Time to Sell Your New London, Connecticut Restaurant?

Following years of labor, you have decided to sell your New London, Connecticut restaurant

Considering opening a new eatery, relocating, or even slowing down. Regardless of the reason, selling your New London, Connecticut restaurant can be a lot more challenging than you might realize. This is because it takes careful preparation and a solid strategy to successfully get out with enough proceeds for all the labor you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

You may either think to contract with a New London, Connecticut restaurant broker to guide you in selling your New London, Connecticut restaurant or take on the task yourself. If you are considering selling your New London, 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 marketing your New London, Connecticut restaurant.

The necessary paperwork may vary from state to state--even in Connecticut, but below is a list of some generalized documents you may be requierd to have on you:

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

You certainly do not want to show all these documents to a prospective buyer day one. But, you may want to have them on hand because you will certainly require them during the sales process.

In addition, putting together these documents lets you view your New London, Connecticut restaurant through the lens of a buyer. This provides you a clear picture of the New London, Connecticut restaurant you're offering for sale. Furthermore, it helps you show if there are any loopholes you will need to take care of.

#2 Put Your Financial Records in Order

Your financial documents are an important aspect of selling your New London, Connecticut restaurant. That’s the reason you should strive to have these documents accurate and organized.

Showing your financial records to possible buyers could help clear any hesitations they may have regarding your New London, Connecticut restaurant.

These financial records may include:

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

Also, ensure you have hard copies of all of these records. This will make it easier for you to transmit the documentation to prospective buyers.

Likewise, as the seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these items may create legal problems for you if a buyer later discovers these ommissions post sealing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your New London, 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 talk to your landlord regarding your plan to sell your New London, Connecticut restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed analysis of your financial records, whether favorable or not, this will help them estimate the value of your New London, Connecticut restaurant.

This will be in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow planning to sell your New London, Connecticut restaurant.

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

Also, 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 could help you in deriving the overall value of your New London, Connecticut restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your New London, Connecticut restaurant can go a long way in helping you attract potential buyers. Conversely, if the overall look of your New London, Connecticut restaurant does not appeal to buyers, they might pass over right off the bat.

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

Clean windows, polished handles and a clean floor are other easy things that could help create a great initial impression.

Furthermore, you should ensure that all the equipment is in top condition. If your equipment is not working, it might send the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial capabilities and output capabilities. It could even lower the excitment of your employees, and 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 purchasing your New London, Connecticut restaurant.

#7 look for New London Buyers

Looking for prospective buyers is time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire a professional New London, Connecticut restaurant broker to help. The professional New London, Connecticut restaurant broker will offer recommendations for saving time & money for attracting more prospective buyers. However, if you decide to take on this task yourself, you will need to create proper advertising. You can list your New London, Connecticut restaurant on listing websites and tell family and friends about your plans to market for sale your New London, Connecticut restaurant.

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

#8 Be Ready

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

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

#9 Sell Your New London, Connecticut Restaurant

This is the final 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 will usually start with the Asset Purchase Agreement.

You should have your attorney’s help in drafting 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 London, Connecticut restaurant, items and equipment and inventory value.

Choosing a New London, Connecticut Restaurant Broker

While attempting to sell your New London, Connecticut restaurant on your own can be an exciting project, it could also be quite risky, especially for first time sellers.

The fact remains, if you're looking to get the most from of the business deal, you need some level of expertise to stand out against your cometitors while trying to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced New London, Connecticut restaurant broker is needed. A New London, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your New London, Connecticut restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a New London, Connecticut Restaurant Broker

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

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

New London Zip Codes We Support: 06320, 06338, 06375