Listing ID: 79088
A rare opportunity to own a landmark seafood market and restaurant in southern New Hampshire. This family-owned business has been in its current location since 1977. It boasts a loyal clientele due to its reputation for outstanding fresh products and customer friendly service.
The bulk of the revenue is derived from the market with a wide selection of seafood that is purchased for the customer to prepare at home. This is evident in the fact that 2020 was the best year in terms of revenue that the business ever had. This was bolstered by the dining habits that arose from the pandemic. This trend has continued in 2021 with sales running very close to last year.
In addition to the market, the business has a restaurant that accommodates customers who choose to have a prepared meal on site. The menu is primarily seafood based but there are other options for those looking for seafood alternatives.
The owners are ready to retire but they’re willing to assist with the transition to ensure the community continues to have the special products and service that they have known for decades.
- Asking Price: $499,000
- Cash Flow: $186,872
- Gross Revenue: $1,482,009
- EBITDA: N/A
- FF&E: $200,000
- Inventory: $10,000
- Inventory Included: N/A
- Established: 1977
- Property Owned or Leased:N/A
- Property Included:N/A
- Building Square Footage:2,500
- Lot Size:N/A
- Total Number of Employees:7
- Furniture, Fixtures and Equipment:N/A
The commercial space is approximately 2,500 square feet. The real estate is owned through a related real estate trust. The business occupies half of the usable space with another business in the other half. The owners will consider a sale of the real estate in conjunction with the sale of the business, or they will enter into a lease for the portion of the building that houses the store. The rent for the store is expected to be $3,000 per month.
Sellers are willing to train a buyer for up to 2 weeks at no charge. Additional training may be available as negotiated.
Owners are ready to retire after successfully operating the store for many years
The store's only direct competitors on the fish market side are the major supermarket chains which carry only a portion of the inventory. The restaurant competes with a variety of fast food, fast casual outlets in its market area but these restaurants do not offer the type of fresh seafood fare that this store offers.
The owners feel that one way to improve the business would be to extend the hours that the restaurant is open and to expand the menu. Additionally, another way to increase sales would be to start to deliver to the local area. All sales are currently only done at the store.
The business was founded in 1977, making the business 45 years old.
The transaction shall not include inventory valued at $10,000*, which ins't included in the listing price.
The company has 7 employees and is located in a building with estimated square footage of 2,500 sq ft.
The property is leased by the company for $3,000 per Month
Why is the Current Owner Selling The Business?
There are all sorts of reasons people resolve to sell businesses. Nonetheless, the true reason and the one they tell you may be 2 entirely different things. For instance, they may state "I have a lot of various commitments" or "I am retiring". For lots of sellers, these factors are valid. But also, for some, these might simply be excuses to try to conceal the reality of altering demographics, increased competition, recent decrease in incomes, or a variety of other reasons. This is why it is very essential that you not rely totally on a seller's word, yet rather, make use of the seller's response along with your overall due diligence. This will paint a more practical image of the business's current scenario.
Existing Debts and Future Obligations
If the existing business is in debt, which many businesses are, then you will certainly have reason to consider this when valuating/preparing your offer. Numerous businesses finance loans in order to cover points like inventory, payroll, accounts payable, and so on. Bear in mind that sometimes this can mean that earnings margins are too thin. Many businesses fall under a revolving door of taking loans as a way to pay back various other loans. Along with debts, there may additionally be future commitments to consider. There may be an outstanding lease on equipment or the structure where the business resides. The business might have existing agreements with vendors that must be fulfilled or may cause charges if canceled early.
Understanding the Customer Base, Competition and Area Demographics
Exactly how do businesses in the location draw in new customers? Many times, companies have repeat clients, which create the core of their daily earnings. Particular elements such as new competition growing up around the location, road building, and personnel turnover can impact repeat clients and also negatively affect future revenues. One crucial thing to think about is the area of the business. Is it in a highly trafficked shopping center, or is it hidden from the main road? Clearly, the more individuals that see the business regularly, the better the opportunity to construct a returning consumer base. A final idea is the general location demographics. Is the business placed in a largely populated city, or is it situated on the edge of town? Exactly how might the neighborhood mean family earnings effect future revenue potential?