How To Buy Your Building?
Looking for info and other people’s experiences. I own a barbecue restaurant- 300 seats, 10k square feet. We opened in 2019, beat Covid, and would like to take the next step. Our building is for sale, holds 9 other tenants, is 24k square feet, and is being sold for $2.9 million. Our annual revenue plateaued in 2023, and has hovered around $2 million since. Our lease ends in February 2027. We are the largest tenant, the landlord is happy to extend our lease at the current terms
The thing is I have no idea where to begin for a real estate purchase. Yes, I’ve already gone to multiple banks to inquire, but want info and insight of other restaurant owners. What was your experience? How much money down was needed? Is SBA the only way? Any guidance is much appreciated.