1 Withheld

Description

This is a high traffic 2,050 s.f. bakery with a 500 s.f. basement located in a quaint New England town’s Shopping center centrally located near the Post Office, Town Offices, several banks, gas stations, and another shopping center across the street. This bakery sells +/- 40 – 50 cakes for all occasions a week. They also make +/- 350 loaves of bread a week. Wanna know what else they sell? The store has 28 seats and sells coffee, teas, espressos, lattes, donuts, danish, cookies, pastries, muffins, scones, bagels, rolls croissants, crumb cakes, turnovers, and cakes for all occasions. They also sell 28 flavors of hard ice cream, gelato, milkshakes, and bakes 11 varieties of breads. One or 2 days a week they also make a few pizzas and sells them by the slice. This business is the only bakery in town except for the 2 food stores. Been in the same location for 58 years and the same Owner for the last 27 years. The Owner wants to get ready for retirement. He will help a qualified Buyer with Owner financing, and training with his recipes. The store has different winter and summer hours: Summer Hours are Mondays 7-11am, Tuesday – Saturday 7-9pm, and Sundays 8-1pm. Totals 79 hrs/week. Winter Hours are Monday – Friday 7-7pm, Saturdays 7-6:30pm, and Sundays 7-12pm. Totals 68.5 hrs/week. The Owner works full-time with 1 other full-timer and 3 part-timers. Payroll averages +/- $1,710/week. Using $430,000 for annual sales this would be +/- 20.7% /sales (not counting the Owner’s drawer, equity withdrawals, or paychecks. The Owner is the baker. He has an assistant that helps in the kitchen. All the other employees work the sales counters. Sales in 2023 was $436,000 and a new Owner's projection is estimated to be +/- $463,000. Note that advertising and promotion can be increased - something that a new owner will quickly address. As far as the SDE is concerned, 2023's SDE was+/- $50,000. New Owner's SDE is projected to be +/- $53,000 - $60,000. This projection depends on how the new Owner plans to run the business and other factors like advertising and bookkeeping. But this projection is a good starting point for a budget in a “business plan”. There is 3 years left in the current term of the lease plus there are 2 – 5-year options. Base rent is $2,391.67/mo ($11.25 psf) The nets are $7.75 psf +/- $1,541.67/mo. Total rent is $3,933.34/mo or $18.50 psf including all nets. This is an interesting opportunity to get an established bakery business with an Owner who wants to make sure you get off to a good start. The town has good schools, it's near a lake and the area has all kinds of shopping, dining, hospitals, and amenities. Can’t ask for a nicer place to live, raise a family and have fun when not working. Support & Training: Several weeks to learn the recipes and how to bake the items plus training as needed to learn how to use the equipment that may be new to the Buyer. The Owner will even consider some consulting time if the New Owner wants. Owner is very flexible and accommodating. At the present, if qualified, the Owner would consider financing 50% at 7% interest over +/- 3-5 years. One more thing…I forgot to mention. Also included in the sale is a 15K, 35KW, 3 Phase Diesel Generator. Just because the electricity goes out, doesn’t mean the breads, cakes and pastries aren’t going to be made!