Time to Sell Your Manchester, Connecticut Restaurant?

After years of labor, you have made the decision sell your Manchester, Connecticut restaurant

Contemplating opening a new Manchester, Connecticut restaurant, moving, or even slowing down. Regardless of the reason, selling your Manchester, Connecticut restaurant can be a lot more difficult than you might think. This is because it takes careful preparation and a solid strategy to successfully walk away with enough money for all the time you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You may either think to contract with a eatery broker to assist you in selling your Manchester, Connecticut restaurant or take on the task on your own. Whether considering selling your Manchester, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather all Business Paperwork

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

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

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

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

It's probably smart not to show all these documents to a potrntial buyer day one. But, you should have them on hand because you will certainly require them during the sales process.

Also, putting together these documents lets you view your Manchester, Connecticut restaurant through the lens of a buyer. It provides you a clear image of the Manchester, Connecticut restaurant you're selling. Furthermore, it helps you identify whether there are any loopholes you will need to take care of.

#2 Get Your Financial Records in Order

Your financial documents are a crucial part of selling your Manchester, Connecticut restaurant. That’s the reason you should make an effort to have these documents complete and well organized.

Showing your financial documents to possible buyers could help clear any doubt they may have concerning your Manchester, Connecticut restaurant.

The financial documents may include:

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

In addition, ensure you have duplicate copies of all of the documents. This may make it easier for you to send the records to potential buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer regarding these things can create legal problems for you if a buyer later on discovers these ommissions post sealing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Manchester, Connecticut restaurant, you need to review 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 talk to your landlord regarding your plan to sell your Manchester, Connecticut restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors could request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the value of your Manchester, Connecticut restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to build up your cash flow starting to sell your Manchester, Connecticut restaurant.

The average time it takes to sell a Manchester, Connecticut restaurant is six months. Within those six months, there is a lot you can do in order to strengthen your profit and slash various costs, and therefore strengthen the value of your Manchester, Connecticut restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This could assist you in estimating the probable worth of your Manchester, Connecticut restaurant. If you understand the overall value this could help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Manchester, Connecticut restaurant will go a long way in helping you bring potential buyers. Conversely, if the overall look of your Manchester, Connecticut restaurant does not look good to buyers, they might take a pass immediately.

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

Clean windows, polished handles and a presentable floor are also easy things that would help create a great first impression.

Furthermore, you should ensure all your equipment is in top condition. If your equipment is not working, it can convey the message that you're in a hurry to pass a bad deal to the buyer.

Faulty equipment could raise doubt about your financial capabilities and production abilities. It can even dampen the excitment of your staff, which in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers regarding purchasing your Manchester, Connecticut restaurant.

#7 look for Manchester Buyers

Marketing to potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire an experienced Manchester, Connecticut restaurant broker to help. A professional Manchester, Connecticut restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you make the decision to handle this project alone, you will need to carry out proper advertising. You can offer your Manchester, Connecticut restaurant on listing websites and let your family and friends know about your plans to market for sale your Manchester, Connecticut restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Manchester, Connecticut Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the deal. The paperwork will usually begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Involving 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 Manchester, Connecticut restaurant, assets and equipment and inventory value.

Choosing a Manchester, Connecticut Restaurant Broker

Although attempting to sell your Manchester, Connecticut restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first time sellers.

The fact remains, in order for you to achieve the most out of the business transaction, you need a higher level of expertise in order to stand out against your competition while attempting to find buyers.

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

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

Contact a Manchester, Connecticut Restaurant Broker

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

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

Manchester Zip Codes We Support: 06040, 06041, 06042, 06045