Decided to Sell Your Woonsocket, Rhode Island Restaurant?

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

Considering opening a different eatery, relocating, or even slowing down. No matter the reason, selling your Woonsocket, Rhode Island restaurant can be a lot more challenging than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough money for all the labor you’ve put into it.

Necessary Steps to Consider when Selling Your Restaurant

You may either decide to hire a eatery broker to assist you in selling your Woonsocket, Rhode Island restaurant or take on the task yourself. If you are considering selling your Woonsocket, Rhode Island restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Gather the Business Paperwork

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

The necessary documents may vary from state to state--even in Rhode Island, but below is a list of a few standard documents you may find helpful to have at hand:

• A list of your assets
• Lease documentation
• 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 comes with experience to assist you in the sale of your Woonsocket, Rhode Island restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to show all these documents to a potrntial buyer day one. However, you may want to have them on hand because you will eventually need them during the sales process.

In addition, putting together these documents lets you view your Woonsocket, Rhode Island restaurant through the lens of a buyer. It gives you a clear image of the Woonsocket, Rhode Island restaurant you are offering for sale. In addition, it allows you to show if there are any loopholes you will need to take care of.

#2 Get Your Financial Documents in Order

Your financial documents are an important part of selling your Woonsocket, Rhode Island restaurant. This is why you should strive to have your documents complete and well organized.

Showing your financial records to potential buyers may help clear any hesitations they might have concerning your Woonsocket, Rhode Island restaurant.

These financial records may include:

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

Also, ensure you have soft copies of all of the records. This could make it easier for you to transmit the documentation to possible buyers.

Also, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer about these things could create legal issues for you if a buyer later on discovers these liabilities after sealing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Woonsocket, Rhode Island restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after securing a buyer, your lease ends up preventing you from closing the deal.

For this reason, it could be advisable to talk to your landlord regarding your plan to sell your Woonsocket, Rhode Island restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this will help them evaluate the value of the Woonsocket, 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 build up your cash flow before trying to sell your Woonsocket, Rhode Island restaurant.

The average time it may take to sell a Woonsocket, Rhode Island restaurant is 6 months. Within the six months, there is a lot you can do in order to increase your profit and slash various costs, and thus strengthen the worth of your Woonsocket, Rhode Island restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will aid you in deriving the overall worth of your Woonsocket, Rhode Island restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Woonsocket, Rhode Island restaurant could go a long way in helping you attract potential buyers. Alternatively, if the general curb appeal of your Woonsocket, Rhode Island restaurant does not appeal to buyers, they could pass over immediately.

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

Spot-free windows, polished handles and a neat floor are also simple things that can help create a memorable initial impression.

Additionally, you should ensure all your equipment is in satisfactory condition. If your equipment is not working properly, it may send the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial situation and output capabilities. It can even lower the morale of your staff, which in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for Woonsocket Buyers

Marketing to prospective buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire an experienced Woonsocket, Rhode Island restaurant broker to help. A professional Woonsocket, Rhode Island restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you make the decision to handle this task alone, you will need to create appropriate advertising. You can market your Woonsocket, Rhode Island restaurant on business websites and let your family and friends know about your intentions to market for sale your Woonsocket, Rhode Island restaurant.

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

#8 Be Ready

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

You'll never know when a buyer could visit your Woonsocket, Rhode Island restaurant. Some buyers may even visit as customers in order to carry out some research before contacting you.

#9 Sell Your Woonsocket, Rhode Island Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the important documentation to finalize the deal. The paperwork will likely start with the Asset Purchase Agreement.

You should have your attorney’s assistance in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Woonsocket, Rhode Island Restaurant Broker

While trying to sell your Woonsocket, Rhode Island restaurant on your own can be an exhilarating project, it can also be quite risky, especially for first-timers.

The fact remains, in order for you to achieve the most out of the business deal, you need a higher level of expertise in order to stand above and against the cometitors while trying to find buyers.

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

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

Contact a Woonsocket, Rhode Island Restaurant Broker

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

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

Woonsocket Zip Codes We Support: 01504, 02895