Listing ID: 76771
Business Overview
Description:
Bright Mediterranean Restaurant & Cafe offering a varied menu, a lunch buffet & a focus on healthful dishes. (Currently closed due to COVID restrictions) and a Coffee Shop. Mediterranean Restaurant was established & under current ownership since 2009. Coffee Shop was started in 2017 and is on a progressive sales pattern. Coffee Shop offers a takeaway window presenting coffee, tea, smoothies & pastries, plus bags of beans & breakfast bites. The Grand Lake area is both intimate and urban, with a mix of residential and commercial properties, many that were built in the early 20th century. Grand Avenue’s wide streets and a multitude of businesses create an urban atmosphere that pairs perfectly with Lakeshore Avenue’s more small-town quaint appeal. This area has all that you could desire, from hip food spots to independent shops to meet your everyday needs.
Equipment:
Bunn semi-automatic espresso machine, Type-1 hood 8’, Two 4-Burner Stoves (one with griddle), Grill, Walk-in Cooler, Reach-in coolers, Bull Espresso machine, Mixers and blenders, Multiple prep tables, 3-compartment sink, Prep sink, hand sink, and, much more. A full list of Furniture, Fixtures, and Equipment is available with the listing Broker.
General Information
Organization: Corporation | Square Footage: ~3046 Sq. Ft. | Licenses Required: City Bus Lic, Health Permit, Sellers Permit, Type-41 Beer & Wine Lic. (included & transferable) | 8:00 am – 3:00 pm | Seating capacity: ~50 inside and 25 on the patio (subject to confirmation) | Reason for Sale: Other Business Interests
Seating capacity & operating hours vary with COVID restrictions.
Lease Information
Rent: $8000/Month Gross.
Lease: 7 years remaining on Sellers Lease. Possibility of additional lease option contingent on landlord approval.
Revenue:
Sales: 1 million/year (2019 revenue. As per seller, not verified by the Broker)
Financing:
All cash
All information contained in this document resulted from representations by Seller. Mission Peak Brokers, Inc. and its agents can not and will not verify the accuracy or completeness of any information. Purchasers must verify any such information themselves and should engage legal and financial advisors to assist with the process.
Financial
- Asking Price: $335,000
- Cash Flow: N/A
- Gross Revenue: N/A
- EBITDA: N/A
- FF&E: N/A
- Inventory: $5,000
- Inventory Included: N/A
- Established: 2009
Detailed Information
- Property Owned or Leased:N/A
- Property Included:N/A
- Building Square Footage:3,046
- Lot Size:N/A
- Total Number of Employees:N/A
- Furniture, Fixtures and Equipment:N/A
Seller training part of the sale. Terms TBD.
Other business interests.
Additional Info
The business was founded in 2009, making the business 13 years old.
The transaction doesn't include inventory valued at $5,000*, which ins't included in the requested price.
The real estate is leased by the company for $8,000 per Month
Why is the Current Owner Selling The Business?
There are all kinds of reasons people choose to sell companies. Nevertheless, the true factor vs the one they say to you might be 2 totally different things. As an example, they might say "I have way too many other obligations" or "I am retiring". For lots of sellers, these reasons are valid. But also, for some, these might just be justifications to try to hide the reality of changing demographics, increased competitors, current decrease in revenues, or a range of various other reasons. This is why it is very important that you not count absolutely on a vendor's word, however instead, make use of the vendor's solution in conjunction with your overall due diligence. This will paint a more reasonable image of the business's present scenario.
Existing Debts and Future Obligations
If the current entity is in debt, which numerous companies are, then you will certainly need to consider this when valuating/preparing your deal. Many companies finance loans so as to cover points like stock, payroll, accounts payable, so on and so forth. Keep in mind that in some cases this can indicate that revenue margins are too small. Many businesses fall under a revolving door of taking loans as a way to pay back various other loans. Along with debts, there may also be future commitments to take into consideration. There may be an outstanding lease on equipment or the building where the business resides. The business might have existing contracts with suppliers that must be satisfied or might lead to penalties if terminated early.
Understanding the Customer Base, Competition and Area Demographics
Exactly how do operating businesses in the location attract new clients? Often times, operating businesses have repeat customers, which create the core of their day-to-day earnings. Specific elements such as brand-new competitors growing up around the location, roadway construction, and also personnel turn over can affect repeat consumers and also adversely influence future profits. One vital point to think about is the placement of the business. Is it in a very trafficked shopping center, or is it concealed from the main road? Certainly, the more individuals that see the business regularly, the higher the chance to construct a returning client base. A last idea is the general area demographics. Is the business placed in a densely inhabited city, or is it located on the outside border of town? Just how might the local median home income impact future income potential?
