Chilly Billy’s too?
Man, the restaurant scene seems to really be in flux these days. Chefs moving from here to there. Places opening and then closing. Now Chilly Billy’s is listed for sale. And that’s after just bringing back evening dinner service with all this huge fanfare. It can be yours for $299,000. (That’s reduced from the original asking price of $375K.) For that, you get to keep the name, the kitchen equipment, whatever’s left in the cooler and whatever staff you convince to stay…and you get the right to keep paying rent. Chilly Billy’s rent is about $5K a month. Chilly Billy’s grossed $300K last year with a net profit of $32K. Those numbers work for you? If they do, make a call. We’ll eat your waffles. Promise.
You buy a business, you’re almost always buying not much more than a leasehold. But you do get a business. Dreaming about moving down and running a business? See what’s on the market right now here.
April 19th, 2007 06:51
What a bummer! Chilly’s was our traditional place to eat breakfast on our last day on the island. Hopefully, it will make a comeback!
April 19th, 2007 07:03
I’ve seen this on the market for sometime now. i must have missed the 75k price reduction. here’s their website. http://www.chillybillys.com/
The thing is, i have never read about them on the net. i can’t recall one time someone posted, good or bad, about eating there. if it wasn’t for their 4sale ad, i would not have known they existed.
on the other hand i see Baked in the sun is now 4 sale. people have posted rave reviews of it.
April 19th, 2007 08:29
This is interesting. To repay a 10 year loan, it would require an annual cash flow of $43,700 (give or take depsnding on rates) Sounds a little risky considering the profits of $32,000.
There must be business that didn’t make it on to the books. The restaurant business isn’t easy, that would be a lot of hard work for only $32,000 a year.
April 19th, 2007 09:46
I can not believe that many business’e for sale..
I knew Body Deli and they have not even owned it a year I think.
I knew Marina Market and Gym in Paradise, which have both been on the market for quite a while. Now I see Grapevine Salon and Baked in the Sun, I wonder if people put their business’s up for sale just to see if they will get a bite.
I am aware alot of these people have owned their business’s a while and may want to travel and not be tied down, owning a business in St. John and most islands mean you work 7 days a week.
I remember once someone telling me it was not just my work ethic that got me job offers it was the 3 things employers look for
1. show up on time
2. show up showered and clean
3. show up sober
April 19th, 2007 11:41
You need to consider that $32k is probably the taxable profit which comes after everyone (including the owner) gets paid, the purchase price of the property is depreciated, interest on loans is paid, etc. So 32k may or may not be a healthy number.
April 19th, 2007 18:57
Thanks Steve…spoken like a good businessman !
April 19th, 2007 19:07
Did Wicker Wood and Shells in Mongoose Junction close? I noticed their website seems to be inactive.