Decided to Sell Your Westerly, Rhode Island Restaurant?

Following years of labor, you have made the decision sell your Westerly, Rhode Island restaurant

Considering opening a new Westerly, Rhode Island restaurant, moving, or maybe slowing down. Regardless of the reason, selling a Westerly, Rhode Island restaurant can be a lot more complicated than you might realize. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the sweat you may have put into it.

Important Actions to Consider in Selling Your Restaurant

You can either think to contract with a eatery broker to help you in selling your Westerly, Rhode Island restaurant or take on the task yourself. If you are considering selling your Westerly, 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 Necessary Documentation

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

The necessary paperwork may vary from state to state--even in Rhode Island, but the following is a list of some generalized documents you may be requierd to have on you:

• Gather your assets
• Lease document
• 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 assist you in the market for sale of your Westerly, Rhode Island restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably best not to show all these documents to a prospective buyer right away. But, you should have them on hand because you will certainly require them during the sales process.

In addition, putting together these documents allows you to see your Westerly, Rhode Island restaurant through the lens of a buyer. This gives you a clear image of the Westerly, Rhode Island restaurant you are offering for sale. Furthermore, it helps you show whether there are any loopholes you'll have to take care of.

#2 Get Your Financial Documents in Order

Your financial documents are an important detail of selling your Westerly, Rhode Island restaurant. This is why you should strive to make these documents accurate and organized.

Offering your financial documents to possible buyers may help clear any doubt they might have concerning your Westerly, Rhode Island restaurant.

These financial documents may include:

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

Also, ensure you have hard copies of all of the records. This could make it easier for you to send the information to prospective buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these items could create legal issues for you if a buyer later on discovers these ommissions post closing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Westerly, Rhode Island restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after attracting 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 regarding your plan to sell your Westerly, Rhode Island restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the value of the Westerly, Rhode Island restaurant.

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to increase your cash flow before trying to sell your Westerly, Rhode Island restaurant.

The average time it takes to sell a Westerly, Rhode Island restaurant is six months. Within those six months, there is a lot you can do to strengthen your profit and reduce various costs, and therefore increase the worth of your Westerly, Rhode Island restaurant.

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

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

#5 Make Your Restaurant Look Awesome

The appearance of your Westerly, Rhode Island restaurant will go a long way in helping you attract potential buyers. Conversely, if the general look of your Westerly, Rhode Island restaurant does not look good to buyers, they might take a pass immediately.

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

Spot-free windows, polished handles and a clean floor are other easy things that can help create a memorable initial impression.

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

Faulty equipment may rouse doubt about your financial capabilities and output abilities. It can even dampen the excitment of your employees, which in response, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers regarding buying your Westerly, Rhode Island restaurant.

#7 Search for Westerly Buyers

Looking for potential buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional Westerly, Rhode Island restaurant broker to help. A professional Westerly, Rhode Island restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this project alone, you will need to carry out proper advertising. You can show your Westerly, Rhode Island restaurant on business websites and let your family and friends know about your plans to market for sale your Westerly, Rhode Island restaurant.

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

#8 Be Prepared

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

You will never know when a buyer could visit your Westerly, Rhode Island restaurant. Some buyers might even visit as customers just to carry out some research before contacting you.

#9 Sell Your Westerly, Rhode Island Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to complete the contract. The paperwork often start with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a Westerly, Rhode Island Restaurant Broker

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

It's true, in order for you to achieve the most from of the business deal, you need a higher level of experience to stand out against the competition while attempting to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Westerly, Rhode Island restaurant broker is needed. A Westerly, Rhode Island restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Westerly, Rhode Island restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Westerly, Rhode Island Restaurant Broker

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

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

Westerly Zip Codes We Support: 02808, 02891