Are You Ready to Sell Your Guilford, Connecticut Restaurant?

Following years of sweat equity, you have made the decision sell your Guilford, Connecticut restaurant

Contemplating starting a new Guilford, Connecticut restaurant, relocating, or maybe retiring. Regardless of the reason, selling your Guilford, Connecticut restaurant can be a lot more difficult than you may realize. Thats because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the sweat you may have put into it.

Important Actions to Take when Selling Your Restaurant

You can either decide to hire a eatery broker to guide you in selling your Guilford, Connecticut restaurant or take on the task yourself. Whether considering selling your Guilford, Connecticut restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together any Important Paperwork

This is an important first step to take when you start the process of offering your Guilford, Connecticut restaurant.

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

• A list of your assets
• Lease document
• 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 expertise to help you in the market for sale of your Guilford, Connecticut restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

Also, compiling these documents lets you see your Guilford, Connecticut restaurant through the lens of a buyer. This provides you a clear picture of the Guilford, Connecticut restaurant you're selling. Furthermore, it allows you to show whether there are any areas you will need to take care of.

#2 Get Your Financial Documents in Order

Your financial records are an important aspect of selling your Guilford, Connecticut restaurant. That’s why you should make an effort to have your documents accurate and organized.

Showing your financial documents to possible buyers may aid clear any doubt they may have regarding your Guilford, Connecticut restaurant.

Your financial records can 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 can make it easier for you to transmit the information to potential buyers.

In addition, as the seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these things may create legal issues for you if a buyer later on discovers these liabilities after closing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Guilford, Connecticut restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease ends up preventing you from closing the deal.

For this reason, it is advisable to have a discussion with your landlord concerning your plan to sell your Guilford, Connecticut restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

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

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to increase your cash flow starting to sell your Guilford, Connecticut restaurant.

The estimated time it takes to sell a Guilford, 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 Guilford, Connecticut restaurant.

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

This will help you in coming up with the overall worth of your Guilford, Connecticut restaurant. If you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Guilford, Connecticut restaurant could go a long way in helping you attract potential buyers. Alternatively, if the general aesthetic of your Guilford, Connecticut restaurant does not look good to buyers, they might pass over without a second look.

To avoid this from happening, all things in and out of your Guilford, Connecticut restaurant must be clean. Manicured and a clean parking lot could help create curb appeal for prospective buyers.

Clean windows, polished handles and a clean floor are also easy items that can help create a great first impression.

Furthermore, you should ensure all the equipment is in satisfactory condition. If your equipment is not functioning, it might send the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial status and output abilities. It can even lower the excitment of your staff, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding buying your Guilford, Connecticut restaurant.

#7 look for Guilford Buyers

Marketing to prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire an experienced Guilford, Connecticut restaurant broker to help. The professional Guilford, Connecticut restaurant broker will offer recommendations for saving time for drawing in more prospective buyers. However, if you decide to handle this task alone, you will need to carry out proper advertising. You can list your Guilford, Connecticut restaurant on listing websites and tell family and friends about your plans to sell your Guilford, Connecticut restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Guilford, Connecticut restaurant yourself, or with a a Guilford, Connecticut restaurant broker, you need to always be ready. Be prepared to show your Guilford, Connecticut restaurant to prospective buyers at all times.

You'll never know when a buyer will walk into your Guilford, Connecticut restaurant. Some buyers might even come in as customers in order to carry out some research before contacting you.

#9 Sell Your Guilford, Connecticut Restaurant

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

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

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

Choosing a Guilford, Connecticut Restaurant Broker

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

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

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

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

Contact a Guilford, Connecticut Restaurant Broker

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

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

Guilford Zip Codes We Support: 06437