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whatever wisdom you have to impart.
We have a chance to buy the building, business, fixtures & furniture (including the bar on the second floor) for significantly less than $200k, in partnership with a couple we know BOTH have lots of restaurant-running experience.
It's a diner-type (as far as menu goes) place in a small town that used to have a diner (which burned down some time ago). There's a bar upstairs, which I think doesn't make much money, though I believe the restaurant does.
It's in a HEAVY tourist area. I'm familiar with the town, and would estimate 2,000-plus tourist cars and motorcycles go right by it every day during the summer (and at 20 miles per hour; it's not anywhere near an interstate highway). Autumn has even more tourists, because of the leaf-peepers. Winter business depends on the locals and snowmobilers.
I should mention that it's the ONLY place (except for Dunkin Doughnuts and MacDonalds) within a ten mile radius that serves breakfast.
The current owner does NOTHING in the way of advertising or promotion, even though there are hundreds of medial outlets (tourist guides & websites), etc that can be used, and that don't cost a lot to participate in.
And the food is damn good. It really does seem to be the kind of place that makes OK money, though not a lot, just by being there. Seems that with a bit of savvy ownership, it could do MUCH better.
Thoughts? Advice? Warnings?
I'd be happy to hear any of them. And I thank you in advance.
Redstone
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