Selling Your Steakhouse?
If you’re thinking of selling your Steakhouse, you’re not alone. Paired with the restaurant recession that began in 2008, COVID-19 has made the industry even more difficult to maintain a living. Labor shortages, food and beverage supply shortages, and restrictions on indoor dining have created conditions that are even harder to work through than before. Maintaining social distancing is imperative, and keeping proper cleaning techniques have just added one more expense to an already declining industry. If you do make the decision of selling your steakhouse, the first thing you will need is a serious, qualified buyer. That’s why you need WBAR – we are a serious, qualified buyer, and we will make you a CASH offer on your steakhouse so you can spend just hours instead of months closing up and preparing for your future. We have been in the industry for decades and have done extensive market research which allows us to quickly turn a struggling business into cash offers for steakhouse owners. Contact us now and so we can begin your valuation right away. We’ll give you a CASH offer after just a few questions, a few photos, and a general list of assets included with the business. This list may include: Refrigeration (Walk-in Freezer, Draft System, Bottle Cooler) Cooking & Processing Equipment (Oven, Grill, Griddle, Fryer, Warming Station) Seating Packages, Indoor & Outdoor (Tables, Chairs, etc) Dishwasher, Ice Machine, Grease Trap Computer, sound and lighting systems, POS system Smallwares for Front of House and Back of House Any Other Non-Permanent Assets in the Property After reviewing the information you will receive a FREE cash offer with NO obligation. Once the offer is accepted our team will immediately begin scheduling your extraction using qualified labor and proper tools and transportation. Still owe on your equipment? Leases? Multiple owners? Franchise agreements? Outstanding debt? IT DOESN’T MATTER. We can help. CALL NOW!! We Know the Steakhouse Business
When opening a steakhouse, owners must choose the best area for the highest profitability, and the market for their chosen location. An increasing number of customers have shown a strong preference to food delivery services like DoorDash, Uber Eats, Postmates, Caviar and GrubHub, although indoor dining is still very popular. Outdoor dining on a patio, porch or other dedicated space can increase in the warmer seasons for variable climates, and year-round in warmer states will increase your traffic, and having larger seating areas for families and gatherings is a great choice. If your state allows for indoor smoking you should consider creating a space specifically for non-smokers. Offering specials for date nights and holidays, or Sunday brunch, can increase traffic. Consider specialty menus like appetizers or desserts, local craft beers and wines or vegetarian options.
The average cost to open a chop house in the US is $700,000.00. If you are starting with a new concept and are creating a build-out with new supplies, equipment / fixtures for the kitchen and dining room it should be mentioned that you should expect at least 24 months before beginning to see a profit – possibly more considering in labor shortages resulting in higher wage requirements, food and beverage shortages, reduced capability to provide expedited delivery of those commissary orders resulting in higher costs, higher security deposits or stricter lease terms and requirements for lessors since landlords, property owners and commercial property owners that lease restaurant spaces have experienced a higher incidence of broken leases, bankruptcies, non-renewals or simple business abandonment due to the large amounts of loss suffered in lieu of profits for these businesses. The owner additionally needs to really consider whether they can await profitability while maintaining their own financial responsibilities and while awaiting the business to generate enough profit to properly pay them for the many hours they will be putting into the business. Anyone who has ever owned a diner or any other type of food establishment knows that working twice as hard for half as much is almost a given, usually it needs to be enough working for the simple reward of a business that makes enough money to make up for all of the time and energy they have poured into their family business or franchise.
The oldest US steakhouse is Delmonico’s which opened in 1837 in Lower Manhattan, New York. The largest chophouse in America is Bern’s in Tampa, Florida, opened in 1956 and still operates today. The rarest type of steak is a blue steak, served just slightly shy of raw. Texas is considered the steak capital of the US.It is estimated that for every 1,000 diners 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 butcher shop, 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.
