Selling Your Bar or Nightclub?

Restaurants have been struggling to recover from financial downturn since 2008, and Coronavirus-related restrictions it has become even more difficult to maintain proper staff to cover labor needs, get food and beverage supplies ordered and delivered, or even continuing normal daily operations in regards to social distancing. This has caused more pressure on the bar owners in regard to time and money. In 2020, over 110,000 restaurants closed their doors forever. In 2021, the number of restaurants that will permanently close is estimated to be over 190,000. 

When the owners of a bar or tavern close their doors or decide to sell, it can take months to complete the necessary steps to do so properly, if they are even able to find a buyer. We here at WBAR know the decision to close your restaurant is very difficult. Let the experts at WBAR use their years of experience to provide you with the best possible outcome. 

WBAR can handle the tangible assets portion of your closure so you can manage the legal and business requirements and focus on your family and your future. 

Once you submit your valuation request, an expert will contact you to confirm information about your bar business. We may ask several questions about your current business assets and assist you with gathering a general list of the furniture, fixtures, and equipment from your bar. Some of these items may include: 

• Refrigeration (Draft Beer System / Kegerator, Walk-in Freezer, Reach-in Cooler)
• Cooking Equipment (Fryers, Stoves, Grills)
• Ice Machine
• Tables and Chairs, Booths, Highchairs, Bar
• Neon Signs and Decor
• TVs, Pool Table, Jukebox, Dartboard
• Smallwares (Dishes, Glasses, Pans, Utensils)
• Other Assets

After we have had the time to review the valuation request for your bar or pub, we will make you an offer. If the offer is accepted, we will schedule a time for our team to arrive with the proper tools and transportation to safely remove your items, leaving your property ready to return the keys. 

Still owe on your equipment? Leases? Multiple owners? Franchise agreements? Outstanding debt?

IT DOESN’T MATTER. We can help. CALL NOW!!

We Know the Bar Business

When opening a new bar, consider the type of markets that are in your region. Finding the right location can make or break a new bar, particularly in cities and states with colleges or sports teams. If your bar is in a warmer climate, having outdoor dining is imperative to driving sales to your bar. In cold or variable climates, you can always offer covered outdoor dining with fire pit tables or patio heaters. Provide a dedicated non-smoking section for patrons who prefer to utilize this.

To open a brand new bar in the US, you should plan to spend between $100,000.00 and $500,000.00, while the average price to buy an established bar is expected to be anywhere between $25,000.00 and $100,000.00 depending on what types of products you plan to serve and the location of the bar. Whether opening a new concept bar or taking over a previously established bar you should expect this transition to include about 12 months before you start to see a profit - possibly longer as labor shortages have been on the rise and minimum wage requirements have been as well, the higher costs associated with the shortage in food and beverage supplies, and stricter terms for tenants due to landlords and leasing companies experiencing an extremely higher amount of abandonment and evictions. The bar owner also should consider whether they will continue their previous employment while awaiting the business to generate enough profit to properly pay them for the many hours they will be putting into the business. If you’ve ever owned a bar or any other type of food establishment you know that working twice as hard for half as much is almost a given, and if working solely for the love of the business isn’t enough you are likely going to experience burnout very early on.

In 2021 there are 60,138 bars in the United States. New York has the highest number of bars with 3,451, with California maintaining a close second at 3,328. The first bar in America is still open and serving patrons in Newport, Rhode Island. The White Horse Tavern, established in 1673, is housed in a building reported to have been built in 1652. In addition to being called a bar, an establishment with the main purpose of serving alcoholic beverages is also referred to as inn, tavern, pub, grill, icehouse, sportsbar, nightclub, gastropub, gastrobrewery, brewing company and draft house in addition to a number of others. The longest bar in the world is located at Beer Barrel Saloon in Put-in-Bay, Ohio. Located on South Bass Island and established in 1989, it boasts a bar almost 406 feet in length and has 160 barstools and 56 beer taps. It has a seating capacity of 1,200, and on a busy night there are more than 20 bartenders available to take your beverage order.

 It is estimated that for every 1,000 bars that open, only 30 will remain open after 5 years, with 900 of those closing within the first year. If you are considering selling your bar, you already know the market. It is best to sell fast - sell NOW - before thousands of other bars like yours flood the market, devaluing your investment right alongside the daily depreciation factors. Stop struggling to earn a living, and start living! Call WBAR NOW for your FREE valuation.