Listing ID: 71260
Great Location In A Well Established Area of Myrtle Beach
Price change due to Family Health Issues causing early Retirement…
Sales for 2021 are up 52% over 2019 and 2020.
New 5 Year Lease approved for new owner at only $2500 monthly through Sept 2026. This equals an incredibly low 4% of gross sales for the last few years.
Incredibly Profitable Business for owner operator that especially could continue in the same format and menu.
Great Visibility on The Bypass In A Well Established Area of Myrtle Beach..
This is a well run Restaurant with great Greek homemade food. This is very popular with the locals as well as the tourist every season. The food is to die for and so divine. It also has some specialty items that are sold to take home. In 2020 this business still had considerable increases in sales despite being closed two months due to Covid.
Delivery could be added to increase sales even more.
New 5 year lease approved for qualified owner by landlord through Sept 2026 at only $2500 per month.
- Asking Price: $169,000
- Cash Flow: $175,000
- Gross Revenue: $750,000
- EBITDA: N/A
- FF&E: N/A
- Inventory: $6,000
- Inventory Included: N/A
- Established: N/A
- Property Owned or Leased:N/A
- Property Included:N/A
- Building Square Footage:1,200
- Lot Size:N/A
- Total Number of Employees:8
- Furniture, Fixtures and Equipment:N/A
The transaction shall not include inventory valued at $6,000*, which ins't included in the asking price.
The business has 8 employees and resides in a building with approx. square footage of 1,200 sq ft.
The real estate is leased by the company for $1,500 per Month
Why is the Current Owner Selling The Business?
There are all types of reasons why individuals decide to sell companies. Nonetheless, the genuine reason and the one they tell you might be 2 entirely different things. For instance, they might say "I have way too many various obligations" or "I am retiring". For many sellers, these factors are valid. However, for some, these might simply be justifications to try to conceal the reality of transforming demographics, increased competition, recent reduction in earnings, or an array of various other factors. This is why it is very vital that you not rely totally on a seller's word, but rather, utilize the seller's response in conjunction with your general due diligence. This will paint an extra reasonable 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 certainly need to consider this when valuating/preparing your offer. Lots of operating businesses borrow money with the purpose of covering items such as supplies, payroll, accounts payable, so on and so forth. Bear in mind that occasionally this can imply that revenue margins are too tight. Lots of businesses come under a revolving door of taking loans as a way to pay back other loans. In addition to debts, there may additionally be future obligations to consider. There might be an outstanding lease on tools or the structure where the business resides. The business might have existing agreements with vendors that have to be satisfied or may cause fines if canceled early.
Understanding the Customer Base, Competition and Area Demographics
How do operating businesses in the location bring in brand-new consumers? Many times, operating businesses have repeat customers, which create the core of their everyday revenues. Particular factors such as new competition sprouting up around the area, road construction, as well as personnel turn over can affect repeat customers and also negatively impact future incomes. One crucial point to consider is the area of the business. Is it in a highly trafficked shopping mall, or is it concealed from the main road? Undoubtedly, the more people that see the business regularly, the higher the opportunity to develop a returning client base. A last idea is the basic location demographics. Is the business located in a densely inhabited city, or is it located on the outside border of town? Just how might the neighborhood median family income influence future earnings potential?