Are You Ready to Sell Your Stamford, Connecticut Restaurant?

Following years of sweat equity, you have made the decision sell your Stamford, Connecticut restaurant

Considering starting a new eatery, relocating, or maybe retiring. No matter the reason, selling your Stamford, Connecticut restaurant can be way more complicated than you might realize. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough profit for all the time you’ve put into it.

Necessary Steps to Consider in Selling Your Restaurant

You can either decide to hire a Stamford, Connecticut restaurant broker to assist you in selling your Stamford, Connecticut restaurant or do the task on your own. Whether considering selling your Stamford, Connecticut restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather the Business Documentation

This is a necessary preparatory step to take when you commence the process of selling your Stamford, Connecticut restaurant.

The required documents may vary from state to state--even in Connecticut, but the following is a list of some standard documents you may find helpful to have at hand:

• A list of 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 has the experience to help you in the market for sale of your Stamford, Connecticut restaurant. Call today for a no strings attached business review 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 require them during the sales process.

Also, putting together these documents lets you see your Stamford, Connecticut restaurant through the lens of a buyer. This provides you a clear image of the Stamford, Connecticut restaurant you're offering for sale. Furthermore, it helps you identify if there are any loopholes you will have to address.

#2 Put Your Financial Records in Order

Your financial records are a crucial aspect of selling your Stamford, Connecticut restaurant. That’s why you should make an effort to make your documents complete and well organized.

Showing your financial documents to prospective buyers could assist to clear any hesitations they may have regarding your Stamford, Connecticut restaurant.

These financial documents can include:

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

In addition, make sure you have soft copies of all of the documents. This could make it easier for you to send the records to possible buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these things may create legal issues for you if a buyer later on discovers these liabilities after completing the deal.

#3 Organize the Information On Your Commercial Lease

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

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

#4 Have Your Restauarant Appraised

Buyers and investors may request an detailed evaluation of your financials, whether favorable or not, this helps them evaluate the true value of your Stamford, Connecticut restaurant.

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to increase your cash flow before trying to sell your Stamford, Connecticut restaurant.

The estimated time it may take to sell a Stamford, Connecticut restaurant is 6 months. Within the six months, there are many things you can do to increase your profit and cut various costs, and therefore increase the value of your Stamford, Connecticut restaurant.

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

This may help you in estimating the overall value of your Stamford, Connecticut restaurant. If you understand the overall worth this may help you come up with a selling price.

#5 Increase Curb Appeal

The first impression of your Stamford, Connecticut restaurant can go a long way in helping you attract potential buyers. Conversely, if the overall look of your Stamford, Connecticut restaurant does not appeal to buyers, they could take a pass without consideration.

To prevent this from happening, everything in and out of your Stamford, Connecticut restaurant must be cleaned and maintained. Manicured and a clean parking lot may help create appeal for potential buyers.

Clean windows, polished handles and a presentable floor are also small items that would help create a great first impression.

Furthermore, you should make sure all the equipment is in satisfactory condition. If your equipment is not working, it can convey the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial status and output capabilities. It could even dampen the morale of your employees, which 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 buying your Stamford, Connecticut restaurant.

#7 Search for Stamford Buyers

Searching for prospective buyers is time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire a professional Stamford, Connecticut restaurant broker to help. A professional Stamford, Connecticut restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to take on this project yourself, you will need to carry out proper advertising. You can market your Stamford, Connecticut restaurant on business websites and let your family and friends know about your plans to market for sale your Stamford, Connecticut restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Stamford, Connecticut restaurant yourself, or through a Stamford, Connecticut restaurant broker, you should always be prepared. Be prepared to show your Stamford, Connecticut restaurant to prospective buyers at all times.

You'll never know when a buyer could visit your Stamford, Connecticut restaurant. Some buyers may even visit as customers in order to perform some research before reaching out to you.

#9 Sell Your Stamford, Connecticut Restaurant

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

You may need your attorney’s expertise in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Stamford, Connecticut Restaurant Broker

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

The fact remains, in order for you to achieve the most from of the business deal, you need a higher level of expertise in order to stand above and against the cometitors while trying to find buyers.

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

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

Contact a Stamford, Connecticut Restaurant Broker

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

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

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