Sales MemorandumProprietor's name(s)Marketed exclusively by Cygnus Real EstateContact detailsCarole Higgins (Broker)carole.higgins@cygnusrealestate.com2316332577 / 2319943556SummaryBusiness main

Dated: February 9 2021
Views: 192
Marketed exclusively by Cygnus Real Estate
Carole Higgins (Broker)
carole.higgins@cygnusrealestate.com
2316332577 / 2319943556
Traverse City
Michigan
United States
Charming family restaurant in business for over 20 years is well-loved by the community and the tourists alike. It is located on a busy thoroughfare that affords high visibility for the business. The restaurant is known for its stellar breakfast and lunch menu. There is an adjoining retail space, which provides additional revenue streams and is useful in keeping people busy and spending while waiting for a table at peak hours. Remodeled and updated in 2019, there is outdoor seating on a pleasant patio. The greater Traverse City area is highly rated as a year-round tourist destination in the USA, offering summer and winter activities.
Restaurant
Company website
Established in 1996
The restaurant has an established brand well known throughout the Midwest region and other parts of the country. It has been profitable year after year including 2020 despite COVID-19 restrictions and lockdowns.
Retirement
The business is turn-key. Current owners are willing to assist the new owner with the transition.
Dine-In or take out prepared breakfast and lunch entrees. Provide take out coffee, espresso beverages and baked goods. Provide catering for special events. The retail shop offers treats and gift items. Shop provides wholesale items to other businesses.
Breakfast anyone?
Typical customers are community members as well as tourists visiting the Grand Traverse Bay area and Sleeping Bear National Lakeshore. According to the study by Anderson Economic Group of East Lansing:
• In 2012 over 3.3 million visitor trips were made to the Traverse City area.
• These visitor trips resulted in $1.18 billion in direct spending to our area businesses.
• Tourism is responsible for creating and maintaining nearly 12,000 jobs in the Traverse City area representing nearly 30 percent of our area's employment.
• Tourism generated more than $1.23 billion in economic activity for the Traverse City area.
• Almost $67 million in sales tax revenue was generated from tourism for the State of Michigan.
Those figures reflect a growth rate of some 4.5 percent per year in the economic contribution made by Traverse City’s tourism economy.
This business is located on a busy road with high visibility.
So many tourists and not enough restaurants
Restaurant, dine in, take out with phone order or online order
Retail Shop
Ecommerce
Shops where some product is wholesaled
This will be provided in the marketing package after receipt of a signed NDA
Restaurant website
Traverse Chamber Of Commerce
Leelanau Chamber Of Commerce
Traverse Magazine
Facebook.com
TripAdviser.com
Yelp.com
Mapquest.com
MenuPix.com
Sirved.com
Restaurantji.com
BringFido.com
ArrivalGuides.com
Untapped.com
ZMenu.com
Well established customer base
Limited competition
Great location
word of mouth "advertising"
Unique menu items
Adjoining retail space
Yummy menu items for all types
Number of employees, full time: 5
The best location for incoming traffic.
Well loved by the community
We have a unique menu for the area.
We have additional revenue streams from retail owned by us to keep customers busy spending money with us while waiting for a table
We are next to other businesses with high traffic.
Number of employees, part-time: 20
Financial statements available with signed NDA. Full financials to be provided with signed offer during due diligence. Prior Phase I Environmental study also available.
We conduct an annual employee meeting with classes tailored towards medical emergency procedures, choking, burns, and CPR. We do quarterly evaluations. We provide basic marketing/sales skills and food service training. We have five full-time employees and twenty seasonal employees.
1,550,000
Price includes real estate, turn-key business all trade fixtures, web sites and associated domain(s) as well as e-commerce business.
Owner financing is available.
Owner may be willing to offer short term owner financing to well qualified buyer. Contact us for terms
Financial statements available with signed NDA. Full financials to be provided with signed offer during due diligence. Prior Phase I Environmental study also available.
Pictured above: Profit Forecast
Pictured above: Business Value graphed against Cost of Equity
Current owners are willing to stay on for several months to assist in the transition if necessary.
Buyers should be financially qualified as well as have some retail/management experience
Business brand, condo unit, trade fixtures, furnishing and websites, domain names, e-commerce business, wholesale business all included with sale of business.
Cash, commercial port-folio, SBA or?.
The restaurant has an established brand well known throughout the Midwest region and other parts of the country. It has been profitable year after year including 2020 despite COVID-19 restrictions and lockdowns.
Increase wholesale business, which is tourist driven. Continue with current business model which is inherently cost efficient and through careful management nets low cost of goods sold and higher gross profits. Continuing to fine tune the take out business will insure continued growth throughout the pandemic.
COVID will provide unpredictability to the tourism business for the next year or two.
Housing for seasonal employees can be a factor during peak months and will continue to be a challenge while the area governing bodies continue to grapple with the shortage of work force housing.
There have been no new competitors close by in the last five years. Space for new competition is limited.
I am a partner at Cygnus Real Estate with over 11 years experience in home sales, income properties and property management. I am a licensed broker with a GRI designation. ....
Sales MemorandumProprietor's name(s)Marketed exclusively by Cygnus Real EstateContact detailsCarole Higgins (Broker)carole.higgins@cygnusrealestate.com2316332577 / 2319943556SummaryBusiness main
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