Price: $350,000
Location: Bergen, New Jersey
Industry: Restaurant
Listing ID: rest854
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. This is a thirty-year-old full-service restaurant. 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. 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.
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. The business fixed assets have an estimated value of approximately $250,000 which is based on the replacement cost of the original buildout, representing equipment, licensing, tangible & nontangible value. The accurate value of the assets will be identified during the allocation period. The sale consists of a fully equipped Pub Restaurant which includes a commercial kitchen, consumption liquor license, refrigeration & freezer units, web site, social media components, POS system, displays, shelving, tables, web site, computers, modern lavatories, fire suppression system including all the necessary equipment to maintain the day-to-day business operation and a list of assets will be supplied to purchaser upon request.The business facility has appropriate private and municipal public parking near to the location. Days Hours of operation, this bar restaurant business is active seven days per week, with hours from 11:30 pm to 9:00 pm. Regarding required licenses, the sale includes all required documentation including a certificate of occupancy from the local municipality and the required state or city licenses to conduct its day-to-day business.
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.
Sale Purpose: The purpose of this business transaction is due to the owners retirement.
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. 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. 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 similar to the previous year. Due to various reasons and possible seller discretionary income, formal due diligence is recommended.The business has been valued / priced at $395,000 which is based on the estimated value of the business assets. Owner financing $150,000 down. Routinely the company has approximately $10,000 of marketable wholesale inventory and the purchaser will be responsible for that expense at time of closing, based on wholesale value.
