Ready to Sell Your Enfield, Connecticut Restaurant?

Following years of sweat equity, you have decided to sell your Enfield, Connecticut restaurant

Considering opening a different eatery, moving, or maybe slowing down. Regardless of the reason, selling your Enfield, Connecticut restaurant can be a lot more complicated than you might think. Thats because it takes careful preparation and a solid strategy to successfully walk away with enough proceeds for all the sweat you may have put into it.

Necessary Actions to Take when Selling Your Restaurant

You can either decide to hire a Enfield, Connecticut restaurant broker to help you in selling your Enfield, Connecticut restaurant or do the task yourself. Whether considering selling your Enfield, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Put Together all Necessary Documentation

This is an important initial step to take when you start the process of marketing your Enfield, Connecticut restaurant.

The necessary paperwork may vary from state to state--even in Connecticut, but below is a list of some standard documents you may find helpful to have on you:

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

Corbett Restaurant Group has the expertise to help you in the market for sale of your Enfield, Connecticut restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to reveal all these documents to a possible buyer right away. But, you may want to have them ready because you will eventually require them during the sales process.

Also, putting together these documents lets you see your Enfield, Connecticut restaurant through the lens of a buyer. It provides you a clear picture of the Enfield, Connecticut restaurant you are offering for sale. In addition, it allows you to show if there are any concerns you will need to take care of.

#2 Get Your Financials in Order

Your financial documents are an important aspect of selling your Enfield, Connecticut restaurant. This is why you should make it a priority to make these documents accurate and organized.

Offering your financial records to potential buyers could help clear any hesitations they might have regarding your Enfield, Connecticut restaurant.

The financial records could include:

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

In addition, make sure you have soft copies of all of the records. This may make it easier for you to transmit the records to possible buyers.

Likewise, as the seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these things may create legal problems for you if a buyer later discovers these liabilities post completing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Enfield, Connecticut restaurant, you need to review of your commercial lease. It would be devestating if, after securing a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Enfield, Connecticut restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the value of your Enfield, Connecticut restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to increase your cash flow before trying to sell your Enfield, Connecticut restaurant.

The estimated time it takes to sell a Enfield, Connecticut restaurant is 6 months. Within the six months, there are many things you can do to increase your profit and slash various costs, and thus increase the worth of your Enfield, Connecticut restaurant.

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

This could help you in estimating the probable worth of your Enfield, Connecticut restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Enfield, Connecticut restaurant will go a long way in helping you attract potential buyers. Conversely, if the general aesthetic of your Enfield, Connecticut restaurant does not look good to buyers, they might take a pass immediately.

To avoid this from happening, everything in and out of your Enfield, Connecticut restaurant must be cleaned and maintained. Manicured and a clean parking area can help create appeal for potential buyers.

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

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

Faulty equipment also raises doubt about your financial capabilities and output capabilities. It can even dampen the morale of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers concerning buying your Enfield, Connecticut restaurant.

#7 look for Enfield Buyers

Searching for prospective buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire an experienced Enfield, Connecticut restaurant broker to help. The professional Enfield, Connecticut restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you make the decision to take on this task yourself, you will need to create proper advertising. You can offer your Enfield, Connecticut restaurant on listing websites and let your family and friends know about your plans to sell your Enfield, Connecticut restaurant.

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

#8 Be Ready

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

You never know when a buyer will visit your Enfield, Connecticut restaurant. Some buyers might even visit as customers just to perform some research before contacting you.

#9 Sell Your Enfield, Connecticut Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage includes the presentation of the important documentation to finalize the transaction. The paperwork will likely begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the deal.

This agreement includes details including the selling price of your Enfield, Connecticut restaurant, assets and equipment and inventory value.

Choosing a Enfield, Connecticut Restaurant Broker

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

The fact remains, in order for you to get the most from of the business transaction, you need a higher level of experience to stand above and against the cometitors while trying to find buyers.

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

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

Contact a Enfield, Connecticut Restaurant Broker

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

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

Enfield Zip Codes We Support: 06082, 06083