Time to Sell Your West Haven, Connecticut Restaurant?

Following years of labor, you have decided to sell your West Haven, Connecticut restaurant

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

Important Actions to Take when Selling Your Restaurant

You may either decide to contract with a West Haven, Connecticut restaurant broker to guide you in selling your West Haven, Connecticut restaurant or take on the task yourself. Whether considering selling your West Haven, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Necessary Paperwork

This is an important first step to make when you begin the process of selling your West Haven, Connecticut restaurant.

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

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

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

It's probably best not to show the majority of these documents to a potrntial buyer right away. However, you may want to have them ready because you will certainly require them during the sales process.

In addition, compiling these documents lets you view your West Haven, Connecticut restaurant through the lens of a buyer. It gives you a clear picture of the West Haven, Connecticut restaurant you're selling. Furthermore, it allows you to show if there are any loopholes you'll need to take care of.

#2 Get Your Financials in Order

Your financial documents are an important detail of selling your West Haven, Connecticut restaurant. That’s why you should make it a priority to make these documents complete and organized.

Offering your financial documents to potential buyers could assist to clear any doubt they might have regarding your West Haven, Connecticut restaurant.

These financial documents can include:

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

In addition, make sure you have duplicate copies of all of the documents. This will make it easier for you to transmit the documentation to possible buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer about these items can create legal issues for you if a buyer later discovers these liabilities after completing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your West Haven, Connecticut restaurant, you need to understand of your commercial lease. It would be disappointing if, after attracting a buyer, your lease ends up preventing you from closing the deal.

For this reason, it could be advisable to talk to your landlord concerning your plan to sell your West Haven, Connecticut restaurant and to potentially 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 with estimating the true value of the West Haven, 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 starting to sell your West Haven, Connecticut restaurant.

The estimated time it may take to sell a West Haven, Connecticut restaurant is six months. Within those six months, there are several things you can do to increase your profit and cut several costs, and thus strengthen the value of your West Haven, Connecticut restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This may assist you in deriving the overall worth of your West Haven, Connecticut restaurant. If you understand the overall worth this could help you settle on a selling price.

#5 Make Your Restaurant Look Better

The appearance of your West Haven, Connecticut restaurant will go a long way in helping you attract potential buyers. Conversely, if the general appearance of your West Haven, Connecticut restaurant does not look good to buyers, they likely take a pass immediately.

To avoid this from happening, all things in and out of your West Haven, Connecticut restaurant must be clean. Manicured and a clean parking area could help create appeal for prospective buyers.

Spot-free windows, polished door handles and a presentable floor are also simple items that would help create a memorable initial impression.

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

Faulty equipment can raise doubt about your financial capabilities and production capabilities. It may even dampen the morale of your staff, 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 concerning buying your West Haven, Connecticut restaurant.

#7 look for West Haven Buyers

Marketing to prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional West Haven, Connecticut restaurant broker to help. The professional West Haven, Connecticut restaurant broker will have recommendations for saving time & money for attracting more potential buyers. However, if you make the decision to take on this task yourself, you will need to carry out appropriate advertising. You can list your West Haven, Connecticut restaurant on listing websites and tell family and friends about your plans to market for sale your West Haven, Connecticut restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will walk into your West Haven, Connecticut restaurant. Some buyers might even visit as customers in order to carry out some research before reaching out to you.

#9 Sell Your West Haven, Connecticut Restaurant

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

You should have your attorney’s assistance in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a West Haven, Connecticut Restaurant Broker

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

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

Expertise is also vital during negotiations with prospective buyers. This is when an experienced West Haven, Connecticut restaurant broker comes in. A West Haven, Connecticut restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your West Haven, 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 Haven, Connecticut restaurant broker, you can focus your undivided attention on operating your West Haven, Connecticut restaurant and rest assured with the knowledge that a professional is in charge of selling your West Haven, Connecticut restaurant.

Contact a West Haven, Connecticut Restaurant Broker

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

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

West Haven Zip Codes We Support: 06516