Decided to Sell Your Naugatuck, Connecticut Restaurant?

Following years of hard work, you have made the decision sell your Naugatuck, Connecticut restaurant

Contemplating opening a new Naugatuck, Connecticut restaurant, moving, or maybe slowing down. No matter the reason, selling your Naugatuck, Connecticut restaurant can be way more complicated than you may think. Thats 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 when Selling Your Restaurant

You may either think to hire a Naugatuck, Connecticut restaurant broker to assist you in selling your Naugatuck, Connecticut restaurant or do the task on your own. Whether considering selling your Naugatuck, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather the Business Documentation

This is an important first step to take when you begin the process of marketing your Naugatuck, 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 document
• 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 comes with experience to assist you in the market for sale of your Naugatuck, Connecticut restaurant. Call today for a no-obligation 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 certainly need them during the sales process.

In addition, putting together these documents allows you to view your Naugatuck, Connecticut restaurant through the lens of a buyer. It provides you a clear picture of the Naugatuck, Connecticut restaurant you are offering for sale. In addition, it allows you to show if there are any concerns you'll need to address.

#2 Put Your Financials in Order

Your financial records are an important detail of selling your Naugatuck, Connecticut restaurant. That’s why you should make it a priority to make these documents accurate and well organized.

Showing your financial records to potential buyers may help clear any doubt they might have concerning your Naugatuck, Connecticut restaurant.

The financial documents could 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 will make it easier for you to send the records to possible buyers.

Also, as the seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these things could create legal issues for you if a buyer later discovers these ommissions after closing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Naugatuck, Connecticut restaurant, you must find out the terms of your commercial lease. It could be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it may advisable to have a discussion with your landlord regarding your plan to sell your Naugatuck, Connecticut restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an in-depth evaluation of your financial records, whether favorable or not, this helps them estimate the true value of your Naugatuck, Connecticut restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to build up your cash flow before trying to sell your Naugatuck, Connecticut restaurant.

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

This may aid you in estimating the probable value of your Naugatuck, Connecticut restaurant. If you understand the overall worth this could help you settle on a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Naugatuck, Connecticut restaurant could go a great distance in helping you bring potential buyers. Conversely, if the overall curb appeal of your Naugatuck, Connecticut restaurant does not look good to buyers, they might pass over without a second look.

To avoid this from happening, everything in and out of your Naugatuck, Connecticut restaurant must be clean. Manicured and a clean parking area may help create appeal for prospective buyers.

Spot-free windows, polished handles and a presentable floor are also small items that would help create a unforgettable first impression.

Additionally, you should make sure all your equipment is in top condition. If your equipment is not working, it could send the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial capabilities and production abilities. It could even lower the mood of your employees, which in response, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding buying your Naugatuck, Connecticut restaurant.

#7 look for Naugatuck Buyers

Looking for prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire an experienced Naugatuck, Connecticut restaurant broker to help. A professional Naugatuck, Connecticut restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this task by yourself, you will need to create proper advertising. You can show your Naugatuck, Connecticut restaurant on listing websites and let your family and friends know about your plans to sell your Naugatuck, Connecticut restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Naugatuck, Connecticut Restaurant

This is the remaining 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 will likely begin with the Asset Purchase Agreement.

You should have your attorney’s help in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Naugatuck, Connecticut Restaurant Broker

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

It's true, if you're looking to get the most out of the business transaction, you need some level of experience to stand above and against your cometitors while trying to find buyers.

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

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

Contact a Naugatuck, Connecticut Restaurant Broker

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

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

Naugatuck Zip Codes We Support: 06770