Opportunity in a small town

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V960
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Opportunity in a small town - Sun, 09/18/05 11:35 AM
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I have been offered a small mid level restaurant at a reasonable price in samll NC town. Existing business is good but declining. Charlotte keeps getting "closer" and when people want to go out they want to go to the "city".

I'm torn between "I can change the offerings and make it happen" and "they're going to keep going back to the city where they moved from for dinner".

Right now I have a purchase option for no money (actually barter for some of chickens and eggs) but my gut feeling is that I should decline. Leased operation not a land purchase (if it was a land purchase I would buy it no matter what)

Adjudicator
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RE: Opportunity in a small town - Sun, 09/18/05 11:50 AM
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quote:
Originally posted by V960

I have been offered a small mid level restaurant at a reasonable price in samll NC town. Existing business is good but declining. Charlotte keeps getting "closer" and when people want to go out they want to go to the "city".

I'm torn between "I can change the offerings and make it happen" and "they're going to keep going back to the city where they moved from for dinner".

Right now I have a purchase option for no money (actually barter for some of chickens and eggs) but my gut feeling is that I should decline. Leased operation not a land purchase (if it was a land purchase I would buy it no matter what)


Iffy question. Depends upon your quality & service. I live in a rather small town (39817 zip). We have had a recent deluge of new (non-chain) eating establishments opening. Most are dropping like flies. I have noticed a direct proportion with amount of $$$ invested. Those who invest high $$$ are usually the first to go. You have got to be open when your customers need you, also. This past 4th of July, the new fangled high dollar BBQ placed was closed. The one down the street (the one I patronize), which may I add is a combination BBQ eatery, a small (very small...) grocery store, AND a self-service clothes wash, was open and business was booming.

mayor al
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RE: Opportunity in a small town - Sun, 09/18/05 2:20 PM
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If you have any doubts at all, my advice would be not to do it.

I will temper that with the evaluative comment that I am really more of a 'security' freak. I don't gamble well at all, and tend to want things 'fully insured'. With that in mind, my advice remains...WHEN IN DOUBT, DON'T DO IT !!

V960
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RE: Opportunity in a small town - Sun, 09/18/05 3:06 PM
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The smart part of my pair (wifie) laughed at my post. Neither one of us is a gambler either so she 86'ed the entire idea this afternoon. Even got the present owner to pay for the eggs and chicken I had offered as a bond. He got a really good offer for the business (double what I feel it's worth) and wanted out of our deal.

I think it'll be back on the market in 180 days max.

Thanks for comments, I appreciate them.

Burgerman1
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RE: Opportunity in a small town - Sat, 10/8/05 8:12 PM
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Just out of curosity...I'm just outside of Charlotte in a small town...but mine ain't for sell....where are you at?

Raine
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RE: Opportunity in a small town - Tue, 10/11/05 8:48 AM
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We opened up in a small town just outside Charlotte, and we think it was a good choice. Folks are looking for good food, and think they prefer homemade and quality over chain food. I think it really depends on your product and location.

V960
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RE: Opportunity in a small town - Wed, 10/12/05 12:47 PM
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Location of place was Mooresville, NC. Now leased and gone. I'm in the Kannapolis area.

jojobeans
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RE: Opportunity in a small town - Thu, 10/20/05 1:56 AM
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With all the chains that have been going in its getting hard to find a good home cooked type meal. I for one am sick to death of all the burger and sub chains! Give me "Aunt Rose's" down on Main Street every time. "Aunt Rose's" meaning the independent.