Ready to Sell Your Wallingford, Connecticut Restaurant?

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

Considering opening a different Wallingford, Connecticut restaurant, moving, or maybe slowing down. Regardless of the reason, selling a Wallingford, Connecticut restaurant can be way more difficult than you might think. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough money for all the time you may have put into it.

Necessary Actions to Consider in Selling Your Restaurant

You may either make the decision to contract with a Wallingford, Connecticut restaurant broker to guide you in selling your Wallingford, Connecticut restaurant or do the task on your own. If you are considering selling your Wallingford, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Important Paperwork

This is an important initial step to take when you commence the process of selling your Wallingford, Connecticut restaurant.

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

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

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

You probably do not want to reveal the majority of these documents to a prospective buyer first day. But, you may want to have them ready because you will certainly require them during the sales process.

In addition, compiling these documents allows you to see your Wallingford, Connecticut restaurant through the lens of a buyer. It provides you a clear image of the Wallingford, Connecticut restaurant you're selling. Furthermore, it allows you to show whether there are any loopholes you'll need to address.

#2 Put Your Financial Records in Order

Your financial records are a crucial detail of selling your Wallingford, Connecticut restaurant. This is the reason you should strive to make your documents complete and well organized.

Offering your financial documents to potential buyers could help clear any hesitations they may have regarding your Wallingford, Connecticut restaurant.

These financial documents could include:

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

In addition, ensure you have duplicate copies of all of the documents. This can make it easier for you to transmit the records to possible buyers.

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

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Wallingford, Connecticut restaurant, you need to review of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an in-depth analysis of your financials, whether favorable or not, this helps them evaluate the value of the Wallingford, Connecticut restaurant.

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to build up your cash flow planning to sell your Wallingford, Connecticut restaurant.

The estimated time it takes to sell a Wallingford, Connecticut restaurant is six months. Within the six months, there is a lot you can do to strengthen your profit and reduce various costs, and therefore increase the worth of your Wallingford, 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 could aid you in estimating the probable value of your Wallingford, Connecticut restaurant. If you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Look Awesome

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

To prevent this from happening, everything in and out of your Wallingford, Connecticut restaurant must be cleaned and maintained. Landscaping and a clean parking area can help create curb appeal for prospective buyers.

Clean windows, polished door handles and a clean floor are other easy items that could help create a unforgettable initial impression.

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

Non-functional equipment also raises doubt about your financial capabilities and production abilities. It may even lower the excitment of your employees, 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 Wallingford, Connecticut restaurant.

#7 look for Wallingford Buyers

Looking for prospective buyers is time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced Wallingford, Connecticut restaurant broker to help. A professional Wallingford, Connecticut restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to take on this task yourself, you will need to create appropriate advertising. You can market your Wallingford, Connecticut restaurant on business websites and let your family and friends know about your intentions to market for sale your Wallingford, Connecticut restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Wallingford, Connecticut Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the transaction. The paperwork often start with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Wallingford, Connecticut Restaurant Broker

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

It's true, if you're looking to achieve the most out of the business deal, you need a higher level of experience to stand above and against the competition while attempting to find buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Wallingford, Connecticut restaurant broker is needed. A Wallingford, Connecticut restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Wallingford, Connecticut restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Wallingford, Connecticut Restaurant Broker

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

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

Wallingford Zip Codes We Support: 06492, 06493, 06494, 06495