Right Time to Sell Your Wethersfield, Connecticut Restaurant?

Following years of sweat equity, you have decided to sell your Wethersfield, Connecticut restaurant

Contemplating starting a different eatery, moving, or even retiring. No matter the reason, selling a Wethersfield, Connecticut restaurant can be way more difficult than you might think. This is because it takes careful preparation and a solid game plan to successfully get out with enough proceeds for all the time you’ve put into it.

Necessary Steps to Consider when Selling Your Restaurant

You may either decide to hire a Wethersfield, Connecticut restaurant broker to assist you in selling your Wethersfield, Connecticut restaurant or take on the task yourself. Whether considering selling your Wethersfield, Connecticut restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather all Important Paperwork

This is a necessary first step to make when you begin the process of marketing your Wethersfield, Connecticut restaurant.

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

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

Corbett Restaurant Group has the expertise to assist you in the sale of your Wethersfield, Connecticut restaurant. Call today for a no-obligation consultation at (888) 266-5182.

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

Also, putting together these documents lets you view your Wethersfield, Connecticut restaurant through the lens of a buyer. It provides you a clear image of the Wethersfield, Connecticut restaurant you are offering for sale. In addition, it allows you to identify whether there are any areas you'll need to address.

#2 Put Your Financial Documents in Order

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

Offering your financial records to prospective buyers may aid clear any hesitations they might have regarding your Wethersfield, Connecticut restaurant.

The financial documents may include:

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

Also, make sure you have hard copies of all of the records. This can make it easier for you to transmit the documentation to prospective buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these items may create legal problems for you if a buyer later discovers these liabilities post completing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Wethersfield, Connecticut restaurant, you must find out the terms 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 talk to your landlord concerning your plan to sell your Wethersfield, Connecticut restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the value of the Wethersfield, Connecticut restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow starting to sell your Wethersfield, Connecticut restaurant.

The average time it may take to sell a Wethersfield, Connecticut restaurant is 6 months. Within those six months, there is a lot you can do to strengthen your profit and reduce several costs, and therefore increase the worth of your Wethersfield, Connecticut restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This could aid you in deriving the probable worth of your Wethersfield, Connecticut restaurant. When you understand the overall worth this could help you settle on a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Wethersfield, Connecticut restaurant can go a great distance in helping you bring potential buyers. Alternatively, if the general appearance of your Wethersfield, Connecticut restaurant does not appeal to buyers, they might take a pass immediately.

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

Clean windows, polished door handles and a clean floor are also easy items that would help create a unforgettable initial impression.

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

Faulty equipment also raises doubt about your financial capabilities and output abilities. It can even lower the mood of your staff, 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 concerning buying your Wethersfield, Connecticut restaurant.

#7 Search for Wethersfield Buyers

Marketing to prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire an experienced Wethersfield, Connecticut restaurant broker to help. The professional Wethersfield, Connecticut restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you decide to handle this task alone, you will need to create appropriate advertising. You can list your Wethersfield, Connecticut restaurant on business websites and tell family and friends about your plans to sell your Wethersfield, Connecticut restaurant.

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

#8 Be Prepared

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

You will never know when a buyer could visit your Wethersfield, Connecticut restaurant. Some buyers may even visit as customers just to carry out some research before contacting you.

#9 Sell Your Wethersfield, Connecticut Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the transaction. The paperwork will likely start with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Wethersfield, Connecticut Restaurant Broker

Although trying to sell your Wethersfield, Connecticut restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first time sellers.

The fact remains, in order for you to get the most out of the business deal, you need some level of expertise in order to stand above and against the cometitors while trying to attract buyers.

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

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

Contact a Wethersfield, Connecticut Restaurant Broker

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

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

Wethersfield Zip Codes We Support: 06109, 06129