Family Restaurant With Real Estate
Location Ohio,United States
Asking Price Range < $250K
Gross Revenues $844000
Net Profit / Cash Flow $100000
Cash Flow Type Sellers Discretionary Cash
Seller Finance Yes
Year Established 1975
Number of Employees 20 - 34
Inventory 10000
Relocatable No
Number of Employees 20 - 34
Real Estate Owned
Training Seller will stay for one month during a transition.
Reason for Sale Retiring.
Description Asking Price is $200,000 for the business with $50,000 down payment. Seller will act as the bank if the buyer has good credit and good experience. Please email or call Peter at 440-885-0139 for additional details on this Restaurant for sale. Seller will give an option on the real estate.
This business has been a family owned operation since 1975. For 34 years it has been in the same family. At the time the father started the business they were open 7 days a week. In June of 2000 the seller decided that they needed some time off. They decided that they would close on both Sunday and Monday. After 4 years of being closed 2 days a week they recognized that their net income had been affected dramatically. In August of 2004 they reopened on Mondays but still remain closed on Sunday.
The building occupies 3887 sq. ft.. They have seating for 119. There is a small parking area in front of the building, the majority of the parking is in the rear. There is a very large lot in the back that can accommodate 65 cars. The lot size is .66 acres. The annual real estate tax is $9,397.40.
The labor cost for the year 2008 was 26.5 %. In this industry it should be no more than 20%. That represents an additional $42,000. at the bottom line. This does not take into account the re-opening on Sunday the best day of the week in a family style restaurant. That day adds another $250,000.00 a year to the gross and another $50,000 to the net. When they were open on Sunday they did $4,900 on that one day.
Prior to the time they decided to close 2 days a week, they were doing $1,100,000 a year.
The selling price for this business and real estate is $535,000 plus inventory at cost, approx. $10,000.
The seller will finance the both the business and real estate with $150,000. down and a balloon payment at the end of 4 years.
Click Here To Contact Seller
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