5001-12777 Wedding, Banquet, Convention & Catering Business

Undisclosed Address, Iowa
Business Opportunity for Sale
Catylist Listing ID: 30035303
Property Subtypes: Food and Beverage
Building Size (RSF): See Agent
Sale Price: $150,000
Year Business Established: 2000
Gross Revenue: $348,125 (Annual)
Cash Flow: $79,404 (Annual)
Cash Flow Type: Sellers Discretionary Earnings
Last Updated: 8/1/2017

Overview / Comments

Great opportunity to own your own well-established, successful event hosting and service business focused on banquets, weddings, receptions, graduation parties, reunions, business conferences, retirement luncheons, trade shows, dances, meetings, exhibitions and concerts with extensive indoor and outdoor capabilities. The business enjoys an excellent reputation for top of mind market awareness in and around the Cedar Rapids, Iowa area. It is strategically positioned to provide premium service and cuisine for an excellent value. The company is ideally located at a highly improved, well-equipped venue with banquet seating for up to 500 and additional outdoor capacity. The business also offers full service catering of food and beverages transported to off-premise events.

Additional Details

Industry Segment: Restaurants
Reason for Selling: Contact listing broker.
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $120,000
Real Estate Status: Real Property
Value of Real Estate Included ($): $0
Real Estate Lease Description: The business is located a highly-improved banquet facility ideal for this type of business. The fully updated facility features multiple banquet rooms with full service bars and an extensive kitchen. The property also includes an impressive park like setting with many enhancements for outdoor events such as wedding ceremonies, receptions, picnics, concerts and gatherings of all kinds. There is adequate parking, high visibility, and plenty of room to grow. The real estate is leased by the business and owned by related party. The real estate is available for purchase by the successful buyer or the buyer’s lease-back investor for $1,300,000 sale price in addition to this business offering. The seller may consider a real estate lease to a well-qualified business buyer. The real estate is offered by Murphy Business & Financial of the Heartland, Corp., an Iowa licensed brokerage.
Employee/Labor Description: 2 FT/10 PT. Variable.
Mgmt/Training Support Description: Will train for 2 weeks @ no cost. Thanks to trained, professional staff members, the seller enjoys great flexibility on only averages about fifteen hours weekly on the business. The seller is willing to be available to assist during the successful buyer’s orientation, training and transition. Since the seller only devotes limited time to the business, a hands-on buyer may save on payroll expense or contribute to increased revenue. The seller currently contributes to management, bookkeeping, personnel administration, maintenance, pricing and marketing. Banquet, event, resort, convention center, country club, food service, institution, hotel, project management, communication or problem-solving experience may be beneficial. The company is licensed and has passed inspections for food service.
Competition/Market Description: During prime times for events, demand exceeds event venue supply in the market.
Growth/Expansion Opportunities: The established customer base, proven capabilities and outstanding reputation present strong platforms to increase market share and revenue through the investment of time, attention and capital in human resources, marketing and working capital.
Seller Financing Description: $135K Down/ $15K for 120 mos. @ 9.95%. Seller would prefer cash terms, but may consider financing up to $15,000 for a well-qualified buyer. Any potential seller financing assumes 120-month amortization with balloon payment by 36 months.

Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 957 2,033
Median Age: 43.44 39.76
Households: 385 809
© Copyright Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Catylist nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.