Ready to Sell Your Greenwich, Connecticut Restaurant?

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

Considering opening a new eatery, moving, or even retiring. Regardless of the reason, selling your Greenwich, Connecticut restaurant can be way more complicated than you might think. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the time you may have put into it.

Important Actions to Consider in Selling Your Restaurant

You can either make the decision to contract with a eatery broker to help you in selling your Greenwich, Connecticut restaurant or do the task yourself. If you are considering selling your Greenwich, Connecticut restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather the Necessary Paperwork

This is a necessary initial step to make when you start the process of marketing your Greenwich, Connecticut restaurant.

The required documents may vary from state to state--even in Connecticut, but below is a list of some standard documents you may be requierd to have prepared:

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

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

You certainly do not want to show all these documents to a prospective buyer first day. However, you may want to have them at hand because you will eventually need them during the sales process.

In addition, compiling these documents lets you view your Greenwich, Connecticut restaurant through the lens of a buyer. This provides you a clear image of the Greenwich, Connecticut restaurant you're offering for sale. Furthermore, it helps you show if there are any loopholes you'll need to take care of.

#2 Put Your Financial Records in Order

Your financial records are an important part of selling your Greenwich, Connecticut restaurant. This is why you should make an effort to have these documents complete and organized.

Offering your financial records to prospective buyers could help clear any doubt they may have regarding your Greenwich, Connecticut restaurant.

Your financial records can include:

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

Also, make sure you have soft copies of all of the records. This may make it easier for you to send the documentation to possible buyers.

In addition, as a seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these items could create legal problems for you if a buyer later on discovers these liabilities after sealing the deal.

#3 Put Together the Details of Your Commercial Lease

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

For this reason, it may advisable to talk to your landlord concerning your plan to sell your Greenwich, Connecticut restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an in-depth evaluation of your financial records, whether favorable or not, this helps them evaluate the value of the Greenwich, Connecticut restaurant.

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

The estimated time it may take to sell a Greenwich, Connecticut restaurant is 6 months. Within those six months, there are several things you can do in order to increase your profit and reduce various costs, and therefore increase the worth of your Greenwich, Connecticut restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This may help you in coming up with the probable value of your Greenwich, Connecticut restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Greenwich, Connecticut restaurant could go a great distance in helping you attract potential buyers. Conversely, if the general curb appeal of your Greenwich, Connecticut restaurant does not appeal to buyers, they might pass over right off the bat.

To prevent this from happening, all things in and out of your Greenwich, Connecticut restaurant must be cleaned and maintained. Manicured and a clean parking lot can help create appeal for prospective buyers.

Clean windows, polished door handles and a neat floor are other easy things that could help create a great initial impression.

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

Faulty equipment also raises doubt about your financial capabilities and output abilities. It can even lower the mood of your employees, and 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 Greenwich, Connecticut restaurant.

#7 Search for Greenwich Buyers

Marketing to prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire an experienced Greenwich, Connecticut restaurant broker to help. A professional Greenwich, Connecticut restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you decide to take on this project by yourself, you will need to carry out proper advertising. You can show your Greenwich, Connecticut restaurant on listing websites and let your family and friends know about your plans to sell your Greenwich, Connecticut restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Greenwich, Connecticut Restaurant

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

You should have your attorney’s help in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Greenwich, Connecticut Restaurant Broker

Although trying to sell your Greenwich, Connecticut restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first-timers.

It's true, if you're looking to achieve the most from of the business transaction, you need some level of expertise in order to stand out against the competition while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Greenwich, Connecticut restaurant broker is needed. A Greenwich, Connecticut restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Greenwich, Connecticut restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

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

Contact a Greenwich, Connecticut Restaurant Broker

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

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

Greenwich Zip Codes We Support: 06807, 06830, 06831, 06832, 06836, 06870, 06878, 10573