Rick Lowe

Mooresville, NC (USA)
Role(s):
Founder/Owner/Principal

Lakehouse Tavern, llc

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Location: Mooresville
Industry: Hospitality
Year Founded: 2009
Number Employees: 10-50 people
Business Stage: Growth (not profitable)
Entity Type: Limited Liability Company
Description: I purchased an 8 year old business. The business opportunity offers both a Lake Norman waterfront restaurant and bar with seating capacity to do between $2-4 Million per year, and a currently undervalued real estate deal. I made the decision to purchase the business because of the real estate potential and the growth in the area. This summer an announcement was made that Mooresville was selected out of 29 cities to become the home of the largest traveling ball baseball complex in the country. The complex will have 26 baseball diamonds and bunkhouses for your child to stay during the week. Mom,dad and siblings all come into town and stay for the week while little Johnny is playing baseball. They have a vacation mentality while they are in town. Looking for exciting things to do and places to eat or drink. This complex will be 6.1 miles from my family friendly waterfront restaurant and sports bar with 7000 sq feet,main channel views, boat docks, today. Tomorrow with the right investor, I could add a second level to the facility and host waterfront catered events, perhaps rent boats and jet skis to families, expand my docks, perhaps purchase a 43 slip covered marina and Tiki bar next door that used to be part of the original property. My original expectations were that the business would aggressively pay off the real estate and in 10- 15 years I would have purcased a piece of real estate that will be worth $3-4 million dollars for $2.1 million and paid for it while building a profitable business as the tenant. My situation is that my lack of knowledge of the restaurant/bar industry coupled with this economy has presented a steep one year learning curve. It has also presented a great investment opportunity, combining real estate and the hospitality industry on a 500 mile shoreline lake 15 miles north of Charlotte, NC. Six miles from the newly announced Americas Fields, due to open spring 2012 and estimated to bring 100,000 visitors a year to the area who will stay for a week and need places to stay,play and eat. Mooresville,NC is also the home of NASCAR, and is the racing capital of the United States. Baseball and Racing, couldnt get much better than that.