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Prime location full-service steakhouse serving authentic traditional American style steak is available for acquisition. This business in a 4,010 SF end-cap space of retail strip center is located in the hub of a city which is well-known for a corridor for various restaurants and surrounded by numerous retail businesses that bring immense traffic throughout the day to the intersection of this restaurant. This high-end steakhouse was originally established over 25 years ago in 1993 by the previous owner and was later acquired by the current owner of the business in 2010. Over 70% of customers are middle to upper-class Caucasian that have a large amount of disposable income, and the old generation account for a good portion of customer base while the business serves wide range of age. Competition is expected for this type of business industry, but this business is competitive in terms of traditional family-oriented concept with its reputable name widely-known to people in this area and reasonable price points while also having been established much longer than any competitors in the area. The recipe of menu has been perfected for the last 26 years and not only does this business offers variety of high quality steaks, but also does it serve appetizer, soup & salads, sandwiches, pasta, seafood, chef's specials, desserts and alcoholic beverages. The most recent gross sales of this steakhouse has been running at around $500-550K per year which is quite down from previous years used to be around $750K-850K mainly due to owner's absentee. However, its prime location and its name recognition, coupled with pro-active marketing and new owner's active involvement in day to day operation will definitely bring his business back to its previous days and be able to reach its full potential. Currently, there is very minimal amount of marking being done, and there are many ways to proactively market this business such as direct mailing, flyers, social media outlets, coupons, and daily specials etc. Setting up newer POS system and online booking system will also help the business's operation flow much better, allowing this business to enhance the way customer are served and handled. There is a strong need to improve the current menu by offering a variety of chef-driven, creative, fusion menu tailored to wider demographics of potential customers in this area. This 26-year established restaurant is looking for an energetic, creative entrepreneur who can take this legacy of this restaurant to the next level.
This business is located in a 4,010 SF end-cap space of retail strip center surrounded by numerous retail businesses that bring immense traffics throughout the day to the intersection of this restaurant. All equipment is in overall good condition and in working order.
Minimal marketing is done and proactive marketing methods are needed to fully utilize to achieve maximum income potential. This business is ideal for owner-operator who can be in charge of day to day operation and online and offline marketing of the business while keeping all books and records up-to-date.
Competition is expected for an industry like this, but this business is highly competitive in terms of being a traditional family-oriented concept with strong name awareness in this town and reasonable price points while also having been established longer than most of competitors in the area.
Retirement and health issue
Owner will provide a sufficient training for an agreed upon period to make the transition into the business as seamless as possible.
100% down at the time of closing
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