Right Time to Sell Your Watertown, Connecticut Restaurant?

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

Contemplating opening a new Watertown, Connecticut restaurant, moving, or even slowing down. Regardless of the reason, selling a Watertown, Connecticut restaurant can be way more challenging than you may think. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough profit for all the sweat you’ve put into it.

Important Steps to Consider when Selling Your Restaurant

You may either make the decision to hire a eatery broker to guide you in selling your Watertown, Connecticut restaurant or do the task on your own. Whether considering selling your Watertown, 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 a necessary first step to take when you begin the process of offering your Watertown, Connecticut restaurant.

The required documents may vary from state to state--even in Connecticut, but below is a list of some general documents you may find helpful to have on you:

• A list of 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 experience to help you in the market for sale of your Watertown, Connecticut restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to show the majority of these documents to a prospective buyer day one. But, you may want to have them on hand because you will certainly require them during the sales process.

In addition, putting together these documents allows you to view your Watertown, Connecticut restaurant through the lens of a buyer. It gives you a clear picture of the Watertown, Connecticut restaurant you are offering for sale. In addition, it allows you to show whether there are any areas you will have to address.

#2 Get Your Financial Documents in Order

Your financial records are a crucial detail of selling your Watertown, Connecticut restaurant. That’s the reason you should strive to make these documents accurate and well organized.

Showing your financial records to potential buyers may aid clear any hesitations they may have concerning your Watertown, Connecticut restaurant.

The financial records may include:

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

In addition, ensure you have hard copies of all of the records. This may make it easier for you to transmit the records to potential buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these things can create legal problems for you if a buyer later on discovers these liabilities after closing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Watertown, Connecticut restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after attracting a buyer, your lease prevents you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed analysis of your financial records, whether favorable or not, this will help them evaluate the true value of your Watertown, Connecticut restaurant.

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to increase your cash flow before trying to sell your Watertown, Connecticut restaurant.

The average time it may take to sell a Watertown, Connecticut restaurant is six months. Within those six months, there are several things you can do in order to strengthen your profit and slash several costs, and therefore strengthen the worth of your Watertown, Connecticut restaurant.

In addition, 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 may aid you in estimating the probable worth of your Watertown, 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 Watertown, Connecticut restaurant will go a great distance in helping you bring potential buyers. Alternatively, if the general curb appeal of your Watertown, Connecticut restaurant does not look good to buyers, they could pass over immediately.

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

Spot-free windows, polished door handles and a presentable floor are other small items that can help create a memorable 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're in a hurry to pass a bad deal to the buyer.

Non-functional equipment also raises doubt about your financial status and output abilities. It could even lower the excitment of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding purchasing your Watertown, Connecticut restaurant.

#7 Search for Watertown Buyers

Looking for prospective buyers is time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire an experienced Watertown, Connecticut restaurant broker to help. A professional Watertown, Connecticut restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to take on this project alone, you will need to create appropriate advertising. You can offer your Watertown, Connecticut restaurant on listing websites and tell family and friends about your plans to sell your Watertown, Connecticut restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Watertown, Connecticut Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the deal. The paperwork will usually begin with the Asset Purchase Agreement.

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

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

Choosing a Watertown, Connecticut Restaurant Broker

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

It's true, in order for you to get the most out of the business transaction, you need some level of experience in order to stand above and against the cometitors while attempting to find buyers.

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

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

Contact a Watertown, Connecticut Restaurant Broker

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

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

Watertown Zip Codes We Support: 06779, 06795