Are You Ready to Sell Your North Haven, Connecticut Restaurant?

After years of hard work, you have decided to sell your North Haven, Connecticut restaurant

Contemplating opening a different eatery, relocating, or even slowing down. No matter the reason, selling your North Haven, Connecticut restaurant can be a lot more difficult than you might realize. Thats because it takes careful preparation and a solid strategy to successfully get out with enough money for all the sweat you’ve put into it.

Necessary Steps to Take in Selling Your Restaurant

You may either make the decision to contract with a eatery broker to assist you in selling your North Haven, Connecticut restaurant or do the task on your own. Whether considering selling your North Haven, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Gather the Business Documentation

This is a necessary initial step to take when you start the process of selling your North Haven, Connecticut restaurant.

The necessary documents may vary from state to state--even in Connecticut, but the following is a list of a few general documents you may be requierd to have on you:

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

Corbett Restaurant Group comes with experience to help you in the market for sale of your North Haven, Connecticut restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably best not to show all these documents to a prospective buyer first day. But, you should have them ready because you will eventually need them during the sales process.

Also, putting together these documents lets you see your North Haven, Connecticut restaurant through the lens of a buyer. It provides you a clear image of the North Haven, Connecticut restaurant you are selling. In addition, it helps you identify if there are any concerns you will need to take care of.

#2 Put Your Financials in Order

Your financial records are an important detail of selling your North Haven, Connecticut restaurant. This is why you should make it a priority to have these documents accurate and well organized.

Offering your financial documents to potential buyers may help clear any doubt they might have concerning your North Haven, Connecticut restaurant.

The financial records can include:

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

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

In addition, as a seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failing to inform a buyer about these items could create legal problems for you if a buyer later discovers these ommissions post completing the deal.

#3 Gather the Information On Your Commercial Lease

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

For this reason, it could be advisable to talk to your landlord regarding your plan to sell your North Haven, Connecticut restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an in-depth analysis of your financials, whether favorable or not, this will help them evaluate the true value of your North Haven, Connecticut restaurant.

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

The average time it may take to sell a North Haven, Connecticut restaurant is six months. Within the six months, there are many things you can do to increase your profit and slash various costs, and thus strengthen the value of your North 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 estimate your assets.

This will aid you in coming up with the overall worth of your North Haven, Connecticut restaurant. When you understand the overall value this may help you settle on a selling price.

#5 Make Your Restaurant Attractive

The first impression of your North Haven, Connecticut restaurant could go a great distance in helping you attract potential buyers. Conversely, if the overall aesthetic of your North Haven, Connecticut restaurant does not look good to buyers, they could take a pass right off the bat.

To prevent this from happening, everything in and out of your North Haven, Connecticut restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create appeal for prospective buyers.

Spot-free windows, polished handles and a clean floor are also simple things that can help create a memorable first impression.

Additionally, you should ensure all the equipment is in top condition. If your equipment is not working, it can convey the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial capabilities and production abilities. It can even dampen the morale of your employees, 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 regarding purchasing your North Haven, Connecticut restaurant.

#7 Search for North Haven 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 North Haven, Connecticut restaurant broker to help. A professional North Haven, Connecticut restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you decide to handle this task alone, you will need to create proper advertising. You can market your North Haven, Connecticut restaurant on listing websites and tell family and friends about your intentions to sell your North Haven, Connecticut restaurant.

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

#8 Be Prepared

If you decide to sell your North Haven, Connecticut restaurant yourself, or with a a North Haven, Connecticut restaurant broker, you need to always be ready. Be prepared to show your North Haven, Connecticut restaurant to potential buyers at all times.

You'll never know when a buyer will walk into your North Haven, Connecticut restaurant. Some buyers might even visit as customers just to perform some research before reaching out to you.

#9 Sell Your North Haven, Connecticut Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to complete the contract. The documentation often begin with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the contract.

This document includes details including the selling price of your North Haven, Connecticut restaurant, assets and equipment and inventory value.

Choosing a North Haven, Connecticut Restaurant Broker

While attempting to sell your North Haven, Connecticut restaurant on your own can be an exciting endeavor, it can also be very risky, especially for first time sellers.

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

Experience is also vital during negotiations with prospective buyers. This is when an experienced North Haven, Connecticut restaurant broker is needed. A North Haven, Connecticut restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your North Haven, Connecticut restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

With the help of a North Haven, Connecticut restaurant broker, you can focus your undivided attention on operating your North Haven, Connecticut restaurant and rest easy with the knowledge that a professional is in charge of selling your North Haven, Connecticut restaurant.

Contact a North Haven, Connecticut Restaurant Broker

Choosing to sell your North Haven, Connecticut restaurant through a North Haven, Connecticut restaurant broker has multiple advantages. First, however, you need to select the best North Haven, Connecticut restaurant broker to assist you in selling your North Haven, Connecticut restaurant.

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

North Haven Zip Codes We Support: 06473, 06514, 06517, 06518