Are You Ready to Sell Your New Britain, Connecticut Restaurant?

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

Contemplating starting a new New Britain, Connecticut restaurant, moving, or even retiring. No matter the reason, selling your New Britain, 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 profit for all the sweat you may have put into it.

Important Steps to Take in Selling Your Restaurant

You can either think to contract with a eatery broker to help you in selling your New Britain, Connecticut restaurant or take on the task yourself. If you are considering selling your New Britain, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Gather all Important Paperwork

This is an important initial step to take when you commence the process of marketing your New Britain, Connecticut restaurant.

The necessary paperwork may vary from state to state--even in Connecticut, but the following is a list of some generalized documents you may find helpful to have at hand:

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

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

It's probably best not to show the majority of these documents to a potrntial buyer day one. However, you should have them on hand because you will eventually need them during the sales process.

Also, compiling these documents lets you see your New Britain, Connecticut restaurant through the lens of a buyer. It gives you a clear image of the New Britain, Connecticut restaurant you are offering for sale. Furthermore, it helps you identify if there are any loopholes you'll have to take care of.

#2 Put Your Financial Records in Order

Your financial records are a crucial aspect of selling your New Britain, Connecticut restaurant. This is why you should make an effort to have these documents complete and well organized.

Showing your financial documents to potential buyers may help clear any hesitations they may have regarding your New Britain, Connecticut restaurant.

The financial documents could include:

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

In addition, make sure you have duplicate copies of all of the records. This may make it easier for you to transmit the records to prospective buyers.

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

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your New Britain, Connecticut restaurant, you need to review of your commercial lease. It would be devestating if, after securing a buyer, your lease prevents you from sealing the deal.

For this reason, it is advisable to talk to your landlord concerning your plan to sell your New Britain, Connecticut restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the value of your New Britain, Connecticut restaurant.

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

The average time it takes to sell a New Britain, Connecticut restaurant is 6 months. Within those six months, there are several things you can do in order to strengthen your profit and cut various costs, and therefore increase the worth of your New Britain, Connecticut restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This could help you in estimating the overall value of your New Britain, 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 New Britain, Connecticut restaurant can go a long way in helping you attract potential buyers. Alternatively, if the overall curb appeal of your New Britain, Connecticut restaurant does not appeal to buyers, they might pass over immediately.

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

Clean windows, polished door handles and a presentable floor are other small items that can help create a unforgettable initial impression.

Furthermore, you should make sure all the equipment is in satisfactory condition. If your equipment is not functioning, 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 may even lower the mood of your employees, and 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 New Britain, Connecticut restaurant.

#7 look for New Britain Buyers

Marketing to potential buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire a professional New Britain, Connecticut restaurant broker to help. A professional New Britain, Connecticut restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to take on this task by yourself, you will need to carry out appropriate advertising. You can offer your New Britain, Connecticut restaurant on listing websites and let your family and friends know about your intentions to sell your New Britain, Connecticut restaurant.

As you will probably come across competition when trying to sell your New Britain, Connecticut restaurant, you need your restaurant to stand out.

#8 Be Ready

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

You will never know when a buyer could walk into your New Britain, Connecticut restaurant. Some buyers may even come in as customers just to carry out some research before contacting you.

#9 Sell Your New Britain, Connecticut Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the transaction. The documentation often start with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the deal.

This agreement includes details including the selling price of your New Britain, Connecticut restaurant, items and equipment as well as inventory value.

Choosing a New Britain, Connecticut Restaurant Broker

Although trying to sell your New Britain, Connecticut restaurant on your own can be an exciting endeavor, it could also be very risky, especially for first-timers.

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

Experience is also vital during negotiations with potential buyers. This is when an experienced New Britain, Connecticut restaurant broker is recommended. A New Britain, Connecticut restaurant broker has the resources, experience and strategy required to easily take on the task of selling your New Britain, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell quicker and at a great price.

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

Contact a New Britain, Connecticut Restaurant Broker

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

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

New Britain Zip Codes We Support: 06050, 06051, 06052, 06053