Listing ID: 71345
Chopmist Charlie’s is now available to a new operator who wishes to benefit from 25+ plus years of serving Jamestown and Southern RI.? This iconic full-service restaurant is poised to serve the needs of hungry and thirsty residents and visitors.? Whether your interest is fine dining, a casual pub, or the newly designed food emporium, this spot has the bones for it.? A culinary destination combined with a complete makeover a year ago makes this the ultimate turn-key opportunity.? This sale is for the BUSINESS ONLY. No Real Estate to be conveyed! Subject to negotiating a new lease with Landlord. Current rent ~$3800/mo +
New owner will enter into a lease with the property owner under terms and conditions to be negotiated.?
- Asking Price: $315,000
- Cash Flow: N/A
- Gross Revenue: N/A
- EBITDA: N/A
- FF&E: N/A
- Inventory: N/A
- Inventory Included: Yes
- Established: 2017
- Property Owned or Leased:N/A
- Property Included:N/A
- Building Square Footage:N/A
- Lot Size:N/A
- Total Number of Employees:N/A
- Furniture, Fixtures and Equipment:N/A
This Business Is Home Based
The company was established in 2017, making the business 5 years old.
Why is the Current Owner Selling The Business?
There are all types of reasons why people decide to sell companies. Nevertheless, the genuine reason vs the one they say to you might be 2 completely different things. For instance, they might claim "I have way too many other responsibilities" or "I am retiring". For numerous sellers, these reasons stand. However, for some, these might just be excuses to try to hide the reality of altering demographics, increased competition, current reduction in incomes, or a variety of other factors. This is why it is extremely important that you not rely totally on a vendor's word, yet rather, make use of the vendor's answer together with your general due diligence. This will repaint a much more realistic picture of the business's existing situation.
Existing Debts and Future Obligations
If the current entity is in debt, which lots of businesses are, then you will certainly need to consider this when valuating/preparing your deal. Many businesses borrow money with the purpose of covering points such as inventory, payroll, accounts payable, etc. Keep in mind that sometimes this can indicate that revenue margins are too tight. Lots of organisations fall into a revolving door of taking on debt as a way to pay back various other loans. Along with debts, there may also be future obligations to take into consideration. There might be an outstanding lease on tools or the building where the business resides. The business might have existing agreements with vendors that should be fulfilled or might cause charges if terminated early.
Understanding the Customer Base, Competition and Area Demographics
How do companies in the location bring in new customers? Most times, companies have repeat clients, which create the core of their everyday earnings. Specific elements such as brand-new competition growing up around the area, road building and construction, and personnel turnover can affect repeat consumers and also adversely influence future revenues. One crucial thing to take into consideration is the placement of the business. Is it in a highly trafficked shopping mall, or is it hidden from the main road? Undoubtedly, the more individuals that see the business often, the higher the chance to develop a returning client base. A final thought is the general location demographics. Is the business situated in a densely populated city, or is it situated on the edge of town? Exactly how might the regional average family earnings influence future income potential?