Are You Ready to Sell Your Bridgeport, Connecticut Restaurant?

Following years of sweat equity, you have made the decision sell your Bridgeport, Connecticut restaurant

Contemplating starting a different Bridgeport, Connecticut restaurant, relocating, or even slowing down. Regardless of the reason, selling your Bridgeport, Connecticut restaurant can be way more challenging than you might realize. This is because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the time you’ve put into it.

Important Actions to Take when Selling Your Restaurant

You may either decide to contract with a eatery broker to help you in selling your Bridgeport, Connecticut restaurant or do the task on your own. Whether considering selling your Bridgeport, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Necessary Paperwork

This is a necessary initial step to make when you start the process of selling your Bridgeport, Connecticut restaurant.

The necessary documents may vary from state to state--even in Connecticut, but below is a list of a few general documents you may find helpful to have ready:

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

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

It's probably best not to show the majority of these documents to a possible buyer first day. But, you should have them ready because you will certainly need them during the sales process.

Also, compiling these documents lets you see your Bridgeport, Connecticut restaurant through the lens of a buyer. It gives you a clear image of the Bridgeport, Connecticut restaurant you are offering for sale. In addition, it allows you to identify whether there are any loopholes you'll have to take care of.

#2 Put Your Financial Documents in Order

Your financial records are an important part of selling your Bridgeport, Connecticut restaurant. That’s why you should strive to have these documents complete and organized.

Offering your financial records to possible buyers could aid clear any hesitations they may have concerning your Bridgeport, Connecticut restaurant.

The financial documents may include:

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

In addition, ensure you have duplicate copies of all of these records. This will make it easier for you to transmit the documentation to prospective buyers.

Likewise, as the seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these items could create legal issues for you if a buyer later on discovers these ommissions after signing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Bridgeport, 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 may advisable to talk to your landlord regarding your plan to sell your Bridgeport, Connecticut restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an detailed evaluation of your financial records, whether favorable or not, this helps them estimate the value of your Bridgeport, Connecticut restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to build your cash flow before trying to sell your Bridgeport, Connecticut restaurant.

The estimated time it takes to sell a Bridgeport, Connecticut restaurant is 6 months. Within those six months, there are several things you can do in order to increase your profit and reduce various costs, and therefore increase the value of your Bridgeport, Connecticut restaurant.

Also, with regards 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 assist you in coming up with the probable value of your Bridgeport, Connecticut restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Bridgeport, Connecticut restaurant will go a great distance in helping you attract potential buyers. Alternatively, if the overall look of your Bridgeport, Connecticut restaurant does not appeal to buyers, they might pass over without consideration.

To avoid this from happening, everything in and out of your Bridgeport, Connecticut restaurant must be clean. Landscaped and a clean parking lot may help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a presentable floor are other easy things that would help create a memorable first impression.

Additionally, you should make sure that all the equipment is in top condition. If your equipment is not working properly, it could send the message that you're in a hurry to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial situation and output abilities. It may even lower the excitment of your staff, and 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 regarding purchasing your Bridgeport, Connecticut restaurant.

#7 Search for Bridgeport Buyers

Searching for prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire an experienced Bridgeport, Connecticut restaurant broker to help. A professional Bridgeport, Connecticut restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to handle this project yourself, you will need to carry out appropriate advertising. You can show your Bridgeport, Connecticut restaurant on business websites and tell family and friends about your plans to market for sale your Bridgeport, Connecticut restaurant.

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

#8 Be Ready

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

You never know when a buyer could walk into your Bridgeport, Connecticut restaurant. Some buyers might even visit as customers just to perform some research before contacting you.

#9 Sell Your Bridgeport, Connecticut Restaurant

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

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

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

Choosing a Bridgeport, Connecticut Restaurant Broker

Although attempting to sell your Bridgeport, Connecticut restaurant on your own can be an exhilarating project, it could also be very risky, especially for first-timers.

The fact remains, if you're looking to get the most out of the business deal, you need some level of experience in order to stand above and against your cometitors while attempting to find buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Bridgeport, Connecticut restaurant broker comes in. A Bridgeport, Connecticut restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Bridgeport, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

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

Contact a Bridgeport, Connecticut Restaurant Broker

Deciding to sell your Bridgeport, Connecticut restaurant through a Bridgeport, Connecticut restaurant broker has multiple advantages. First, however, you need to select the best Bridgeport, Connecticut restaurant broker to assist you in selling your Bridgeport, Connecticut restaurant.

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

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