Large Flag to show boating guests to The Lake House.
Asking Price: $2,500,000 Gross Revenue: $650,000Cash Flow: $200,000 (Seller's Discretionary Earnings) EBITDA: Not DisclosedInventory: $50,000 included in asking priceFF&E: $500,000 included in asking priceReal Estate: $500,000 included in asking priceShare this business:
Explanation of Financial Terms
The total asking price of the business for sale.
All income the business received before any cost-of-sales or expenses have been deducted.
Arrived at by "starting with your net (before tax) profit. Then, add back in any payments made to the owner, interest and any depreciation of assets." For example, if the net profit before taxes was $100,000 and the owner was paid $70,000 then the cash flow is $170,000.
Earnings Before Interest, Taxes, Depreciation and Amortization.
The value of the merchandise, raw materials, and finished and unfinished products which have not yet been sold. If there is no inventory price listed then the seller did not provide it.
Furniture, fixtures and equipment that will remain with the business, such as desks, office cubicles, decor elements of a restaurant or showroom, computers and office machines, pots and pans, dishes, display cases, manufacturing equipment, etc., depending on the type of business.
The value of property owned by the business. May be included in the asking price or offered separately. If no real estate value is listed, it was not provided by the seller.
The Lake House Inn is in search of a new owner to continue the legacy since 1843 of providing top-notch hospitality for guests and maintaining the historically important property.
The Lake House Inn is comprised of three separate businesses under one company umbrella: the pub & restaurant open to the public, the lodging resort, and the special events venue. Though these entities each require unique consideration, they work in confluence to provide guests a full-service experience. There is no other privately-owned destination in the greater Cooperstown Area, Richfield Springs, and Cooperstown market that is capable of hosting large events and providing lodging for guests. By the close of 2018, The Lake House Inn will have hosted many large events for the year, far exceeding that of other banquet facilities in the area. Current 2019 bookings forecast next year to be even busier.
The current owner Christine Corrigan Esq. has worked tirelessly to create a full-service destination venue that has a reputation for outstanding service. The next owner will acquire a piece of history that is also a profitable turn-key business with years of reservations on the books, a knowledgeable and experienced staff, with space to expand the company according to their own desires.
About the Business
Number of Employees:
The Lake House, Marina with docks, Outdoor Covered Stage 40 ft X 70 ft X 20 ft high on the lake available, 2 new cedar 96 ft docks, 4 older docks with slips, 2 Cabins, Outdoor restroom by the Lake, Outdoor 20 ft diameter fire-pit with gas flame. 15 outdoor Chimenias for burning fire wood around the lake, Large garage with 12 ft high overhead door for maintenance. Compete Outdoor Kitchen for Outdoor Stage up to 350 people, Outdoor Bar, Elegant Lakeside Spaces for Meetings and Events, Covered Veranda, Fire Bar with Lake Views over 460 ft Lake Front.
Rediscover the art of recreation and relaxation at our picturesque lakefront retreat. Indulge in simple pleasures and lavish services, from a carefree swim in the lake to a luxurious ride in the row boat. Use a canoe and paddle out into the lake or borrow a rowboat and go fishing. Take a bike to explore the Village. Meet friends for a game of tennis or for a cold one at the lakeside bar. We've thought of everything to make your stay exceptional. Enjoy authentic regional cuisine at unique restaurants and bars, and discover why we're one of the most sophisticated Local hotels with a breakfast buffet, room service, and fine dining.
Includes hotel rooms, restaurant, tavern, events, marina rentals
50% down, 8% rate of interest
Lake House, Cooperstown Hotel, Cooperstown Restaurant, Cooperstown Marina, Cooperstown Concerts, Cooperstown Lodging, Cooperstown Weather, Cooperstown Events, Cooperstown Weddings, 460 ft Lake Front, Compete Outdoor Kitchen for Outdoor Stage up to 350 people, Outdoor Bar, Elegant Lakeside Spaces for Meetings and Events, Covered Veranda, Fire Bar with Lake Views
Historic Restaurant, Event Center On Canadarago Lake with Hotel 16 Rooms
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or stake in the sale of this business and has not verified any of the information
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