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Ponderosa Steakhouse

 

Ludington, MI

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Ponderosa Steakhouse - 4687 W US 10 Hwy, Amber Township, Mason County, Michigan (Ludington)

Business Summary:

This original Ponderosa Steakhouse, located in the resort town of Ludington, MI on US-10 Hwy, is owned by two shareholders, one of whom is under a court order to put up for sale 100% of his shares in the operator, Ran-Starr, Inc. The Court has ordered a minimum starting bid of $125,000.00. Final bid will include an additional amount representing the auctioneer fees. In addition, bidders will need to deposit 10% ($12,500.00) with the auctioneer before bidding (any non-winning bidder will receive their deposit back). Upon completion, the sale will be reviewed by and requires the approval of the Western District of Michigan Bankruptcy Court, Judge James W. Boyd, Case No.: 15-01567.

The facility is not up to date to match the current standards for Ponderosa. The restaurant is currently operating as a buffet, based on the current COVID protocols. The facility will require future investment to bring the facility and business up to current franchise standards.

COVID-19 Statement: the company has not returned to pre-Covid levels of sales. Our client has no projection of future sales due to the current Covid pandemic in the country.

Details:

Year Established:                  1996

Owner:                                     Ran-Starr, Inc.

Prior 3 years Revenue:

$1,230,706.42 - 2019 (pre-Covid)

$426,631.83 - 2020 (Covid)

$750,000.00 - 2021 (Estimate: Financials are in the process of completion)

Net Income:  

-$25,185.15 - 2019  (pre-Covid)

-$189,191.06 - 2020 (Covid)

Employees:                           15 - (35 pre-Covid)

Real Estate Highlights:

  • 7,473 Square Feet Building - Stick Built
  • Built-in 1996
  • 2.5 Acres
  • Zoned C-1 Highway Commercial District
  • Estimated Market Value - subject to independent appraisal by Buyer

Investment Highlights:

  • Seasonal Area Restaurant
  • Located on Busy US-10 with 21,000 vehicles passing by daily
  • National well-known franchise
  • Loyal customer base pre-COVID
  • The franchise agreement expired in 2016 (future capital is required to bring the franchise up to date)

Support & Training:             The owner is willing to assist the new share owner

Reason for Selling:               Court Order to sell ½ ownership

Date of Auction:                    September 1 - September 15, 2022

Location of Auction:            Online Auction

Disclosure: the scope of Equity Group of Michigan, LLC’s (“EGM”) engagement is to advertise this sale as a “Business Broker” thru normal marketing channels.  EGM is not a FINRA licensed broker.  EGM will not engage in completing the transaction, the transaction will be completed by the auctioneer, AMICUS Management, Grand Rapids, MI.

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