Ready to Sell Your Norwalk, Connecticut Restaurant?

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

Contemplating starting a new eatery, relocating, or even retiring. No matter the reason, selling your Norwalk, 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 proceeds for all the labor you’ve put into it.

Important Actions to Take in Selling Your Restaurant

You may either think to hire a eatery broker to assist you in selling your Norwalk, Connecticut restaurant or do the task yourself. Whether considering selling your Norwalk, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together all Important Documentation

This is a necessary first step to make when you begin the process of offering your Norwalk, Connecticut restaurant.

The necessary documents may vary from state to state--even in Connecticut, but the following is a list of a few 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 drawings
• Financial statements and other important financial documents

Corbett Restaurant Group comes with experience to assist you in the market for sale of your Norwalk, Connecticut restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a potrntial buyer day one. But, you may want to have them on hand because you will eventually need them during the sales process.

Also, putting together these documents lets you see your Norwalk, Connecticut restaurant through the lens of a buyer. This provides you a clear picture of the Norwalk, Connecticut restaurant you're offering for sale. Furthermore, it allows you to show whether there are any areas you'll have to take care of.

#2 Put Your Financial Records in Order

Your financial documents are an important detail of selling your Norwalk, Connecticut restaurant. This is the reason you should strive to have your documents complete and well organized.

Showing your financial records to prospective buyers could help clear any hesitations they might have concerning your Norwalk, Connecticut restaurant.

Your financial records may include:

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

Also, ensure you have duplicate copies of all of these documents. This can make it easier for you to transmit the records to prospective buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these items could create legal issues for you if a buyer later discovers these ommissions after sealing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your Norwalk, Connecticut restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after securing 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 Norwalk, Connecticut restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the true value of the Norwalk, Connecticut restaurant.

It is therefore in your best interest to make sure that you augment sales and reduce expenses to build your cash flow starting to sell your Norwalk, Connecticut restaurant.

The estimated time it takes to sell a Norwalk, Connecticut restaurant is six months. Within those six months, there are several things you can do to increase your profit and reduce several costs, and therefore increase the worth of your Norwalk, Connecticut restaurant.

In addition, 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 will help you in deriving the overall value of your Norwalk, Connecticut restaurant. If you understand the overall worth this could help you come up with a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Norwalk, Connecticut restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Norwalk, Connecticut restaurant does not look good to buyers, they likely pass over without consideration.

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

Clean windows, polished door handles and a presentable floor are other simple things that could help create a unforgettable first impression.

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

Faulty equipment could raise doubt about your financial status and production capabilities. It may even lower the mood 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 potential buyers concerning purchasing your Norwalk, Connecticut restaurant.

#7 Search for Norwalk Buyers

Marketing to prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional Norwalk, Connecticut restaurant broker to help. A professional Norwalk, Connecticut restaurant broker will offer recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to take on this project yourself, you will need to create proper advertising. You can list your Norwalk, Connecticut restaurant on listing websites and tell family and friends about your plans to market for sale your Norwalk, Connecticut restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Norwalk, Connecticut Restaurant

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

You should have your attorney’s expertise in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Norwalk, Connecticut Restaurant Broker

Although attempting to sell your Norwalk, Connecticut restaurant on your own can be an exciting project, it can also be very risky, especially for first time sellers.

The fact remains, if you're looking to achieve the most out of the business deal, you need a higher level of expertise in order to stand out against your competition while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Norwalk, Connecticut restaurant broker comes in. A Norwalk, Connecticut restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Norwalk, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a Norwalk, Connecticut Restaurant Broker

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

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

Norwalk Zip Codes We Support: 06850, 06851, 06852, 06853, 06854, 06855, 06856, 06857, 06858, 06859, 06860, 06880