Steve Higgins
Prior Lake, MN (USA)
Role(s):
Founder/Owner/Principal
Basement Holdings, LLC
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Startup
Location:
Prior Lake
Industry:
Hospitality
Year Founded:
2008
Number Employees:
10-50 people
Description:
Our group operates a 7700 square foot entertainment facility in this hot SW Minneapolis suburb. We offer customers drinks, food, entertainment and exceptional service. Our establishment showcases live music, dj's and dancing 3 nights a week setting us apart from any other venue in the area.
Our management team has over 75 years of experience in the restaurant/bar industry making us the premier management group in the twin cities. Each of my managers has over 8 years of experience with proven techniques to attract business and develop great customer relationships.
We own the market. Our closest competitor that hosts live music is 25 miles away. Our drink prices are the cheapest south of the river. Because we offer such great entertainment at exceptional prices we attract customers from all over the metro area on a regular basis. The low drink prices not only help take away from our competitors, but also the local bars that do not offer live music or dancing.
In 2009, our gross sales were $1.4 million. We expect to do the same in 2010. Despite the down economy we have been able to sustain our customer base due to the absence of direct competition. I have current financials available for those who wish to view them.
Here is some background on what we are looking for. I currently am wrapping up year 2 of a 5 year lease with a 3 year option to buy. 30% of our monthly lease payments goes towards the purchase price of $1.3 million. I need to find someone to help obtain financing to buy the building and keep our business thriving in this particular market area. The purchase price is $1.3 million and I have $110,000 cash invested and have put an additional $100k + from the profits back into purchases, repairs and maintenance. I would like to obtain around $1.5 million to purchase the building, payoff some outstanding bills, purchase additional equipment and renovate our patio to build on an existing but small revenue stream.