Price: $169,999
Location: Middlesex County, New Jersey
Industry: Restaurant
Listing ID: FF453
National franchise, Owner financing, Excellent opportunity to own this profitable well known franchise restaurant located in wonderful area of Northern New Jersey. The company has a gross yearly income of $778,473 and a net income of $83,703 based on an onsite owner operator. This facility has recently been remodeled with an attractive professional image. Friendly’s was founded in 1935 in Springfield, Massachusetts, and it initially started as an ice cream shop. Over the years, it expanded its offerings to include a full menu of breakfast, lunch, and dinner items, in addition to their famous ice cream treats. The restaurant’s menu typically includes a variety of classic American comfort food such as burgers, sandwiches, salads, and various dinner entrees. Friendly’s is also known for its extensive ice cream menu, featuring sundaes, ice cream cones, and specialty desserts like their famous Fribble milkshakes. Friendly’s is known for its family-oriented atmosphere and has often been a popular spot for families and children. This particular location features retro diner-style decor, with a friendly and casual ambiance. This is a dependable safe business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent return on investment to the owner operator.
Listing Details
Revenue: $778,473
Cash Flow: $83,703
FFE: $95,000 (Included in Price)
Inventory: $1,500 (Included in Price)
Franchise?: Yes
Form of Ownership:
Corporate
Franchise Information:
To be supplied
Reason For Sale:
The purpose of this business transaction is due to the owner’s involvement in an alternative business out of the general area.
Training & Support:
Training and owner support, the owner is fully prepared to remain post-closing and will supply an appropriate transitional period to purchaser.
Operation
Year Established: 1995
Year of Last Acquisition: 1985
Days & Hours of Operation: Days Hours of operation; this business is active seven days per week, with hours from 11:00 am to 9:00 pm. New 2023 breakfast hours are Saturday and Sunday opens at 7:00 am to 10:00 pm.
Owner Hours Per Week: absentee
Non-Owner Payroll: $198,291
Employees: Regarding employees and payroll, this retail company consists of six full and part-time employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, and weekly base salary, and the staff is fully expected to remain post-closing, the yearly payroll expense is approximately $198,292.
Absentee Owner?: Yes
Location
Security on Lease: Two months
Lease Option: Lease and terms; this business transaction will offer an assignable commercial lease which expires 2027-01-01, plus two, eight-year options available, with a monthly rent of $6,500 plus cam, $2,833, cost per square foot is approximately $39.00 and rent security is required.
Monthly Rent: 6,500
Type of Location: Commercial Avenue
Square Footage: 2,000
Relocatable?: Yes
Facilities Information:
This business opportunity is in northern New Jersey, on a commercial avenue with many other active companies. This business facility consists of approximately 2,000 square feet with a modern, attractive, and professional appearance. The business is in a free-standing retail facility conveniently located to its various customers.
Summary
Historical Summary:
This is a twenty-year-old full-service casual restaurant.
Owner Qualifications:
For Qualifications purposes; this business opportunity does not require any specific government licensing approval to purchase or operate other than franchise approval and the standard required municipal licenses.
Competition:
Regarding competition, to the best of our knowledge, no other new competitors are expected near to this business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
Potential Growth:
Regarding growth and expansion, the casual restaurant will increase its sale with the new 2023 weekend breakfast hours, also improving the marketing for delivery service. Additionally, the company has a limited non-optimized web site and if adjusted can further develop the business yearly gross sales.
Financing/Terms:
owner financing is available for this transaction to a qualified buyer with an appropriate down payment, collateral, and credit rating. Transfer franchise fee is $7,000 and royalties
are 7%.
