Decided to Sell Your Hartford, Connecticut Restaurant?

After years of sweat equity, you have decided to sell your Hartford, Connecticut restaurant

Contemplating starting a new eatery, moving, or maybe slowing down. Regardless of the reason, selling a Hartford, Connecticut restaurant can be a lot more difficult than you might think. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough money for all the sweat you’ve put into it.

Necessary Actions to Take when Selling Your Restaurant

You may either think to contract with a Hartford, Connecticut restaurant broker to help you in selling your Hartford, Connecticut restaurant or take on the task on your own. Whether considering selling your Hartford, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather all Necessary Documentation

This is a necessary preparatory step to make when you begin the process of selling your Hartford, Connecticut restaurant.

The required paperwork may vary from state to state--even in Connecticut, but the following is a list of a few general documents you may find helpful to have at hand:

• Gather your assets
• Lease contract
• 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 market for sale of your Hartford, Connecticut restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You certainly do not want to reveal all these documents to a potrntial buyer right away. But, you may want to have them ready because you will certainly need them during the sales process.

In addition, compiling these documents lets you see your Hartford, Connecticut restaurant through the lens of a buyer. It gives you a clear image of the Hartford, Connecticut restaurant you are offering for sale. In addition, it helps you identify whether there are any concerns you'll need to address.

#2 Put Your Financials in Order

Your financial records are an important aspect of selling your Hartford, Connecticut restaurant. That’s the reason you should make an effort to make your documents complete and organized.

Offering your financial records to prospective buyers may help clear any doubt they might have concerning your Hartford, Connecticut restaurant.

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

Likewise, as the seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these items could create legal problems for you if a buyer later on discovers these ommissions after sealing the deal.

#3 Gather the Details of Your Commercial Lease

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

For this reason, it is advisable to have a discussion with your landlord regarding your plan to sell your Hartford, Connecticut restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an detailed evaluation of your financials, whether favorable or not, this helps them evaluate the true value of your Hartford, Connecticut restaurant.

It is therefore in your best interest to make sure that you increase sales and reduce expenses to increase your cash flow starting to sell your Hartford, Connecticut restaurant.

The average time it may take to sell a Hartford, Connecticut restaurant is six months. Within the six months, there are many things you can do to strengthen your profit and slash various costs, and therefore strengthen the worth of your Hartford, Connecticut restaurant.

Also, with regards 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 aid you in deriving the probable worth of your Hartford, Connecticut restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Hartford, Connecticut restaurant can go a great distance in helping you attract potential buyers. Alternatively, if the overall curb appeal of your Hartford, Connecticut restaurant does not appeal to buyers, they likely take a pass right off the bat.

To prevent this from happening, everything in and out of your Hartford, Connecticut restaurant must be cleaned and maintained. Landscaped and a clean parking lot may help create appeal for prospective buyers.

Clean windows, polished door handles and a clean floor are also small things that can help create a memorable first impression.

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

Non-functional equipment can raise doubt about your financial capabilities and output capabilities. It could even dampen the morale of your employees, which 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 purchasing your Hartford, Connecticut restaurant.

#7 Search for Hartford Buyers

Looking for potential buyers can be time-consuming and can require specific skills and a certain level of expertise. This may require that you hire a professional Hartford, Connecticut restaurant broker to help. A professional Hartford, Connecticut restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you make the decision to take on this task yourself, you will need to create proper advertising. You can list your Hartford, Connecticut restaurant on listing websites and let your family and friends know about your plans to sell your Hartford, Connecticut restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will visit your Hartford, Connecticut restaurant. Some buyers might even visit as customers just to perform some research before reaching out to you.

#9 Sell Your Hartford, Connecticut Restaurant

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

You may need 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 agreement includes details including the selling price of your Hartford, Connecticut restaurant, assets and equipment as well as inventory value.

Choosing a Hartford, Connecticut Restaurant Broker

While trying to sell your Hartford, Connecticut restaurant on your own can be an exciting endeavor, it can also be quite risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business deal, you need a higher level of expertise to stand out against your cometitors while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Hartford, Connecticut restaurant broker comes in. A Hartford, Connecticut restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Hartford, Connecticut restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Hartford, Connecticut Restaurant Broker

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

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

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