Business Overview

Lakeside Restaurant, Bar, and Banquet facility in Ashtabula county for sale with available building! Well known for serving great food and drink to tourists and locals alike, drawing considerable seasonal business from the lake and other local tourist attractions. Although the business has a full liquor license, including Sunday sales, the business is more of a family friendly restaurant serving sandwiches and salads to hungry boaters and campers during the day and comfort food such as pasta, prime rib, chicken, and fried fish diners in the evening. The business is located on a very heavily trafficked highway close to the nearby lake. During the off season, the business turns its attention to the locals, often cutting down on staffing, which at times has occurred naturally as the college aged help returns to school as tourism dwindles during the winter months. Because of its location & seasonality, the business is similar to many other classic American restaurants located in lake and beach communities, with locals and tourists creating a relaxed atmosphere that all agree is a great time! The building is available for an additional $250,000 through Beau Quest Realty.

Financial

  • Asking Price: $200,000
  • Cash Flow: $116,031
  • Gross Revenue: $1,121,960
  • EBITDA: N/A
  • FF&E: $80,000
  • Inventory: $15,000
  • Inventory Included: Yes
  • Established: 2009

Detailed Information

  • Property Owned or Leased:Own
  • Property Included:N/A
  • Building Square Footage:5,000
  • Lot Size:N/A
  • Total Number of Employees:7
  • Furniture, Fixtures and Equipment:N/A
About The Facility:

5000 SF plus basement, seating for up to 150 people. Property available through Beau Quest Realty for $250,000.

Is Support & Training Included:

Will train for 4 weeks @ $0 cost. Full D5 & D6 Liquor license with Sunday Sales.

Purpose For Selling:

Pre-Retirement Travel.

Pros and Cons:

Well established as one of the community's few quality restaurants.

Opportunities and Growth:

Location, atmosphere, and quality have made this business what it is. Growth is probable with proper staffing, special events, networking, as well as some additional marketing & advertising.

Additional Info

The company was founded in 2009, making the business 13 years old.
The deal does include inventory valued at $15,000, which is included in the asking price.

The business has 7 FT/11 PT employees and resides in a building with approx. square footage of 5,000 sq ft.

Why is the Current Owner Selling The Business?

There are all types of reasons why people decide to sell operating businesses. Nevertheless, the real factor and the one they tell you might be 2 absolutely different things. As an example, they might say "I have too many other commitments" or "I am retiring". For many sellers, these reasons stand. But, for some, these may just be justifications to attempt to conceal the reality of altering demographics, increased competition, recent reduction in revenues, or a variety of various other reasons. This is why it is extremely important that you not depend entirely on a vendor's word, but instead, make use of the seller's response along with your overall due diligence. This will repaint a much more practical image of the business's present scenario.

Existing Debts and Future Obligations

If the existing company is in debt, which numerous companies are, then you will need to consider this when valuating/preparing your deal. Many operating businesses take out loans so as to cover items such as stock, payroll, accounts payable, so on and so forth. Remember that occasionally this can suggest that revenue margins are too small. Many companies fall under a revolving door of taking on debt as a way to pay back other loans. Along with debts, there may also be future commitments to take into consideration. There may be an outstanding lease on tools or the building where the business resides. The business may have existing contracts with vendors that must be met or may result in charges if canceled early.

Understanding the Customer Base, Competition and Area Demographics

How do companies in the area draw in brand-new customers? Many times, companies have repeat consumers, which create the core of their everyday earnings. Specific variables such as brand-new competitors growing up around the area, roadway construction, and also employee turnover can affect repeat consumers as well as negatively impact future earnings. One crucial point to think about is the location of the business. Is it in a very trafficked shopping center, or is it hidden from the main road? Obviously, the more individuals that see the business on a regular basis, the greater the opportunity to construct a returning consumer base. A last thought is the general location demographics. Is the business placed in a densely populated city, or is it located on the outside border of town? Just how might the local average family earnings impact future earnings prospects?