Decided to Sell Your Branford, Connecticut Restaurant?

After years of sweat equity, you have decided to sell your Branford, Connecticut restaurant

Considering opening a different eatery, moving, or maybe slowing down. No matter the reason, selling your Branford, Connecticut restaurant can be way more difficult than you might realize. This is because it takes careful preparation and a solid game plan to successfully walk away with enough profit for all the time you may have put into it.

Important Steps to Consider when Selling Your Restaurant

You can either decide to hire a Branford, Connecticut restaurant broker to assist you in selling your Branford, Connecticut restaurant or do the task on your own. Whether considering selling your Branford, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together all Necessary Paperwork

This is a necessary first step to take when you commence the process of marketing your Branford, Connecticut restaurant.

The necessary documents may vary from state to state--even in Connecticut, but the following is a list of a few standard documents you may need to have prepared:

• Gather 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 comes with experience to help you in the market for sale of your Branford, Connecticut restaurant. Call today for a no strings attached business review at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a possible buyer day one. But, you may want to have them at hand because you will eventually require them during the sales process.

Also, putting together these documents allows you to view your Branford, Connecticut restaurant through the lens of a buyer. This gives you a clear picture of the Branford, Connecticut restaurant you're offering for sale. Furthermore, it allows you to identify if there are any areas you will have to take care of.

#2 Get Your Financials in Order

Your financial records are a crucial part of selling your Branford, Connecticut restaurant. That’s why you should strive to have these documents complete and well organized.

Showing your financial records to possible buyers could assist to clear any hesitations they may have regarding your Branford, Connecticut restaurant.

Your financial records 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 these documents. This will make it easier for you to transmit the information to possible buyers.

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

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Branford, Connecticut restaurant, you need to understand of your commercial lease. It could be disappointing if, after securing a buyer, your lease prevents you from closing the deal.

For this reason, it is advisable to have a discussion with your landlord regarding your plan to sell your Branford, Connecticut restaurant and to potentially 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 helps them evaluate the true value of the Branford, Connecticut restaurant.

It is therefore in your best interest to ensure that you augment sales and reduce expenses to build up your cash flow starting to sell your Branford, Connecticut restaurant.

The estimated time it may take to sell a Branford, Connecticut restaurant is 6 months. Within the six months, there are many things you can do to increase your profit and cut several costs, and thus increase the value of your Branford, Connecticut restaurant.

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This could aid you in deriving the overall worth of your Branford, Connecticut restaurant. When you understand the overall value this could help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Branford, Connecticut restaurant could go a long way in helping you attract potential buyers. Alternatively, if the general look of your Branford, Connecticut restaurant does not look good to buyers, they might pass over without consideration.

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

Spot-free windows, polished handles and a neat floor are also easy items that can help create a great initial impression.

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

Non-functional equipment can raise doubt about your financial capabilities and production capabilities. It can even dampen the mood of your employees, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 look for Branford Buyers

Looking for potential buyers can be time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire an experienced Branford, Connecticut restaurant broker to help. A professional Branford, Connecticut restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to handle this project alone, you will need to create proper advertising. You can market your Branford, Connecticut restaurant on business websites and let your family and friends know about your plans to market for sale your Branford, Connecticut restaurant.

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

#8 Be Prepared

If you decide to sell your Branford, Connecticut restaurant yourself, or through a Branford, Connecticut restaurant broker, you need to always be prepared. Be prepared to show your Branford, Connecticut restaurant to potential buyers at all times.

You never know when a buyer will visit your Branford, Connecticut restaurant. Some buyers may even visit as customers in order to perform some research before reaching out to you.

#9 Sell Your Branford, Connecticut 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 finalize the contract. The paperwork will likely begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the deal.

This document includes details such as the selling price of your Branford, Connecticut restaurant, items and equipment as well as inventory value.

Choosing a Branford, Connecticut Restaurant Broker

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

The fact remains, if you're looking to achieve the most from of the business deal, you need a higher level of expertise in order to stand above and against your competition while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Branford, Connecticut restaurant broker is needed. A Branford, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Branford, Connecticut restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

With the assistance of a Branford, Connecticut restaurant broker, you can focus your undivided attention on operating your Branford, Connecticut restaurant and rest easy with the knowledge that a professional is in charge of selling your Branford, Connecticut restaurant.

Contact a Branford, Connecticut Restaurant Broker

Choosing to sell your Branford, Connecticut restaurant through a Branford, Connecticut restaurant broker has many advantages. First, however, you need to select the best Branford, Connecticut restaurant broker to assist you in selling your Branford, Connecticut restaurant.

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

Branford Zip Codes We Support: 06405, 06471