Decided to Sell Your Farmington, Connecticut Restaurant?

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

Considering starting a different Farmington, Connecticut restaurant, moving, or even slowing down. No matter the reason, selling your Farmington, Connecticut restaurant can be a lot more difficult than you might realize. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the sweat you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You may either decide to hire a eatery broker to guide you in selling your Farmington, Connecticut restaurant or do the task yourself. If you are considering selling your Farmington, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather the Important Paperwork

This is an important preparatory step to take when you begin the process of selling your Farmington, Connecticut restaurant.

The necessary paperwork may vary from state to state--even in Connecticut, but the following is a list of a few standard documents you may find helpful 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 drawings
• Financial statements and other important financial documents

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

It's probably smart not to reveal all these documents to a potrntial buyer first day. However, you should have them at hand because you will eventually require them during the sales process.

Also, putting together these documents lets you see your Farmington, Connecticut restaurant through the lens of a buyer. This gives you a clear image of the Farmington, Connecticut restaurant you are offering for sale. Furthermore, it allows you to identify if there are any areas you'll need to take care of.

#2 Get Your Financial Records in Order

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

Offering your financial documents to potential buyers could assist to clear any doubt they might have concerning your Farmington, Connecticut restaurant.

Your 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 these documents. This may make it easier for you to send the documentation to prospective buyers.

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

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Farmington, Connecticut restaurant, you need to review of your commercial lease. It would be devestating if, after securing a buyer, your lease prevents you from closing the deal.

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

#4 Have Your Restauarant Appraised

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

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

The estimated time it takes to sell a Farmington, Connecticut restaurant is 6 months. Within the six months, there is a lot you can do to strengthen your profit and slash several costs, and thus strengthen the value of your Farmington, Connecticut restaurant.

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This will help you in estimating the probable value of your Farmington, Connecticut restaurant. When you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Farmington, Connecticut restaurant will go a great distance in helping you attract potential buyers. Conversely, if the general look of your Farmington, Connecticut restaurant does not look good to buyers, they might take a pass without a second look.

To prevent this from happening, all things in and out of your Farmington, Connecticut restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create curb appeal for potential buyers.

Clean windows, polished handles and a presentable floor are also easy items that would help create a memorable initial impression.

Additionally, you should make sure that all the equipment is in satisfactory 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.

Faulty equipment could raise doubt about your financial capabilities and output capabilities. 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 regarding purchasing your Farmington, Connecticut restaurant.

#7 look for Farmington Buyers

Searching for prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Farmington, Connecticut restaurant broker to help. A professional Farmington, Connecticut restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you make the decision to take on this project by yourself, you will need to carry out proper advertising. You can list your Farmington, Connecticut restaurant on listing websites and tell family and friends about your intentions to market for sale your Farmington, Connecticut restaurant.

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

#8 Be Prepared

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

You will never know when a buyer could walk into your Farmington, Connecticut restaurant. Some buyers might even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your Farmington, Connecticut Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the contract. The documentation 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 ensure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Farmington, Connecticut Restaurant Broker

While trying to sell your Farmington, Connecticut restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first time sellers.

It's true, in order for you to get the most from of the business deal, you need a higher level of expertise in order to stand out against the competition while trying to attract buyers.

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

With the assistance of a Farmington, Connecticut restaurant broker, you can maintain your undivided attention on operating your Farmington, Connecticut restaurant and rest assured with the knowledge that a professional is in charge of selling your Farmington, Connecticut restaurant.

Contact a Farmington, Connecticut Restaurant Broker

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

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

Farmington Zip Codes We Support: 06001, 06030, 06032, 06034, 06053, 06085, 06087, 06107