Decided to Sell Your Berlin, Connecticut Restaurant?

After years of sweat equity, you have made the decision sell your Berlin, Connecticut restaurant

Considering opening a new Berlin, Connecticut restaurant, relocating, or maybe retiring. No matter the reason, selling a Berlin, Connecticut restaurant can be way more difficult than you may realize. This is because it takes careful preparation and a solid game plan to successfully get out with enough profit for all the time you’ve put into it.

Necessary Steps to Consider in Selling Your Restaurant

You may either decide to hire a Berlin, Connecticut restaurant broker to help you in selling your Berlin, Connecticut restaurant or do the task yourself. Whether considering selling your Berlin, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Gather any Business Documentation

This is a necessary first step to take when you start the process of selling your Berlin, Connecticut restaurant.

The necessary paperwork may vary from state to state--even in Connecticut, but below is a list of a few standard documents you may be requierd to have at hand:

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

Corbett Restaurant Group comes with expertise to assist you in the sale of your Berlin, Connecticut restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You certainly do not want to show all these documents to a prospective buyer day one. But, you should have them at hand because you will certainly need them during the sales process.

In addition, compiling these documents lets you see your Berlin, Connecticut restaurant through the lens of a buyer. It gives you a clear image of the Berlin, Connecticut restaurant you're offering for sale. In addition, it helps you identify whether there are any areas you will have to take care of.

#2 Get Your Financial Records in Order

Your financial documents are a crucial part of selling your Berlin, Connecticut restaurant. This is the reason you should make it a priority to make your documents complete and organized.

Showing your financial records to potential buyers may help clear any hesitations they may have concerning your Berlin, Connecticut 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 duplicate copies of all of these documents. This could make it easier for you to send the records to possible buyers.

Likewise, as a seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these things could create legal problems for you if a buyer later on discovers these ommissions after closing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Berlin, Connecticut restaurant, you need to understand 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 concerning your plan to sell your Berlin, Connecticut restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financial records, whether favorable or not, this will help them evaluate the true value of your Berlin, Connecticut restaurant.

It is therefore in your best interest to make sure that you augment sales and reduce expenses to increase your cash flow starting to sell your Berlin, Connecticut restaurant.

The estimated time it may take to sell a Berlin, Connecticut restaurant is six months. Within the six months, there are many things you can do in order to strengthen your profit and slash various costs, and therefore strengthen the value of your Berlin, Connecticut restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This may assist you in deriving the overall worth of your Berlin, Connecticut restaurant. If you understand the overall worth this may help you come up with a selling price.

#5 Increase Curb Appeal

The first impression of your Berlin, Connecticut restaurant could go a great distance in helping you bring potential buyers. Conversely, if the general aesthetic of your Berlin, Connecticut restaurant does not appeal to buyers, they could take a pass right off the bat.

To prevent this from happening, everything in and out of your Berlin, Connecticut restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create appeal for prospective buyers.

Spot-free windows, polished handles and a clean floor are also simple items that can help create a unforgettable initial impression.

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

Non-functional equipment also raises doubt about your financial status and output abilities. It may even dampen 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 prospective buyers concerning purchasing your Berlin, Connecticut restaurant.

#7 Search for Berlin Buyers

Marketing to prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire a professional Berlin, Connecticut restaurant broker to help. The professional Berlin, Connecticut restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you decide to take on this task yourself, you will need to create appropriate advertising. You can market your Berlin, Connecticut restaurant on business websites and let your family and friends know about your intentions to sell your Berlin, Connecticut restaurant.

As you will probably come across competition when trying to sell your Berlin, Connecticut restaurant, you need your restaurant to stand out.

#8 Be Prepared

Regardless if you decide to sell your Berlin, Connecticut restaurant yourself, or through a Berlin, Connecticut restaurant broker, you should always be prepared. Be prepared to show your Berlin, Connecticut restaurant to potential buyers at all times.

You never know when a buyer could walk into your Berlin, Connecticut restaurant. Some buyers may even come in as customers just to perform some research before contacting you.

#9 Sell Your Berlin, Connecticut Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the deal. The paperwork will usually start with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the transaction.

This agreement includes details such as the selling price of your Berlin, Connecticut restaurant, assets and equipment and inventory value.

Choosing a Berlin, Connecticut Restaurant Broker

While attempting to sell your Berlin, Connecticut restaurant on your own can be an exhilarating project, it could also be very risky, especially for first time sellers.

It's true, if you're looking to achieve the most out of the business deal, you need some level of experience in order to stand above and against the cometitors while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Berlin, Connecticut restaurant broker is needed. A Berlin, Connecticut restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Berlin, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell quicker and at a great price.

With the assistance of a Berlin, Connecticut restaurant broker, you can maintain your undivided attention on operating your Berlin, Connecticut restaurant and rest assured knowing that a professional is in charge of selling your Berlin, Connecticut restaurant.

Contact a Berlin, Connecticut Restaurant Broker

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

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

Berlin Zip Codes We Support: 06023, 06037