Decided to Sell Your Hamden, Connecticut Restaurant?

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

Contemplating opening a new Hamden, Connecticut restaurant, moving, or maybe retiring. Regardless of the reason, selling a Hamden, Connecticut restaurant can be way more complicated than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough profit for all the labor you’ve put into it.

Important Steps to Consider when Selling Your Restaurant

You can either think to hire a eatery broker to guide you in selling your Hamden, Connecticut restaurant or do the task on your own. If you are considering selling your Hamden, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Put Together any Business Paperwork

This is an important preparatory step to make when you start the process of marketing your Hamden, Connecticut restaurant.

The necessary paperwork may vary from state to state--even in Connecticut, but below is a list of some general documents you may need to have prepared:

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

Corbett Restaurant Group has the expertise to assist you in the sale of your Hamden, Connecticut restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably smart not to show the majority of these documents to a prospective buyer first day. However, you should have them at hand because you will eventually need them during the sales process.

In addition, putting together these documents lets you view your Hamden, Connecticut restaurant through the lens of a buyer. This provides you a clear picture of the Hamden, Connecticut restaurant you are offering for sale. In addition, it allows you to identify whether there are any concerns you will need to take care of.

#2 Get Your Financial Documents in Order

Your financial documents are an important aspect of selling your Hamden, Connecticut restaurant. This is the reason you should make an effort to have your documents complete and well organized.

Showing your financial documents to prospective buyers may assist to clear any hesitations they might have regarding your Hamden, Connecticut restaurant.

Your financial documents can include:

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

In addition, make sure you have duplicate copies of all of the documents. This will make it easier for you to send the documentation to possible buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things may create legal issues for you if a buyer later discovers these ommissions after completing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Hamden, Connecticut restaurant, you need to review of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from sealing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Hamden, Connecticut restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an detailed analysis of your financial records, whether favorable or not, this helps them evaluate the true value of your Hamden, Connecticut restaurant.

This will be in your best interest to ensure that you increase sales and reduce expenses to increase your cash flow before trying to sell your Hamden, Connecticut restaurant.

The average time it may take to sell a Hamden, Connecticut restaurant is six months. Within those six months, there is a lot you can do in order to increase your profit and reduce several costs, and thus strengthen the value of your Hamden, Connecticut restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will assist you in coming up with the probable worth of your Hamden, Connecticut restaurant. When you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Hamden, Connecticut restaurant will go a long way in helping you attract potential buyers. Conversely, if the general appearance of your Hamden, Connecticut restaurant does not look good to buyers, they might pass over right off the bat.

To prevent this from happening, everything in and out of your Hamden, Connecticut restaurant must be clean. Landscaped and a clean parking lot can help create appeal for potential buyers.

Spot-free windows, polished handles and a neat floor are also easy items that can help create a memorable initial impression.

Furthermore, you should make sure that all the equipment is in top condition. If your equipment is not working properly, it might convey the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial situation and production capabilities. It could even dampen the excitment of your employees, and in turn, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers concerning buying your Hamden, Connecticut restaurant.

#7 Search for Hamden Buyers

Marketing to potential buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire an experienced Hamden, Connecticut restaurant broker to help. The professional Hamden, Connecticut restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you decide to handle this project by yourself, you will need to create proper advertising. You can show your Hamden, Connecticut restaurant on listing websites and let your family and friends know about your intentions to market for sale your Hamden, Connecticut restaurant.

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

#8 Be Ready

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

You never know when a buyer will visit your Hamden, Connecticut restaurant. Some buyers may even visit as customers in order to carry out some research before reaching out to you.

#9 Sell Your Hamden, Connecticut Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to complete the contract. The documentation will usually start with the Asset Purchase Agreement.

You may need 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 Hamden, Connecticut restaurant, assets and equipment and inventory value.

Choosing a Hamden, Connecticut Restaurant Broker

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

It's true, if you're looking to get the most from of the business transaction, you need a higher level of experience to stand above and against your cometitors while trying to attract buyers.

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

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

Contact a Hamden, Connecticut Restaurant Broker

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

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

Hamden Zip Codes We Support: 06514, 06517, 06518