Industry Description

Restaurant

SIC

5812 - 24

Days Open

7 - Tues- Th. 11am-8pm

Established

1994

Hours of Operation

Fr & Sat 11 -9:30 , Sun. 12-7

Years Owned

10

Full-time Employees

7

Part-time

Other Notes

Hours/wk by Owner

Approx. 35 by each

Owners Duties

Manager

Skills / Licenses ReqÕd

Training Offered / Cost

As Necessary

Non-Compete Terms

As buyer wishes

Exec. Summary

Lease / Bldg. Info.

Freestanding

Monthly Rent

$1,407

Lease Commenced

Deposit

Lease Expires

Term & Option

Bldg./Area Description

Square Footage

1,500 Sq. Ft.

Seats, Pkg, Zoning, etc.

Seats 40 reg. and 65-70 banquet style, also has patio and plenty of parking

Located on very large lot with plenty of room for expansion and party/banquet events

Reason for Sale

Retirement

Financial Summary

Current Yr. Annual

2003 / Owner to Prove

2002 / Owner to Prove

Gross Revenue

As 2002

As 2002

$249,437

COGS

$68,065

Rent / CAM

$16,148

Payroll

$66,229

Net Profit (before tax)

$40,644

Discretionary Cash

$59,884

Expense Breakdown

Included in Sale

Assets

Liabilities

FF&E Included

$26,600 + (Conservative)

Lease Obligations

$0

Inventory Included

$12,000

Debt Included

$0

Other Assets Included

$0

Other Liabilities

$0

Working Capital (not incl)

Return on Sale Price

Asking Price

130,000

Owner Financing/Terms

Not Offered

Earnest Money Dep.

Down Payment

Opportunity Summary

Headline

BBQ Made In Heaven

Summary

This restaurant was formed in May 1994. Today it is the preferred restaurant for BBQ/Southern cooking in this area and expansion and/or other locations are solid considerations. This restaurant does catering and special events providing food for city concerts in park, Riverside Jazz Festivals, Nike Open Golf tournament, and many other events including catering to 150 Army Reserves every 90 days. This is a stand-alone facility which seats 40 regularly and 65-70 banquet style, also has patio and plenty of parking. Take-out sales average approximately 30% of total sales. Business is open Tuesday through Sunday. Tuesday through Thursday open hours are from 11:00am to 8:00pm, Friday Saturday open from 11:00am to 9:30pm, and Sunday from 12:00 noon to 7:00pm. Clientele is very strong. Patrons come from many surrounding cities and towns, i.e., Riverside, Perris, Sun City, Hemet, Redlands, Palms Spring, San Bernardino, Temecula, and Corona. This is a regional restaurant and caterer.

Facilities / Assets

Restaurant occupies approximately 1,300 sf, located on very large lot with plenty of room for expansion and party/banquet events. Monthly rent is $1,407.11, which includes water.  Approximately $26,000 of assets will be included in sale. All barbeque is cooked in stainless steel with fire brick inlay pit smoker. There is steam table, hot food holders, warmers, refrigerators are in place for day-to-day use. Portable steam table, warmers, hot box, chaffing dishes, folding tables, napkins, and table clothes w/ table skirt.

Competition

Only barbeque restaurant in town. Closest competitor is 15 miles away. Located on major street, parallel to freeway and within blocks of major shopping mall and shopping centers.

Growth Potential

Located on very large lot, can easily be expanded to accomodate parties and major events.

Other

Restaurant sells own signature sauce, hats, and t-shirts, which provides an additional revenue stream for restaurant.