The business brokers at Crowne Atlantic Business Brokers sell a large variety of restaurants and bars in the Central Florida and Orlando area. Recently we sold a restaurant and wine bar located on the south side of Orlando. It was a great transaction where the seller had built their restaurant to sales at around $1 Million a year. The buyer came from out of town and was happy to get a business that not only made a great income, but also was one in an industry that they had experience in.
One of the main reasons why we were able to sell the restaurant and bar was because the previous owner kept great financial records.
Here’s a list of why financial Financial records are important:
1) It shows the buyer exactly what the business makes, what their expenses are, and what their profit is so Buyers know what they are getting and they cannot use “a lack of financial proof” as an excuse not to purchase the business.
2) Owners with excellent financial records can obtain higher prices for their businesses.
3) Most restaurants and bars do not keep great books and records, so when there is a long list of restaurants and bars for sale, the ones that keep financial records stand apart from the others allowing for a higher probability that they will sell.
This wine bar in Orlando had a great location with walking traffic plus that had ample indoor and outdoor seating. They did not sell liquor so wine was the main alcohol of choice.
Wine Bar Tip:
One of the main staples of the wine bar business is that wine bars have to purchase their wines by the case at wholesale prices in order to make a profit. The key to this formula is that when wine bars sell wine by the glass they make their most amount of profit. A wine bottle typically holds enough wine to fill up four glasses. When a wine bar sells just one glass, the price charged for that one glass of wine should be enough to pay for the entire bottle that it came from, leaving the other three glasses sold as profit. So the next time you go to a restaurant or a bar and order a glass of wine for $8, chances are the bottle that it came from also cost $8 at a wholesale by the case price.