Decided to Sell Your Mansfield, Connecticut Restaurant?

After years of hard work, you have decided to sell your Mansfield, Connecticut restaurant

Considering starting a new Mansfield, Connecticut restaurant, moving, or maybe slowing down. No matter the reason, selling your Mansfield, Connecticut restaurant can be a lot more difficult than you may think. This is because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You may either make the decision to contract with a eatery broker to guide you in selling your Mansfield, Connecticut restaurant or take on the task yourself. Whether considering selling your Mansfield, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Gather all Important Paperwork

This is an important initial step to make when you commence the process of marketing your Mansfield, 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 ready:

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

Corbett Restaurant Group comes with experience to assist you in the market for sale of your Mansfield, Connecticut restaurant. Call today for a no strings attached business review at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a possible buyer day one. However, you may want to have them ready because you will eventually need them during the sales process.

Also, putting together these documents allows you to see your Mansfield, Connecticut restaurant through the lens of a buyer. It provides you a clear image of the Mansfield, Connecticut restaurant you're offering for sale. Furthermore, it helps you identify whether there are any loopholes you will have to address.

#2 Put Your Financial Documents in Order

Your financial records are an important detail of selling your Mansfield, Connecticut restaurant. That’s the reason you should strive to make these documents complete and organized.

Showing your financial documents to prospective buyers may assist to clear any doubt they may have concerning your Mansfield, Connecticut restaurant.

These financial records can include:

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

Also, ensure you have duplicate copies of all of these documents. This will make it easier for you to transmit the records to potential buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these items could create legal issues for you if a buyer later on discovers these liabilities after completing the deal.

#3 Gather the Information On Your Commercial Lease

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

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an detailed evaluation of your financials, whether favorable or not, this helps with estimating the true value of your Mansfield, 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 planning to sell your Mansfield, Connecticut restaurant.

The average time it takes to sell a Mansfield, Connecticut restaurant is six months. Within those six months, there are many things you can do to strengthen your profit and slash several costs, and therefore increase the value of your Mansfield, Connecticut restaurant.

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

This may aid you in coming up with the probable worth of your Mansfield, Connecticut restaurant. When you understand the overall value this could help you come up with a selling price.

#5 Increase Curb Appeal

The first impression of your Mansfield, Connecticut restaurant can go a long way in helping you bring potential buyers. Alternatively, if the general appearance of your Mansfield, Connecticut restaurant does not look good to buyers, they could take a pass without a second look.

To avoid this from happening, all things in and out of your Mansfield, 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 also simple things that can help create a unforgettable first impression.

Furthermore, you should ensure that all your equipment is in satisfactory condition. If your equipment is not working properly, it can send the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial capabilities and output abilities. It could 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 concerning purchasing your Mansfield, Connecticut restaurant.

#7 look for Mansfield Buyers

Looking for potential buyers can be time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire a professional Mansfield, Connecticut restaurant broker to help. The professional Mansfield, Connecticut restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to take on this task by yourself, you will need to create appropriate advertising. You can list your Mansfield, Connecticut restaurant on business websites and tell family and friends about your intentions to market for sale your Mansfield, Connecticut restaurant.

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

#8 Be Ready

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

You will never know when a buyer will visit your Mansfield, Connecticut restaurant. Some buyers may even come in as customers just to perform some research before contacting you.

#9 Sell Your Mansfield, Connecticut Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to complete the transaction. The paperwork will likely start with the Asset Purchase Agreement.

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

This document includes details including the selling price of your Mansfield, Connecticut restaurant, assets and equipment as well as inventory value.

Choosing a Mansfield, Connecticut Restaurant Broker

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

It's true, in order for you to get the most out of the business transaction, you need some level of experience in order to stand above and against your cometitors while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Mansfield, Connecticut restaurant broker is recommended. A Mansfield, Connecticut restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Mansfield, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

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

Contact a Mansfield, Connecticut Restaurant Broker

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

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

Mansfield Zip Codes We Support: 06226, 06250, 06251, 06268, 06269