Listing ID: 66860

Business Overview

Location location location. This restaurant with a full kitchen and Type I hood is in one of the busiest shopping centers in Gig Harbor. Traffic here is insane! Low overhead and smaller footprint make it extremely easy to manage and generate a profit. The Seller has invested serious time and money into this operation and in return has built an awesome following of loyal patrons. The amazing menu is comprised of scratch recipes developed by the Seller. The Seller raised his children with a strong work ethic by having them work in the restaurant all through school. Now that the kids are grown the Seller is ready to move on. This restaurant is currently only open 5 days a week which means there is room to grow by expanding hours. Take the opportunity to own a cash flowing restaurant in the heart of Gig Harbor. The seller is willing to train and share all recipes that have been developed over the years. The space would also easily lend itself to a wide array of different concepts. Anyone from Gig Harbor knows that built restaurant space is a rare find, all we need is an NDA and then we can share more details on this gem!

High Traffic Shopping Center
Low Overhead
Unique Menu
Full Kitchen w/ Type I Hood

Financial

  • Asking Price: $375,000
  • Cash Flow: $126,205
  • Gross Revenue: $350,439
  • EBITDA: N/A
  • FF&E: N/A
  • Inventory: N/A
  • Inventory Included: N/A
  • Established: 1992

Detailed Information

  • Property Owned or Leased:N/A
  • Property Included:N/A
  • Building Square Footage:795
  • Lot Size:N/A
  • Total Number of Employees:3
  • Furniture, Fixtures and Equipment:N/A
About The Facility:

Full kitchen, Type I Hood, Small Dine In Space

Is Support & Training Included:

Seller will provide necessary training

Purpose For Selling:

Seller retiring

Opportunities and Growth:

Catering, extended hours

Additional Info

The venture was established in 1992, making the business 30 years old.

The company has 3 employees and is located in a building with disclosed square footage of 795 sq ft.
The real estate is leased by the business for $1,858 per Month

Why is the Current Owner Selling The Business?

There are all sorts of reasons why people decide to sell operating businesses. Nevertheless, the genuine reason vs the one they tell you may be 2 absolutely different things. As an example, they might say "I have way too many various responsibilities" or "I am retiring". For lots of sellers, these reasons stand. However, for some, these might simply be excuses to try to hide the reality of changing demographics, increased competition, recent decrease in revenues, or a variety of other reasons. This is why it is extremely crucial that you not rely completely on a vendor's word, but instead, make use of the seller's solution in conjunction with your general due diligence. This will paint a much more practical image of the business's present scenario.

Existing Debts and Future Obligations

If the current entity is in debt, which many businesses are, then you will need to consider this when valuating/preparing your offer. Lots of operating businesses take out loans so as to cover things like supplies, payroll, accounts payable, etc. Remember that in some cases this can suggest that earnings margins are too small. Lots of businesses come under a revolving door of taking on debt as a way to pay back other loans. Along with debts, there may additionally be future commitments to think about. There may be an outstanding lease on tools or the structure where the business resides. The business might have existing agreements with suppliers that must be satisfied or might result in fines if terminated early.

Understanding the Customer Base, Competition and Area Demographics

Exactly how do companies in the area draw in new consumers? Most times, operating businesses have repeat customers, which create the core of their everyday profits. Specific aspects such as new competitors sprouting up around the area, roadway building, and also personnel turn over can affect repeat customers and also negatively affect future profits. One important thing to consider is the area of the business. Is it in a highly trafficked shopping mall, or is it hidden from the main road? Certainly, the more individuals that see the business regularly, the better the chance to build a returning customer base. A final idea is the basic location demographics. Is the business placed in a densely inhabited city, or is it situated on the edge of town? Exactly how might the regional average household income impact future income prospects?