Right Time to Sell Your West Hartford, Connecticut Restaurant?

After years of hard work, you have made the decision sell your West Hartford, Connecticut restaurant

Considering opening a different eatery, relocating, or maybe retiring. No matter the reason, selling a West Hartford, Connecticut restaurant can be way more difficult than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough profit for all the sweat you may have put into it.

Important Actions to Take in Selling Your Restaurant

You may either think to hire a eatery broker to help you in selling your West Hartford, Connecticut restaurant or do the task on your own. If you are considering selling your West Hartford, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together all Business Documentation

This is a necessary first step to take when you begin the process of offering your West Hartford, Connecticut restaurant.

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

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

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

It's probably smart not to show the majority of these documents to a potrntial buyer right away. But, you may want to have them at hand because you will eventually need them during the sales process.

Also, compiling these documents allows you to see your West Hartford, Connecticut restaurant through the lens of a buyer. It provides you a clear picture of the West Hartford, Connecticut restaurant you are offering for sale. Furthermore, it helps you identify whether there are any concerns you will need to take care of.

#2 Get Your Financial Documents in Order

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

Showing your financial documents to potential buyers could assist to clear any hesitations they might have regarding your West Hartford, Connecticut restaurant.

These financial records can 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 records. This could make it easier for you to send the information to potential buyers.

Also, as a seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these items may create legal issues for you if a buyer later on discovers these ommissions post signing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your West Hartford, Connecticut restaurant, you need to understand of your commercial lease. It could 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 West Hartford, Connecticut restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth analysis of your financial records, whether favorable or not, this helps them estimate the value of the West Hartford, Connecticut restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to increase your cash flow planning to sell your West Hartford, Connecticut restaurant.

The estimated time it takes to sell a West Hartford, Connecticut restaurant is six months. Within those six months, there is a lot you can do in order to increase your profit and cut various costs, and therefore increase the worth of your West Hartford, Connecticut restaurant.

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

This will aid you in estimating the overall worth of your West Hartford, Connecticut restaurant. If you understand the overall value this could help you settle on a selling price.

#5 Make Your Restaurant Look Better

The appearance of your West Hartford, Connecticut restaurant can go a great distance in helping you attract potential buyers. Conversely, if the general curb appeal of your West Hartford, Connecticut restaurant does not appeal to buyers, they might take a pass immediately.

To prevent this from happening, everything in and out of your West Hartford, Connecticut restaurant must be clean. Manicured and a clean parking lot may help create appeal for potential buyers.

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

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

Faulty equipment also raises doubt about your financial situation and output capabilities. It could even lower the mood of your employees, which in response, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding buying your West Hartford, Connecticut restaurant.

#7 Search for West Hartford Buyers

Marketing to potential buyers is time-consuming and can require specific skills and a certain level of expertise. This may require that you hire a professional West Hartford, Connecticut restaurant broker to help. The professional West Hartford, Connecticut restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this project yourself, you will need to create proper advertising. You can list your West Hartford, Connecticut restaurant on business websites and let your family and friends know about your intentions to sell your West Hartford, Connecticut restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will visit your West Hartford, Connecticut restaurant. Some buyers might even come in as customers in order to perform some research before contacting you.

#9 Sell Your West Hartford, Connecticut Restaurant

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

You should have your attorney’s expertise in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a West Hartford, Connecticut Restaurant Broker

Although attempting to sell your West Hartford, 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 get the most out of the business deal, you need some level of experience to stand above and against the competition while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced West Hartford, Connecticut restaurant broker is recommended. A West Hartford, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your West Hartford, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

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

Contact a West Hartford, Connecticut Restaurant Broker

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

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

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