Price Reduced Below Inventory At Costs - Great Acquisition

Lake Wales, FL (Polk County)

Seller Financing Available
Village Kitchen Shop - located in a charming downtown destination venue
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Asking Price: $175,000

Cash Flow: $30,000

Gross Revenue: $200,000

EBITDA: $30,000

FF&E: $86,000

Inventory: $215,000

Real Estate: $425,000*

Established: 2009

*not included in asking price.

Price Reduced Below Inventory At Costs - Great Acquisition

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Business Description

The Village Kitchen Shop is an idyllic lifestyle business for the right buyer. Strategically located in the heart of Lake Wales, Florida’s Main Street revitalization initiative since 2009 this niche’ market au courant retail kitchen merchandise shop has served thousands of loyal Central Florida clients, operating out of two inviting, adjoining merchant condominiums (not included in sale). Ideal buyers include a family wishing to relocate to a charming community, an aspiring chef, internet commerce entrepreneur seeking a truly unique niche' market, a business minded person searching for capital appreciation of business and real estate within a five year term, and a buyer ready to embrace the idyllic life style of a prominent specialty business woven tightly into the tapestry of an old Florida community. The Lake Wales motto is, "Vintage Charm ... Progressive Vision". Village Kitchen Shop Website: YouTube Tour: /watch?v=IBO8gIVR_TM

Detailed Information

Lake Wales, FL
Included in asking price
Real Estate:
Not included in asking price
Building SF:
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Real Estate available for lease. The first and second sites are located in the core business district of Lake Wales, FL. The first site is rectangular and measures 15 ft. wide on East Stuart Avenue by 78 ft. deep, totaling 1,170 square feet. Ownership of the adjoining condominium, preceded by several years, is near rectangular, a corner lot and condominium that totals 1,746 sq ft, located adjacent to a major North – South Highway. The properties are well drained and level. The sites are zoned commercial and serviced with city water and city sewer system. The total land mass of the first site is estimated at 1,170 sq ft and 1,746 sq ft for the second site. The sites have no landscaping, as the two adjoining condominiums virtually cover the entire site. The improvements consist of a two story building, with an effective date of 1985 and converted to retail space on ground level and professional office/residential space on the second. The Bullard building has 10,424 sq ft structure constructed of real brick. Aside from the two subject condominiums, there is a fine dining restaurant, and art/frame shop and a dance studio. The second level houses an attorney’s office and residential condos. The interior of the subject condos is furnished with hardwood floors, crown molding with contemporary painted walls and some custom woodwork. The units each have separate CHA systems. There was no visible deferred maintenance observed at the last real estate appraisal. The properties are located at 255 and 257 East Stuart Avenue, a one way street in the core business area of Lake Wales, FL. The surrounding uses vary from retail commercial to office... The site is well located and has good visibility. The fact that they are located on East Stuart in the heart of the walking business district makes them a very desirable location. There is ample free parking in front and in lots across the two streets on this corner.
Simply stated, the competition is Amazon. Otherwise, the mall kitchen retail stores, Macy’s and Williams Sonoma do not provide the inventory or personal services available at the Village Kitchen Shop. Furthermore, these two retailers are not available in the immediate area. Kohls is the only real competition, and they send business to the Village Kitchen Shop because of the extensive inventory. If a customer is seeking advice, robust inventory and service, Village Kitchen Shop is the answer. From time to time, the internet option has been considered. Potentially, on-line sales and the ability to offer a blog and commentary on various kitchen products and services could easily differentiate the Village Kitchen Shop from the other on-line sites. The transference of charm offered by the Village Kitchen Shop to the internet can mitigate the new owners risk and open up a new channel of income and profits.
Growth & Expansion:
Growth Opportunities & Brief Description: 1. Add an in-store commercial kitchen and cooking classes. Historically, kitchen retail stores that offer classes and demonstrations add substantial sales volume and bottom line profits. Currently, space is available in one of the condominiums to install a commercial kitchen and exploit identified opportunities. 2. Potential partnering with the college for culinary training courses. Polk State College, located one block from the store, has expressed a need and desire to offer culinary classes in support of their culinary curriculum. This would create additional revenue, traffic and establish a close working relationship with the local college. 3. Expand Internet niche’ to exploit marketing opportunities. Expanding the modest current internet presence could exploit what we believe to be high Internet demand for a niche’ kitchen shop supplier, offering on-line ordering, how-to webinars, newsletters & loyalty programs for members. The two commercial condominiums currently offer plenty of inventory storage space, shipping and commercial shelving to support retail and Internet sales expansion. 4. Lake Wales Main Street resurgence program. The city of Lake Wales has become very involved in making downtown an appealing destination location. A terrific mix of restaurants, retail, brokerage houses, art galleries, banks, insurance, etc. are intended to lure residents from a 100 mile radius to spend the day, or two, or three in charming Lake Wales. The city has hired a Main Street director and launched programs for the advancement of downtown. World renowned Bok Tower Gardens in Lake Wales has become directly involved in the Main Street initiatives and has invited Village Kitchen Shop to provide on site cooking classes or demonstrations in their outdoor kitchen, which the Village Kitchen Shop helped sponsor. 5. Leverage the finely tuned Village Kitchen Shop business model into geographic expansion and/or franchising. Following many years of experience in the retail industry, expanding geographically or franchising the business model represents reduced business risks and a viable expansion opportunity for the new owners. Increasing buying power increases gross margin, which translates into higher profits Increased social media -marketing will expand an active 2,000+ customer database. With increased focus on expanding the database via Internet and social media, the number of potential “touches” can be significantly expanded. In today’s Internet world, the frequency of reaching out to customers and prospects is the major contributor to organic growth. Opportunity is calling.
Prefer cash but with 50% down + add'l collateral as security, owner financing avail.
Support & Training:
Current owners offer to train the new owners for a period of 30 days. Optionally, a consulting agreement may be discussed between buyer and one of the current owners as to his future participation in operations (not as an owner). Non-Compete agreement is offered with the State of Florida and includes the surrender of all rights to the fictitious names (Village Kitchen and Village Kitchen Shop). An orderly turnover is to everyone’s advantage and will be extended. Introductions to suppliers, vendors, bankers, major clients, city and chamber officials, the Lake Wales downtown Main Street initiative, etc. will be made available to buyer.
Reason for Selling:
Owners retiring, although one owner may be available, at new owners discretion.
Business Website:
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Business Location

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(from currently available funds)
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John L Nelson

Business Listed By:
John L Nelson

Nelson Consulting

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