Industry: Food and Restaurants
The Business sits in a historic small town setting in a “highly unique” and “difficult to duplicate desirable location.” It is an up-scale casual dining restaurant with a theme lounge. The restaurant provides an eclectic menu, a full-service cocktail lounge with signature alcoholic beverage offerings. Numerous upscale leasehold improvements have been made to the building and equipment upgrades including a new Point-of-Sale System.
Due to COVID restrictions, the Business is currently closed. The operations were supported within established operating policies/procedures and previously an executive chef that had been with the business for 5.5 years. Current (2019) Cost of Goods Sold were an attractive 29.7%. This was further supported with a staff of experienced line cooks, bartender, wait staff, hostesses and other support personnel.
The Business has received numerous awards of recognition for the quality of the service, food and beverage offerings. The ownership has created an active and highly visible presentation in the local community and the Business is a popular repeat destination point for tourists traveling to the numerous local attractions.
The Business as disclosed by the ownership has had an annual sales growth rate of 20.0% as recently as 2017. Gross sales for the most current year of 2019 was $715,000. For 2018 were $697,088, 2017 $628,176, 2016 $511,614. In performing a “look-back” for the period of June 2017 – 2018 to June 2018 to June 2019, the business has increased annual revenue by 5.0%.
Down Payment: $100,000
Total Sales: $715,000
Cash Flow: $55,029
FFE: $30,000 (Included in Price)
Inventory: $3,000 (Included in Price)
Reason For Sale:
Ownership desires to retire and relocate.
Training & Support:
The ownership is prepared to provide an organized and structured training period that is assisted with the operational manuals, policies and procedures to support the sales transition.
Year Established: 2008
Employees: Previously for 2019, 15– 18 combination full and part-time
Managers: Passive Ownership
The Business operates in a lease-hold property.
For 2019, the annual lease was $26,590. Monthly rent is $2,216. There are four years remaining on the current lease with a five year option (to be negotiated). The building site per the original lease is 2,639 sq. ft. w/additional building space being used by the business. Rent as a percent of annual revenue is 3.8%. Seating accommodates 90.
Current occupancy could be expanded with the option of multiple outdoor and indoor seating arrangements.
A white tablecloth restaurant and craft brewery.