Business Summary:
The owner of this 35 year old West Michigan establishment had one final goal before retirement: he wanted to add a giant, drop dead terrific sports bar to his long established and popular family dining restaurant. In late 2006, the owner put a major addition on the restaurant and added a new façade and landscaping to bring a whole new look and feel to this successful business. His dream combination sports lounge and family dining restaurant has just celebrated its first anniversary on a very positive note, so the owner, with a smile on his face and mission accomplished, plans to sell his business and retire.
Ideally located at a major intersection and set in an attractive and busy commercial area, this 345 seat, 10,400 square foot facility is offered on a two acre parcel with both the prime piece of land and the building included in the $2.25 million asking price. The seller enjoys a $335,000 annual cash flow (to pay his mortgage and himself) from the operation which will generate 2007 revenues of $1.5 million. 15 full time and 15 part time employees (many of whom have been employed at the site for a decade or longer) enable the restaurant to remain open seven days and seven nights.
With a $1.6 million piece of real estate (based on a current bank appraisal); $350,000 of furniture, fixtures, equipment (including a state of the art audio-visual system in the sports lounge with a score of large screen and flat panel televisions); a recently installed $28,000 POS system; $30,000 of inventory (included in the price); and a Class C liquor license (alone worth $100,000) with entertainment and Sunday sales permits, this outstanding and well know restaurant has it all. And with so many valuable assets included in the listing price, the enterprise value of the business is being offered for a very nominal and very low six figure amount.
To help a buyer purchase this exciting and attractive business, the seller will augment buyer cash and bank financing by carrying a low to medium six figure seller note. To learn how you can instantly become a major player in the West Michigan restaurant and lounge scene, please call Mike Greengard at 616-450-0707 or Ken George at 616-648-1132.
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