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COMMUNITY ICON RESTAURANT

Northern Vermont Lakeside near the Border

Price: $ 500,000 Sales: $385,000 EBITDO: Pro-forma $ 92,000

THE BUSINESS: This is a very successful 260-seat restaurant despite the fact that it operates on a very limited 5 day per week, dinner only schedule. The present owner operates the business to suit his lifestyle. Because of this method of operation, there exists a tremendous opportunity for a new owner. With a proven concept, trained & loyal staff and wonderful facility (actually two facilities - one indoor and 1 outdoor) in one space, this restaurant should have great appeal to food service people.

WHY BUY?

Already profitable
Excellent, underutilized facility
Trained staff
Proven concept
Vermont lakeside community lifestyle
Considerable opportunity for growth
Seller transition offered as part of sale

FACILITY & EQUIPMENT: The business sale includes the realty and all the equipment. The realty can be purchased in its entirety or split between the indoor and outdoor sections. This is a turnkey restaurant sale unless a new owner wishes to change the concept. The building is a renovated brick manufacturing building with lots of character and over 5000 square feet of space. The equipment is all recognized name brand items and is fully set up for both regular meals and banquet trade. A bar and entertainment area are also big plusses

STAFF: The current staff consists of the owner, who works 2 days days per week as chef, a chef, one sous chef, a hostess and dishwasher. The remainder of the staff includes one full time and 8-10 part time wait staff.

COMPETITION: This business is well positioned in the marketplace and competes with three other full service dinner restaurants in the area.

FINANCIAL: The business does very well considering the limited amount of time it is open and the fact that it is not aggressive at pursuing banquets and tour functions. The owner makes a decent living for the hours worked. Because the facility is so under used, a new owner is presented with tremendous upside potential. The current owner has demonstrated excellent controls over food and labor costs. This function can be taught to a new owner in transition. Sales in the years ending 2005, 2006 and 2007 were $ 414k, $381k and are estimated to be $ 385,000 with a gross profit consistently in the 66% range. EBITDO (Earnings before interest taxes, depreciation & owner) have been $ 78k, $ 65k and projected $ 67,000 for the current year. Pro-forma for a new owner could be above $ 90,000 with six days a week of operation.

OPPORTUNITIES FOR GROWTH:

Open for lunch.
Open Sundays
Seek more banquet business
Expand the bar nightly entertainment - especially in the summer

Advertise & add lower priced entrees.

SUMMARY PRICE AND TERMS: This well established restaurant represents a great opportunity for a new owner. The business is presently operated in a limited manner. The building has loads of charm and character. The staff is superb. The concept works well but could be expanded or modified. The business is attractively priced at $550,000 or a buyer can purchase the primary indoor facility for $400,000 and the outdoor space for $150,000. The sale includes the realty, equipment, flatware, china, utensils, furniture and fixtures. The seller is highly motivated to retire.