Successful Rest. w/Liquor Lic.-No Banking Needed

Not Disclosed, MI
Ingham County

Mid-Michigan


Asking Price: Annual Revenue:
$680,000 Not Disclosed

Food & Beverage: Restaurants, Fast Food, Deli


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RE: Successful Rest. w/Liquor Lic.-No Banking Needed Broker: Steve Kandt

Quick Facts

Asking Price: $680,000
Annual Revenue: Not Disclosed
Net Profit: Not Disclosed
Cash Flow: Not Disclosed
Total Debt: Not Disclosed
FF&E: $325,000
Real Estate: $522,000
Year Established: 2002
Employees: Not Disclosed
BBN Listing #: 10631216
Broker Reference #: SK1072021

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Business Overview:

The owner of this popular, profitable mid-Michigan urban landmark restaurant has been a part-time operator for 18 years, but he has now reached retirement age and plans to start winding down his business activities which will include the sale of this successful restaurant complete with real estate and a full class C liquor license. After giving the buyer ample transition training, the seller plans to live full-time in Florida.

This neighborhood restaurant, located near both a downtown area and major interstates, averaged annual revenues of $1,400,000 over the four-year period ending in 2019. Average annual EBITDA for the same four-year period was $230,000.

During 2020, due to State of Michigan mandated Covid-19 operating capacity restrictions, the restaurant was closed completely for128 days, operated at 50% of normal seating capacity for 163 days, leaving only 74 days of normal operating capacity. That’s a mere 20% of the year during which the business was allowed to operate at full capacity. Despite only being at full strength for such a small percentage of 2020, the restaurant generated revenues of $720,000, which is 60% of 2019 revenues in only 20% of a year – quite impressive…

The real estate, is owned by the seller and is included in the sale. The 4,260 square foot facility seats 170 and has a 100-car parking lot which is also part of the real estate package. The attractive restaurant was stripped down to its bones some 15 years ago and given a complete remodel.

And for prospective buyers who want a chance to make a lot of money without working too hard, how about this: the seller, who lives in Florida for nearly two winter months annually, works about six hours a week (that’s right – per week) paying bills and checking on operations when he is in town. When in full operation, the restaurant is open seven days a week and is managed by capable, long-tenured full-time managers.

The restaurant employs full and part-time non-union staff, many of whom have been working at the restaurant for years and years. The business comes of course fully equipped with $325,000 (cost basis) of fixed assets and $375,000 of leasehold improvements from the above-mentioned major remodel.

The seller contemplates an asset sale in which he retains the cash while retiring all liabilities. The buyer receives all fixed assets, the real estate with an estimated value of $530,000, the class C liquor license, and the goodwill of the business including name and the restaurant’s attractive website to name a few goodwill components. The totally inclusive listing price is only $680,000!

And, get this: for a qualified buyer willing to make a reasonable down payment, the seller will carry a mortgage for the balance of the purchase price – no banking necessary. Favorable terms would include a 7.0% interest rate and an eight (8) year amortization; i.e., 96 equal monthly payments. Upon a return to the historical average annual EBITDA figure of $230,000, the successful buyer of this business has the opportunity to have an annual cash flow in excess of $100,000 after debt service. To learn more about this excellent, ‘no bank needed’ business opportunity, please contact Steve Kandt.

To request more information regarding this listing, simply check the ADD TO REQUEST INFO BASKET button and when you are done searching and have made all your selections, simply click on the REQUEST INFO button at the bottom of the page.

Property Features and Assets:

4,260 square foot facility that seats 170 and has a 100-car parking lot.

Reason for Selling:

Retirement

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.

Relevant Links:

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