Available

Price: $87,900

Location: Chicago

Industry: Entertainment

Listing ID: 1J231

This great business has been fully operational for decades and running on autopilot most of the time. It is selling for the value of its assets even though it has positive cash flow, which is major icing on the cake, and is an ongoing, fully functioning business. *** In other words, you are getting many tables and all sorts of equipment plus 50k (approx) cash flow as an owner-operator, all for just $87,900 for the purchase price.

The business runs on autopilot now with minimal owner involvement. Still, it can be 4-5X bigger in a fairly short period of time, with the right owner who implements basic modern social media communications, etc., and they can get a liquor license to help by selling and serving beer/wine/alcohol to super charge this business as customers ask for it. The business owner has recently met with the authorities and has been assured that a liquor license can be achieved. The current owner does not want to get it but has set the table for someone else to get it with his help. If a new owner has a liquor license and serves a broader range of quality foods, they can likely quadruple revenue or more in a relatively short period of time as the business runs with little effort now and is still profitable even on auto-pilot, so an influx of energy and a game plan would achieve much better results.

This business runs mostly absentee. There is a manager in place who has run it for the last several years; an owner-operator can take the manager’s salary plus the existing cash flow for $50k+ owner benefit, even before improvements.

It is well-known for general entertainment for adults to enjoy in the form of pool-billiards, snooker, some private gaming (not state gaming licensed, nor can it be), jukebox, etc. Established in 1983. It is located in a well-traveled neighborhood of this Chicago community with high vehicle traffic and very supportive neighboring businesses.

This business has three (3) distinct areas where you can have different business activities going on. The main pool area is almost completely separated from two other areas where you could have private parties going on that are separate from the pool-billiards room. These separate areas could be used for a private lounge area, a separate dining area, a party room, a dart league room, etc.

The business currently has two licenses, a “retail food establishment” license and an “entertainment” related license. You can charge a cover or door charge with the entertainment license for events. The “retail food establishment” license allows you to make and serve food. This business has a kitchen cooking hood (black iron) already installed. It can make almost any type of food but currently just serves chicken wings, chicken tenders, nachos, mozzarella sticks, pizza puffs, pizza, french fries, cheese fries, onion rings, jalapeno poppers, fried mushrooms, candy bars, chips, coffee, soda, Red Bull, and bottled water. The entertainment-related license allows you to have as many video games, pool tables, and snooker tables as you can fit. As mentioned, it also allows you to have live entertainment and a cover charge. Another perk is that “over 21” customers can bring their own beer or wine. As mentioned, a new owner can add a liquor license since some groundwork has already been laid for that.

The most important highlight of this business is that a primarily absentee owner owns it. The owner has a manager who runs the day-to-day operations. You’ll never run out of storage space with the approximately 2,000+/- sq ft basement. There are cameras throughout that can be viewed online via a secure website.

It is a very nice, clean, and comfortable place to hang out, watch sports, drink with friends, or mingle. Tournaments for the various games can be set in motion, as was the case in prior years. Darts and other leagues can also take place with the simple addition of some dart boards and/or other arcade-type games or private slot gaming, but not state gaming.

Listing Details

Total Sales: $162,813

SDE: $50,000

Cash Flow: $50,000

FFE: $75,000

Inventory: $1,000

Reason For Sale:

Owner is absentee, checks in from time to time, want to relocate much of the time.

Training & Support:

As much as needed and discussed during the purchase process.

Operation

Year Established: 1983

Managers: 4

Absentee Owner?: Yes

Location

Monthly Rent: 6000

Facilities Information:

5000 sq ft with well equipped kitchen and 3000 sq ft basement.

Summary

Competition:

This business has an unsurpassed historical presence with few of a similar type remaining anywhere in the metro area.

Potential Growth:

This business recently added more gaming type machines, which will help. The kitchen is capable of a much bigger and broader menu. A new owner can add a liquor license as some groundwork has already been laid for that.