Listing ID: 71398
A Rhode Island and national institution since 1905, This Asian Restaurant offers Fine Oriental Dining and some of the best entertainment in New England.
Enjoy standard, unique and customized fare offered in the 4 schools of Chinese cooking: Cantonese, Szechwan and Hunan, Mandarin, and Shanghai. Dine in the spacious, well-decorated dining room, Horseshoe Bar Lounge, or in the cozy, 130 seat entertainment room. You’ll get the opportunity to experience, up close, some of the finest music in the world performed by internationally renowned musicians.
- Asking Price: $275,000
- Cash Flow: $200,000
- Gross Revenue: $1,200,000
- EBITDA: N/A
- FF&E: $125,000
- Inventory: N/A
- Inventory Included: N/A
- Established: 1905
- Property Owned or Leased:Own
- Property Included:N/A
- Building Square Footage:6,100
- Lot Size:N/A
- Total Number of Employees:N/A
- Furniture, Fixtures and Equipment:N/A
6100 SF ground level restaurant with lounge, banquet room and drive thru window. the location is easily accessible and has great visibility on main street. This facility also features a full basement for refrigerated and dry goods storage. Parking is available on street, municipal parking areas and in the rear lot.
Available and Negotiable. Financial information will be provided to a qualified buyer and can be verified during buyer's due diligence period.
While there are several Asian restaurants in this market, none can boast the rich history and unique niche of this restaurant. This restaurants reputation has been crafted over the 100 years that it has been in business. Their varied menu offering, banquet room and music offerings, create a unique experience that not only attracts the locals but patrons from all over New England.
While this last year has created challenges for all restaurants, this restaurant has managed to continue to operate and thrive with it's take out and drive thru window service. This is a testament to its staying power and ability to adapt in the face of insurmountable obstacles. As dine in service expands, it is positioned to increase sales through its banquet room and music series. The new owner will be challenged to maintain the current experience customers have come to expect while moving the business into the 21st century. New contract mobile delivery services could add substantial revenue and profitability.
The business was established in 1905, making the business 117 years old.
Why is the Current Owner Selling The Business?
There are all sorts of reasons individuals decide to sell operating businesses. Nonetheless, the genuine factor vs the one they tell you might be 2 entirely different things. As an example, they might state "I have a lot of various responsibilities" or "I am retiring". For lots of sellers, these factors are valid. But also, for some, these may just be justifications to try to hide the reality of transforming demographics, increased competition, recent decrease in earnings, or a variety of various other factors. This is why it is very vital that you not depend totally on a seller's word, but instead, utilize the seller's answer in conjunction with your general due diligence. This will repaint a more sensible picture of the business's current circumstance.
Existing Debts and Future Obligations
If the current company is in debt, which many companies are, then you will certainly have reason to consider this when valuating/preparing your offer. Lots of operating businesses finance loans with the purpose of covering items such as supplies, payroll, accounts payable, etc. Remember that in some cases this can suggest that profit margins are too thin. Lots of organisations fall under a revolving door of taking on debt as a way to pay back other loans. Along with debts, there may likewise be future obligations to take into consideration. There may be an outstanding lease on equipment or the structure where the business resides. The business may have existing agreements with vendors that have to be met or may lead to penalties if terminated early.
Understanding the Customer Base, Competition and Area Demographics
Exactly how do companies in the area attract new clients? Most times, operating businesses have repeat clients, which develop the core of their everyday profits. Particular elements such as brand-new competition growing up around the location, road building and construction, and also employee turnover can influence repeat clients and also negatively influence future earnings. One essential point to take into consideration is the area of the business. Is it in an extremely trafficked shopping center, or is it concealed from the main road? Undoubtedly, the more people that see the business often, the higher the opportunity to construct a returning customer base. A final thought is the basic location demographics. Is the business situated in a densely inhabited city, or is it situated on the outside border of town? Just how might the regional average house income influence future income prospects?