I put my place on the market a few months back, a realtor brought a client by yesterday and they are submitting an offer rapidly,
Surprisingly , They only wanted to see my gross/net sales for the last 3 years as opposed to everything.
It showed some impressive growth too.
They were mostly just looking for a restaurant location to do their own thing, but after doing a little research on us and seeing our reviews, along with word around town, they want to go 'Turn-Key with no gaps in daily operation.
Now the difficult part, hiring a lawyer to nail down all the particulars like gift card liabilities, license transfers for POS, and all the other garbage when selling an operating business.
Part of the deal is that I stay on for up to 6 months for full training, and be available as a consultant for another 6 months for any troubleshooting.
I want to see these people succeed with what I started, and I can go on to bigger and better things.
They did mention that the other operations they looked at were all failed or failing, and we are the first growing biz they’ve seen in the area.
I credit that success to this forum and it’s wonderful participating members. Bringing pizza into my operation opened up a whole new demographic to us.
Thank you.
It looks like I now may be able to do the 10,000 mile, 13-day 'Hoka Hey Motorcycle Challenge" this year and do sturgis without being rushed to get back to the restaurant
I don’t want to pry too much, but, without giving your sales, selling price or profitability figures, can you share the selling price as either a multiple of profitability or a percentage of gross sales? I’ll absolutely understand if you’re not comfortable with that … just looking for the possibility for reinforcement of a few very broad “rules of thumb” for selling an ongoing viable restaurant operation, exclusive of real estate. One other (less intrusive) question, what do you ride?
My current ride is an 84-1/2 FXRS, Linky>>> http://www.hotbikeweb.com/bikes/separating-men-boys-history-fxr
There may be a Street-Glide Special or maybe a Road-Glide in my future, but instead of spending a buttload of dough (Pun Intended) on a new bike, I’d rather get a big inch engine and add a turbo to my current scoot and a vintage FXRT fairing to it. Or get a FXR-SP that is sitting at my local dealer for a very sweet price, and bring that back to it’s former glory.
It is comfortable, it handles like a dream, I spent 19 hours straight on that bike heading to sturgis, and never got sore, I got a little beat up with the obnoxious wind on the trip out though.
I was not happy with thios bike until that trip, and running the canyons like a wild man, no matter what kind of corner I threw that bike into, it took it like a champ. So I can tour, and ride like a maniac. What more can a guy ask for in a Harley?
Selling, sales, profit; If this deal goes through, I will share if I can.
On the buying end, you look at past performance and buy according to what profit you can make in the future, the math to figure this out almost borders on alchemy.
The way I look at it, I know what I got into it for my time, I started with basically nothing to open for money (Seriously, I spend more per week on meat alone these days than I had in money to get my place open and running) and it is all sweat equity. I got the property and the buildings contents at a great price, There was 3 failed restaurant ventures here before me, none of which even made it for 24 months.