Ready to Sell Your Glastonbury, Connecticut Restaurant?

After years of hard work, you have decided to sell your Glastonbury, Connecticut restaurant

Considering opening a different Glastonbury, Connecticut restaurant, relocating, or maybe slowing down. No matter the reason, selling a Glastonbury, Connecticut restaurant can be a lot more challenging than you might think. Thats because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the labor you’ve put into it.

Necessary Steps to Take in Selling Your Restaurant

You can either think to contract with a eatery broker to assist you in selling your Glastonbury, Connecticut restaurant or do the task on your own. If you are considering selling your Glastonbury, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Put Together the Business Documentation

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

The required documents may vary from state to state--even in Connecticut, but below is a list of a few generalized documents you may find helpful to have on you:

• Gather your assets
• Lease contract
• 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 comes with expertise to help you in the sale of your Glastonbury, Connecticut restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to reveal the majority of these documents to a potrntial buyer first day. But, you may want to have them on hand because you will eventually need them during the sales process.

In addition, putting together these documents allows you to see your Glastonbury, Connecticut restaurant through the lens of a buyer. It provides you a clear image of the Glastonbury, Connecticut restaurant you are selling. In addition, it allows you to identify whether there are any areas you'll need to address.

#2 Get Your Financials in Order

Your financial documents are a crucial detail of selling your Glastonbury, Connecticut restaurant. This is why you should strive to make these documents accurate and well organized.

Offering your financial records to potential buyers may help clear any doubt they may have regarding your Glastonbury, Connecticut restaurant.

Your financial records may 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 records. This can make it easier for you to transmit the documentation to possible buyers.

Likewise, as a seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these things could create legal problems for you if a buyer later discovers these ommissions post completing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Glastonbury, Connecticut restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease prevents you from sealing the deal.

For this reason, it could be advisable to talk to your landlord concerning your plan to sell your Glastonbury, Connecticut restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth evaluation of your financials, whether favorable or not, this helps them estimate the true value of the Glastonbury, Connecticut restaurant.

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

The average time it may take to sell a Glastonbury, Connecticut restaurant is six months. Within those six months, there are many things you can do in order to increase your profit and slash several costs, and thus increase the value of your Glastonbury, 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 will assist you in estimating the probable value of your Glastonbury, Connecticut restaurant. When you understand the overall worth this may help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your Glastonbury, Connecticut restaurant will go a great distance in helping you attract potential buyers. Alternatively, if the overall curb appeal of your Glastonbury, Connecticut restaurant does not appeal to buyers, they likely take a pass without consideration.

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

Spot-free windows, polished handles and a clean floor are other small items that could help create a memorable first impression.

Additionally, you should make sure that all your equipment is in satisfactory condition. If your equipment is not working properly, it can send the message that you're in a hurry to pass a bad deal to the buyer.

Non-functional equipment also raises doubt about your financial capabilities and output capabilities. It could even lower the morale of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning purchasing your Glastonbury, Connecticut restaurant.

#7 look for Glastonbury Buyers

Searching for prospective buyers is time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire an experienced Glastonbury, Connecticut restaurant broker to help. A professional Glastonbury, Connecticut restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you decide to handle this project yourself, you will need to create appropriate advertising. You can offer your Glastonbury, Connecticut restaurant on listing websites and tell family and friends about your plans to market for sale your Glastonbury, Connecticut restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will walk into your Glastonbury, Connecticut restaurant. Some buyers may even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Glastonbury, Connecticut Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to finalize the deal. The paperwork often begin with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the contract.

This document includes details such as the selling price of your Glastonbury, Connecticut restaurant, items and equipment and inventory value.

Choosing a Glastonbury, Connecticut Restaurant Broker

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

The fact remains, if you're looking to achieve the most out of the business deal, you need some level of expertise in order to stand out against the competition while attempting to attract buyers.

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

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

Contact a Glastonbury, Connecticut Restaurant Broker

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

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

Glastonbury Zip Codes We Support: 06025, 06033, 06073