Decided to Sell Your Newington, Connecticut Restaurant?

Following years of hard work, you have decided to sell your Newington, Connecticut restaurant

Contemplating opening a different Newington, Connecticut restaurant, relocating, or even retiring. No matter the reason, selling your Newington, Connecticut restaurant can be a lot more difficult than you might realize. This is because it takes thoughtful preparation and a solid game plan to successfully exit with enough money for all the time you may have put into it.

Necessary Actions to Take when Selling Your Restaurant

You can either think to contract with a Newington, Connecticut restaurant broker to assist you in selling your Newington, Connecticut restaurant or do the task on your own. Whether considering selling your Newington, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather any Necessary Documentation

This is an important first step to take when you start the process of selling your Newington, Connecticut restaurant.

The necessary documents may vary from state to state--even in Connecticut, but below is a list of some standard documents you may find helpful to have ready:

• Gather 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 comes with experience to assist you in the market for sale of your Newington, Connecticut restaurant. Call today for a no strings attached business review at (888) 266-5182.

You certainly do not want to reveal all these documents to a prospective buyer right away. However, you may want to have them ready because you will eventually require them during the sales process.

In addition, putting together these documents allows you to see your Newington, Connecticut restaurant through the lens of a buyer. This provides you a clear image of the Newington, Connecticut restaurant you are offering for sale. In addition, it allows you to identify if there are any areas you'll have to address.

#2 Get Your Financial Documents in Order

Your financial records are a crucial part of selling your Newington, Connecticut restaurant. This is why you should make an effort to make your documents accurate and well organized.

Showing your financial records to possible buyers may help clear any doubt they may have regarding your Newington, Connecticut restaurant.

Your financial records may include:

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

Also, make sure you have soft copies of all of these records. This could make it easier for you to send the information to possible buyers.

Also, as the seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these items can create legal problems for you if a buyer later on discovers these liabilities post completing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Newington, Connecticut restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from closing the deal.

For this reason, it may advisable to have a discussion with your landlord concerning your plan to sell your Newington, Connecticut restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financial records, whether favorable or not, this will help them estimate the value of your Newington, 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 up your cash flow starting to sell your Newington, Connecticut restaurant.

The estimated time it may take to sell a Newington, Connecticut restaurant is 6 months. Within those six months, there are several things you can do in order to increase your profit and reduce various costs, and therefore increase the value of your Newington, Connecticut restaurant.

In addition, 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 aid you in estimating the overall worth of your Newington, Connecticut restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Newington, Connecticut restaurant will go a long way in helping you bring potential buyers. Alternatively, if the general curb appeal of your Newington, Connecticut restaurant does not look good to buyers, they might take a pass right off the bat.

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

Spot-free windows, polished door handles and a presentable floor are also small things that could help create a memorable first impression.

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

Non-functional equipment could raise doubt about your financial capabilities and output abilities. It may even lower the excitment of your employees, and in response, 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 purchasing your Newington, Connecticut restaurant.

#7 Search for Newington Buyers

Looking for prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire an experienced Newington, Connecticut restaurant broker to help. A professional Newington, Connecticut restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you decide to take on this project by yourself, you will need to carry out appropriate advertising. You can market your Newington, Connecticut restaurant on business websites and tell family and friends about your plans to market for sale your Newington, Connecticut restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer will walk into your Newington, Connecticut restaurant. Some buyers may even come in as customers in order to carry out some research before contacting you.

#9 Sell Your Newington, Connecticut Restaurant

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

You should have your attorney’s assistance in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Newington, Connecticut Restaurant Broker

Although trying to sell your Newington, Connecticut restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first time sellers.

The fact remains, in order for you to achieve the most out of the business deal, you need a higher level of experience to stand out against your cometitors while attempting to find buyers.

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

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

Contact a Newington, Connecticut Restaurant Broker

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

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

Newington Zip Codes We Support: 06111, 06131