Listing ID: 67491
Popular, Established, and Successful Restaurant, Bar, & Entertainment Venue is for immediate sale!
Launched in 1992 by the original founder/owner, this well-known local Hampton Roads, VA establishment offers quality food, delicious cocktails, and engaging entertainment options in a casual, friendly, and comfortable setting. Whether it’s lunch, dinner, or gathering with friends for a drink, this is a great place to hang out. All food is made from scratch and prepared to customer order. The fully stocked bar and entertainment space attracts customers between traditional meal times.
The restaurant is housed in a vibrant, popular, and busy mixed-use commercial center with eateries, shopping, business services, private residential, and entertainment offerings. This location draws from a broad geographic territory featuring a diverse population base — including students, business professionals, military personnel, and retirees.
This award winning business (“USA Today 10 Best”) has historically delivered outstanding reviews from a diverse, and loyal customer base. This long-tenured, successful, and locally owned/operated restaurant, bar, and entertainment venue is an outstanding acquisition target and checks all the right boxes for motivated buyers:
1. The branding is established, highly recognizable, and well regarded by customers.
2. The business has a strong track record of profitable operations.
3. The restaurant has a dedicated, professional, and motivated team.
4. The facility is situated in a popular shopping and residential district with excellent access to a major highways.
5. The Hampton Roads community features a growing, vital economic landscape.
6. The market is large and diverse and pulls from many customer demographic groups — from families, tourists, retirees, students, to professionals.
7. The extensive menu satisfies diverse customer choices for food and drink.
8. This business has built a loyal, profitable customer base for almost 3 decades.
9. The facility seats over 225 people (inside) and is an excellent location for large group and corporate outings.
10. There are numerous growth opportunities available, including catering, group events, and live music concerts.
- Asking Price: $125,000
- Cash Flow: N/A
- Gross Revenue: $452,663
- EBITDA: N/A
- FF&E: $257,020
- Inventory: $10,377
- Inventory Included: Yes
- Established: 1992
- Property Owned or Leased:N/A
- Property Included:N/A
- Building Square Footage:N/A
- Lot Size:N/A
- Total Number of Employees:5
- Furniture, Fixtures and Equipment:N/A
This spacious restaurant and entertainment venue features 5,800 sq. ft. inside and another 1,440 sq. ft. in a partitioned, outdoor dining patio (the largest patio seating space in the area). Total inside seating capacity is 225 people which provides for maximum layout flexibility affording space to host musical entertainment, community gatherings, and private functions. There is a fully-equipped kitchen, full service cocktail bar, reception station, waiter/waitress service stations ... all fully enabled to serve customers. The lease is $8,000/month and offered on triple net terms which is competitively priced for the space, appointments, and location. Lease duration and extension options are negotiable after initiating a minimum lease term period of 5 years.
Will train for 2 weeks @ $0 cost. All licenses are active and compliant to successfully operate a successful restaurant and bar. Product offerings include a full service menu of seafood, grill, pasta, salads, soups and a full selection of beverages -- both alcoholic and non-alcoholic.
After 29 successful years, the founder/owner is planning to retire.
This industry has a low barrier to entry but requires a moderate amount of capital and an effective location in order to be successful. This restaurant/bar has the great advantage of long tenure, brand equity and a well known reputation among the community going back to 1992. The reputation for quality food, professional service and customer loyalty, and a casual, fun entertainment space insulates the business from a lot of competitive pressure.
While the business is mature and established, there are a number of growth opportunities available to re-store top-line revenue and profitability to pre-Covid levels and beyond: 1. The hosting of community meetings, and marketing to private corporate functions/family gatherings 2. More aggressive marketing and social media engagement 3. Implementation of nightly entertainment and extending operating hours to include Tuesday and Sunday 4. Additional focus on catering / takeaway business
The business was started in 1992, making the business 30 years old.
The deal will include inventory valued at $10,377, which is included in the listing price.
Why is the Current Owner Selling The Business?
There are all types of reasons why people resolve to sell businesses. However, the true reason vs the one they say to you may be 2 entirely different things. For instance, they may claim "I have way too many other commitments" or "I am retiring". For many sellers, these reasons are valid. But also, for some, these may just be reasons to try to hide the reality of altering demographics, increased competition, current reduction in incomes, or an array of other reasons. This is why it is really vital that you not depend totally on a vendor's word, yet rather, utilize the vendor's solution together with your general due diligence. This will repaint a much more reasonable image of the business's present circumstance.
Existing Debts and Future Obligations
If the current business is in debt, which lots of companies are, then you will certainly have reason to consider this when valuating/preparing your offer. Many companies take out loans so as to cover things like stock, payroll, accounts payable, etc. Keep in mind that sometimes this can mean that revenue margins are too tight. Many businesses fall under a revolving door of taking loans as a way to pay back other loans. Along with debts, there may additionally be future commitments to take into consideration. There might be an outstanding lease on tools or the structure where the business resides. The business might have existing contracts with suppliers that should be fulfilled or may cause penalties if terminated early.
Understanding the Customer Base, Competition and Area Demographics
Just how do businesses in the area bring in new customers? Often times, companies have repeat clients, which form the core of their everyday earnings. Specific factors such as brand-new competitors growing up around the area, road building and construction, as well as staff turnover can affect repeat customers as well as adversely affect future revenues. One vital thing to take into consideration is the location of the business. Is it in a very trafficked shopping center, or is it hidden from the highway? Clearly, the more individuals that see the business often, the better the possibility to develop a returning customer base. A final thought is the basic area demographics. Is the business located in a densely inhabited city, or is it situated on the outskirts of town? Exactly how might the neighborhood average home earnings effect future revenue prospects?