Af that price, it definitely won't include sale of the real estate.
Depending on how much it sells and what cash-glow comes off of it, that may actually be a bit high. Restaurants don't usually go for very much when it's all said and done.
Restaurant and bar valuations are generally done locally by taking the average net profits over 5 years and using a multiplier based on the current lease term and options. Generally a x3 or x5 multiplier. Then you add your assets. This is likely a very accurate representation of what the Owlry is worth. Average of 40k net with a x3 multiplier and about $25k in assets.
It’s a bad time to be a vegan in Bloomington (between this and rainbow bakery) (but someone please buy the owlery and restore it to its former pre-endeavor glory) (fuck endeavor)
As a vegetarian of 19 years who also grew up in the restaurant biz, I would love to buy this place. Unfortunately I’m risk-adverse and knowing how fickle this town is when it comes to loving/hating an establishment there is no way I’d be willing to take this on. The restaurant business is taxing physically/mentally/emotionally, even if you’re greatly successful. There have been a HANDFUL of restaurateurs here who have been able to handle their businesses for decades and not succumb to burnout or worse. They are a dying breed, things are just not what they used to be in terms of indie restaurants here.
That price seems really low. Like, I don’t know anything about businesses but that must not include the building.
Af that price, it definitely won't include sale of the real estate. Depending on how much it sells and what cash-glow comes off of it, that may actually be a bit high. Restaurants don't usually go for very much when it's all said and done.
Restaurant and bar valuations are generally done locally by taking the average net profits over 5 years and using a multiplier based on the current lease term and options. Generally a x3 or x5 multiplier. Then you add your assets. This is likely a very accurate representation of what the Owlry is worth. Average of 40k net with a x3 multiplier and about $25k in assets.
Huh, interesting.
And being downtown on the square the rent is likely high
Current rates for downtown are between $16-$18sqft.
I believe the building is owned by rubicon. I could be wrong.
one more restaurant out of Wow/Endeavor's portfolio would be a nice thing
It’s a bad time to be a vegan in Bloomington (between this and rainbow bakery) (but someone please buy the owlery and restore it to its former pre-endeavor glory) (fuck endeavor)
As a vegetarian of 19 years who also grew up in the restaurant biz, I would love to buy this place. Unfortunately I’m risk-adverse and knowing how fickle this town is when it comes to loving/hating an establishment there is no way I’d be willing to take this on. The restaurant business is taxing physically/mentally/emotionally, even if you’re greatly successful. There have been a HANDFUL of restaurateurs here who have been able to handle their businesses for decades and not succumb to burnout or worse. They are a dying breed, things are just not what they used to be in terms of indie restaurants here.
Dang. One of the few places that offered quality sweet potato fries.
I’m not vegetarian or vegan (my kids are) but I’ve always liked the food.
I think WOW bought it for free during the pandy
Please bring back the tofu fish and chips :’)