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Italian Restaurant
A forty-year-old full-service Italian restaurant and bar in central New York, run absentee from out of state, in an 8,500 square foot building off the turnpike.
Business Highlights
- Over forty years of continuous operation with deep local brand recognition
- Fully absentee-owned and managed remotely from out of state
- 70 to 80 employees, with a core team of more than 20 full-time staff
- 8,500 square foot building on three-quarters of an acre, positioned off the turnpike
- A long-term property lease is available, with the owner retaining the real estate
Considerations / Questions to Ask
- Margins are thin on this revenue. Where is the cost, and what would present ownership change?
- The owner retains the real estate. What are the lease terms and rent?
- Absentee operation at this headcount depends on management. Who runs it, and are they staying?
- A team of 70 to 80 in hospitality carries real turnover. What is it?
- What condition is the building in, and who is responsible for what under the lease?
Opportunities
- Forty years of local recognition is not something a new restaurant can buy
- The business has been run absentee, so an operator on site is an untested lever
- Thin margins on substantial revenue mean operational improvement flows straight to earnings
- The building and site support catering, events and private dining alongside the restaurant