Listing ID: 73531
This local pub has been serving Akron’s favorites since the 1940’s. This destination is an oasis for lovers of trendy cocktails, live music and classic movies that can all be enjoyed in the candle lit lounge. The outlook patio venue is a must see. Private parties and events can all be enjoyed in this historic, comforting venue.
Asking Price: $550,000
Real Estate Included
- Asking Price: $550,000
- Cash Flow: N/A
- Gross Revenue: N/A
- EBITDA: N/A
- FF&E: N/A
- Inventory: N/A
- Inventory Included: N/A
- Established: N/A
- Property Owned or Leased:Own
- Property Included:Yes
- Building Square Footage:2,259
- Lot Size:N/A
- Total Number of Employees:8
- Furniture, Fixtures and Equipment:N/A
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The company has 8 employees and resides in a building with disclosed square footage of 2,259 sq ft.
Why is the Current Owner Selling The Business?
There are all types of reasons why people choose to sell companies. Nevertheless, the true reason vs the one they say to you might be 2 completely different things. As an example, they may state "I have a lot of various commitments" or "I am retiring". For lots of sellers, these reasons are valid. But, for some, these may just be justifications to try to hide the reality of transforming demographics, increased competition, current reduction in revenues, or a range of other factors. This is why it is really essential that you not count totally on a seller's word, yet rather, utilize the vendor's solution combined with your overall due diligence. This will paint a much more practical image of the business's present circumstance.
Existing Debts and Future Obligations
If the current business is in debt, which numerous companies are, then you will have reason to consider this when valuating/preparing your deal. Lots of operating businesses take out loans in order to cover items such as supplies, payroll, accounts payable, so on and so forth. Keep in mind that in some cases this can suggest that profit margins are too tight. Lots of companies come under a revolving door of taking loans as a way to pay back other loans. In addition to debts, there may also be future commitments to consider. There might be an outstanding lease on equipment or the structure where the business resides. The business might have existing contracts with suppliers that have to be fulfilled or may cause fines if canceled early.
Understanding the Customer Base, Competition and Area Demographics
Exactly how do businesses in the location draw in new clients? Often times, companies have repeat consumers, which develop the core of their daily earnings. Certain variables such as new competition growing up around the location, roadway building, and also staff turnover can influence repeat clients and also negatively influence future revenues. One important point to take into consideration is the area of the business. Is it in a very trafficked shopping mall, or is it hidden from the highway? Undoubtedly, the more individuals that see the business on a regular basis, the higher the possibility to develop a returning client base. A final thought is the general area demographics. Is the business placed in a densely populated city, or is it located on the edge of town? Exactly how might the neighborhood typical home earnings influence future revenue prospects?