It is unusual to have the opportunity to acquire a franchise restaurant with the name recognition of Long John Silver s at the price being offered. It was common knowledge that YUM Brands was not focused on the Long John Silver s brand, but more on Pizza Hut, Taco Bell and Kentucky Fried Chicken. With the recent acquisition of Long John Silver by LJS Partners LLC, it is believed that the energy and knowledge of this group will enhance the corporate effort with new marketing programs.
The owner has not been very active in the restaurant with having a full time job. At times, that job did not allow him to be present at the restaurant for more than a few hours per week. He has a manager who handles much of the day-to-day operation.
A new owner has the choice of continuing to operate the business as the current owner is which would allow the buyer to maintain his or her current employment. However, it is recommended that the new owner become full time which will enhance the operation of the business with the owner on site providing leadership and motivation to employees.
Being operated day-to-day by a manager
Excellent systems and staff in place
Asking price is well under the cost of replicating this restaurant operation
The business is offered at $136,500(reduced from $165,000) free and clear of debt. Fixed assets, inventory and all intangibles are included in the purchase.
2012 Sales: $577,000 ACF: $96,060
2011 Sales: $576,000 ACF: $101,888
ACF: Profit (cash flow) of the business before expenses of owner compensation and perks, interest, depreciation and extraordinary items. Above ACF assumes an active new owner who would eliminate the general manager.
The lease on the restaurant ends 12/31/2014. The current rate is the higher of $30,000 per year or seven (7%) percent of sales. The lease is a triple net, so the tenant is responsible for insurance, real estate taxes (approximately $3,600 per year) and maintenance. The standalone restaurant is approximately 53 by 35 (1855 sq. ft.) with more than sufficient parking around the building. The landlord is expected to have a desire to have a longer lease and is negotiable to new terms or possible sale of the real estate.
Normal. No LJS's are close.
Active owner would help the business.
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