Right Time to Sell Your Stratford, Connecticut Restaurant?

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

Considering opening a new Stratford, Connecticut restaurant, relocating, or maybe retiring. No matter the reason, selling your Stratford, Connecticut restaurant can be a lot more complicated than you might think. This is because it takes careful preparation and a solid strategy to successfully walk away with enough profit for all the time you may have put into it.

Important Steps to Consider when Selling Your Restaurant

You can either make the decision to hire a Stratford, Connecticut restaurant broker to help you in selling your Stratford, Connecticut restaurant or take on the task yourself. Whether considering selling your Stratford, Connecticut restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together any Necessary Paperwork

This is an important preparatory step to take when you start the process of selling your Stratford, Connecticut restaurant.

The necessary paperwork may vary from state to state--even in Connecticut, but below is a list of some general documents you may be requierd to have prepared:

• A list of your assets
• Lease documentation
• 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 sale of your Stratford, Connecticut restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably smart not to reveal all these documents to a potrntial buyer first day. 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 Stratford, Connecticut restaurant through the lens of a buyer. It provides you a clear picture of the Stratford, Connecticut restaurant you are offering for sale. In addition, it allows you to show if there are any areas you will need to take care of.

#2 Get Your Financial Records in Order

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

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

The financial documents may include:

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

In addition, ensure you have hard copies of all of these records. This could make it easier for you to send the documentation to possible buyers.

Likewise, as the seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these items could create legal problems for you if a buyer later discovers these ommissions after signing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Stratford, Connecticut restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord regarding your plan to sell your Stratford, Connecticut restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will most likely request an detailed evaluation of your financial records, whether favorable or not, this helps them estimate the true value of the Stratford, Connecticut restaurant.

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

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

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

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

#5 Make Your Restaurant Look Good

The first impression of your Stratford, Connecticut restaurant could go a long way in helping you attract potential buyers. Conversely, if the overall aesthetic of your Stratford, Connecticut restaurant does not look good to buyers, they might pass over without a second look.

To avoid this from happening, all things in and out of your Stratford, Connecticut restaurant must be clean. Landscaping and a clean parking lot may help create appeal for prospective buyers.

Clean windows, polished handles and a presentable floor are other easy things that can help create a unforgettable initial impression.

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

Non-functional equipment may rouse doubt about your financial situation and production capabilities. It may even dampen the mood of your staff, and in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding purchasing your Stratford, Connecticut restaurant.

#7 look for Stratford Buyers

Looking for 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 Stratford, Connecticut restaurant broker to help. The professional Stratford, Connecticut restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this project alone, you will need to create appropriate advertising. You can offer your Stratford, Connecticut restaurant on listing websites and let your family and friends know about your intentions to sell your Stratford, Connecticut restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Stratford, Connecticut Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to finalize the contract. The documentation will likely start with the Asset Purchase Agreement.

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

This document includes details including the selling price of your Stratford, Connecticut restaurant, items and equipment and inventory value.

Choosing a Stratford, Connecticut Restaurant Broker

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

The fact remains, in order for you to get the most out of the business transaction, you need some level of expertise to stand out against your competition while trying to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Stratford, Connecticut restaurant broker is needed. A Stratford, Connecticut restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Stratford, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell quicker and at a great price.

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

Contact a Stratford, Connecticut Restaurant Broker

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

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

Stratford Zip Codes We Support: 06497, 06614, 06615