What is the current gross revenue for these restaurants?
The current gross revenue being generated is estimated at $693,858.
How do the restaurants profit?
Current profits are generated from the gross revenue, minus food purchases, payroll, supplies, and operating expenses. This will determine your net/cash flow.
Can I finance these restaurants?
Yes, this business has been pre-approved for financing of up to $260,000 An estimated $65,000 is required down (amount needed is variable depending on buyer’s liquidity and credit score). Buyer must also meet the minimum SBA requirements for lending to include: a minimum credit score of 680 and relevant experience in the restaurant industry, or some type of previous management experience from another industry. View SBA loans or more Financing Options Here.
What is required in order to qualify for purchase?
Typically, most franchise restaurants will have liquidity and net worth requirements (to be determined on an individual basis by franchisor), require the buyer to attend an interview for approval, background check, and in most cases, require you to form an entity such as an LLC or Corporation to purchase. This not only protects the company, but also ensures protection of your business. If you need help forming this, we recommend that you Form A Corporation Here.
What are my expenses and overhead for a restaurant business?
Expenses will vary for each restaurant owner depending on the type of restaurant, number of employees, and location. Current expenses for this owner include: royalties, payroll, payroll taxes, workers compensation, advertising, supplies, food, utilities, property rental fees, permits and licenses, phone, and insurance. Expenses are estimated to be $610,770 per year (Note: Expenses represent a cash purchase and do not account for finance payments if requiring a loan to purchase).
What type of insurance do I need?
In most cases restaurant owners will need a minimum of the following insurance policies: business liability, worker’s compensation and business property insurance. Restaurants For Sale now offers discounts on insurance! Through our size and volume, we have partnered with some of the largest insurance brokers in the nation to offer the best rates. Request Your Free Insurance Quote Here.
Are the restaurant properties owned or leased?
The owner currently leases these properties.
Where are the restaurants located?
Located in the Chicago, Illinois region. Physical addresses will be released to qualified buyers upon execution of an NDA.
What type of equipment is included with the sale?
Current list of equipment includes: reach-in refrigerator, reach-in freezer, ice machine, blenders, and Turbo Chef oven.
How many customers can these restaurants seat?
One location can seat 100+, the other location can seat 36.
Do these restaurants currently have a beer or liquor license?
No, there is no beer or liquor license included with this sale.
Do the restaurants offer drive-thru or delivery service?
There is no drive-thru or delivery service, but catering is offered at both locations with a huge opportunity to expand this side of the business.
How long has the seller owned the restaurant?
Seller has owned one location for 6 years, and one location for 5 years.
Why is the owner selling?
Owner is pursuing other business opportunities.
What are the hours of operation?
These restaurants are operated according to the university’s academic calendar. During Fall and Spring semesters, one location operates from 8:30am – 4pm Monday through Friday. The other location operates from 9am – 10pm Monday through Thursday, 9am – 8pm Friday, and 10am – 6pm Saturday. Both locations are closed on Sundays. During the Summer semester, one location operates from 8:30 to 3pm Monday through Friday, the other location operates from 11am – 7pm Monday through Friday, and both are closed Saturday and Sunday. Locations are also closed on all major holidays.
What else should I know?
Established franchise opportunities. Turnkey and move in ready. Includes the cost of all equipment. Plenty of opportunity to increase revenue. This restaurant has a great reputation and brand recognition. The franchise brand is growing at a rate of 15% per year. Great employee longevity! Priced at $320,000. For additional information and to evaluate this business further Contact Us About This Restaurant Here!