Ready to Sell Your Cheshire, Connecticut Restaurant?

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

Contemplating starting a different eatery, relocating, or even slowing down. Regardless of the reason, selling a Cheshire, Connecticut restaurant can be a lot more complicated than you may think. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough profit for all the labor you may have put into it.

Necessary Actions to Consider in Selling Your Restaurant

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

#1 Gather any Necessary Documentation

This is an important preparatory step to make when you commence the process of marketing your Cheshire, 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:

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

Corbett Restaurant Group has the expertise to assist you in the sale of your Cheshire, Connecticut restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to reveal all these documents to a possible buyer right away. But, you should have them at hand because you will certainly require them during the sales process.

Also, compiling these documents lets you view your Cheshire, Connecticut restaurant through the lens of a buyer. This provides you a clear image of the Cheshire, Connecticut restaurant you're selling. Furthermore, it helps you show if there are any loopholes you will need to address.

#2 Put Your Financials in Order

Your financial documents are an important part of selling your Cheshire, Connecticut restaurant. This is the reason you should make an effort to have these documents complete and well organized.

Showing your financial documents to possible buyers may help clear any doubt they might have concerning your Cheshire, Connecticut restaurant.

These financial documents could include:

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

In addition, make sure you have hard copies of all of the documents. This can make it easier for you to transmit the information to prospective buyers.

In addition, as the seller, you must disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these items can create legal problems for you if a buyer later on discovers these ommissions post closing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Cheshire, Connecticut restaurant, you must find out the terms of your commercial lease. It could be devestating 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 Cheshire, Connecticut restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will most likely request an detailed analysis of your financial records, whether favorable or not, this helps them estimate the value of your Cheshire, Connecticut restaurant.

This will be in your best interest to ensure that you increase sales and reduce expenses to build up your cash flow starting to sell your Cheshire, Connecticut restaurant.

The average time it may take to sell a Cheshire, Connecticut restaurant is 6 months. Within those six months, there are several things you can do in order to strengthen your profit and slash various costs, and thus strengthen the worth of your Cheshire, 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 estimate your assets.

This could aid you in estimating the overall worth of your Cheshire, Connecticut restaurant. Understanding the overall value will help you determine a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Cheshire, Connecticut restaurant could go a long way in helping you bring potential buyers. Alternatively, if the overall appearance of your Cheshire, Connecticut restaurant does not appeal to buyers, they might pass over without a second look.

To prevent this from happening, everything in and out of your Cheshire, Connecticut restaurant must be clean. Landscaping and a clean parking area can help create appeal for potential buyers.

Clean windows, polished handles and a clean floor are also simple things that would help create a great initial impression.

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

Non-functional equipment can raise doubt about your financial capabilities and production capabilities. It could even dampen the morale of your staff, 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 prospective buyers concerning purchasing your Cheshire, Connecticut restaurant.

#7 look for Cheshire Buyers

Looking for potential buyers is time-consuming and can require specific skills and a certain level of experience. This may demand that you hire an experienced Cheshire, Connecticut restaurant broker to help. The professional Cheshire, Connecticut restaurant broker will offer recommendations for saving time for attracting more prospective buyers. However, if you decide to handle this project yourself, you will need to carry out appropriate advertising. You can show your Cheshire, Connecticut restaurant on listing websites and tell family and friends about your intentions to market for sale your Cheshire, Connecticut restaurant.

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

#8 Be Prepared

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

You never know when a buyer could visit your Cheshire, Connecticut restaurant. Some buyers might even come in as customers in order to perform some research before contacting you.

#9 Sell Your Cheshire, Connecticut Restaurant

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

You should have your attorney’s assistance in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Cheshire, Connecticut Restaurant Broker

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

The fact remains, if you're looking to get the most from of the business deal, you need a higher level of experience to stand above and against the cometitors while trying to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Cheshire, Connecticut restaurant broker is recommended. A Cheshire, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Cheshire, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

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

Contact a Cheshire, Connecticut Restaurant Broker

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

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

Cheshire Zip Codes We Support: 06408, 06410, 06411, 06492