Decided to Sell Your Vernon, Connecticut Restaurant?

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

Considering opening a new eatery, moving, or even retiring. Regardless of the reason, selling a Vernon, Connecticut restaurant can be way more difficult than you may realize. This is because it takes careful preparation and a solid game plan to successfully get out with enough profit for all the labor you’ve put into it.

Necessary Actions to Take in Selling Your Restaurant

You may either decide to contract with a eatery broker to guide you in selling your Vernon, Connecticut restaurant or do the task on your own. If you are considering selling your Vernon, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Gather any Important Paperwork

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

The necessary documents may vary from state to state--even in Connecticut, but below is a list of a few standard documents you may need to have ready:

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

Corbett Restaurant Group has the expertise to help you in the sale of your Vernon, Connecticut restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably best not to show all these documents to a possible buyer first day. But, you should have them at hand because you will certainly need them during the sales process.

In addition, compiling these documents allows you to view your Vernon, Connecticut restaurant through the lens of a buyer. This provides you a clear image of the Vernon, Connecticut restaurant you're selling. Furthermore, it allows you to show if there are any areas you'll need to address.

#2 Get Your Financial Records in Order

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

Offering your financial records to potential buyers may assist to clear any hesitations they might have regarding your Vernon, Connecticut restaurant.

The financial records could include:

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

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

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

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Vernon, 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 is advisable to have a discussion with your landlord concerning your plan to sell your Vernon, Connecticut restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will often request an in-depth evaluation of your financial records, whether favorable or not, this helps them evaluate the true value of your Vernon, Connecticut restaurant.

This will be in your best interest to make sure that you augment sales and reduce expenses to build your cash flow planning to sell your Vernon, Connecticut restaurant.

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

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

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

#5 Increase Curb Appeal

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

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

Clean windows, polished handles and a presentable floor are also small things that could help create a unforgettable initial impression.

Furthermore, you should ensure that all the equipment is in top 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.

Non-functional equipment may rouse doubt about your financial status and output abilities. It could even lower the mood of your employees, 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 regarding purchasing your Vernon, Connecticut restaurant.

#7 Search for Vernon Buyers

Marketing to prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire a professional Vernon, Connecticut restaurant broker to help. The professional Vernon, Connecticut restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you decide to handle this task yourself, you will need to carry out appropriate advertising. You can show your Vernon, Connecticut restaurant on listing websites and tell family and friends about your plans to market for sale your Vernon, Connecticut restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Vernon, Connecticut Restaurant

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

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

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

Choosing a Vernon, Connecticut Restaurant Broker

While trying to sell your Vernon, Connecticut restaurant on your own can be an exhilarating endeavor, it could also be very risky, especially for first-timers.

The fact remains, if you're looking to achieve the most from of the business deal, you need a higher level of experience to stand above and against your competition while attempting to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Vernon, Connecticut restaurant broker comes in. A Vernon, Connecticut restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Vernon, Connecticut restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Vernon, Connecticut Restaurant Broker

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

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

Vernon Zip Codes We Support: 06066