Ready to Sell Your Milford, Connecticut Restaurant?

Following years of labor, you have made the decision sell your Milford, Connecticut restaurant

Contemplating starting a different Milford, Connecticut restaurant, relocating, or maybe retiring. Regardless of the reason, selling a Milford, Connecticut restaurant can be way more challenging than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the labor you’ve put into it.

Important Actions to Consider in Selling Your Restaurant

You may either decide to contract with a eatery broker to assist you in selling your Milford, Connecticut restaurant or do the task on your own. If you are considering selling your Milford, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather any Important Documentation

This is an important preparatory step to make when you commence the process of offering your Milford, Connecticut restaurant.

The required documents may vary from state to state--even in Connecticut, but the following is a list of a few general documents you may be requierd to have prepared:

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

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

You certainly do not want to show all these documents to a possible buyer right away. However, you may want to have them at hand because you will certainly require them during the sales process.

In addition, putting together these documents lets you view your Milford, Connecticut restaurant through the lens of a buyer. This gives you a clear picture of the Milford, Connecticut restaurant you are selling. Furthermore, it helps you show if there are any concerns you'll need to address.

#2 Get Your Financial Records in Order

Your financial records are an important part of selling your Milford, Connecticut restaurant. This is the reason you should strive to have your documents accurate and organized.

Offering your financial records to potential buyers could help clear any hesitations they might have concerning your Milford, Connecticut restaurant.

The financial documents may include:

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

In addition, make sure you have soft copies of all of the documents. This may make it easier for you to send the records to possible buyers.

Likewise, as the seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these things can create legal problems for you if a buyer later discovers these liabilities post closing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Milford, Connecticut restaurant, you need to review of your commercial lease. It could be disappointing if, after securing a buyer, your lease ends up preventing you from sealing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financial records, whether favorable or not, this helps them evaluate the value of your Milford, 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 Milford, Connecticut restaurant.

The average time it takes to sell a Milford, Connecticut restaurant is 6 months. Within those six months, there are several things you can do in order to increase your profit and reduce several costs, and thus increase the value of your Milford, Connecticut restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This may help you in estimating the probable value of your Milford, Connecticut restaurant. Understanding the overall value will help you determine a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Milford, Connecticut restaurant can go a long way in helping you attract potential buyers. Alternatively, if the general appearance of your Milford, Connecticut restaurant does not look good to buyers, they likely pass over right off the bat.

To avoid this from happening, everything in and out of your Milford, Connecticut restaurant must be clean. Landscaped and a clean parking lot could help create appeal for prospective buyers.

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

Furthermore, you should make sure all the equipment is in satisfactory condition. If your equipment is not functioning, it may send the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial status and production capabilities. It may even dampen the excitment of your staff, 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 buying your Milford, Connecticut restaurant.

#7 look for Milford Buyers

Looking for prospective buyers can be time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire an experienced Milford, Connecticut restaurant broker to help. The professional Milford, Connecticut restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you make the decision to take on this project by yourself, you will need to carry out appropriate advertising. You can market your Milford, Connecticut restaurant on business websites and let your family and friends know about your plans to market for sale your Milford, Connecticut restaurant.

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

#8 Be Ready

Regardless if you decide to sell your Milford, Connecticut restaurant yourself, or through a Milford, Connecticut restaurant broker, you need to always be prepared. Be ready to show your Milford, Connecticut restaurant to prospective buyers at all times.

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

#9 Sell Your Milford, Connecticut Restaurant

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

You may need your attorney’s expertise in drafting this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the contract.

This agreement includes details such as the selling price of your Milford, Connecticut restaurant, assets and equipment as well as inventory value.

Choosing a Milford, Connecticut Restaurant Broker

Although trying to sell your Milford, Connecticut restaurant on your own can be an exhilarating project, it can also be quite risky, especially for first-timers.

The fact remains, in order for you to achieve the most out of the business transaction, you need some level of experience to stand out against your cometitors while attempting to find buyers.

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

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

Contact a Milford, Connecticut Restaurant Broker

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

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

Milford Zip Codes We Support: 06460, 06461