Right Time to Sell Your New Milford, Connecticut Restaurant?

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

Contemplating starting a different eatery, relocating, or even slowing down. Regardless of the reason, selling a New Milford, Connecticut restaurant can be way more difficult than you might think. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough profit for all the sweat you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

You can either decide to hire a eatery broker to assist you in selling your New Milford, Connecticut restaurant or take on the task yourself. Whether considering selling your New Milford, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Put Together any Important Documentation

This is a necessary preparatory step to take when you start the process of selling your New Milford, Connecticut restaurant.

The required documents may vary from state to state--even in Connecticut, but the following is a list of some standard documents you may need to have at hand:

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

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

It's probably smart not to show the majority of these documents to a prospective buyer day one. However, you may want to have them at hand because you will eventually require them during the sales process.

Also, putting together these documents allows you to see your New Milford, Connecticut restaurant through the lens of a buyer. This gives you a clear picture of the New Milford, Connecticut restaurant you are selling. In addition, it allows you to show whether there are any loopholes you will need to take care of.

#2 Put Your Financial Documents in Order

Your financial documents are an important detail of selling your New Milford, Connecticut restaurant. This is why you should strive to make your documents accurate and well organized.

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

These financial records could include:

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

Also, make sure you have hard copies of all of the documents. This could make it easier for you to transmit the records to prospective buyers.

Likewise, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these items can create legal problems for you if a buyer later on discovers these liabilities after sealing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your New Milford, Connecticut restaurant, you need to review of your commercial lease. It could be devestating if, after securing a buyer, your lease hinders you from closing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your New Milford, Connecticut restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financial records, whether favorable or not, this helps them estimate the value of your New Milford, Connecticut restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow planning to sell your New Milford, Connecticut restaurant.

The estimated time it may take to sell a New Milford, Connecticut restaurant is 6 months. Within the six months, there are many things you can do to strengthen your profit and slash several costs, and thus increase the worth of your New Milford, Connecticut restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This will help you in coming up with the probable value of your New Milford, Connecticut restaurant. If you understand the overall value this could help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your New Milford, Connecticut restaurant can go a long way in helping you attract potential buyers. Conversely, if the general aesthetic of your New Milford, Connecticut restaurant does not look good to buyers, they could pass over without consideration.

To avoid this from happening, everything in and out of your New Milford, Connecticut restaurant must be cleaned and maintained. Manicured and a clean parking lot can help create curb appeal for potential buyers.

Clean windows, polished door handles and a neat floor are also simple items that could help create a memorable initial impression.

Furthermore, you should ensure that all the equipment is in satisfactory condition. If your equipment is not functioning, it can convey the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial situation and production capabilities. It could even dampen the mood of your employees, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers concerning purchasing your New Milford, Connecticut restaurant.

#7 look for New Milford Buyers

Looking for prospective buyers is time-consuming and can require specific skills and a certain level of experience. This may require that you hire an experienced New Milford, Connecticut restaurant broker to help. A professional New Milford, Connecticut restaurant broker will offer recommendations for saving time for attracting more prospective buyers. However, if you make the decision to take on this task alone, you will need to carry out appropriate advertising. You can market your New Milford, Connecticut restaurant on listing websites and let your family and friends know about your plans to market for sale your New Milford, Connecticut restaurant.

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

#8 Be Ready

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

You never know when a buyer will visit your New Milford, Connecticut restaurant. Some buyers might even come in as customers in order to carry out some research before contacting you.

#9 Sell Your New Milford, Connecticut Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the transaction. The documentation will usually start with the Asset Purchase Agreement.

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

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

Choosing a New Milford, Connecticut Restaurant Broker

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

The fact remains, in order for you to achieve the most out of the business deal, you need a higher level of expertise in order to stand above and against the cometitors while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced New Milford, Connecticut restaurant broker comes in. A New Milford, Connecticut restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your New Milford, Connecticut restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a New Milford, Connecticut Restaurant Broker

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

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

New Milford Zip Codes We Support: 06755, 06776, 06784, 06794