Right Time to Sell Your New Haven, Connecticut Restaurant?

Following years of sweat equity, you have made the decision sell your New Haven, Connecticut restaurant

Considering starting a different eatery, relocating, or maybe slowing down. Regardless of the reason, selling your New Haven, Connecticut restaurant can be way more challenging than you might think. Thats because it takes careful preparation and a solid strategy to successfully exit with enough money for all the time you’ve put into it.

Necessary Actions to Consider when Selling Your Restaurant

You can either decide to contract with a New Haven, Connecticut restaurant broker to guide you in selling your New Haven, Connecticut restaurant or do the task on your own. If you are considering selling your New Haven, Connecticut restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather all Necessary Documentation

This is a necessary first step to make when you start the process of offering your New Haven, Connecticut restaurant.

The required documents may vary from state to state--even in Connecticut, but below is a list of some general documents you may need to have on you:

• A list of your assets
• Lease contract
• 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 experience to assist you in the sale of your New Haven, Connecticut restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a prospective buyer right away. But, you should have them on hand because you will eventually need them during the sales process.

In addition, putting together these documents lets you view your New Haven, Connecticut restaurant through the lens of a buyer. This provides you a clear picture of the New Haven, Connecticut restaurant you're offering for sale. Furthermore, it helps you identify if there are any loopholes you'll have to address.

#2 Put Your Financial Documents in Order

Your financial documents are a crucial detail of selling your New Haven, Connecticut restaurant. This is why you should make an effort to have these documents accurate and organized.

Showing your financial records to prospective buyers may aid clear any hesitations they might have concerning your New Haven, Connecticut restaurant.

Your financial records can include:

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

In addition, make sure you have hard copies of all of these documents. This can make it easier for you to transmit the records to prospective buyers.

Also, as a seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these items can create legal issues for you if a buyer later discovers these ommissions after completing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your New Haven, Connecticut restaurant, you need to understand 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 may advisable to talk to your landlord regarding your plan to sell your New Haven, Connecticut restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will often request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the true value of the New Haven, 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 your cash flow starting to sell your New Haven, Connecticut restaurant.

The estimated time it may take to sell a New Haven, Connecticut restaurant is six months. Within those six months, there are several things you can do in order to increase your profit and slash various costs, and thus strengthen the value of your New Haven, Connecticut restaurant.

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

This could aid you in estimating the overall value of your New Haven, Connecticut restaurant. When you understand the overall value this may help you determine a selling price.

#5 Make Your Restaurant Look Better

The appearance of your New Haven, Connecticut restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the general curb appeal of your New Haven, Connecticut restaurant does not appeal to buyers, they could take a pass right off the bat.

To prevent this from happening, everything in and out of your New Haven, Connecticut restaurant must be clean. Landscaped and a clean parking area may help create appeal for potential buyers.

Spot-free windows, polished handles and a presentable floor are also easy things that can help create a great initial impression.

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

Faulty equipment can raise doubt about your financial capabilities and output capabilities. It could even dampen the mood of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for New Haven Buyers

Looking for prospective buyers is time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire an experienced New Haven, Connecticut restaurant broker to help. A professional New Haven, Connecticut restaurant broker will offer recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to handle this task by yourself, you will need to create appropriate advertising. You can offer your New Haven, Connecticut restaurant on business websites and let your family and friends know about your intentions to sell your New Haven, Connecticut restaurant.

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

#8 Be Prepared

Whether you decide to sell your New Haven, Connecticut restaurant yourself, or with a a New Haven, Connecticut restaurant broker, you should always be ready. Be ready to show your New Haven, Connecticut restaurant to potential buyers at all times.

You will never know when a buyer could walk into your New Haven, Connecticut restaurant. Some buyers might even come in as customers just to perform some research before reaching out to you.

#9 Sell Your New Haven, Connecticut Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the contract. The documentation will likely start with the Asset Purchase Agreement.

You should have your attorney’s expertise in creating this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a New Haven, Connecticut Restaurant Broker

While trying to sell your New Haven, Connecticut restaurant on your own can be an exhilarating project, it could also be very risky, especially for first time sellers.

The fact remains, in order for you to achieve the most from of the business transaction, you need some level of expertise in order to stand above and against your cometitors while trying to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced New Haven, Connecticut restaurant broker is recommended. A New Haven, Connecticut restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your New Haven, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

With the assistance of a New Haven, Connecticut restaurant broker, you can focus your undivided attention on operating your New Haven, Connecticut restaurant and rest assured knowing that a professional is in charge of selling your New Haven, Connecticut restaurant.

Contact a New Haven, Connecticut Restaurant Broker

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

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

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