FAST FOOD PHILLY CHEESE STEAK
Absentee OwnedFor Sale in NJ
Financial & Assets Details
About the Business
Wonderful business opportunity for this non franchise fast food business in a major commercial mall of Union County New Jersey. The owner is presently absentee with full-time employment and has elected to relocate out of state due to employment transfer. This simple fast-food operation had a 2021 gross income based on corporate tax returns of $658,971 and a net yearly income of $184,420 to the owner operator. The company is open five days, closed Monday, and Tuesday. This simple Cheesesteak casual restaurant offers fresh & healthy American cuisine, customers can choose from a full selection of starters, salads, sandwiches, hamburgers and much more. They also offer a full menu of product for online service, either pick up or delivered. They are known for quality ingredients to ensure their customers get quality food and great service. This sale represents a dependable safe business opportunity and based on the price, down payment, and yearly net income; this transaction expects to supply a consistent return on investment to the owner operator. The 2022 yearly gross income as represented by the owner is estimated at $572,806 and the business has a yearly net income of approximately $164,318 based on an onsite owner operator which includes any seller discretionary income and prior to any debt service. The 2023 income is expected to be greater than the previous year. A formal due diligence is recommended by broker.
Growth & Expansion
Regarding growth and expansion, the retail food company can be further developed by increasing the days of operation, improving the marketing and local advertising. Additionally, the company has a limited non-optimized web site and if adjusted can further develop the business yearly gross sales.
Also, SBA bank financing is available for this transaction and seller financing may be available to a qualified buyer with an appropriate down payment, collateral, and credit rating.
Regarding competition, to the best of our knowledge, no other new competitors are expected near to this business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
Support & Training
Training and owner support, the owner is fully prepared to remain post-closing and will supply an appropriate transitional period to purchaser.
Reason for Selling:
The purpose of this business transaction is due to the owner relocation out of state due to his employment responsibilities.