Listing ID: 80774
Business Overview
Established for over a quarter of a century, this restaurant is one of the staples of the area; a favorite choice of both locals and tourists. The menu is small with an emphasis on authentic cuisine, delicious flavorful dishes and desserts while sourcing local products when possible. The owners and loyal staff focus on quality, fair pricing, consistency and striving to exceed customer expectations. The business has served multiple generations of customers over the years who continue to be regulars at the restaurant. Even during the COVID year with shutdowns and less tourism, sales were up from the previous year!
Financial
- Asking Price: $800,000
- Cash Flow: $63,997
- Gross Revenue: $451,757
- EBITDA: N/A
- FF&E: $20,000
- Inventory: $9,000
- Inventory Included: Yes
- Established: N/A
Detailed Information
- Property Owned or Leased:Own
- Property Included:Yes
- Building Square Footage:N/A
- Lot Size:N/A
- Total Number of Employees:N/A
- Furniture, Fixtures and Equipment:N/A
Located in a prime area that has excellent foot traffic, easy access and plenty of parking, the restaurant offers an intimate atmosphere with indoor and outdoor dining. The building is approximately 1,800 square feet with an outdoor patio of +/-800 square feet that sits on a +/-3,000 square foot lot.
The Owners are ready to retire from the food industry and focus on family.
The obvious strengths include a premier location and decades long reputation for genuine cuisine, great service and cozy atmosphere. Long-time employees are another attribute that makes the business a success. Unsolicited recommendations from hotels, motels, concierges, Air B&B hosts and satisfied customers keep the restaurant busy. There is no slack season here; locals make up a large percentage of clientele and tourists embrace the restaurant year round making it challenging to get a table without a reservation.
The ideal buyer would be any restaurateur looking for the perfect established resort location that includes real estate, is turnkey and ready for new Ownership. THE POSSIBILITIES There is excess property to either expand the outdoor seating area or add on to the restaurant. A new Owner could keep the current concept or bring their own format to this proven location. Hours and days of operation could be increased to maximize profitability. The offering is a rare opportunity to own the real estate and business together - no third party landlord to deal with.
Additional Info
The transaction shall include inventory valued at $9,000, which is included in the listing price.
Why is the Current Owner Selling The Business?
There are all types of reasons why individuals decide to sell businesses. However, the genuine reason vs the one they tell you may be 2 totally different things. As an example, they may claim "I have a lot of various commitments" or "I am retiring". For lots of sellers, these reasons are valid. However, for some, these might simply be excuses to attempt to hide the reality of altering demographics, increased competition, current reduction in incomes, or an array of other factors. This is why it is really vital that you not count totally on a vendor's word, yet rather, make use of the vendor's solution combined with your total due diligence. This will repaint a more reasonable picture of the business's present situation.
Existing Debts and Future Obligations
If the current entity is in debt, which many companies are, then you will need to consider this when valuating/preparing your deal. Many businesses finance loans so as to cover things such as inventory, payroll, accounts payable, etc. Remember that in some cases this can mean that profit margins are too thin. Numerous organisations come under a revolving door of taking loans as a way to pay back various other loans. In addition to debts, there may additionally be future obligations to think about. There may be an outstanding lease on tools or the building where the business resides. The business may have existing contracts with vendors that need to be met or may lead to charges if canceled early.
Understanding the Customer Base, Competition and Area Demographics
How do companies in the location attract new customers? Many times, companies have repeat consumers, which develop the core of their day-to-day profits. Specific aspects such as new competition sprouting up around the location, road building, and employee turn over can affect repeat clients as well as adversely influence future profits. One crucial thing to think about is the location of the business. Is it in an extremely 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 chance to develop a returning customer base. A last thought is the basic area demographics. Is the business situated in a largely populated city, or is it situated on the edge of town? Exactly how might the neighborhood median household income influence future earnings prospects?
