Irving Las Colinas Top-rated Home Cooking Diner 19898

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Asking Price:
$450,000

Gross Revenue:
$1,047,367
Cash Flow:
$133,835
EBITDA:
$133,835
Inventory:
$14,000
included in asking price

FF&E:
 Not Disclosed
included in asking price

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Business Description

MegaBite Restaurant Brokers LLC offers, for your ownership consideration, a spotless, full-service family style restaurant business providing homemade country style breakfast and lunch to customers in the Irving-Las Colinas-Dallas area. Convenient to major highways, the restaurant is famous for great food, quick service and friendly atmosphere. The restaurant features fresh homemade recipes including traditional breakfast fare, chicken fried steak and made from scratch desserts all prepared and served in a spacious, spotless open concept kitchen, dining area plus a large private room. You don’t have to drive miles into the sticks searching for some rumored-to-be “best ever” family style cooking; you will find it right here!
While the owner has created an amazing location and concept, they lack the restaurant industry specific experience to efficiently operate the business. Dissatisfied with an unacceptable situation at their “usual” diner, this successful entrepreneur started the restaurant WITH NO PRIOR FOOD SERVICE EXPERIENCE. They created a menu including daily specials, home cooking as well as healthy meals. They quickly developed a loyal clientele made up of local customers.
As the restaurant’s name and reputation spread, they have continued to win annual awards for their food and customer experience. The founder has pretty much let the staff run the business. The owner has never negotiated, or comparison shopped vendor prices for food, supplies, etc, or managed labor costs. The founder does not manage or operate the business; they simply wanted a great place to eat and, frankly, as long as it did not lose money, they left the business alone.
The owner does NOT work directly in the business and feels that a major advantage over competitors is the seniority and experience of their employees. The server and kitchen team are professional, well-experienced and a major asset to the company. They will benefit from direction and cost management oversight. The customers are happy with the service and food. The owner feels that an industry-knowledgeable, hard-working owner will drastically improve the sales and profits by hands-on owner-operation, managing food and labor costs, adding dinner hours, increasing prices, adding catering and to-go sales. NOTE: CASH FLOW IS BASED ON SAVVY, EXPERIENCED NEW OWNER OPERATING THE BUSINESS TO REDUCE FOOD AND LABOR COSTS.
The asking price for the assets of the business is $450,000 ALL CASH OR $550,000 with $350,000 down with $200,000 seller financing to a purchaser qualified and approved by the Seller. SELLER PREFERS ALL-CASH SALE. The assets include inventory at cost of $14,000 and FFE (Furniture, Fixtures and Equipment) valued at $100,000.
We know about many businesses that are for sale but might not be advertised. Check out www.megabite-rb.com for more information and consider registering your criteria as a purchaser.
KEY WORDS: las colinas irving dallas homecooking homestyle southern comfort food large portions country fried steak chicken scratch dumpling diner pot roast sharing all-you-can-eat catering friendly’s IHOP perkins denny’s huddle waffle house bob evans cracker barrel sell my Dallas home cooking diner for sale

About the Business

Location:
Irving, Texas
Year Established:
2012
Number of Employees:
20+
Real Estate:
Leased
Building Sq. Ft.:
5,700
Rent:
$8,104.00 Per Month
Lease Expiration:
3/31/2024
Facilities:
The restaurant consists of ~5,700+/- SF and seats approximately. The floorplan consists of a large main dining area plus a second dining area (that can be made a private meeting room including projector and screen), wait stations, large open well-equipped kitchen-prep area, ventahoods, office, dish wash area, dry storage, restrooms, 2 wait stations and storage area. The facility is leased for $4,795+/-/mo + $3,314 NNN for a total monthly lease of $8,108+/-. The 5 year lease contains normal rent increases over the term plus 5-year market option. Owner states that the landlord will offer a long-term lease plus renewal options to a qualified tenant.
Market Outlook/
Competition:
The food service industry is very competitive, and this restaurant is no exception. The local market has a range from small local mom & pop’s to large international food chains. HOWEVER, the Owner feels that no area restaurants offer the food quality, service quality, good food for good price, family atmosphere, cleanliness and sheer enjoyment of this business.
Growth & Expansion:
This is a strong location with high volume and excellent potential for MUCH higher sales and profits. The seller states that a new savvy, experienced food service owner-operator can continue to grow the business and profits in several ways: 1) reduce food cost by comparison shop between food vendors (never done), 2) hands-on owner operation by an experienced food services management team could reduce food and labor cost to industry norms (could increase profits $100,000-200,000 based on current sales volume), 3) add dinner hours (based on past experience, could increase sales by approximate $400,000 - $500,000), 4) explore improving menu and introducing price increase of 6% (potential increase profits ~$60-120,000), 5) add catering and to go orders (could increase sales by approximate $100,000 - $200,000), 6) local store marketing and promotion, 7) add beer and wine, 8) scale business models to other locations and geographic markets
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About the Sale

Reason For Selling:
Retirement from industry
Training/Support:
The seller wishes to ensure a seamless transition with a purchaser. They will train a purchaser for 4 weeks included in the purchase price. Operational training will be provided by the current staff. The seller is willing to remain for a longer period, in a consulting role, if desired by a purchaser, at mutually agreed compensation.
Seller Financing:
Price $450,000 CASH: or $550,000 with $350,000 down and $200,000 Seller-financing

Listing Info

ID:
1618540
Ad Detail Views:
0

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Sponsoring Broker:

Jeff Adam
Adam Noble Group, LLC


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