Are You Ready to Sell Your Norwich, Connecticut Restaurant?

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

Considering starting a different Norwich, Connecticut restaurant, relocating, or even slowing down. Regardless of the reason, selling your Norwich, Connecticut restaurant can be way more difficult than you might realize. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough profit for all the time you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You may either think to contract with a eatery broker to help you in selling your Norwich, Connecticut restaurant or take on the task yourself. If you are considering selling your Norwich, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather the Important Paperwork

This is a necessary initial step to make when you begin the process of marketing your Norwich, Connecticut restaurant.

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

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

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

You certainly do not want to reveal all these documents to a prospective buyer first day. However, you should have them ready because you will certainly need them during the sales process.

In addition, compiling these documents lets you view your Norwich, Connecticut restaurant through the lens of a buyer. This provides you a clear picture of the Norwich, Connecticut restaurant you're selling. In addition, it helps you identify if there are any areas you will have to address.

#2 Get Your Financial Records in Order

Your financial records are an important part of selling your Norwich, Connecticut restaurant. That’s the reason you should strive to have your documents complete and organized.

Showing your financial documents to prospective buyers could assist to clear any doubt they might have regarding your Norwich, Connecticut restaurant.

Your financial records can 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 may make it easier for you to transmit the information to potential buyers.

In addition, as a seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these things may create legal problems for you if a buyer later on discovers these ommissions post signing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Norwich, Connecticut restaurant, you must find out the terms of your commercial lease. It would be devestating if, after attracting a buyer, your lease ends up preventing you from closing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this helps with estimating the value of the Norwich, Connecticut restaurant.

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to build your cash flow planning to sell your Norwich, Connecticut restaurant.

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

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This could help you in deriving the probable value of your Norwich, Connecticut restaurant. If you understand the overall value this could help you settle on a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Norwich, Connecticut restaurant can go a long way in helping you bring potential buyers. Conversely, if the general aesthetic of your Norwich, Connecticut restaurant does not appeal to buyers, they might take a pass immediately.

To avoid this from happening, all things in and out of your Norwich, Connecticut restaurant must be clean. Landscaped and a clean parking area could help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a neat floor are also simple items that would help create a memorable initial impression.

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

Non-functional equipment can raise doubt about your financial situation and output abilities. It can even lower the morale of your staff, and 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 Norwich, Connecticut restaurant.

#7 Search for Norwich Buyers

Searching for prospective buyers is time-consuming and can require specific skills and a certain level of expertise. This may require that you hire a professional Norwich, Connecticut restaurant broker to help. A professional Norwich, Connecticut restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to take on this project alone, you will need to create proper advertising. You can list your Norwich, Connecticut restaurant on business websites and tell family and friends about your intentions to market for sale your Norwich, Connecticut restaurant.

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

#8 Be Prepared

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

You will never know when a buyer could visit your Norwich, Connecticut restaurant. Some buyers may even visit as customers just to perform some research before contacting you.

#9 Sell Your Norwich, Connecticut Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to complete the contract. The documentation will likely start with the Asset Purchase Agreement.

You may need your attorney’s assistance in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Norwich, Connecticut Restaurant Broker

Although attempting to sell your Norwich, Connecticut restaurant on your own can be an exciting endeavor, it can 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 some level of expertise to stand above and against your competition while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Norwich, Connecticut restaurant broker is recommended. A Norwich, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Norwich, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

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

Contact a Norwich, Connecticut Restaurant Broker

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

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

Norwich Zip Codes We Support: 06360, 06380, 06389