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Landmark Resort Area Restaurant & Tavern

Banner Elk, NC (Avery County)

Seller Financing Available
Grandfather Mountain
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Asking Price: Get Financing: $195,000

Cash Flow: $50,000

Gross Revenue: $800,000

EBITDA: N/A

FF&E: $150,000

Inventory: $7,000

Lease Rate: N/A /SF

Established: 1985

Landmark Resort Area Restaurant & Tavern

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Business Description

Truly the best location in "The High Country" of Banner Elk, NC in direct view from below of Grandfather mountain and 2 miles from Sugar Mtn. and its ski slopes. Located at the main highway intersection in this area, this 31 year restaurant & pub has prospered in the same great location and consistent concept with a casual atmosphere and broad-based appeal.

*****The key to this business for a new owner-operator would be to bring food/bev. costs down from the present very high 50% to a normal 30-32%. This can mean upwards of an additional 150K cash flow to add to the present 50K, allowing the new owner(s) upwards of 200K a year.

Detailed Information

Inventory:
Included in asking price
Real Estate:
Leased
Building SF:
N/A
Lease Expiration:
N/A
Employees:
3FT; 15PT
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
3800 sq. ft restaurant with main dining, bar and bar area. About 130 seats in a combination of booths, tables and about 20 bar stools around the two-sided peninsula bar. Large outdoor covered patio with 8 tables and 20 seats and spectacular view of rugged and high Grandfather mountain. Facility is located in a prime shopping center and one that is architecurally appealing for this mountain resort area, on a corner with entrances off both highways that run by it. Rent with CAM is $6,000/mo; but a prospective new owner will be able to negotiate a new lease, likely a lower amount. All kitchen equipment is new over the last 10 years, though the restaurant has been in this same location for 31 years. An upgrade in the bathrooms, kitchen floor and walls would be good improvements. Plenty of parking.
Competition:
There is very little competition in the restaurant/pub niche in this resort area, especially one that is open for lunch and dinner 7 days a week. And after 31 years, it has become a favorite of locals and tourists up for skiing, for the leaf change, festivals or for the summer. The location is the best of any and the place has a strong mainstream appeal and menu. It is not expensive, fine dining, but lots of hearty and delicious fare at good prices. And the bar aspect is another big component of its long-term success, bringing in 28% of the 800K in total sales for 2015.
Growth & Expansion:
The business has steadily grown over the last 5 years from 704K in sales in 2010 to 802K in 2015. An enthusiastic new owner could bring the business to a next level, but this has an excellent and consistent base, good website and with 18K spent on advertising last year.
Financing:
Yes; $100,000 @ 6% amortized for 15 years with a 5 year balloon.
Support & Training:
Thorough training on all aspects of running the restaurant and pub will be included as part of the sale for up to two full weeks; with owner being available by phone afterwards. Staff is well-trained and would provide ongoing support and training for new hires.
Reason for Selling:
Owner Ready to Step Aside After Many Years.
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(from currently available funds)
 
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Business Listed By:
Ben Haines

BH Business Brokers Mergers and Acquisitions

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