Price: $395,000
Location: Bergen, New Jersey
Industry: Restaurant
Listing ID: REST850
Highly popular Saloon Restaurant in southern Bergen County New Jersey. The company has a substantial net income and offers owner financing. 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. The present yearly gross income represented by the seller owner is $1,250,000 and the business has a consistent yearly net income of $170,000. The 2024 gross income is expected to be greater than the previous year. Due to various reasons and possible seller discretionary income, formal due diligence is recommended.
Listing Details
Revenue: $1,250,000
Cash Flow: $170,000
FFE: $270,000 (Included in Price)
Inventory: $5,000 (Included in Price)
Lender Pre-Qualified?: Yes
Form of Ownership:
C Corp
Reason For Sale:
The purpose of this business transaction is due to the owners retirement.
Training & Support:
Training and owner support, the owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator. Also, if required the seller may be available to supply additional training, at a fair cost to the purchaser.
Operation
Year Established: 1985
Days & Hours of Operation: Days Hours of operation, this bar restaurant business is active seven days per week, with hours from 11:30 pm to 9:00 pm.
Owner Hours Per Week: Full Time
Employees: Regarding employees and payroll, this restaurant and company consist of various full / part-time employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis and a weekly base salary, the staff is unaware of the pending sale & fully expected to remain post-closing.
Location
Security on Lease: Two Months
Lease Option: Yes Available
Monthly Rent: 7,200
Type of Location: Commercial
Square Footage: 4,000
Relocatable?: Yes
Facilities Information:
This retail facility, which consists of approximately 4,000 square feet and has an attractive modern appearance. The business is on a busy commercial avenue with various other active businesses. This opportunity is in Northern New Jersey, Bergen County, which consists of various affluent and highly populated communities with continued demand for this industry.
Summary
Historical Summary:
This is a thirty-year-old full-service restaurant.
Owner Qualifications:
For Qualifications purposes, this business opportunity industry requires New Jersey State government licensing approval to purchase due to the consumption liquor license, in addition to other than the standard required municipal licenses.
Competition:
Regarding competition, to the best of our knowledge, due to various circumstances, 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 business opportunity can be further expanded by the new operator by increasing the hours past 9:00 pm, and also adding entertainment. Additionally, the company has a limited poor non-optimized web site and if adjusted can further develop the business yearly gross sales.
Financing/Terms:
Also, seller financing is available to a qualified buyer with an appropriate down payment, collateral, and credit rating.
