Are You Ready to Sell Your East Haven, Connecticut Restaurant?

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

Considering starting a new East Haven, Connecticut restaurant, moving, or even retiring. No matter the reason, selling a East Haven, Connecticut restaurant can be way more complicated than you might realize. This is because it takes careful preparation and a solid strategy to successfully walk away with enough money for all the sweat you’ve put into it.

Important Actions to Take when Selling Your Restaurant

You can either decide to hire a eatery broker to help you in selling your East Haven, Connecticut restaurant or take on the task on your own. If you are considering selling your East Haven, Connecticut restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Necessary Paperwork

This is a necessary first step to take when you commence the process of offering your East Haven, Connecticut restaurant.

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

• 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 expertise to help you in the sale of your East Haven, Connecticut restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

In addition, putting together these documents allows you to see your East Haven, Connecticut restaurant through the lens of a buyer. It provides you a clear image of the East Haven, Connecticut restaurant you're offering for sale. Furthermore, it helps you show if there are any loopholes you will have to address.

#2 Get Your Financial Documents in Order

Your financial documents are an important part of selling your East Haven, Connecticut restaurant. That’s the reason you should strive to have your documents complete and organized.

Showing your financial documents to prospective buyers could assist to clear any doubt they might have regarding your East Haven, Connecticut restaurant.

These financial records can 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 documents. This can make it easier for you to transmit the information to potential buyers.

Also, as a seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failing to inform a buyer regarding these things may create legal problems for you if a buyer later on discovers these liabilities post closing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your East Haven, Connecticut restaurant, you need to understand 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 is advisable to have a discussion with your landlord concerning your plan to sell your East Haven, Connecticut restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this helps them estimate the value of the East Haven, Connecticut restaurant.

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

The average time it may take to sell a East Haven, Connecticut restaurant is six months. Within the six months, there are several things you can do in order to increase your profit and cut various costs, and thus increase the worth of your East Haven, Connecticut restaurant.

Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This could assist you in estimating the overall worth of your East Haven, Connecticut restaurant. If you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your East Haven, Connecticut restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the overall aesthetic of your East Haven, Connecticut restaurant does not look good to buyers, they might take a pass without consideration.

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

Spot-free windows, polished door handles and a neat floor are also simple items that could help create a memorable initial impression.

Furthermore, you should ensure all the equipment is in top condition. If your equipment is not working properly, it may send 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 capabilities and output abilities. It can even lower the morale of your staff, and 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 buying your East Haven, Connecticut restaurant.

#7 look for East Haven Buyers

Looking for potential buyers is time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire an experienced East Haven, Connecticut restaurant broker to help. The professional East Haven, Connecticut restaurant broker will have recommendations for saving time for drawing in more potential buyers. However, if you make the decision to handle this task by yourself, you will need to carry out proper advertising. You can show your East Haven, Connecticut restaurant on business websites and tell family and friends about your intentions to sell your East Haven, Connecticut restaurant.

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

#8 Be Ready

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

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

#9 Sell Your East Haven, Connecticut Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to complete the deal. The paperwork will likely start with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a East Haven, Connecticut Restaurant Broker

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

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

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

With the assistance of a East Haven, Connecticut restaurant broker, you can maintain your undivided attention on operating your East Haven, Connecticut restaurant and rest easy knowing that a professional is in charge of selling your East Haven, Connecticut restaurant.

Contact a East Haven, Connecticut Restaurant Broker

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

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

East Haven Zip Codes We Support: 06473, 06512, 06513