Right Time to Sell Your Bristol, Connecticut Restaurant?

Following years of labor, you have decided to sell your Bristol, Connecticut restaurant

Considering opening a different eatery, relocating, or maybe retiring. No matter the reason, selling your Bristol, Connecticut restaurant can be a lot more challenging than you may think. Thats because it takes careful preparation and a solid game plan to successfully exit with enough profit for all the sweat you’ve put into it.

Important Steps to Consider in Selling Your Restaurant

You may either decide to contract with a eatery broker to assist you in selling your Bristol, Connecticut restaurant or do the task yourself. If you are considering selling your Bristol, Connecticut restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather any Business Documentation

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

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

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

Corbett Restaurant Group comes with experience to assist you in the market for sale of your Bristol, Connecticut restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a prospective buyer day one. But, you may want to have them ready because you will certainly need them during the sales process.

Also, putting together these documents lets you see your Bristol, Connecticut restaurant through the lens of a buyer. This gives you a clear picture of the Bristol, Connecticut restaurant you're selling. In addition, it allows you to identify whether there are any areas you'll have to take care of.

#2 Get Your Financials in Order

Your financial documents are an important part of selling your Bristol, Connecticut restaurant. That’s the reason you should make it a priority to have these documents complete and organized.

Offering your financial records to potential buyers could help clear any hesitations they might have regarding your Bristol, 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 soft copies of all of these records. This could make it easier for you to send the information to possible buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these items can create legal issues for you if a buyer later on discovers these ommissions after closing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Bristol, Connecticut 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 sealing the deal.

For this reason, it may advisable to talk to your landlord regarding your plan to sell your Bristol, Connecticut restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an in-depth analysis of your financial records, whether favorable or not, this helps them evaluate the value of the Bristol, 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 up your cash flow before trying to sell your Bristol, Connecticut restaurant.

The estimated time it takes to sell a Bristol, Connecticut restaurant is 6 months. Within those six months, there are many things you can do in order to strengthen your profit and slash several costs, and therefore increase the worth of your Bristol, Connecticut restaurant.

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

This will help you in coming up with the probable value of your Bristol, Connecticut restaurant. If you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Bristol, Connecticut restaurant will go a great distance in helping you bring potential buyers. Conversely, if the general aesthetic of your Bristol, Connecticut restaurant does not look good to buyers, they likely take a pass immediately.

To avoid this from happening, all things in and out of your Bristol, Connecticut restaurant must be clean. Landscaping and a clean parking lot can help create appeal for potential buyers.

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

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

Non-functional equipment could raise doubt about your financial situation and output capabilities. It may even dampen the morale of your employees, which in response, 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 buying your Bristol, Connecticut restaurant.

#7 Search for Bristol Buyers

Searching for potential buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional Bristol, Connecticut restaurant broker to help. A professional Bristol, Connecticut restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this task alone, you will need to carry out proper advertising. You can show your Bristol, Connecticut restaurant on business websites and let your family and friends know about your plans to sell your Bristol, Connecticut restaurant.

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

#8 Be Ready

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

You will never know when a buyer could visit your Bristol, Connecticut restaurant. Some buyers might even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your Bristol, 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 start with the Asset Purchase Agreement.

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

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

Choosing a Bristol, Connecticut Restaurant Broker

While trying to sell your Bristol, Connecticut restaurant on your own can be an exhilarating endeavor, it can 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 a higher level of expertise to stand above and against your cometitors while attempting to find buyers.

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

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

Contact a Bristol, Connecticut Restaurant Broker

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

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

Bristol Zip Codes We Support: 06010, 06011, 06062