Listing ID: 80778
Business Overview
Established for over a decade, the company offers freshly made home style cuisine in a friendly, inviting atmosphere that is comfortable to all. The large diverse menu has something for everyone; most patrons have trouble deciding what delicious dish to try next. Generous portions and reasonable pricing are other attributes the business is famous for. The restaurant sources products from local vendors whenever possible with the goal of providing fresh, high quality meals that keep folks coming back. The operation also has a full bar and liquor license. There is a space with capacity of approximately 80 for private parties with the option of creating custom menus for the perfect event. They also offer on-site or off-site custom catering for weddings, birthdays, corporate parties and large family gatherings.
Financial
- Asking Price: $3,800,000
- Cash Flow: $371,997
- Gross Revenue: $2,338,262
- EBITDA: N/A
- FF&E: $371,320
- Inventory: $20,000
- Inventory Included: Yes
- Established: N/A
Detailed Information
- Property Owned or Leased:Own
- Property Included:Yes
- Building Square Footage:7,000
- Lot Size:N/A
- Total Number of Employees:N/A
- Furniture, Fixtures and Equipment:N/A
The prime visible location has one of the highest traffic counts in the state with a central location that draws customers from all over the geographic region. The custom building is over 7,000 square feet and sits on +-1.3 acres. The 340 plus seat restaurant has additional seating available on the outdoor patio dining area and is supported by a large kitchen/production area that has ample capacity. The location is shadow anchored by a national retailer and is close to many other retail stores, banks, multi-family developments and more.
Retirement
One of the main strengths of this opportunity is the premier freestanding building with high visibility, monument signage and abundant parking. Other strengths include a loyal following of customers who will wait for an hour or more to indulge in their favorite meal and libation. Sales have rebounded in 2021 with some weekends and holidays exceeding 2019 levels. An opportunity to purchase an existing facility in this area is extremely rare.
The ideal buyer could be a national chain interested in one of the most desirable high traffic areas in the state or an individual restaurateur who could continue with the successful format or bring their own concept. THE POSSIBILITIES Sales could easily be increased with expanded hours of operation and more focus on the bar and liquor sales.
Additional Info
The deal will include inventory valued at $20,000, which is included in the requested price.
Why is the Current Owner Selling The Business?
There are all sorts of reasons people decide to sell companies. However, the genuine reason vs the one they say to you might be 2 absolutely different things. As an example, they may say "I have way too many various obligations" or "I am retiring". For lots of sellers, these reasons are valid. However, for some, these might just be justifications to try to hide the reality of altering demographics, increased competition, current decrease in earnings, or a variety of various other factors. This is why it is extremely important that you not count absolutely on a vendor's word, but instead, make use of the vendor's solution in conjunction with your total due diligence. This will paint a more realistic picture of the business's present situation.
Existing Debts and Future Obligations
If the current company is in debt, which lots of companies are, then you will certainly need to consider this when valuating/preparing your deal. Lots of operating businesses finance loans with the purpose of covering points such as inventory, payroll, accounts payable, so on and so forth. Keep in mind that occasionally this can indicate that revenue margins are too thin. Numerous businesses 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 might be an outstanding lease on equipment or the structure where the business resides. The business may have existing agreements with vendors that have to be fulfilled or might result in charges if terminated early.
Understanding the Customer Base, Competition and Area Demographics
How do operating businesses in the area draw in brand-new clients? Most times, businesses have repeat clients, which create the core of their daily profits. Certain variables such as new competition sprouting up around the area, roadway building, and staff turnover can affect repeat consumers and negatively influence future revenues. One important thing to think about is the location of the business. Is it in a very trafficked shopping center, or is it concealed from the highway? Certainly, the more people that see the business regularly, the higher the chance to construct a returning customer base. A last idea is the general area demographics. Is the business placed in a largely populated city, or is it located on the edge of town? How might the regional average household earnings impact future revenue potential?
