3 Location Restaurant in New York

Plattsburgh, NY
Clinton County

Plattsburgh, NY.


Asking Price: Annual Revenue:
$1,425,000 $1,452,098

Food & Beverage: Restaurants, Fast Food, Deli


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RE: 3 Location Restaurant in New York Broker: Jared Olson
Owner Financing is Available!
15% Buyer Down Payment $213,750 15% Seller Financing or Equity $213,750 70% Bank Loan $997,500

Quick Facts

Asking Price: $1,425,000
Annual Revenue: $1,452,098
Net Profit: Not Disclosed
Cash Flow: $390,403
Total Debt: Not Disclosed
FF&E: $393,708
Real Estate: Not Disclosed
Year Established: 1991
Employees: 20
BBN Listing #: 542634398
Broker Reference #: RST013-A

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Business Overview:

Established in 1991, this family restaurant is located near two colleges and has expanded into 3 locations serving the Plattsburgh community and surrounding areas. Serving Hotdogs to Hamburgers, Chicken to seafood, this restaurant prides itself with their fan favorite menu. Each location has an outside patio and provides curb-side pickup which worked well in their favor during 2020 allowing guests to eat outside while many other restaurants closed their doors to the public. This business has 20 on staff with 2 tenured cooks who have been with the company for 20+ years, 3 full-time front of house associates, and 15 part time employees. After 35 years of business, the current owners are looking to sell in order to plan for their retirement. Included in the purchase of this business is $650,000 in assets which include the furniture, kitchen equipment and travel trailers for catering events.

The current owners provide general oversight to the two locations and handle payroll and scheduling. In addition to their accounting duties, the owners are responsible for making their well-known sauce that is used on most menu items. Unfortunately, one of the three locations in non-operational due to a death in the family in 2020 but this location remains fully equipped for operations to continue but will need more on staff to run smoothly. The current owners have agreed to stay on for 6 months to a year in order to provide a smooth transition as well as carry 15% equity to show good faith in the continued success of this business.

Priced at $1,425,000, this business is primed for new ownership with many opportunities for growth. A new owner has the opportunity to add a card reader as another form of payment (as they currently only accept cash), expand into internet sales, and provide a delivery service. Additionally, the homemade sauce has been requested by many; jarring this key component and selling it separately could be an opportunity to generate more revenue.

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Property Features and Assets:

Lease: 3 locations – own all three but would rent it to next person for $9,000/month total – included in CFA • 9 North – 1,700 square feet. • 9 South – 1,900 square feet. • 3 West – 2,200 square feet. Assets Included in Purchase: $654,036; Equipment: $275,762; Furniture: $117,946; Land/ Leasehold Improvements: $260,328.

Reason for Selling:

Retirement Planning.

Additional Details:

  • The property is owned.
  • The owner is willing to train/assist the new owner.
  • This is not a homebased business opportunity.
  • This is not a franchise resale opportunity.

Documents:

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