* Included in Asking Price
Established in 1985, this very profitable 64 seat restaurant is the perfect size business to manage, either as husband and wife combo or a single owner/operator to hire someone to support the needs of the day to day.
There are a total of 6 staff, in addition to the owners. The menu is straight forward and can easily be taught to someone with a desire the learn. The owner was not a qualified chef when he began 35 years ago.
The location of this business is ideal, in a high traffic area, shopping plaza, surrounded by many commercial and institutional operations nearby that support ongoing demand. Located next to the only NSLC in the area now selling ******** products, as well as a new 40,000 sqft retail development. This location is a commercial hub in the area.
This restaurant is by far the most profitable restaurant opportunity we have ever worked with, based on the price being requested! You can have your original investment back in 1 year. Example:
- $120k down and $230k financed.
- approximately $40k in payments means $185k pre tax left over.
The owners are happy to remain on-site as long as it takes and support a Buyer during the transition. They have agreed to have a negotiated amount of funds retained in a lawyer's trust account for a determined period of time, until the new owner is 100% confident they can run the business on their own.
2018 Sales were close to 600k and Seller's Discretionary Earnings were over $225k and trending upward year after year. The seller's anticipate 2019 Revenues will easily reach close to 700k and SDE to be between 250k and 275k.
With help from all the recent development in the neighbouring area, April 2019's sales were up 15% and May 20%.
Seller's discretionary earnings are the pretax and pre-interest profits before non-cash expenses, one owner's benefits, one time investments, and any non-related income or expenses.
Minimum Equity Required
Leased Premises - $26k per year.
1440 square feet + 250 sqft for offsite storage.
Plenty of parking for customers.
Long term tenant of the property, they signed a new 5 year term as of January 1 2017 to December 31 2021, which includes an additional 5 year option.
Seller Reference #1158
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