Right Time to Sell Your Westport, Connecticut Restaurant?

After years of hard work, you have decided to sell your Westport, Connecticut restaurant

Considering starting a new Westport, Connecticut restaurant, moving, or even slowing down. Regardless of the reason, selling your Westport, Connecticut restaurant can be a lot more complicated than you might realize. Thats because it takes careful preparation and a solid strategy to successfully get out with enough money for all the time you’ve put into it.

Necessary Steps to Take when Selling Your Restaurant

You can either make the decision to hire a eatery broker to guide you in selling your Westport, Connecticut restaurant or do the task yourself. Whether considering selling your Westport, Connecticut restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Business Paperwork

This is an important preparatory step to take when you start the process of selling your Westport, Connecticut restaurant.

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

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

Corbett Restaurant Group comes with experience to assist you in the market for sale of your Westport, 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 possible buyer right away. But, you should have them at hand because you will eventually require them during the sales process.

In addition, compiling these documents allows you to see your Westport, Connecticut restaurant through the lens of a buyer. It gives you a clear image of the Westport, Connecticut restaurant you are selling. Furthermore, it allows you to show whether there are any areas you will have to address.

#2 Get Your Financial Records in Order

Your financial documents are an important aspect of selling your Westport, Connecticut restaurant. This is why you should make an effort to make your documents accurate and organized.

Showing your financial records to prospective buyers could aid clear any hesitations they may have concerning your Westport, Connecticut restaurant.

Your financial records can include:

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

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

In addition, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these items may create legal problems for you if a buyer later on discovers these ommissions post sealing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Westport, Connecticut restaurant, you must find out the terms of your commercial lease. It could be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Westport, Connecticut restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this will help them evaluate the value of your Westport, 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 starting to sell your Westport, Connecticut restaurant.

The average time it takes to sell a Westport, Connecticut restaurant is six months. Within the six months, there are several things you can do in order to strengthen your profit and slash various costs, and therefore strengthen the value of your Westport, Connecticut restaurant.

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

This could assist you in deriving the overall worth of your Westport, Connecticut restaurant. If you understand the overall value this may help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Westport, Connecticut restaurant will go a long way in helping you bring potential buyers. Alternatively, if the overall aesthetic of your Westport, Connecticut restaurant does not appeal to buyers, they might pass over without consideration.

To avoid this from happening, everything in and out of your Westport, Connecticut restaurant must be cleaned and maintained. Manicured and a clean parking area could help create curb appeal for potential buyers.

Clean windows, polished handles and a clean floor are also small things that can help create a memorable initial impression.

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

Faulty equipment may rouse doubt about your financial status and output capabilities. It may even dampen the morale of your staff, which in response, 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 Westport, Connecticut restaurant.

#7 look for Westport Buyers

Marketing to potential buyers is time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire a professional Westport, Connecticut restaurant broker to help. A professional Westport, Connecticut restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to take on this task yourself, you will need to create appropriate advertising. You can market your Westport, Connecticut restaurant on business websites and tell family and friends about your plans to market for sale your Westport, Connecticut restaurant.

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

#8 Be Prepared

If you decide to sell your Westport, Connecticut restaurant yourself, or with a a Westport, Connecticut restaurant broker, you should always be prepared. Be ready to show your Westport, Connecticut restaurant to prospective buyers at all times.

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

#9 Sell Your Westport, Connecticut Restaurant

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

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

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

Choosing a Westport, Connecticut Restaurant Broker

While trying to sell your Westport, Connecticut restaurant on your own can be an exhilarating project, it could also be very risky, especially for first-timers.

The fact remains, if you're looking to achieve the most from of the business deal, you need some level of expertise in order to stand out against your cometitors while trying to find buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Westport, Connecticut restaurant broker is needed. A Westport, Connecticut restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Westport, Connecticut restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

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

Contact a Westport, Connecticut Restaurant Broker

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

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

Westport Zip Codes We Support: 06838, 06880, 06881, 06888, 06889