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Pizza place for sale . . . West Georgia

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NicksPizza

New member
I was approached by a pizzeria owner/operator in a neighboring town . . . he is looking to sell his DELCO pizza place that has been in operation for 23 years. It is in Hogansville, GA, about 10 miles from me. There is opportunity to purchase the real estate along with the business.

It is a tiny start-up cost relative to the ski resort places in Colorado. He is asking $40,000 for the business and $130,000 for business plus real estate. I can give some limited details about the operation, and can give contact information to anyone interested. I told him I would spread the word. Some relevant details about market and business are:
  • Hogansville population approx: 8200
  • Nearest large city (>15K . . . 25 miles)
  • This is only pizza place in town
  • 5 new restaurants expected to open in Hogansville in 2008
  • weekly average gross sales <$3K (this is not a typo)
  • Bakers Pride 602 ovens (IIRC); 30-quart mixer; walk-in cooler; fryer
  • Totally DECO . . . no existing seating inside
I have personal insight into the business and its operations and facilities. I won’t tell any trade secrets, but can answer some questions anyone would have. [/list]
 
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I am actually quite familiar with the business as he at onetime owned the one I eventually bought. He is a smart enough guy who does not maximize his business potential. The building is in probably below average condition, and his equipment would not fetch above average used price on the open market. This could be an opportunity for someone to jump on and run with . . . for the price of his equipment . . . and someone who isn’t me.

I am hands full with my own small town and buildout without another money pit to siphon off my limited cash flow 😦 I admit that I thought about it and floated a balloon that I’d buy his equipment if he didn’t find a buyer at his price. There are several people, including the Downtown Development Director, who have asked us to come open a shop in there downtown. Not right now.

It would take someone pretty inexperienced and really jonesing to start a pizza place to pay what he’s asking. Just doing due diligence will scare away the real business people. I figure $10K to $15K for equipment, and cut losses on the building by moving to a better place.

I could be completely mistaken about the business, as I have not seen the financials, but the the $2500 a week is a clear indicator of a very weak business in a town three times the size of mine! Right now I blow past that total on two nights (thank the good lord).
 
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Are the ovens in good shape, and is he willing to sell them separately from the rest of the equipment? How much would he ask for them?
 
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He just started the “selling” process by asking around the area. He said he wants to sell the business and not the equipment. If he does get anxious waiting for a buyer, then I’ll let folks here know of any price he is asking that is more than I can afford myself 🙂

He seems pretty insistent on selling the business for his asking price, so I’ll let people know it is available. I won’t offer personal opinion on the place unless it is someone I know well enough to want to counsel. His business with a perspective seller is his business . . . caveat emptor. Don’t want to torpedo a guy taking a shot at the marketplace. Nor do I want to see a friend take on that sort of challenge at that sort of price.
 
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