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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I own a restaurant doing $1.2 million annually in sales and

Customer Question

I own a restaurant doing $1.2 million annually in sales and was recently notified that the landlord has sold the building to a developer. The developer would like to buy out our business to level the building. A new restaurant will be built out but in one years time. Where do i go with an monetary offer? I employ 30 people - 6 are full time salaried posistions.
Submitted: 3 years ago.
Category: Real Estate Law
Expert:  Richard replied 3 years ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good evening. Can you elaborate on your question for me a bit? Are you asking about how much you should ask the developer to pay for your business? How long remains on your lease. What is your net operating income in your restaurant? What is the amount of your aggregate payroll for key employees per year? Thanks
Customer: replied 3 years ago.

Yes i am asking waht a reasonable offer would be to close our doors -

1) our lease was resigned for 5 years with a 5 year option - our rent is currently $7000

2) aggregate payroll $365,000

3) gross profit $628, 000 - ordinary income $2,806




Expert:  Richard replied 3 years ago.
Thanks for your response. Will the new owner be willing to allow you to stay for one year while your new location is built so that there is no down time. What will it cost to build out your new restaurant?

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