Right Time to Sell Your East Hartford, Connecticut Restaurant?

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

Considering opening a different eatery, moving, or maybe slowing down. Regardless of the reason, selling your East Hartford, Connecticut restaurant can be a lot more complicated than you might think. This is because it takes careful preparation and a solid game plan to successfully get out with enough proceeds for all the labor you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

You can either make the decision to contract with a eatery broker to assist you in selling your East Hartford, Connecticut restaurant or take on the task yourself. If you are considering selling your East Hartford, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Gather the Important Paperwork

This is a necessary first step to take when you start the process of selling your East Hartford, Connecticut restaurant.

The required documents may vary from state to state--even in Connecticut, but below is a list of some generalized documents you may need to have at hand:

• A list of your assets
• Lease documentation
• 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 has the experience to help you in the market for sale of your East Hartford, Connecticut restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

In addition, compiling these documents lets you view your East Hartford, Connecticut restaurant through the lens of a buyer. This gives you a clear image of the East Hartford, Connecticut restaurant you're offering for sale. Furthermore, it helps you show if there are any loopholes you will have to take care of.

#2 Get Your Financial Records in Order

Your financial documents are a crucial aspect of selling your East Hartford, Connecticut restaurant. That’s the reason you should make it a priority to make your documents accurate and well organized.

Showing your financial documents to potential buyers could assist to clear any hesitations they may have concerning your East Hartford, Connecticut restaurant.

These financial documents could include:

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

Also, make sure you have duplicate copies of all of these documents. This may make it easier for you to transmit the documentation to possible buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these things may create legal issues for you if a buyer later discovers these liabilities post closing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your East Hartford, Connecticut restaurant, you need to understand of your commercial lease. It could be disappointing if, after securing a buyer, your lease ends up preventing you from closing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors may request an in-depth analysis of your financials, whether favorable or not, this will help them evaluate the value of your East Hartford, Connecticut restaurant.

It is therefore in your best interest to ensure that you augment sales and reduce expenses to increase your cash flow before trying to sell your East Hartford, Connecticut restaurant.

The estimated time it may take to sell a East Hartford, Connecticut restaurant is 6 months. Within those six months, there is a lot you can do in order to strengthen your profit and slash various costs, and thus increase the value of your East Hartford, 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 deriving the probable worth of your East Hartford, Connecticut restaurant. Understanding the overall value will help you settle on a selling price.

#5 Make Your Restaurant Attractive

The appearance of your East Hartford, Connecticut restaurant will go a long way in helping you bring potential buyers. Alternatively, if the general curb appeal of your East Hartford, Connecticut restaurant does not appeal to buyers, they might pass over right off the bat.

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

Clean windows, polished handles and a presentable floor are also simple things that can help create a unforgettable initial impression.

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

Non-functional equipment can raise doubt about your financial status and production abilities. It could even lower the mood of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding purchasing your East Hartford, Connecticut restaurant.

#7 look for East Hartford Buyers

Looking for prospective buyers is time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire a professional East Hartford, Connecticut restaurant broker to help. The professional East Hartford, Connecticut restaurant broker will have recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to take on this project yourself, you will need to carry out proper advertising. You can list your East Hartford, Connecticut restaurant on business websites and let your family and friends know about your intentions to sell your East Hartford, Connecticut restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your East Hartford, Connecticut restaurant yourself, or through a East Hartford, Connecticut restaurant broker, you need to always be prepared. Be ready to show your East Hartford, Connecticut restaurant to potential buyers at all times.

You will never know when a buyer will walk into your East Hartford, Connecticut restaurant. Some buyers may even come in as customers just to perform some research before contacting you.

#9 Sell Your East Hartford, Connecticut Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to finalize the transaction. The paperwork will likely start with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a East Hartford, Connecticut Restaurant Broker

While trying to sell your East Hartford, Connecticut restaurant on your own can be an exciting endeavor, it can also be quite risky, especially for first-timers.

It's true, if you're looking to achieve the most from of the business transaction, you need some level of experience in order to stand above and against the cometitors while trying to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced East Hartford, Connecticut restaurant broker is needed. A East Hartford, Connecticut restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your East Hartford, Connecticut restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a East Hartford, Connecticut Restaurant Broker

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

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

East Hartford Zip Codes We Support: 06108, 06118, 06128, 06138