Listing ID: 66882

Business Overview

1966, 55 years ago, an iconic restaurant opened for business and is still open today, yep, not even COVID 19 has not taken it down. Ironically, profits are up. The restaurant recipe for success has surpassed many industry standards and keeps on going. This past 6 months we have seen many positive upgrades to the restaurant and there are still tons that can be left to the imagination. The kitchen has been brought up to complete compliance with the health district by adding multiple hand washing sinks, new dish pit and machine, new refrigerated make station ,upgraded pass through, all new soda and beer lines and the addition of a class H license, phew! I believe the secret to success is a stable model that must be tweaked constantly, and that new energy of ideas has been started. When the current owners took over, wow, did they have a lot of clean up work to do and organization and now it shows. I have before and after photos. They saw the need to upgrade it enough to keep the regulars but create an additional clientele and get some of the ones that disappeared back and that has been the success train they are on. I would love to see where this could go in the hands of the current owner, give him 2 or 3 years, he is a true professional. Unfortunately, two recent deaths parental passing’s has them needing to now go back home to Nevada (they moved here for this opportunity). This was not the plan, but all their had work can now be the benefit of a new owner. I truly feel anyone that takes over, will be years ahead of any others opening back up. This place is phenomenal.

Financial

  • Asking Price: $230,000
  • Cash Flow: $115,000
  • Gross Revenue: $940,000
  • EBITDA: $96,000
  • FF&E: N/A
  • Inventory: $17,000
  • Inventory Included: N/A
  • Established: 1966

Detailed Information

  • Property Owned or Leased:N/A
  • Property Included:N/A
  • Building Square Footage:4,146
  • Lot Size:N/A
  • Total Number of Employees:20
  • Furniture, Fixtures and Equipment:N/A
About The Facility:

Water Front/View Restaurant. Stand Alone building with plenty of parking

Is Support & Training Included:

Seller will train for a minimum 80 hours or until buyer is truly comfortable

Purpose For Selling:

Parental Death(s) in Nevada

Pros and Cons:

Longevity is a huge Pro. They have sustained through years of ups and downs. There is a strong history with the restaurant that keeps customers coming in

Opportunities and Growth:

Growth around Kitsap county has been phenomenal in the past 5 years. The car count has picked up substantially. This is on a main hwy.

Additional Info

The business was established in 1966, making the business 56 years old.
The deal shall not include inventory valued at $17,000*, which ins't included in the asking price.

The business has 20 employees and is located in a building with disclosed square footage of 4,146 sq ft.
The property is leased by the company for $6,369 per Month

Why is the Current Owner Selling The Business?

There are all types of reasons why individuals decide to sell companies. Nevertheless, the genuine reason and the one they tell you may be 2 completely different things. As an example, they might say "I have too many other obligations" or "I am retiring". For numerous sellers, these reasons stand. But also, for some, these may just be reasons to try to hide the reality of transforming demographics, increased competition, recent decrease in profits, or an array of various other factors. This is why it is really important that you not rely absolutely on a seller's word, however instead, make use of the vendor's response along with your overall due diligence. This will paint a more practical image of the business's current circumstance.

Existing Debts and Future Obligations

If the existing entity is in debt, which many businesses are, then you will need to consider this when valuating/preparing your deal. Lots of companies finance loans with the purpose of covering things like stock, payroll, accounts payable, so on and so forth. Keep in mind that sometimes this can imply that revenue margins are too small. Lots of organisations fall under a revolving door of taking on debt as a way to pay back various other loans. Along with debts, there may additionally be future obligations to take into consideration. There might be an outstanding lease on equipment or the building where the business resides. The business might have existing contracts with vendors that have to be satisfied or might cause penalties if canceled early.

Understanding the Customer Base, Competition and Area Demographics

How do businesses in the area draw in brand-new customers? Many times, operating businesses have repeat clients, which form the core of their everyday revenues. Specific aspects such as new competitors growing up around the location, roadway construction, and staff turn over can impact repeat consumers and negatively affect future revenues. One essential point to take into consideration is the placement of the business. Is it in a very trafficked shopping mall, or is it concealed from the highway? Undoubtedly, the more people that see the business on a regular basis, the better the chance to build a returning customer base. A final thought is the basic area demographics. Is the business situated in a densely inhabited city, or is it located on the edge of town? How might the neighborhood average home income impact future revenue prospects?