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

After years of hard work, you have made the decision sell your East Norwalk, Connecticut restaurant

Contemplating starting a new eatery, moving, or maybe retiring. Regardless of the reason, selling a East Norwalk, Connecticut restaurant can be a lot more challenging than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough proceeds for all the labor you’ve put into it.

Important Actions to Take when Selling Your Restaurant

You can either make the decision to hire a East Norwalk, Connecticut restaurant broker to guide you in selling your East Norwalk, Connecticut restaurant or do the task on your own. Whether considering selling your East Norwalk, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather any Business Documentation

This is an important first step to make when you commence the process of offering your East Norwalk, Connecticut restaurant.

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

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

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

You certainly do not want to show the majority of these documents to a potrntial buyer first day. But, you may want to have them on hand because you will eventually require them during the sales process.

Also, putting together these documents lets you see your East Norwalk, Connecticut restaurant through the lens of a buyer. It provides you a clear image of the East Norwalk, Connecticut restaurant you are offering for sale. Furthermore, it helps you show if there are any concerns you'll need to address.

#2 Get Your Financials in Order

Your financial records are an important part of selling your East Norwalk, Connecticut restaurant. This is the reason you should strive to make these documents accurate and organized.

Showing your financial documents to potential buyers could help clear any hesitations they might have concerning your East Norwalk, Connecticut restaurant.

The financial records may include:

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

In addition, ensure you have hard copies of all of these documents. This can make it easier for you to transmit the records to possible buyers.

Likewise, as the seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things could create legal problems for you if a buyer later on discovers these ommissions post closing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your East Norwalk, Connecticut restaurant, you need to understand of your commercial lease. It would be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it may advisable to have a discussion with your landlord regarding your plan to sell your East Norwalk, 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 evaluate the value of the East Norwalk, Connecticut restaurant.

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

The estimated time it may take to sell a East Norwalk, Connecticut restaurant is 6 months. Within those six months, there is a lot you can do in order to increase your profit and reduce several costs, and therefore strengthen the value of your East Norwalk, Connecticut restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This may assist you in estimating the probable value of your East Norwalk, 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 Norwalk, Connecticut restaurant will go a great distance in helping you bring potential buyers. Conversely, if the overall appearance of your East Norwalk, Connecticut restaurant does not appeal to buyers, they likely take a pass right off the bat.

To prevent this from happening, everything in and out of your East Norwalk, Connecticut restaurant must be cleaned and maintained. Landscaping and a clean parking lot may help create curb appeal for potential buyers.

Spot-free windows, polished handles and a clean floor are also simple things that would help create a great first impression.

Furthermore, you should ensure all the equipment is in top condition. If your equipment is not functioning, it may convey the message that you're in a hurry to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial capabilities and output abilities. It may even lower the morale of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding buying your East Norwalk, Connecticut restaurant.

#7 look for East Norwalk Buyers

Looking for prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire a professional East Norwalk, Connecticut restaurant broker to help. A professional East Norwalk, 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 appropriate advertising. You can list your East Norwalk, Connecticut restaurant on listing websites and tell family and friends about your plans to market for sale your East Norwalk, Connecticut restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your East Norwalk, Connecticut Restaurant

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

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

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

Choosing a East Norwalk, Connecticut Restaurant Broker

While trying to sell your East Norwalk, 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 from of the business deal, you need a higher level of experience to stand out against the cometitors while attempting to attract buyers.

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

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

Contact a East Norwalk, Connecticut Restaurant Broker

Choosing to sell your East Norwalk, Connecticut restaurant through a East Norwalk, Connecticut restaurant broker has several advantages. First, however, you need to select the best East Norwalk, Connecticut restaurant broker to assist you in selling your East Norwalk, Connecticut restaurant.

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

East Norwalk Zip Codes We Support: 06855