3 Profitable, Established Fast-Casual Restaurants

Business Overview:

We are pleased to offer for sale three, successful, cash-flowing, fast casual restaurants. All three are located within a 10 mile radius in a very desirable West Michigan city. And how about these attributes:

•Each unit has a full-time experienced manager in place allowing the buyer the option of running the businesses on an absentee basis.
•All three units were started from scratch in 2006, 2009, and 2011 respectively.
•All three are franchises with a protected territory and an outstanding franchisor that also owns several other brand name restaurant franchises.
•All three combine for consistent annual revenues exceeding $2,000,000.
•All three combine for average annual EBITDA of $240,000.

Each location averages 3 full-time and 7 part-time employees. The average store manager earns more than 60,000 annually, and with sane operating hours, the managers have a favorable lifestyle compared to managers at most restaurants.

All three units are visually appealing and located in attractive retail spaces. The two larger units occupy end-cap strip mall spaces while the smallest unit resides in a food court. Square footage of the three are 2400, 1800, and 1400 square feet respectively. All three stores receive regular front of the house updates. In addition, the two larger units have recently been fully remodeled. Combined rent for all three locations comprise 9.0% of total revenues.

The restaurants offer spacious dine-in seating while having a substantial, regular carry-out clientele. Additionally, all three stores have a meaningful off-site catering business.
The business, which includes all three units is being offered for $843,000 which reflects a 3.5x multiple of the last four year’s average EBITDA of $240,000. The seller will carry a low six figure seller note for a qualified buyer with industry experience. The deal package looks just great:

With annual debt service coverage for an SBA term loan a seller note of approximately $100,000 and average annual EBITDA of $240,000 results in a SBA pleasing debt coverage ratio of 2.4x (EBITDA/Total Debt Service = ($240,000/$100,000 = 2.4x). And this is after paying full-time managers in all three locations. And EBITDA minus total debt service leaves nearly $140,000 annually of free cash flow for the buyer to pay himself.

The seller looks forward to offering ample transition training (as part of the purchase price) to bring the buyer up-to-speed so the business should not miss a beat in moving to only the second owner of all three units after nearly two decades of success under the seller’s ownership. The seller will be joining with a partner in an intriguing, non-competitive financial service sector business opportunity post-closing and post transition training.

To learn more about this outstanding trio of successful fast-casual restaurants, please contact Mike Greengard.

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Property Features and Assets:

All three units are visually appealing and located in attractive retail spaces. The two larger units occupy end-cap strip mall spaces while the smallest unit resides in a food court. Square footage of the three are 2400, 1800, and 1400 square feet respectively. All three stores receive regular front of the house updates. In addition, the two larger units have recently been fully remodeled. Combined rent for all three locations comprise 9.0% of total revenues.

Market Competition and Expansion:

All three are franchises with a protected territory and an outstanding franchisor that also owns several other brand name restaurant franchises.

Additional Details:

Documents:

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