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Asking - $495,000 including inventory Cash Flow - $70,000
BUSINESS: Gaddys Country Store is a charming deli and convenience business located with high visibility on the principal highway (NYS Route 73) entering the Olympic Village of Lake Placid. The deli prepared food emphasis is on a variety of "home made" items that appeals to locals and visitors alike for breakfast and lunch. In addition, a selection of canned foods, soft drinks and beers, packaged snacks, candy and sundry home essentials is offered. The attractive frame building has space for the store and its related kitchen, check-out counter and prep table, a walk-in cooler, an office with computer, files, ect. There is a ground floor rental office, (occupied by a local attorney) and two second floor apartments, one with one bedroom and one with two. A new Marriott Courtyard is across the street from Gaddy's.
FACILITIES and EQUIPMENT The 2000 square foot country store has a convenient checkout counter for cash register and sundries, and an adjacent angled front see-in cooler for lunch items and delicatessen fare. There are three interior displays racks for dry goods, canned and packaged items and the like. A 22' wall of glass faced refrigerators offers beer, water and soft drinks, dairy items and vegetables. It is backed by walk-in cooler space for inventory, etc. There is also an 11'x18' store office and a 10'x10' kitchen adjacent to the store with range, sink refrigerator and preparation tables for preparing the day's hot lunch specialty. The upstairs apartments of 630 and 860 square feet size have a separate entrance, with living room, kitchen and two bedrooms in one and one bedroom in the other, each with its own bath. The ground floor of the attractive wood frame and clapboard sided building has a rental business suite with reception area, office, file space and its own entrance.
FINANCIAL: In 2005, sales for the country store approximated $ 470,000 that is consistent with prior years. This includes annual rentals of $ 20,000 for the apartment and law office. Owner's earnings prior to his take-outs and any finance or tax considerations has averaged $ 44,000. Discretionary cash flow approaches $ 70,000. The store has historically operated at about 50% gross markup, with skilled, loyal paid part time staff costing about $ 30,000 per year. Major other costs are $5,000 for taxes, , $ 9,500 for utilities and $ 4,500 for insurance. Store inventory is valued at approximately $ 15,000 and is included, as are fixtures and computer, etc. of about $ 25,000 value. This is a classic cash business, with no meaningful accounts receivable and modest working capital needs due to customary vendor terms.
Only modest working capital is needed for this essentially cash business.
Why Buy:
- Established year around convenience deli with high visibility and loyal customers.
- Economical loyal staff available
- Location in a world class resort village with heavy traffic past the door
- New Marriott Courtyard Inn is opening in 2007 just across the road!
- Two apartments, one of which can accommodate the new owner
- Rental office space at $ 650 per month of total rent potential of $ 1,650 / month
- Ideal for a husband and wife team.
PRICE & TERMS: The Country Store is offered at $ 495,000. A buyer with $ 70,000, relevant experience and good credit can merit local bank financing. Owner will assist transition
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