Entrepreneurial Opportunity 2021-05: Project Thunder

Basic Information

  • Type of Opportunity: Restaurant business for sale (no real estate).
  • Opportunity ID: TSEO 2021-05, Project Thunder.
  • Posting Date: December 20, 2021.
  • Closing Date: February 21, 2022.

Description of Opportunity

  • The owner of a long-standing Seneca County food and beverage establishment is wanting to retire and sell his business to another entrepreneur.
  • Annual sales this year are $1.3 million, with a 6 to 8 percent profit margin. Pre-covid it was $1.5 million.
  • The monthly rent for the space is $3,000.
  • The business currently employs 25 to 27 full- and part-time.

Terms

  • Asking Price: $275,000 (possibly negotiable). All equipment, furniture, tableware, inventory, etc. is included. All equipment and furniture new within the last ten years. Also included are $200,000 in transferable tax credits.
  • Timing: as soon as possible.
  • Financing: Buyer is responsible for funding or financing the purchase.
  • Ongoing Support: The business owner will provide support and serve as a resource to help the purchaser learn the business.

How To Explore the Opportunity

  • Step 1: Pre-Qualification. Contact David Zak, President & CEO of TSEP, at zak@tiffinseneca.org or by phone at 419.912.1150 to discuss your interest in the opportunity.
  • Step 2: Further Discussion. After pre-qualification by TSEP, your name and contact information will be passed along to the business owner, who will initiate further discussion if interested.
  • Step 3: Due Diligence. After connecting with the pre-qualified entrepreneurs and businesses of their choosing, the manufacturer will either select one and begin discussions, and the due diligence process will begin for both the seller and purchaser.
  • Step 4: Deal. If due diligence goes well, then the parties will move forward with the deal according to agreed-upon terms.