Tardnols, bro

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Crabby
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Tardnols, bro

#1 Unread postby Crabby » Sun Feb 10, 2019 9:29 pm

I am putting in a bid on the Lyme Tavern. They are asking $1.6m for the bar and restaurant. That's ridiculous in my opinion. I am planning to offer 1.1. But I want to know what the typical metric is. Is it 3x net annual profit? 5x?

Thanks, bro. Appreciate any info you can offer.

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Re: Tardnols, bro

#2 Unread postby datts » Sun Feb 10, 2019 9:43 pm

Jesus, throwing over one mil at a shitty bar, lol
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Re: Tardnols, bro

#3 Unread postby Crabby » Sun Feb 10, 2019 9:52 pm

It's the only bar within a three mile radius, on the ocean (no competition, etc.) No additional zoning laws for competition to arrive and move in.

That's why I want Phats advice on a price.

Right off I-95. Rocky Neck exit.

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Re: Tardnols, bro

#4 Unread postby Mike16v » Sun Feb 10, 2019 10:20 pm

That place seems bleak. Not really on the ocean either
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Re: Tardnols, bro

#5 Unread postby phatnols » Sun Feb 10, 2019 10:38 pm

yeah it needs to be a deck bar
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Re: Tardnols, bro

#6 Unread postby PhreenyPhan » Sun Feb 10, 2019 10:48 pm

It’s usually based on revenue, not profit
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Re: Tardnols, bro

#7 Unread postby Skeeter » Mon Feb 11, 2019 11:02 am

If we could all drink there for free for life you should definitely buy it.

It.

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Re: Tardnols, bro

#8 Unread postby Crabby » Mon Feb 11, 2019 11:55 am

My goal would be to tear it down after constructing a new building behind it with a roof deck.

What is the typical sale price valuation, 3-5 x revenue? Is that about correct?

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Re: Tardnols, bro

#9 Unread postby PhreenyPhan » Mon Feb 11, 2019 1:39 pm

I've heard 5 times. It depends, of course
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Re: Tardnols, bro

#10 Unread postby Crabby » Mon Feb 11, 2019 9:07 pm

Thanks, Prof. I appreciate that info. That's very useful and kind. Thanks.

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Re: Tardnols, bro

#11 Unread postby eggs » Mon Feb 11, 2019 11:56 pm

Skeeter wrote:If we could all drink there for free for life you should definitely buy it.

It.





i concur

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Re: Tardnols, bro

#12 Unread postby phatnols » Thu Feb 28, 2019 10:19 am

how is the bid going?

I want to know how the planning board will let you expand?

plus there is no water there I dont want a deck then

liability issues
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Re: Tardnols, bro

#13 Unread postby Crabby » Thu Feb 28, 2019 10:30 am

I have a guy that is coming over there with one of those bucket lifts used to service utility poles. He's going to see if a second floor deck would have the ocean and beach views of Rocky Neck State Park across the street. If so, great. If not, I don't know. They still pull $700K in revenue annually plus other "non-disclosed" income, whatever that is. It's hard to figure out what the real Net Income is. I am going to hire a consultant / adviser I think.

To answer your other question, the Zoning Officer is a fucking dick. He played me well once already when I wanted to open a Doggy Daycare Spa. I won't fall for that shit again. Fortunately, the bar owner / seller is now on the zoning board, so I may be able to leverage that.

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Re: Tardnols, bro

#14 Unread postby phatnols » Thu Feb 28, 2019 10:32 am

well if you need someone to kill trees in the rocky neck park I can do it but that is a lot of trees
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Re: Tardnols, bro

#15 Unread postby Skeeter » Thu Feb 28, 2019 10:49 am

If you need larger pests eradicated, I understand Niantic has an especially high incidence of Sudden Adult Death Syndrome

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Re: Tardnols, bro

#16 Unread postby Mike16v » Thu Feb 28, 2019 10:51 am

Crabby wrote:I have a guy that is coming over there with one of those bucket lifts used to service utility poles. He's going to see if a second floor deck would have the ocean and beach views of Rocky Neck State Park across the street. If so, great. If not, I don't know. They still pull $700K in revenue annually plus other "non-disclosed" income, whatever that is. It's hard to figure out what the real Net Income is. I am going to hire a consultant / adviser I think.

To answer your other question, the Zoning Officer is a fucking dick. He played me well once already when I wanted to open a Doggy Daycare Spa. I won't fall for that shit again. Fortunately, the bar owner / seller is now on the zoning board, so I may be able to leverage that.


I always assumed that bars/restuarants pulled in more than 700K a year. Given the amount of employees, that just doesn't seem to add up.

Although most of the staff survives on tips, yada yada yada.
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Re: Tardnols, bro

#17 Unread postby eggs » Thu Feb 28, 2019 11:19 am

"They still pull $700K in revenue"

that is only $122/sf gross....

there's more that goes into valuing a restaurant than that... but right off the bat that is low.

also how did you inquire about it and get that asking price of $1.6?
i see an active listing with a broker asking $1.4

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Re: Tardnols, bro

#18 Unread postby Crabby » Thu Feb 28, 2019 1:40 pm

eggs wrote:"They still pull $700K in revenue"

that is only $122/sf gross....

there's more that goes into valuing a restaurant than that... but right off the bat that is low.

also how did you inquire about it and get that asking price of $1.6?
i see an active listing with a broker asking $1.4


Yeah, I misquoted. $1.4m. Again, I think $1.1m might do it. That is just over 1 times revenue.
I know the owner well. Real well. Hell, I have his corporate card, did his previous website, manage his network. He and the agent have said that revenue is (wink, wink) over a mil. I don't know what is included in the Wink, Wink. However, I've been to his house and it's a million bucks. I just can't get all the info about the revenue streams, so I'm scratching my head.

I could also buy the Motel next door. I'm not doing that, but that''s probably easy revenue.

This is all probably a pipe dream. I want to put some of my own beers on tap there and maybe turn that demand into an actual brewery if the customers like it. Or, they don't and now I know.

Anyways, the owner was sued related to a DUI and automobile accident, resulting in serious injuries. The plaintiff was awarded like a million dollars, and the owner's insurance company had gone belly up so he had to pay out of pocket. So I suspect he's cash strapped at this point. Anyways, whatever, right.

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Re: Tardnols, bro

#19 Unread postby phatnols » Thu Feb 28, 2019 1:45 pm

I cant wait to stay at the motel and get wasted at the bar with eggs and other posters
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Re: Tardnols, bro

#20 Unread postby phatnols » Thu Feb 28, 2019 1:48 pm

are you going to allow a hot stand in the parking lot like the other owner

https://www.google.com/maps/@41.3179974 ... 312!8i6656


wtf
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