Business Overview

Amazing opportunity to purchase Superior Ocean Produce – a wholesale distributor, The Fish Guy – a seafood market and Wellfleet – their on-site restaurant with dining both inside and out on the rooftop. Offering amazing fresh fish, shellfish and other oceanic items.

Superior Ocean Produce, their wholesale division supplies many of Chicago’s top chefs and distributes to many Michelin star hotels and restaurants.

The Fish Guy market, in addition to fresh seafood, also sells delicious, prepared foods including crab cakes, grilled calamari and smoky salmon ravioli.

Wellfleet features a wonderful sit-down restaurant within the Market premises. Has seating for 10 inside, 16 on the front sidewalk patio and 25 on the rooftop patio. Features a small open kitchen so diners can watch the meal prep. Can also order takeout in advance and pick up some fresh seafood from the counter for dinner too.

Back of house features a drive-in garage, refrigerated prep area, in addition to enormous walk-in coolers and freezers.

Open shorter hours. Currently open Tuesday-Saturday: Market operates from 9a-4p and the restaurant for lunch (dine-in & takeout) from 11:30a-2:30p (walk-ins welcome & reservations appreciated). Closed Sunday-Monday. BYOB license.

Also, offers an Afishianado Club. The membership extends a 10% discount across the board for one year on all products and services offered at the Fish Guy Market. But the discount does not apply to Wellfleet lunch or takeout. Gift certificates also available.

Plus, subscribers are emailed each week’s specials.

Well established in Chicago for 35 years and at this location for 25 years! Current owner is looking to retire after 35 successful years in the business and is willing to help with a new owner with the transition.

Location: Prime retail space in a freestanding building with abundant street parking and high traffic counts. Also, a front-loading zone for customers. Conveniently located on busy N Elston Ave near Montrose Ave in the Mayfair District. Centrally located equal distance between O’Hare and downtown Chicago, for fresh daily pickups from the airport!

Feel free to stop by the location as a customer first. This is a highly confidential listing, please DO NOT talk to any of the employees or patrons. If interested, contact EatZ for more information. Showings by appointment only.

Listed By Tom Traina at EatZ & Associates / EatZ Real Estate Group LLC

Financial

  • Asking Price: $799,000
  • Cash Flow: $113,470
  • Gross Revenue: $732,684
  • EBITDA: N/A
  • FF&E: N/A
  • Inventory: $1,500
  • Inventory Included: N/A
  • Established: 1997

Detailed Information

  • Property Owned or Leased:Own
  • Property Included:Yes
  • Building Square Footage:3,513
  • Lot Size:N/A
  • Total Number of Employees:3
  • Furniture, Fixtures and Equipment:N/A
About The Facility:

Two-story all-brick freestanding building in excellent condition with a custom build-out. Remodeled 2011. On .072 acres. Square Feet: 3,513. Seating: 16 Inside & 20 Outside. Days/Hrs of Operation: Tu-Sa 9a-4p. Owners Role: Owner operated - supervisory. Value of FF&E: Included In Asking Price (Valued at $250,000).

Is Support & Training Included:

Negotiable on-site comprehensive training.

Purpose For Selling:

Retiring.

Pros and Cons:

A world class seafood distributor and market. Highly regarded as a leader in their industry. Has set the gold standard in quality fresh seafood. Priorities are purity and quality. Offers a wide selection - up to 600 species each year - keeps pros coming back for more. Seasonal catches from the U.S., Mexico, Canada, Central America, as well as New Zealand. Specializes in little-known delicacies and regional fish. Regularly changing offerings. Featured in Chicago Magazine, Chicago Mag.com, Chicago Tribune, Time Out Chicago, Chicago Social, Chicago Foodies, Midwest Living, W Magazine, Forbes and more. Also, has a solid rep among foodies.

Opportunities and Growth:

Legendary fishmonger. First to ship seafood coast to coast by airfreight. Introduced the terms Diver Scallops, Ruby Trout, Mahogany Clams, Sturgeon Bullets and other nomenclature, which reflects creative marketing, but longevity as well. A landmark location in business over 25 years. Area gem. Staple in the community. Known by chefs throughout Chicago’s top restaurants. Tons of regulars - top chefs to seafood newbies. Lots of fish fans. Longtime patrons. Clients and customers come from near and far! Tons of upside potential. Can easily expand the business through greater marketing/advertising to more restaurants and hotels, as well as promoting their retail and restaurant offerings. Can also open the restaurant more hours and days. Plus, a great opportunity for a buyer who is currently in the seafood wholesale distribution business looking to grab a larger market share or a restaurant business looking to cut out the middleman by purchasing this wholesale!

Additional Info

The business was founded in 1997, making the business 25 years old.
The deal shall not include inventory valued at $1,500*, which ins't included in the listing price.

The business has 3 Full & 1 Part employees and is situated in a building with approx. square footage of 3,513 sq ft.

Why is the Current Owner Selling The Business?

There are all sorts of reasons people decide to sell companies. Nevertheless, the genuine reason vs the one they tell you may be 2 absolutely different things. For instance, they might claim "I have too many other responsibilities" or "I am retiring". For numerous sellers, these factors stand. But also, for some, these may simply be justifications to try to hide the reality of altering demographics, increased competition, recent decrease in incomes, or a range of other reasons. This is why it is very essential that you not count entirely on a vendor's word, but instead, use the seller's solution along with your general due diligence. This will repaint an extra practical image of the business's existing scenario.

Existing Debts and Future Obligations

If the existing entity is in debt, which lots of businesses are, then you will have reason to consider this when valuating/preparing your deal. Numerous companies take out loans in order to cover items like inventory, payroll, accounts payable, so on and so forth. Keep in mind that in some cases this can indicate that earnings margins are too tight. Many businesses fall under a revolving door of taking loans as a way to pay back other loans. In addition to debts, there may likewise be future commitments to think about. There may 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 may result in charges if canceled early.

Understanding the Customer Base, Competition and Area Demographics

Exactly how do companies in the location draw in new clients? Many times, businesses have repeat clients, which develop the core of their day-to-day revenues. Particular elements such as brand-new competitors growing up around the area, roadway building, and also employee turnover can impact repeat customers as well as negatively affect future profits. One essential thing to consider is the area of the business. Is it in a very trafficked shopping mall, or is it hidden from the highway? Certainly, the more people that see the business often, the better the opportunity to build a returning client base. A last thought is the basic area demographics. Is the business situated in a largely populated city, or is it located on the outskirts of town? Just how might the neighborhood median house income effect future revenue prospects?