Business Overview

Unique opportunity to purchase a RI iconic, J.P. Spoonems Cranston, R.I. breakfast establishment of 40 years, continually receiving 4.5+ stars on all media platforms. Owners are retiring and are anxious and willing to train new owners in their quest to preserve and continue this highly profitable, thriving, successful business. Extremely generous lease is in place and ready for new owners to maintain a Rhode Island industry leading landmark restaurant. Six figure income in highly efficient limited hour establishment with the potential to expand and increase earnings if desired, but certainly not necessary.

Financial

  • Asking Price: $290,000
  • Cash Flow: N/A
  • Gross Revenue: N/A
  • EBITDA: N/A
  • FF&E: N/A
  • Inventory: N/A
  • Inventory Included: N/A
  • Established: 1981

Detailed Information

  • Property Owned or Leased:N/A
  • Property Included:N/A
  • Building Square Footage:2,400
  • Lot Size:N/A
  • Total Number of Employees:10
  • Furniture, Fixtures and Equipment:N/A
Purpose For Selling:

retirement

Additional Info

The business was established in 1981, making the business 41 years old.

The company has 10 employees and resides in a building with estimated square footage of 2,400 sq ft.
The real estate is leased by the company for $950 per Month

Why is the Current Owner Selling The Business?

There are all kinds of reasons why people choose to sell businesses. However, the genuine factor and the one they say to you might be 2 totally different things. For instance, they may claim "I have a lot of other obligations" or "I am retiring". For lots of sellers, these reasons stand. But, for some, these might just be reasons to attempt to hide the reality of altering demographics, increased competitors, current reduction in profits, or an array of various other reasons. This is why it is really important that you not count absolutely on a vendor's word, but instead, make use of the vendor's solution along with your total due diligence. This will repaint a more practical image of the business's existing scenario.

Existing Debts and Future Obligations

If the current business is in debt, which many companies are, then you will certainly have reason to consider this when valuating/preparing your deal. Lots of businesses take out loans so as to cover things such as stock, payroll, accounts payable, so on and so forth. Keep in mind that in some cases this can mean that earnings margins are too small. Lots of organisations come under a revolving door of taking loans as a way to pay back various other loans. In addition to debts, there may additionally be future obligations to consider. There might be an outstanding lease on tools or the building where the business resides. The business might have existing contracts with suppliers that should be met or might cause fines if terminated early.

Understanding the Customer Base, Competition and Area Demographics

Exactly how do businesses in the area bring in new consumers? Often times, operating businesses have repeat customers, which create the core of their day-to-day revenues. Particular variables such as brand-new competition sprouting up around the area, roadway building, and personnel turn over can impact repeat customers as well as adversely affect future incomes. One crucial point to take into consideration is the location of the business. Is it in a very trafficked shopping center, or is it concealed from the main road? Clearly, the more people that see the business on a regular basis, the higher the possibility to develop a returning consumer base. A last idea is the basic location demographics. Is the business located in a densely inhabited city, or is it located on the edge of town? Exactly how might the local median household earnings effect future revenue potential?