Complete details on our company can be found at this link: http://www.bizbuilder.com/aboutus.asp.
Mendocino County, CA
Once in a Blue Moon an Opportunity comes along like this one...a Local Iconic Restaurant in rare location and in a setting that's hard to find.
The restaurant opportunity sits on the Beautiful Northern California coast just a couople hours north of San Francisco, in a local Harbor Dockside, where fishing vessels and charter boats for tourists reside. There is only a limited handful of restaurants in this area and tourists frequent this location for sport fishing, party boats and whale watching tours. This is a working harbor with commercial fishing as well, so there is no shortage of fresh seafood to serve your clientle.
The current concept is Seafood and Italian with Cioppino made fresh along with some award winning recipes...among them their famous clam chowder!
The restaurant has been in business with the same family since 1947, so there is unquetionable goodwill...67 years as a family run Italian restaurant. This restaurant has served as partial location for a 3 major motion pictures and was in Bay Area Back Roads tv show 12 years in row as well.
The freestanding building in older yet cozy...as is the Harbor itself, which adds to the feel of the area as a working harbor. Dining room is casual with windows all around to capture the harbor and river views.
The Upside opportunity is to take this restaurant to the next level:
There is a great outdoor deck adjacent to the indoor dining room and right on the dock with views of the river and harbor. This could be upgraded to include outdoor heaters, Entertainment: Music on the deck, Outdoor Oyster Bar and Grill?.... a general revitalizing of the Deck area, furniture and decor could really make the area lucrative to a new owner!
Add a full liquor license, if possible. Currently a 41 Beer and Wine in Place.
Accept credit cards...huge upside as current setup is all cash only.
Expand menu to include breakfast or your menu concept. Cater to locals as well as tourists.
Currently a five day a week operation, open 8 months of the year...expand Days, Hours and Months open to maximize sales potential.
Add, Enhance or come up with a New Concept as the location and Ambience is Key component here.
Freshen up the interior bar and decor to suit your taste.
Increase marketing....Locally and regionally, Social media, Website
The Kitchen is adequate with hood system, grill, fryer, coolers and prep stations. plenty of storage as well (Hood system will need upgrade to ansul)
Rent is reasonable @ $3,600, all in for 1,300 sqf. plus deck
The seller is the landlord and is willing to work with a new owner. They want you to succeed and are open to ideas.
Financials available to a qualified buyer only. This current operation is a 5 day setup essentially for lunch and dinner. They close from Nov. through February each year...so you can go to warmer climates with long vacations after a hard season of cash flowing, so sales info. is essentially for current operation and expenses as is.....
You are buying into the Dream of Owning a Dockside Restaurant with so much Potential. Restaurant is priced based on location, recipes, FF&E and goodwill...not a sales/net multiple.
Restrooms will need to be upgraded to ADA.
Owner is willing to look at reasonable offers and may consider a partial seller note from a qualified buyer.
Reason for selling: Owners have had a long successful run and are ready to retire.
Are you an aspiring chef, restaurant manager or sommelier with good business sense?
Do you have a dream/desire of owning your own successful restaurant?
Ever wanted to live in a beautiful & quaint coastal town?
If you find these questions intriguing and you have a little cash to invest into your dream ($100,000 minimum) I can help make it a reality.
I’m looking for an individual or team with a vision, talent and passion and a lot of drive.
I know you. You were me 8 years ago. Let me explain:
In late October of 2005 I was on vacation on the Mendocino coast. I saw a beautiful thriving ocean community and came across a property that was for sale (B&B farmhouse that I figured I could do some catering out of and open for family style dinners on the weekends). When I returned home I called the realtor to inquire how much they were asking for the said property. I learned it was already in escrow (this was a blessing!). The agent offered to show me some other properties and I headed on a road trip back to coast. I told the realtor my idea was a B&B because I knew I could live there (which was a must as I would be selling the homestead), run an inn, do catering and maybe do dinners or breakfast covers somehow to generate more income. I didn’t have access to much cash but I knew if I sold my house and picked up everything and moved I could come up with $110,000. So here I was sitting in a real estate office getting ready to go see some inns when the agent mentioned a restaurant was for sale with a few buildings on the property and maybe creatively I could make it work. She showed me the restaurant and immediately I asked for P&L’s as I saw my dream in front of me. I also saw that I could consolidate a lot of unused office space and I could turn a 700 sq. ft. out building/office into a one bedroom owner's unit. I’m excited!!!! My mind was made up but I needed to at least see the other properties. Following a day of real estate hunting I was on my way back home just waiting to get my hands on those P&L’s. The P&L’s arrived the next day and were not impressive to say the least. The plus side was 1.3m – 1.5m in revenue every year. The down side was no profit for as far back as I could see, 5+ years. I have good business sense and after looking and looking my conclusion was mismanagement. I knew I could make money off that revenue, so I did pro forma after pro forma -- being as conservative as possible with the worst case scenarios. What I came up with was that I would at least make as much money as I was currently making as an executive chef but would be working for myself, and in the best case scenario I would be earning more. On January 1, 2006 I put in an offer and after a little negotiation we came to a deal. Now the real crazy begins….the SBA loan process AND I need to sell my house to make this all work. Long story short, four months later my house sold, the SBA loan was approved and escrow closed May 25, 2006. Things have turned out better than I could have ever dreamed and in the past eight years my life has changed dramatically. I would love to find someone to take on the dream of owning an incredible restaurant. If this is you (the “me” from 8 years ago) and you’re serious, I can get you there. I know the steps it takes and I will lead you through it. Throughout my career, I’ve had some incredible people help me along the way. Now it’s my turn to pay it forward.
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