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The following information has been put together from questions most
commonly asked when inquiring about Lisa’s.
ASKING PRICE $390,000
Asking price is not negotiable. Terms and what’s included in the price
is negotiable.
What’s included in the price:
The business, building and the land
Lisa’s opened in June of 1989 after extensive remodeling.
The existing building, built in 1971 of cinderblock, is 4500 square
feet. 68’ length by 62’
Broken down into 4 areas:
Outside Perimeters.
The front garden area and patio are both approx 25x28
Sidewalk from building to street sidewalk is 25x5
Street sidewalks to curb is another 15’
Package liquor drive thru is 108x15
The side parking is 140x18, which fits approx 15 cars for parking.
Additional parking is available across this street and also on the front
side of the building for customers with parking in the rear for the
help.
Back of the house for employees is 44x62, which fits approx 6 cars,
single row and room for double row parking to the alley.
The Front of the House -
The front of the restaurant is divided into two sides. The restaurant
(non-smoking) and the lounge side (smoking) are both 74x30 separated by
a double sided fireplace built into a stucco styled patio complete with
Mexican tile and steps leading up to a piano bar nook with an arched
wall allowing both sides to view the piano entertainment.
The bar is a long curbed area with seating for approx 16 stools and
again trimmed with the Mexican tile. There are 5 refrigerated spaces
with 5 tap beer dispensers and full capacity coke dispenser gun.
The Middle of the House -
The middle area separating the front rooms from the kitchen areas has a
server station on the restaurant side, which is a long 7x22 with Pepsi
dispensers, double door coke refrigerator, coffee maker and all other
“server station” supplies.
The coatroom and public restrooms are on the topside of the lounge area.
The coatroom access to public restrooms is 4x15 and each bathroom is
14x7.
The bar entry door into the storage area leads to the bar walk-in which
is 13x8 and the storage area leading to the office is 15x8. The office
is a 13x8 space, which winds into the break room, utility room, and
employee restroom and then to the back service entrance, which also
leads either to the dry storage area or into the main kitchen area.
The Back of the House -
The back door entry way is 11x6; back room supply area is 23x9 with a
6x6 walk-in cooler.
The kitchen is 29x18 split into 3 isles of approx 6’ each. The dish
isle, middle isle for the server pick-up line and the front isle, which
is the cook line. Double swing doors from here will then lead you back
into the server station and split again either into the lounge or the
restaurant side.
The Equipment – Fixtures – Inventory
The listed equipment has approx dates if I have purchased these items
during the past 17 years (or if I can remember the dates!)
Manitowoc 400lb ice machine and double storage bins 2002
Bar walk-in cooler compressor, bar reach-in compressor and kitchen
walk-in compressors have all been replaced since 96
Royal cash register 98
Coke and Pepsi dispensers and two coolers (not owned)
Wolfe 2 door gas oven with 2’ flat grill and 6 burners 92
Side by side frig/freezer 95
3 microwaves
Migali salad station new compressor and motor 2002
3 space steam table
3’ gas flat grill 2004
3’ char grill 1990
3 door reach-in cooks isle new compressor 98
Vulcan deep well stand fryer 96
Wells counter top fryer 94
Hobart slicer 90
Hobart Mixer 95
SF auto dishwasher 96
4’9” by 2’x5” chest freezer 90
2x2 sauce freezer 95
Rae tone 5’2’x2’5” stainless steel stand up freezer
2007 Dell computer and printer system
Misc adding machines
JVC TV & speakers
Sound system (leased thru TCT west)
Salad tray – banquet fold up tables – misc stainless steel utility
tables – cuisinart – kitchen aide – heat lamps – chafing trays – high
chairs and other misc items
All small ware utensils and serving items
Approx 100 upholstered chairs and 27 tables of various sizes
There is also:
4 air or swamp coolers all new within the past 4 years
2 new gas heat/cool systems for the lounge and restaurant sides new in
2005
Approx $10,000 average food inventory
Approx $ 7000 average alcohol inventory
4 nice sign spot locations
The metal or wood frame & canvas of any signs
Full package retail and full service bar liquor license
How Lisa’s does financially.
We have been in business now for over 18 years, which says it best.
For restaurants – this truly spells success!
2007 gross sales was $612,000. Industry standards average net returns on
restaurants is 10% net or approx $61,000 for Lisa’s.
The “special” factors at Lisa’s are;
1) Both my husband and I have worked all these years at full time jobs
on the railroad.
2) We have three sons.
3) We purchased a run down business that has taken lots of years to get
where is today.
Railroading -
Brad and I both work full time on the BNSF railroad. Brad for the past
32 years and myself for the past 27 years. With 3 sons and a restaurant,
we have been very busy and for these reasons alone we’re ready to move
on. 18 years ago I wanted to trade off railroading for restauranting,
however, the first several years of restauranting showed us just how
grateful we should be for our railroading income!
By the time our learning curve and remodeling were paid for and we began to make
money, I only had a few years left to qualify for a railroad retirement.
When the time finally came, I had such a great staff, been doing both
jobs for 5 years and had things going pretty well, so I decided to
continue to railroading. Now, years later – I don’t where the time went
but I guess I fell into a groove that has worked well enough, but has
never allowed “Lisa’s” to reach its full potential. Part-time absentee
ownership in any business never reaches the full potential for any
business, especially restaurants.
Other considerations to the “railroading” factor that play a key role in
the potential income for Lisa’s are:
The wages we have always paid to others. This “great help” has an
additional annual cost minimum of approx $50,000. This is an expense
most small business owners do not incur themselves, hence - the success
behind mom & pop businesses. This expense should be considered as income
and added to the “net”. For a mom & pop operation, income for a 3 year
average at Lisa’s would be 75,000 with an additional %10 net income
would make over $110,000 yearly income. Part-time absentee ownership
simply opens up other areas of missed income. Customers are always
partial to frequent acknowledgements of their patronage, decision making
such as advertising, promotions and purchases are better when you are
there, and last but not least, the reality that not all employees are
“great”. These are just some of the unknown values that have limited
Lisa’s all these years.
Family -
I mentioned that we have three sons. Lisa’s has not only provided the
food, beverage, and entertainment (vacations etc.) for a growing family,
but has provided our 3 sons with the opportunity to learn most aspects
of this business. The dollar value of feeding 3 growing sons is
substantial, an expense that should also be considered as yet another
added income of approx $15,000. However, providing a backdrop for
teaching your own kids work ethics that will carry them forward the rest
of their lives is a factor that, in the beginning, I did not realize
just how valuable that experience would be – but then again -in the
beginning – I never dreamed I would railroad, restaurant and raise kids
through the past 18 years! While my sons were in high school, Lisa’s has
been extremely advantageous for them and for me – working around school
activities is sure handy when you do the scheduling!
The Improvements -
Another special Lisa factor is the condition Lisa’s is in today. Our
railroad income and tax bracket is a great incentive for making
improvements. Lisa’s is in better shape than I would
imagine most restaurants – new or old. We continually make improvements
- not only the building inside and out, but also the growth of the
business itself.
In 2005 we purchased two new heater/coolant systems (which should
improve our efficiency by about 85%) and has a price tag of about
$15,000. We also added our outdoor patio (approx $10,000) which is very
eye catching from the US hwy that runs in front of our business and has
really made a difference. When we purchased the existing building for
$127,000, it had been shut down for months, no inventory, and very run
down. We put another $100,000 just to get it opened and restocked, and
yet another $80,000 the next 4 years while we learned how to run a
restaurant and build a reputation.
Lisa’s will take time to sell simply because there are many fire sales
in the restaurant industry and just as we had done, we thought a
$127,000 price tag was doable. We were young and naïve and had
absolutely no business experience - just my dream. I did not know then
that the high failure ratios experienced in restaurants first years of
business is due mostly to the very factors that trapped us. Luckily, we
had our railroad income to fall back on or we would have been just
another casualty ourselves! The value of getting what you pay for rings
true. These are the reasons I am writing this in depth (my husband would
say windy) information letter. I would never want anyone to go through
what we did, and I now know it’s totally preventable. Of course you’ll
still need your dream, but the other trappings are either absent or
avoidable.
Summary -
Potential buyers must do the math. Mostly, 18 years alone spells success
but also attests to the fact that established businesses have built-in
and far-reaching reputations. Our reputation brings return travelers
well out of their way at times just to eat at Lisa’s – a comment often
written in our guest books.
A business and building that’s a not broke – don’t fix it is also a very
important factor. A potential buyer would not have to start at ground
zero but rather – improve upon what’s already a business and building
that has continually improved and grown.
Greybull itself is in a growth phase. We have several new businesses;
one is the oil well business that is once again booming in Wyoming.
Greybull area itself is now estimated to bring in up to a 1000 workers
in the next 2 years. In other words - now is a good time to buy!
The best way I can sum up our popularity is the way I hear the locals
refer to Lisa’s. Eager to show off Lisa’s to their out-of-town families,
friends and business associates, locals refer to Lisa’s as their
restaurant. It makes me think we have arrived. I’ve done the best I can,
and I’m very proud of that. Lisa’s is ready to go to a couple that will
work it the way it’s ready and needed to be worked.
Other Misc info -
The last time I had almost sold my restaurant was to a young couple who
had dreamed about owning Lisa’s for some time, (the reason I finally
purchased an appraisal) however, in the end this couple purchased a
smaller place. It’s because of this latest almost process that I learned
yet other useful items of consideration:
The Demographics
If you are interested in purchasing a restaurant in Wyoming – be sure to
look at the demographics of the area. Most out-of-state buyers are only
familiar with towns like Jackson, Cody and Sheridan. The cost of living
and prices of land or businesses are sky high in these towns. Greybull
and the Big Horn Basin are seeing growth also, but the cost-of-living,
homes, businesses and land are still very affordable. Another factor
about the Big Horn Basin that is note worthy: Our weather. We call the
basin the “banana belt” of Wyoming. The wind that is so well known in
the lower part of our state as well as Cody is not indicative of the Big
Horn Basin. For more information about Greybull and Wyoming - A business
friendly state itself with tax structures better than most any other
state, schools and many other perks that we are so fortunate to have in
Wyoming, go to sites such as:
www.Greybullchamber.com and also
www.Wyoming.gov web sites.
www.Uniquelywyoming.com or
www.Wyomingtourism.com
The Appraisal -
The appraisal of $370,000 in 2004 was before the new patio, new signs,
franchise setup, and other misc purchases.
The not negotiable Price.
Several reasons that I won’t negotiate the price are;
1) The appraisal, as noted above was done before the above-mentioned
improvements of the past two years. These improvements as well as any
2007 improvements have and will continue to add to the value of Lisa’s.
2) Many buyers through the years have approached me with a presumable
desire to buy – only to find that at the end of this time consuming and
expensive process – the actual offering price is quite a bit lower. I
don’t want to waste anyone’s time thinking there is always another price
any more than I want some-one to waste my time. Please accept my apology
in advance.
3) Simply put – Brad and I are not going anywhere. In
business transitions it is readily known that many of the hard knocks
new owners suffer are non-existent when there is a smooth transition in
purchasing a healthy business rather than a run down fire-sale business.
We are the best part of the purchase. I will be more than happy to help
some-one get started even if it takes a year! ”.
Though the price is not negotiable – I am! Some of the terms are and
they include:
The installments of the purchase price.
The use of the name “Lisa’s”.
Our assistance in getting new owners started.
Finally -
I truly would be more than happy to help anyone who needs a good start
for the first year because the truth is, I’ve put allot into my business
and the last thing I want to see is its failure. I know many of my hard
knocks were preventable – and that’s the best part of purchasing Lisa’s.
Me!
The biggest joy I would get – is to see what Lisa’s could truly do with
owners that were there. The unknown factor – finally answered!
Thanks again for your interest.
Lisa Dalin
lisasrestaurant@tctwest.net
307-765-4765 Lisa’s
bdalin@tctwest.net |
