Decided to Sell Your Middletown, Connecticut Restaurant?

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

Considering starting a different Middletown, Connecticut restaurant, relocating, or even retiring. Regardless of the reason, selling your Middletown, Connecticut restaurant can be a lot more complicated than you may realize. This is because it takes careful preparation and a solid strategy to successfully get out with enough money for all the labor you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

You may either make the decision to hire a Middletown, Connecticut restaurant broker to help you in selling your Middletown, Connecticut restaurant or take on the task yourself. If you are considering selling your Middletown, Connecticut restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather any Necessary Paperwork

This is an important first step to take when you begin the process of offering your Middletown, Connecticut restaurant.

The required documents may vary from state to state--even in Connecticut, but below is a list of some standard documents you may need 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 assist you in the sale of your Middletown, Connecticut restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably best not to reveal all these documents to a prospective buyer first day. However, you should have them ready because you will certainly need them during the sales process.

Also, compiling these documents allows you to view your Middletown, Connecticut restaurant through the lens of a buyer. This gives you a clear picture of the Middletown, Connecticut restaurant you are selling. In addition, it allows you to identify whether there are any areas you will need to address.

#2 Put Your Financial Documents in Order

Your financial documents are a crucial aspect of selling your Middletown, Connecticut restaurant. That’s the reason you should make it a priority to have these documents accurate and well organized.

Offering your financial documents to possible buyers could assist to clear any doubt they may have regarding your Middletown, Connecticut restaurant.

Your financial documents can include:

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

In addition, ensure you have hard copies of all of the records. This could make it easier for you to send the records to prospective buyers.

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

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Middletown, Connecticut restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease ends up preventing you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed evaluation of your financial records, whether favorable or not, this will help them evaluate the true value of the Middletown, Connecticut restaurant.

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to build up your cash flow planning to sell your Middletown, Connecticut restaurant.

The average time it may take to sell a Middletown, Connecticut restaurant is six months. Within the six months, there is a lot you can do to strengthen your profit and slash several costs, and thus increase the worth of your Middletown, Connecticut restaurant.

In addition, 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 could aid you in deriving the probable worth of your Middletown, Connecticut restaurant. When you understand the overall value this may help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Middletown, Connecticut restaurant can go a great distance in helping you bring potential buyers. Alternatively, if the general curb appeal of your Middletown, Connecticut restaurant does not look good to buyers, they might take a pass immediately.

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

Clean windows, polished handles and a clean floor are other small things that would help create a great initial impression.

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

Faulty equipment could raise doubt about your financial status and output capabilities. It can even lower the mood of your staff, and in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning buying your Middletown, Connecticut restaurant.

#7 look for Middletown Buyers

Searching for prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire a professional Middletown, Connecticut restaurant broker to help. A professional Middletown, Connecticut restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you make the decision to take on this project yourself, you will need to carry out appropriate advertising. You can market your Middletown, Connecticut restaurant on business websites and let your family and friends know about your intentions to market for sale your Middletown, Connecticut restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer could visit your Middletown, Connecticut restaurant. Some buyers might even visit as customers in order to carry out some research before contacting you.

#9 Sell Your Middletown, Connecticut Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the contract. The paperwork often begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in creating this document. Involving 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 Middletown, Connecticut restaurant, items and equipment and inventory value.

Choosing a Middletown, Connecticut Restaurant Broker

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

It's true, in order for you to achieve the most from of the business transaction, you need a higher level of experience to stand out against the cometitors while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Middletown, Connecticut restaurant broker is recommended. A Middletown, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Middletown, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell faster and for more money.

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

Contact a Middletown, Connecticut Restaurant Broker

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

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

Middletown Zip Codes We Support: 06457, 06459