* Included in Asking Price
There are very few non-franchised full service restaurants in this province that can truly say they have been a local favourite and a destination, for decades. This is one of those institutions that can, where existing customers dare not frequent elsewhere as they have come to rely on the consistency in quality and value of this location. The foundation in place currently supports a 4.5 star rating on Facebook, Google, and Trip Advisor with hundreds of reviews and has produced an incredibly long history of financial stability.
Primarily, the business operates with hands off management, with a more or less empowered, motivated, and engaged management team. Yes, there is leadership required from time to time, however, for the experienced operator who knows their way around the business, this would be a simple take over as all systems, processes, and expectations are in place.
Many important updates have been made in the last few years, from the POS, to the kitchen, to the dining room. Much heavy lifting is done and the business is in a great place to reap the rewards of the enhanced offering and improved efficiencies.
What does it take to make good businesses great? We expect you'll easily agree there are many aspects about this business that are already great and little needs changing with the exception of the name on the lease and the bank account for the daily sales to be deposited into.
There are a total of 94 seats at full capacity and there are 15 staff, full and part time.
A full overview of the business and operations is available to those qualified individuals who have signed our NDA.
Financial Information: (Canadian currency)
Approximately 65% annual return on investment, after mortgage payments. Qualified buyers can learn more upon review of Offering Memorandum.
3 year average revenues = $1.15M (very little fluctuation YOY)
* does not include 2020 yet, although monthly sales are now back on track, with February 2021 being higher than both 2020 and 2019.
SDE ranges from $186k - $263k.
Inventory runs at approximately $15k
Our expectations would be that an average deal would have approximately 60% financing, over 5 years, with annual payments of approximately $65,000.
* SDE - Seller's Discretionary Earnings are the pretax and pre-interest profits before non-cash expenses, owner's benefits, one time investments, and any non-related income or expenses. In addition, SDE may require that expenses be adjusted if a new owner will necessarily need to take on a new expense. SDE is after mortgage payments and return on capital of 8% for the proposed real estate investment.
Minimum Equity Required:
High visibility and easy access leased premises with loads of parking. The business has been at the existing location for over 25 years. There is a total of 2115 square feet of space, and the total lease cost is approximately $6,000 per month. The lease expires in 2022 and there is an option to renew.
Town Water and Sewer
|Facilities:||Please see summary|
Seller Reference #1223
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