Ready to Sell Your Waterbury, Connecticut Restaurant?

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

Contemplating opening a new eatery, moving, or even retiring. Regardless of the reason, selling a Waterbury, Connecticut restaurant can be way more difficult than you may realize. Thats because it takes careful preparation and a solid game plan to successfully get out with enough proceeds for all the labor you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

You can either think to hire a Waterbury, Connecticut restaurant broker to help you in selling your Waterbury, Connecticut restaurant or take on the task yourself. If you are considering selling your Waterbury, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Put Together all Important Paperwork

This is an important initial step to make when you commence the process of marketing your Waterbury, Connecticut restaurant.

The required documents may vary from state to state--even in Connecticut, but the following is a list of a few general documents you may be requierd to have at hand:

• Gather 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 sale of your Waterbury, Connecticut restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

In addition, compiling these documents allows you to view your Waterbury, Connecticut restaurant through the lens of a buyer. This gives you a clear image of the Waterbury, Connecticut restaurant you're selling. Furthermore, it allows you to show whether there are any concerns you will need to take care of.

#2 Get Your Financial Documents in Order

Your financial documents are a crucial part of selling your Waterbury, Connecticut restaurant. This is why you should make it a priority to have these documents complete and organized.

Offering your financial documents to possible buyers could aid clear any doubt they may have regarding your Waterbury, 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 duplicate copies of all of these documents. This may make it easier for you to send the documentation to prospective buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these things can create legal issues for you if a buyer later on discovers these liabilities post signing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Waterbury, Connecticut restaurant, you need to understand of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders you from closing the deal.

For this reason, it may advisable to have a discussion with your landlord concerning your plan to sell your Waterbury, Connecticut restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

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

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

The average time it may take to sell a Waterbury, Connecticut restaurant is 6 months. Within those six months, there are several things you can do in order to increase your profit and cut several costs, and thus increase the worth of your Waterbury, 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 estimate your assets.

This could aid you in coming up with the probable value of your Waterbury, Connecticut restaurant. When you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Waterbury, Connecticut restaurant can go a long way in helping you bring potential buyers. Alternatively, if the overall aesthetic of your Waterbury, Connecticut restaurant does not look good to buyers, they likely pass over immediately.

To avoid this from happening, everything in and out of your Waterbury, Connecticut restaurant must be clean. Landscaping and a clean parking lot could help create appeal for prospective buyers.

Spot-free windows, polished door handles and a presentable floor are also easy things that could help create a unforgettable first impression.

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

Faulty equipment may rouse doubt about your financial status and production capabilities. It can even lower the morale of your employees, and in turn, 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 Waterbury, Connecticut restaurant.

#7 Search for Waterbury Buyers

Searching for prospective buyers is time-consuming and can require specific skills and a certain level of expertise. This may require that you hire an experienced Waterbury, Connecticut restaurant broker to help. A professional Waterbury, Connecticut restaurant broker will offer recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to take on this task alone, you will need to create proper advertising. You can market your Waterbury, Connecticut restaurant on listing websites and let your family and friends know about your plans to sell your Waterbury, Connecticut restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Waterbury, Connecticut Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the contract. The paperwork will likely begin with the Asset Purchase Agreement.

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

This agreement includes details including the selling price of your Waterbury, Connecticut restaurant, assets and equipment as well as inventory value.

Choosing a Waterbury, Connecticut Restaurant Broker

Although attempting to sell your Waterbury, Connecticut restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business transaction, you need some level of experience to stand above and against your cometitors while attempting to find buyers.

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

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

Contact a Waterbury, Connecticut Restaurant Broker

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

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

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