Iconic Bar & Restaurant in Prime Location

Fredericksburg City County, VA

Iconic Bar & Restaurant in Prime Location
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Asking Price: $425,000

Cash Flow: $158,931

Gross Revenue: $1,263,928

EBITDA: N/A

FF&E: $25,000

Inventory: $18,500

Established: 1981

Iconic Bar & Restaurant in Prime Location

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Business Description

The Restaurant is a classic, casual American restaurant with a loyal customer base. Importantly, the restaurant has grown steadily over the past 2 ½ years under the current ownership with improved revenue and profits in each year and projected revenue and profits for the current year to exceed previous years significantly. The restaurant is owned and operated by a small group of experienced business-men and women, two of whom have extensive restaurant experience. The improved performance is a result of attention to detail, a well-trained wait staff and importantly, quality food prepared by experienced chefs and prep staff.

Detailed Information

Location:
Fredericksburg City County, VA
Inventory:
Included in asking price
Employees:
6 FT/17 PT
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The facilities of the business are housed in a 3,000 square foot historic building with a 1,250 square foot dining room, a 650 square foot event back room and a 1,100 square foot combined kitchen, prep room and dishwashing area. Additionally, the business utilizes a 1,200 basement for storage of paper products, beer, wine and Virginia ABC alcoholic products, dry goods and canned and bottled food products, coffee, teas, juices, etc. and an administrative office space.
Competition:
There are several restaurants in this city with offer similar food fare, but none offer the quaint atmosphere and ambiance of this restaurant. It is definitely and draw locally and from around the area.
Growth & Expansion:
There is a lot that could be done to increase revenues and profitability of the establishment. For example, there is a newly added bar added to the restaurant that is not currently maximizing its potential. With proper marketing this event venue has the potential to be the “go to” place for businesses, civic organizations and local private club meetings and lunch/dinner events and gatherings. Also, it could consider as a box lunch carry out venue for the busy, working class of millennial's or any combination of the above. Other potential business expansion opportunities for an aggressive/ambitious new owner(s) would easily be offering breakfast/brunch on weekends. One of our competitors is doing just that with great success. The current owners are happy with the status quo and not interested in growing revenues beyond its current level and therefore have not nearly realized the full potential of the restaurant and all it has to offer to the ambitious new owner(s).
Support & Training:
Will train 4 weeks @ $0 cost. No license required other than a standard business license required by the local government.
Reason for Selling:
Age of owners and Retirement.
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Dick Halterman CPA

Business Listed By:
Richard (Dick) K. Halterman, 11

Murphy Business & Financial Corporation

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