Are You Ready to Sell Your Simsbury, Connecticut Restaurant?

Following years of labor, you have made the decision sell your Simsbury, Connecticut restaurant

Contemplating opening a different Simsbury, Connecticut restaurant, moving, or even retiring. No matter the reason, selling your Simsbury, Connecticut restaurant can be way more challenging than you may think. This is because it takes careful preparation and a solid strategy to successfully exit with enough money for all the labor you’ve put into it.

Important Steps to Consider when Selling Your Restaurant

You may either decide to hire a Simsbury, Connecticut restaurant broker to help you in selling your Simsbury, Connecticut restaurant or take on the task yourself. If you are considering selling your Simsbury, Connecticut restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together the Necessary Paperwork

This is an important initial step to make when you commence the process of offering your Simsbury, Connecticut restaurant.

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

• Gather your assets
• Lease documentation
• 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 comes with expertise to assist you in the market for sale of your Simsbury, Connecticut restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to reveal all these documents to a potrntial buyer right away. But, you should have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents lets you see your Simsbury, Connecticut restaurant through the lens of a buyer. It gives you a clear image of the Simsbury, Connecticut restaurant you are selling. In addition, it allows you to identify if there are any areas you will have to take care of.

#2 Get Your Financial Records in Order

Your financial records are a crucial part of selling your Simsbury, Connecticut restaurant. This is why you should make it a priority to have these documents accurate and well organized.

Showing your financial documents to potential buyers may help clear any doubt they may have concerning your Simsbury, Connecticut restaurant.

Your financial records may include:

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

In addition, make sure you have duplicate copies of all of the records. This will make it easier for you to send the information to possible buyers.

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

#3 Gather the Details of Your Commercial Lease

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

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this helps them estimate the true value of the Simsbury, Connecticut restaurant.

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

The estimated time it may take to sell a Simsbury, Connecticut restaurant is 6 months. Within those six months, there is a lot you can do in order to increase your profit and cut several costs, and thus strengthen the worth of your Simsbury, Connecticut restaurant.

Also, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This could aid you in coming up with the probable worth of your Simsbury, Connecticut restaurant. Understanding the overall value will help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Simsbury, Connecticut restaurant can go a great distance in helping you attract potential buyers. Conversely, if the overall appearance of your Simsbury, Connecticut restaurant does not appeal to buyers, they might take a pass without consideration.

To avoid this from happening, all things in and out of your Simsbury, Connecticut restaurant must be cleaned and maintained. Landscaped and a clean parking lot can help create curb appeal for prospective buyers.

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

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

Non-functional equipment also raises doubt about your financial capabilities and production capabilities. It can even lower the excitment of your employees, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning purchasing your Simsbury, Connecticut restaurant.

#7 look for Simsbury Buyers

Looking for prospective buyers is time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire an experienced Simsbury, Connecticut restaurant broker to help. The professional Simsbury, Connecticut restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to take on this task alone, you will need to create appropriate advertising. You can show your Simsbury, Connecticut restaurant on listing websites and let your family and friends know about your intentions to sell your Simsbury, Connecticut restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will walk into your Simsbury, Connecticut restaurant. Some buyers might even come in as customers just to carry out some research before contacting you.

#9 Sell Your Simsbury, Connecticut Restaurant

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

You should have your attorney’s expertise in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This document includes details including the selling price of your Simsbury, Connecticut restaurant, assets and equipment as well as inventory value.

Choosing a Simsbury, Connecticut Restaurant Broker

Although trying to sell your Simsbury, Connecticut restaurant on your own can be an exciting project, 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 some level of experience in order to stand above and against your competition while trying to find buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Simsbury, Connecticut restaurant broker is needed. A Simsbury, Connecticut restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Simsbury, Connecticut restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Simsbury, Connecticut Restaurant Broker

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

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

Simsbury Zip Codes We Support: 06001, 06070, 06081, 06089, 06092