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listing business for sale -- Offer coming!!

B

bodegahwy

New member
Well, after 8.5 years it is time for a change. After the holidays I will be listing my two stores for sale along with the real estate they are in… wish me luck.
 
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Re: Getting ready to list business for sale

Thanks Nikko,

I guess it goes without saying that if anyone is interested or knows someone who might be interested in a pizza business located in a major Colorado ski resort feel free to drop me a line.

The business is quite profitable and does over 600K in sales (NOT including sales tax) (Delco location does about $450K and a seasonal slice location does about 150K in four months) The locations are for sale too. I have a buyer for the real estate if whoever buys the business is not interested. I will not sell the real estate until I know what is happening with the business. A buyer for the business will have first shot at the real estate. The gentleman interested in the real estate might also be willing to go in with a buyer of the business but you would have to work that out with him.

Managers and staff are in place. Everything is running well at the moment (you all know how that is!) Many staff are with us for 2nd,3rd,4th year, some even longer.
 
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Re: Getting ready to list business for sale

Good luck and hope you get what you want.

Dave
 
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Good luck in the sale. How did your meetings with the business broker go a couple month ago? Please keep us up with this whole process, as there is very liitle info here about someone selling a successful business. Typically just liquidating the squipment. What are you moving on to?
 
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It is crunch time for many operators. I know of several pizza shops in my area that could be chnaging hands or closing out right due to the economic pressures.
 
Re: Getting ready to list business for sale

Da314man

Where have you been Dale??? Its been a long time since you’ve posted - whats been happening?
 
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Re: Getting ready to list business for sale

wow, i remember Dale back from the old PMQ msg board. how is Blackjack goin ?
 
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Hey Dale, I did not notice before that you are another Colordao pizza guy. Do you know Mark who does franchising with BJ?
 
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Got another call today… possible buyer. Apparantly have the $$. Investor that may help with the real estate side of the deal if need be. Hope to hear more over the weekend. Could be a deal done in 30 days according to the broker that they are working with. But then, I have been through this dance twice already in the last 6 months so I am not holding my breath.
 
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Got the first request for follow-up info. I spent a good portion of this morning doing a full year-to-date summary of sales and all expenses. The good news is that the sales are 6/10ths of one percent from what I told the broker. The even better news is that using forecasts for December, the totals for the year come out better for owner’s discreationary cash flow by about 10K from what I told him making my asking price a pretty darn good deal. Also, another space in the same development as my delco location sold about three weeks ago providing a comp for that (real estate) part of the deal which supported my asking price to within 1%.

Here’s hoping.
 
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Re: Getting ready to list business for sale

Bodegahwy,

That really is awesome. Did you look at selling the business to a few of the employees and keeping the real estate? Real Estate is one of the best investments you can make IMHO.
 
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I doubt the employees could put the deal together even if I carried 50%. You are right about the real estate. It has more than doubled since I bought it.
 
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Met with a broker that has a client today to review numbers. I have several interested parties for the real estate which is nice. It means I can sell the business separately if a buyer is interested and be confident of selling the property as well.

Another buyer is interested in one of the locations and the real estate which means I can sell the other if a buyer only wants that one. I had not thought I could sell them to different buyers since one location depends on the other for prep and storage but the interested buyer is already in the pizza business and is interested in the dependent location.

Best of all, talking to buyers gives me a good level of confidence that the asking price is in-line with the market at 3X owner’s dicretionary cash flow. If a contract comes up this week, I can still take the best of the winters business before closing. If not, cash flow is excellent for the next 15 weeks. The crew is hired and trained. Things are good right now.

Here’s hoping.
 
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The broker is meeting with the interested buyers this AM to talk about choices and if they are serious get an NDA and get serious. I am also meeting with the other buyer this AM as well. Hopefully I will know a lot more by tonight.
 
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The broker’s buyers are meeting me at the store this AM to look the place over. They signed the NDA and are interested. The other buyer I met with wants to buy one of the locations and said I could expect an offer within the week. I told them I will not sell only one unless I have a buyer for the other and they said they might be willing to buy both and then would spin off the one they are not really looking at.

All this and Christmas too!
 
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Met with the potential buyers today and gave them a tour of the main location. Broker called back a few times today with requests for info. Last call was 10 minutes ago saying he was expecting them to write an offer in the next couple of days.
 
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They called for another meeting this AM. Broker is working on an offer. The buyers need to make the go/no go decision today…
 
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Re: Getting ready to list business for sale

how do you know how much to ask for busness, is there a caculation to use or something? just wandering for future reference…
 
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