stand out.

#8 Be Prepared

If you decide to sell your West Warwick, Rhode Island restaurant yourself, or through a West Warwick, Rhode Island restaurant broker, you need to always be ready. Be ready to show your West Warwick, Rhode Island restaurant to potential buyers at all times.

You'll never know when a buyer will walk into your West Warwick, Rhode Island restaurant. Some buyers might even visit as customers in order to perform some research before contacting you.

#9 Sell Your West Warwick, 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 paperwork to complete the deal. The documentation will likely start with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Involving 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 West Warwick, Rhode Island restaurant, assets and equipment and inventory value.

Choosing a West Warwick, Rhode Island Restaurant Broker

While trying to sell your West Warwick, Rhode Island restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first time sellers.

The fact remains, if you're looking to get the most from of the business transaction, you need a higher level of expertise to stand above and against the cometitors while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced West Warwick, Rhode Island restaurant broker is recommended. A West Warwick, Rhode Island restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your West Warwick, 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 West Warwick, Rhode Island restaurant broker, you can maintain your undivided attention on operating your West Warwick, Rhode Island restaurant and rest easy knowing that a professional is in charge of selling your West Warwick, Rhode Island restaurant.

Contact a West Warwick, Rhode Island Restaurant Broker

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

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

West Warwick Zip Codes We Support: 02893