Right Time to Sell Your Trumbull, Connecticut Restaurant?

After years of sweat equity, you have decided to sell your Trumbull, Connecticut restaurant

Contemplating starting a new Trumbull, Connecticut restaurant, relocating, or maybe slowing down. No matter the reason, selling a Trumbull, Connecticut restaurant can be a lot more difficult than you might think. This is because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the labor you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You can either make the decision to contract with a eatery broker to help you in selling your Trumbull, Connecticut restaurant or take on the task yourself. Whether considering selling your Trumbull, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather all Necessary Documentation

This is a necessary initial step to make when you start the process of offering your Trumbull, 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 find helpful to have ready:

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

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

You certainly do not want to reveal the majority of these documents to a potrntial buyer day one. However, you may want to have them at hand because you will eventually require them during the sales process.

In addition, putting together these documents allows you to see your Trumbull, Connecticut restaurant through the lens of a buyer. It provides you a clear image of the Trumbull, Connecticut restaurant you're selling. In addition, it allows you to identify whether there are any loopholes you will have to take care of.

#2 Put Your Financial Records in Order

Your financial documents are an important aspect of selling your Trumbull, Connecticut restaurant. This is the reason you should make it a priority to make your documents accurate and organized.

Offering your financial documents to prospective buyers could assist to clear any doubt they might have regarding your Trumbull, Connecticut restaurant.

The financial documents may include:

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

Also, make sure you have hard copies of all of these records. This may make it easier for you to transmit the records to prospective buyers.

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

#3 Organize the Details of Your Commercial Lease

In the process of preparing to sell your Trumbull, Connecticut restaurant, you need to understand of your commercial lease. It would be devestating if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors may request an detailed evaluation of your financials, whether favorable or not, this helps with estimating the value of the Trumbull, Connecticut restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build your cash flow planning to sell your Trumbull, Connecticut restaurant.

The estimated time it may take to sell a Trumbull, 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 Trumbull, Connecticut restaurant.

Also, when it comes 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 help you in coming up with the overall worth of your Trumbull, Connecticut restaurant. When you understand the overall worth this may help you determine a selling price.

#5 Make Your Restaurant Attractive

The appearance of your Trumbull, Connecticut restaurant could go a long way in helping you bring potential buyers. Alternatively, if the overall look of your Trumbull, Connecticut restaurant does not appeal to buyers, they likely take a pass right off the bat.

To prevent this from happening, everything in and out of your Trumbull, Connecticut restaurant must be cleaned and maintained. Landscaped and a clean parking lot could help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a neat floor are also easy items that could help create a great first impression.

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

Faulty equipment can raise doubt about your financial capabilities and output abilities. It may even lower the excitment of your employees, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Trumbull Buyers

Looking for prospective buyers is time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced Trumbull, Connecticut restaurant broker to help. The professional Trumbull, Connecticut restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this project yourself, you will need to carry out appropriate advertising. You can offer your Trumbull, Connecticut restaurant on business websites and let your family and friends know about your intentions to market for sale your Trumbull, Connecticut restaurant.

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

#8 Be Ready

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

You'll never know when a buyer will visit your Trumbull, Connecticut restaurant. Some buyers might even visit as customers just to perform some research before contacting you.

#9 Sell Your Trumbull, Connecticut Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the transaction. The paperwork will likely start with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Trumbull, Connecticut Restaurant Broker

While trying to sell your Trumbull, Connecticut restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first time sellers.

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 out against the cometitors while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Trumbull, Connecticut restaurant broker is recommended. A Trumbull, Connecticut restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Trumbull, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell faster and for more money.

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

Contact a Trumbull, Connecticut Restaurant Broker

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

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

Trumbull Zip Codes We Support: 06611