Decided to Sell Your Torrington, Connecticut Restaurant?

After years of sweat equity, you have made the decision sell your Torrington, Connecticut restaurant

Contemplating starting a new eatery, moving, or maybe retiring. No matter the reason, selling your Torrington, Connecticut restaurant can be way more complicated than you may realize. This is because it takes careful preparation and a solid game plan to successfully exit with enough proceeds for all the sweat you’ve put into it.

Necessary Steps to Consider in Selling Your Restaurant

You can either make the decision to hire a Torrington, Connecticut restaurant broker to assist you in selling your Torrington, Connecticut restaurant or take on the task on your own. Whether considering selling your Torrington, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Put Together all Necessary Documentation

This is an important preparatory step to take when you commence the process of marketing your Torrington, Connecticut restaurant.

The necessary paperwork may vary from state to state--even in Connecticut, but the following is a list of some general 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 documentation
• Architectural drawings
• Financial statements and other important financial documents

Corbett Restaurant Group comes with expertise to help you in the market for sale of your Torrington, Connecticut restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably best not to reveal all these documents to a possible buyer right away. However, you may want to have them on hand because you will certainly require them during the sales process.

Also, compiling these documents allows you to see your Torrington, Connecticut restaurant through the lens of a buyer. This gives you a clear image of the Torrington, Connecticut restaurant you're offering for sale. Furthermore, it helps you identify whether there are any areas you will need to take care of.

#2 Put Your Financial Documents in Order

Your financial documents are an important detail of selling your Torrington, Connecticut restaurant. That’s the reason you should make it a priority to have these documents complete and organized.

Offering your financial documents to potential buyers could assist to clear any hesitations they may have concerning your Torrington, 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 hard copies of all of the documents. This could make it easier for you to send the information to possible buyers.

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

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Torrington, Connecticut restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease ends up preventing you from closing the deal.

For this reason, it may advisable to talk to your landlord concerning your plan to sell your Torrington, Connecticut restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

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

This will be in your best interest to ensure that you increase sales and reduce expenses to increase your cash flow before trying to sell your Torrington, Connecticut restaurant.

The estimated time it takes to sell a Torrington, Connecticut restaurant is 6 months. Within those six months, there are many things you can do in order to strengthen your profit and reduce various costs, and thus increase the worth of your Torrington, Connecticut restaurant.

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

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

#5 Increase Curb Appeal

The first impression of your Torrington, Connecticut restaurant will go a great distance in helping you attract potential buyers. Conversely, if the overall appearance of your Torrington, Connecticut restaurant does not appeal to buyers, they could take a pass without a second look.

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

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

Additionally, you should make sure that all your equipment is in top condition. If your equipment is not working properly, it can send the message that you are in a hurry to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial situation and output abilities. It may even lower the mood of your staff, which in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding buying your Torrington, Connecticut restaurant.

#7 look for Torrington Buyers

Searching for potential buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire an experienced Torrington, Connecticut restaurant broker to help. A professional Torrington, Connecticut restaurant broker will offer recommendations for saving time for attracting more prospective buyers. However, if you decide to take on this task by yourself, you will need to carry out proper advertising. You can offer your Torrington, Connecticut restaurant on business websites and tell family and friends about your plans to market for sale your Torrington, Connecticut restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Torrington, Connecticut Restaurant

This is the remaining 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 often begin with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Torrington, Connecticut Restaurant Broker

While trying to sell your Torrington, Connecticut restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first time sellers.

It's true, if you're looking to achieve the most out of the business transaction, you need some level of expertise to stand out against your competition while trying to attract buyers.

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

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

Contact a Torrington, Connecticut Restaurant Broker

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

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

Torrington Zip Codes We Support: 06759, 06790