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Profiitable Banquet & Restaurant On Jersey Shore
Location New Jersey,United States
Asking Price Range $1.0M - $2.5M
Gross Revenues $800000
Net Profit / Cash Flow $465000
Cash Flow Type Sellers Discretionary Cash
Seller Finance Yes
Year Established 1999
Number of Employees 10 - 19
Inventory 640000
Relocatable No
Number of Employees 10 - 19
Real Estate Owned
Training A comfortable transition period will be provided by a very motivated owner who truly wants to retire and who wants to see his business continuing to flourish. A very well trained and highly qualified team will stay in place and support the new owner in al
Reason for Sale Retirement
Description After 20+ years in business, our client wants to retire from his New Jersey shore, Italian-American restaurant located on a major, high traffic highway. The ZAGAT rated restaurant been serving its upscale clients for the past 20+ years out of this prime location. The restaurant provides luncheons and dinners, including banquet operations for special occasions. Most patrons live within a twenty mile range, and at times, customers visit the restaurant on a pre- or post theatre/concert performance; in addition, there is some corporate client business, too. There are two bars with a full liquor license. The restaurant enjoys a competitive advantage by having long-term customers, providing live entertainment on Friday to Sunday. Due to its niche, there are few, if any, competitors close by. The restaurant serves 700+ dinners per week.
The business was conservatively valued at 2.9x EBITDA (ttm) after the financials and tax returns have been reviewed. There is no debt. The business is pre-qualified by an SBA lender subject to buyer's financials, and by implementing the proposed deal structure a buyer will obtain $175k/yr in after-debt cash flow, or a 50%+ return on buyer's cash down-payment.
A property real estate appraisal is included in the prospectus if a purchase is desired. The real estate includes a two-story 4700 sq. feet restaurant building on a 30,000 sq. feet corner lot, 220 ft facing a major highway. The building has been completely renovated recently and is in superb condition, including a nicely paved parking lot. (Real estate not included in the deal structure below)
A comfortable transition period will be provided by a very motivated owner who truly wants to retire and who wants to see his business continuing to flourish. A very well trained and highly qualified team will stay in place and support the new owner in all aspects of the business.
Achim Neumann - (732) 872-6777
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