Right Time to Sell Your New Canaan, Connecticut Restaurant?

After years of labor, you have made the decision sell your New Canaan, Connecticut restaurant

Considering starting a new New Canaan, Connecticut restaurant, relocating, or maybe slowing down. No matter the reason, selling your New Canaan, Connecticut restaurant can be a lot more challenging than you may realize. This is because it takes careful preparation and a solid strategy to successfully exit with enough money for all the sweat you’ve put into it.

Important Steps to Consider when Selling Your Restaurant

You can either make the decision to hire a eatery broker to assist you in selling your New Canaan, Connecticut restaurant or do the task yourself. Whether considering selling your New Canaan, Connecticut restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather the Important Documentation

This is a necessary initial step to take when you commence the process of offering your New Canaan, Connecticut restaurant.

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

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

Corbett Restaurant Group has the expertise to assist you in the market for sale of your New Canaan, Connecticut restaurant. Call today for a no strings attached consultation at (888) 266-5182.

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

In addition, putting together these documents lets you view your New Canaan, Connecticut restaurant through the lens of a buyer. This gives you a clear image of the New Canaan, Connecticut restaurant you're selling. In addition, it helps you show whether there are any concerns you will need to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial part of selling your New Canaan, Connecticut restaurant. That’s the reason you should strive to make these documents complete and well organized.

Offering your financial records to potential buyers could aid clear any hesitations they may have regarding your New Canaan, Connecticut restaurant.

Your financial documents 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 documentation to prospective buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these items can create legal issues for you if a buyer later on discovers these liabilities post sealing the deal.

#3 Organize the Information On Your Commercial Lease

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

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth evaluation of your financial records, whether favorable or not, this helps with estimating the true value of your New Canaan, Connecticut restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to build up your cash flow starting to sell your New Canaan, Connecticut restaurant.

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

Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This may help you in coming up with the probable worth of your New Canaan, Connecticut restaurant. Understanding the overall value will help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your New Canaan, Connecticut restaurant could go a long way in helping you bring potential buyers. Conversely, if the overall curb appeal of your New Canaan, Connecticut restaurant does not look good to buyers, they likely pass over without consideration.

To avoid this from happening, all things in and out of your New Canaan, Connecticut restaurant must be clean. Landscaping and a clean parking lot could help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a neat floor are also easy items that would help create a unforgettable initial impression.

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

Non-functional equipment can raise doubt about your financial capabilities and output capabilities. It may even dampen the morale of your staff, which in turn, 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 New Canaan, Connecticut restaurant.

#7 look for New Canaan Buyers

Searching for potential buyers is time-consuming and often requires specific skills and a certain level of experience. This may require that you hire an experienced New Canaan, Connecticut restaurant broker to help. The professional New Canaan, Connecticut restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you make the decision to handle this task yourself, you will need to carry out proper advertising. You can market your New Canaan, Connecticut restaurant on listing websites and let your family and friends know about your intentions to sell your New Canaan, Connecticut restaurant.

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

#8 Be Ready

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

You never know when a buyer could walk into your New Canaan, Connecticut restaurant. Some buyers might even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your New Canaan, 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 finalize the transaction. The paperwork will usually start with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

This document includes details including the selling price of your New Canaan, Connecticut restaurant, items and equipment and inventory value.

Choosing a New Canaan, Connecticut Restaurant Broker

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

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

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

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

Contact a New Canaan, Connecticut Restaurant Broker

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

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

New Canaan Zip Codes We Support: 06840, 06842