Business Overview

RVA Business Brokers is pleased to offer this highly profitable, well-regarded steakhouse with a loyal following. Complete return to Pre-Covid pristine revenue levels.

SBA Pre-Approved and Some Owner Possible for Qualified Buyer.

Family Owned Deep Client Base

Fast Growth Area and

Featuring the highest-quality cuts of meat, fresh seafood, signature appetizers, and decadent desserts, this steakhouse is a community institution. The welcoming ambiance provides the perfect setting for celebrating a special occasion, enjoying a romantic dinner, or spending an evening relaxing with family and friends.

Reputation is everything with restaurants. Start off strong with more than 1,400 reviews across three platforms: 4.6 stars on Facebook, 4.4 stars on Google, and 4 stars on TripAdvisor.

The surrounding area is growing with a new arts center and an apartment complex under construction just blocks from the restaurant.

The Sellers limited growth over the past several years as they readied for retirement. The Restaurant relies on word-of-mouth recommendations, online reviews, local magazine ads, and Facebook posts to market the business.

Financial

  • Asking Price: $600,000
  • Cash Flow: $320,000
  • Gross Revenue: $1,150,000
  • EBITDA: $250,000
  • FF&E: $60,000
  • Inventory: $5,000
  • Inventory Included: Yes
  • Established: 1987

Detailed Information

  • Property Owned or Leased:N/A
  • Property Included:N/A
  • Building Square Footage:3,684
  • Lot Size:N/A
  • Total Number of Employees:26
  • Furniture, Fixtures and Equipment:N/A
About The Facility:

First Class Facilities

Is Support & Training Included:

To be determined and negotiated

Purpose For Selling:

Owner Retiring

Pros and Cons:

Revenue reached $1.3 million in 2018 and $1.4 million in 2019. Restaurants were hit hard during Covid-19. This one is recovering quickly and on target to reach $1.1 million in 2021 which is 81% of 2019 revenue. Investment Highlights - 28% Cash Flow! - $20 average per person for lunch - $30 average per person for dinner - Over 1,000 outstanding reviews! - Seats: - 150 Dining room - 60 Patio - 10 Bar - 50 Private parties - $60,000 in Assets - $5,000 in Inventory in exchange for honoring outstanding Gift Cards - Expert staff of 26 - Asking Price: $600,000 - 2021 Projected Gross Sales: $1,150,000 - 2021 Projected Seller’s Discretionary Earnings: $323,688 - 2020 (Covid) Gross Sales: $942,508 - 2020 (Covid) Seller’s Discretionary Earnings: $117,328

Opportunities and Growth:

The surrounding area is growing with a new arts center and an apartment complex under construction just blocks from the restaurant.

Additional Info

The business was started in 1987, making the business 35 years old.
The sale shall include inventory valued at $5,000, which is included in the listing price.

The company has 26 employees and is situated in a building with approx. square footage of 3,684 sq ft.
The property is leased by the business for $7,453 per Month

Why is the Current Owner Selling The Business?

There are all kinds of reasons people decide to sell companies. However, the true factor vs the one they say to you may be 2 absolutely different things. As an example, they may state "I have too many various responsibilities" or "I am retiring". For many sellers, these factors are valid. However, for some, these may simply be excuses 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 extremely important that you not count completely on a seller's word, but instead, utilize the seller's solution together with your general due diligence. This will paint a more sensible picture of the business's existing circumstance.

Existing Debts and Future Obligations

If the existing company is in debt, which numerous businesses are, then you will certainly have reason to consider this when valuating/preparing your deal. Numerous companies take out loans with the purpose of covering items like inventory, payroll, accounts payable, so on and so forth. Keep in mind that sometimes this can indicate that profit margins are too thin. Lots of organisations fall into a revolving door of taking loans as a way to pay back other loans. Along with debts, there may additionally be future obligations to think about. There might be an outstanding lease on tools or the structure where the business resides. The business may have existing contracts with suppliers that need to be fulfilled or may cause charges if terminated early.

Understanding the Customer Base, Competition and Area Demographics

Exactly how do companies in the area bring in new customers? Many times, companies have repeat clients, which develop the core of their everyday profits. Specific variables such as brand-new competition sprouting up around the area, road building and construction, as well as personnel turn over can impact repeat clients as well as adversely affect future incomes. One vital thing to think about is the area of the business. Is it in a highly trafficked shopping center, or is it hidden from the main road? Clearly, the more individuals that see the business regularly, the greater the opportunity to construct a returning customer base. A final thought is the general location demographics. Is the business placed in a largely inhabited city, or is it located on the outskirts of town? How might the neighborhood typical family earnings effect future earnings prospects?