Steakhouse in Western Nebraska – Owner Lives Out-of-State
Located near a major Midwest destination, this restaurant is frequented by locals and visitors to town. The 8,000 square foot facility, near office complexes and accessible from Interstate 80, includes a dining room, banquet hall, sports bar and a glass-enclosed patio. The interior has been newly refurbished, and can accommodate banquets, wedding rehearsal dinners and receptions. Open for lunch and dinner, the current menu includes beef, seafood, pasta, salad, soups, burgers and sandwiches.
Sidney is located halfway between North Platte, NE and Cheyenne, WY just off Interstate 80. The current owner operates the business absentee, visiting the location once a week. A General Manager, Chef and full staff are in place to handle day-to-day operations.
Gross Sales in 2014 were $1,570,737 and Owner Cash Flow for that same year was $178,177. Profit Margin was 11%. Value of furniture and equipment is $362,536.
Years in Business: 12 Years
Location: Sidney, Nebraska
Location Demographics: With an approximate population of 6,800, Sidney is located halfway between North Platte, NE and Cheyenne, WY. Major Midwest destination and office complex located near the business. Currently 500 hotel rooms in town with 2 additional hotels scheduled to break ground.
Client Demographics: Local, repeat business as well as travelers on Interstate 80.
Facility: 8,000sqft: banquet hall, sports bar and enclosed glass patio
Employees: General Manager, Chef and all needed staff in place
Growth Opportunities: New hotel construction nearby will increase traveling customer traffic.
Current Owner’s Responsibilities: Absentee owner living in Colorado. Visits location once a week.
2015: $1,672,458 (annualized)
Owner Profit/Cash Flow
2015: $180,756 (annualized)
Profit Margin: 11%
Multiple: 2.85 *Multiples range from 1-5, with the average being 3
Valuation: 2014 Cash Flow x Multiple = Price
$178,177 x 2.85 = $507,804
Furniture and Equipment: $362,536
*amounts may vary
Purchase Price: $365,000
Funding to be accomplished by Buyer down payment, Bank financing (equipment loan) and Seller carry-back.