Time to Sell Your Meriden, Connecticut Restaurant?

After years of hard work, you have made the decision sell your Meriden, Connecticut restaurant

Contemplating starting a different Meriden, Connecticut restaurant, moving, or maybe retiring. No matter the reason, selling your Meriden, 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 get out with enough money for all the time 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 Meriden, Connecticut restaurant or do the task on your own. Whether considering selling your Meriden, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Put Together any Important Paperwork

This is a necessary first step to take when you begin the process of offering your Meriden, Connecticut restaurant.

The necessary paperwork may vary from state to state--even in Connecticut, but the following is a list of some standard documents you may need to have on you:

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

Corbett Restaurant Group comes with experience to help you in the sale of your Meriden, 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. However, you may want to have them ready because you will certainly need them during the sales process.

In addition, putting together these documents lets you see your Meriden, Connecticut restaurant through the lens of a buyer. It provides you a clear image of the Meriden, Connecticut restaurant you are selling. In addition, it helps you identify if there are any loopholes you'll have to address.

#2 Get Your Financials in Order

Your financial records are an important part of selling your Meriden, Connecticut restaurant. This is the reason you should make it a priority to make your documents accurate and organized.

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

The financial records may include:

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

In addition, ensure you have soft copies of all of the documents. This could make it easier for you to send the information to potential buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things could create legal problems for you if a buyer later discovers these liabilities after closing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Meriden, Connecticut restaurant, you need to review of your commercial lease. It would be devestating if, after attracting a buyer, your lease prevents you from closing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed evaluation of your financials, whether favorable or not, this will help them evaluate the value of your Meriden, Connecticut restaurant.

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to build your cash flow before trying to sell your Meriden, Connecticut restaurant.

The average time it may take to sell a Meriden, Connecticut restaurant is six months. Within those six months, there are several things you can do in order to increase your profit and cut various costs, and therefore strengthen the worth of your Meriden, Connecticut restaurant.

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

This will assist you in deriving the probable value of your Meriden, Connecticut restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Meriden, Connecticut restaurant could go a long way in helping you attract potential buyers. Conversely, if the overall appearance of your Meriden, Connecticut restaurant does not look good to buyers, they could pass over without a second look.

To avoid this from happening, everything in and out of your Meriden, Connecticut restaurant must be cleaned and maintained. Landscaped and a clean parking area may help create appeal for potential buyers.

Spot-free windows, polished handles and a neat floor are also simple things that can help create a unforgettable first impression.

Additionally, you should make sure that all the equipment is in satisfactory condition. If your equipment is not working properly, it can send 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 output capabilities. It can even lower the morale of your employees, 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 prospective buyers regarding purchasing your Meriden, Connecticut restaurant.

#7 Search for Meriden Buyers

Looking for prospective buyers is time-consuming and can require specialized skills and a certain level of experience. This may require that you hire a professional Meriden, Connecticut restaurant broker to help. The professional Meriden, Connecticut restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to take on this task alone, you will need to carry out appropriate advertising. You can list your Meriden, Connecticut restaurant on listing websites and tell family and friends about your plans to sell your Meriden, Connecticut restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Meriden, Connecticut Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the contract. The paperwork will likely begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the contract.

This document includes details such as the selling price of your Meriden, Connecticut restaurant, items and equipment and inventory value.

Choosing a Meriden, Connecticut Restaurant Broker

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

It's true, in order for you to achieve the most out of the business deal, you need a higher level of expertise in order to stand above and against your competition while attempting to attract buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Meriden, Connecticut restaurant broker is needed. A Meriden, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Meriden, Connecticut restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Meriden, Connecticut Restaurant Broker

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

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

Meriden Zip Codes We Support: 06450, 06451, 06454