Are You Ready to Sell Your Southington, Connecticut Restaurant?

Following years of hard work, you have made the decision sell your Southington, Connecticut restaurant

Contemplating opening a different eatery, moving, or even slowing down. Regardless of the reason, selling your Southington, Connecticut restaurant can be a lot more challenging than you might think. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough profit for all the sweat you’ve put into it.

Important Actions to Consider in Selling Your Restaurant

You may either make the decision to hire a Southington, Connecticut restaurant broker to guide you in selling your Southington, Connecticut restaurant or take on the task on your own. If you are considering selling your Southington, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather the Important Documentation

This is an important first step to make when you begin the process of selling your Southington, Connecticut restaurant.

The necessary paperwork may vary from state to state--even in Connecticut, but below is a list of a few generalized documents you may find helpful to have on you:

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

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

You probably do not want to reveal all these documents to a prospective buyer right away. But, you should have them on hand because you will certainly require them during the sales process.

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

#2 Put Your Financials in Order

Your financial documents are an important part of selling your Southington, Connecticut restaurant. This is why you should make an effort to make these documents accurate and well organized.

Offering your financial records to potential buyers may assist to clear any doubt they may have concerning your Southington, Connecticut restaurant.

The financial records could 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 documents. This may make it easier for you to transmit the information to possible buyers.

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

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Southington, Connecticut restaurant, you need to understand of your commercial lease. It would be disappointing if, after securing a buyer, your lease prevents you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth evaluation of your financials, whether favorable or not, this helps them evaluate the value of the Southington, Connecticut restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow before trying to sell your Southington, Connecticut restaurant.

The average time it takes to sell a Southington, Connecticut restaurant is 6 months. Within those six months, there are many things you can do to increase your profit and slash various costs, and therefore increase the value of your Southington, Connecticut restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This may aid you in coming up with the probable value of your Southington, Connecticut restaurant. If you understand the overall worth this could help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

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

To prevent this from happening, all things in and out of your Southington, Connecticut restaurant must be cleaned and maintained. Landscaping and a clean parking area could help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a clean floor are other easy items that can help create a unforgettable initial impression.

Additionally, you should ensure all your equipment is in satisfactory condition. If your equipment is not working, it might convey the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial status and production capabilities. It may even dampen the morale of your staff, and in response, 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 Southington, Connecticut restaurant.

#7 Search for Southington Buyers

Marketing to prospective buyers can be time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire a professional Southington, Connecticut restaurant broker to help. The professional Southington, Connecticut restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this task by yourself, you will need to carry out appropriate advertising. You can show your Southington, Connecticut restaurant on listing websites and let your family and friends know about your plans to market for sale your Southington, Connecticut restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Southington, Connecticut Restaurant

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

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

This agreement includes details including the selling price of your Southington, Connecticut restaurant, assets and equipment and inventory value.

Choosing a Southington, Connecticut Restaurant Broker

Although attempting to sell your Southington, Connecticut restaurant on your own can be an exhilarating project, it can also be very risky, especially for first-timers.

It's true, in order for you to get the most from of the business transaction, you need a higher level of expertise to stand above and against the competition while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Southington, Connecticut restaurant broker is needed. A Southington, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Southington, Connecticut restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Southington, Connecticut Restaurant Broker

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

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

Southington Zip Codes We Support: 06444, 06467, 06479, 06489