Right Time to Sell Your Fairfield, Connecticut Restaurant?

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

Contemplating starting a different eatery, moving, or even retiring. No matter the reason, selling a Fairfield, Connecticut restaurant can be a lot more complicated than you might realize. This is because it takes careful preparation and a solid game plan to successfully walk away with enough money for all the sweat you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You can either make the decision to contract with a eatery broker to guide you in selling your Fairfield, Connecticut restaurant or take on the task on your own. Whether considering selling your Fairfield, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Gather all Necessary Documentation

This is a necessary first step to make when you start the process of selling your Fairfield, Connecticut restaurant.

The necessary documents may vary from state to state--even in Connecticut, but below is a list of a few generalized documents you may be requierd to have ready:

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

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

In addition, putting together these documents lets you see your Fairfield, Connecticut restaurant through the lens of a buyer. It gives you a clear image of the Fairfield, Connecticut restaurant you're offering for sale. In addition, it helps you identify if there are any areas you will need to address.

#2 Get Your Financials in Order

Your financial documents are a crucial aspect of selling your Fairfield, Connecticut restaurant. This is why you should make an effort to make your documents accurate and organized.

Showing your financial documents to potential buyers could assist to clear any doubt they may have concerning your Fairfield, 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 the documents. This may make it easier for you to send the documentation to possible buyers.

In addition, as a seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things can create legal issues for you if a buyer later discovers these ommissions post completing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Fairfield, Connecticut restaurant, you need to understand of your commercial lease. It could be disappointing if, after securing a buyer, your lease hinders 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 Fairfield, Connecticut restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed evaluation of your financial records, whether favorable or not, this helps with estimating the value of your Fairfield, 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 Fairfield, Connecticut restaurant.

The estimated time it takes to sell a Fairfield, Connecticut restaurant is six months. Within those six months, there is a lot you can do to strengthen your profit and slash various costs, and therefore increase the worth of your Fairfield, Connecticut restaurant.

Also, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will aid you in coming up with the overall worth of your Fairfield, Connecticut restaurant. When you understand the overall value this may help you determine a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Fairfield, Connecticut restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the general look of your Fairfield, Connecticut restaurant does not look good to buyers, they likely take a pass immediately.

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

Spot-free windows, polished handles and a clean floor are other easy items that would help create a memorable initial impression.

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

Faulty equipment may rouse doubt about your financial status and output capabilities. It can even dampen the excitment of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding purchasing your Fairfield, Connecticut restaurant.

#7 Search for Fairfield Buyers

Searching for potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Fairfield, Connecticut restaurant broker to help. The professional Fairfield, Connecticut restaurant broker will come with recommendations for saving time & money 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 offer your Fairfield, Connecticut restaurant on business websites and let your family and friends know about your intentions to sell your Fairfield, Connecticut restaurant.

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

#8 Be Ready

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

You'll never know when a buyer could walk into your Fairfield, Connecticut restaurant. Some buyers may even visit as customers in order to carry out some research before contacting you.

#9 Sell Your Fairfield, Connecticut Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the deal. The documentation will usually begin with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

This agreement includes details including the selling price of your Fairfield, Connecticut restaurant, items and equipment as well as inventory value.

Choosing a Fairfield, Connecticut Restaurant Broker

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

The fact remains, if you're looking to get the most from of the business deal, you need some level of expertise to stand above and against your competition while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Fairfield, Connecticut restaurant broker comes in. A Fairfield, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Fairfield, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a Fairfield, Connecticut Restaurant Broker

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

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

Fairfield Zip Codes We Support: 06605, 06824, 06825, 06828, 06880, 06890