Time to Sell Your Bloomfield, Connecticut Restaurant?

After years of labor, you have decided to sell your Bloomfield, Connecticut restaurant

Contemplating starting a new Bloomfield, Connecticut restaurant, moving, or maybe retiring. Regardless of the reason, selling a Bloomfield, Connecticut restaurant can be way more complicated than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough profit for all the time you’ve put into it.

Important Actions to Take when Selling Your Restaurant

You can either think to contract with a eatery broker to guide you in selling your Bloomfield, Connecticut restaurant or do the task yourself. If you are considering selling your Bloomfield, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Put Together all Business Paperwork

This is a necessary first step to make when you commence the process of offering your Bloomfield, Connecticut restaurant.

The required paperwork may vary from state to state--even in Connecticut, but below is a list of some standard documents you may find helpful to have on you:

• A list of 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 help you in the market for sale of your Bloomfield, Connecticut restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably smart not to show all these documents to a possible buyer first day. However, you should have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents lets you view your Bloomfield, Connecticut restaurant through the lens of a buyer. This gives you a clear image of the Bloomfield, Connecticut restaurant you're selling. Furthermore, it helps you identify whether there are any areas you'll have to take care of.

#2 Get Your Financial Documents in Order

Your financial documents are a crucial detail of selling your Bloomfield, Connecticut restaurant. This is why you should make it a priority to make these documents complete and well organized.

Offering your financial documents to prospective buyers may help clear any doubt they may have regarding your Bloomfield, Connecticut restaurant.

These financial documents could include:

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

In addition, ensure you have soft copies of all of the documents. This can make it easier for you to transmit the information to possible buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these things can create legal issues for you if a buyer later on discovers these ommissions after signing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Bloomfield, Connecticut restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease ends up preventing you from closing the deal.

For this reason, it may advisable to have a discussion with your landlord regarding your plan to sell your Bloomfield, Connecticut restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an detailed analysis of your financials, whether favorable or not, this helps with estimating the value of your Bloomfield, Connecticut restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow before trying to sell your Bloomfield, Connecticut restaurant.

The average time it takes to sell a Bloomfield, Connecticut restaurant is six months. Within those six months, there are many things you can do in order to increase your profit and cut several costs, and therefore increase the value of your Bloomfield, Connecticut restaurant.

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

This will aid you in coming up with the overall value of your Bloomfield, Connecticut restaurant. When you understand the overall worth this may help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your Bloomfield, Connecticut restaurant will go a great distance in helping you attract potential buyers. Conversely, if the overall aesthetic of your Bloomfield, Connecticut restaurant does not appeal to buyers, they might take a pass right off the bat.

To prevent this from happening, all things in and out of your Bloomfield, Connecticut restaurant must be cleaned and maintained. Landscaped and a clean parking area can help create appeal for potential buyers.

Clean windows, polished handles and a clean floor are other easy items that could help create a great first impression.

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

Faulty equipment also raises doubt about your financial situation and production abilities. It may even dampen the excitment of your employees, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding purchasing your Bloomfield, Connecticut restaurant.

#7 Search for Bloomfield Buyers

Looking for prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional Bloomfield, Connecticut restaurant broker to help. A professional Bloomfield, Connecticut restaurant broker will offer recommendations for saving time for drawing in more prospective buyers. However, if you decide to handle this project by yourself, you will need to create proper advertising. You can list your Bloomfield, Connecticut restaurant on business websites and let your family and friends know about your intentions to market for sale your Bloomfield, Connecticut restaurant.

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

#8 Be Ready

If you decide to sell your Bloomfield, Connecticut restaurant yourself, or through a Bloomfield, Connecticut restaurant broker, you should always be prepared. Be ready to show your Bloomfield, Connecticut restaurant to prospective buyers at all times.

You never know when a buyer will visit your Bloomfield, Connecticut restaurant. Some buyers might even visit as customers in order to carry out some research before contacting you.

#9 Sell Your Bloomfield, Connecticut Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the deal. The paperwork will likely begin with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This document includes details including the selling price of your Bloomfield, Connecticut restaurant, items and equipment and inventory value.

Choosing a Bloomfield, Connecticut Restaurant Broker

While trying to sell your Bloomfield, Connecticut restaurant on your own can be an exciting endeavor, it can also be quite risky, especially for first time sellers.

The fact remains, in order for you to achieve the most from of the business transaction, you need a higher level of expertise in order to stand out against the cometitors while attempting to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Bloomfield, Connecticut restaurant broker is needed. A Bloomfield, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Bloomfield, Connecticut restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Bloomfield, Connecticut Restaurant Broker

Choosing to sell your Bloomfield, Connecticut restaurant through a Bloomfield, Connecticut restaurant broker has multiple advantages. First, however, you need to select the best Bloomfield, Connecticut restaurant broker to help you in selling your Bloomfield, Connecticut restaurant.

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

Bloomfield Zip Codes We Support: 06002, 06081