JUST SOLD
Waffle Farm, Lincoln
Judy Carrero and her husband, Michael purchased a run-down Breakfast & Lunch restaurant in 2012 located in Lincoln, near Roseville CA. After remodeling the space and renaming it ‘The Waffle Farm,” they enjoyed a steady growth until Michael’s passing just 2 years later. Judy continued to grow the business with annual sales revenue exceeding $1.2million, until her decision to retire in 2019.
After contacting Restaurant Realty in August that year, agent Keith Simpson secured a well-qualified Buyer within a few weeks, knowing the neighboring restaurant owner was looking to expand.
An SBA loan was secured in early 2020, but then the Pandemic hit which put a halt to all SBA bank lending for the Restaurant industry. The restaurant was closed and attempted, but failed on offering ‘To Go’ service. Limited outdoor seating was introduced until fully reopening with social distancing some 12 months later.
Both parties were still keen to structure a sale/purchase and the SBA lender was confident to lend again as the business slowly returned to pre-pandemic levels by mid 2021.
Unfortunately, the Buyer’s decision to finally not purchase the restaurant was due to the labor shortage and rising cost of goods which made her nervous in making such a large investment.
After 2 years in contract the transaction was terminated.
Keith then contacted Aamer Khan, a long-time client and owner of 5 restaurants in the Sacramento area, some of which Keith had been instrumental in brokering. Aamer enjoys operating Breakfast & Lunch restaurants and already owned 3 similar style establishments.
The all-cash deal was struck and once in contract the transaction was a smooth process with Old Republic Title Co which took less than 2 months, closing escrow on 11/23/2021.
Judy can now retire knowing her employees and her business are in great hands.
Restaurant Realty wishes Judy best wishes for her retirement and wish Aamer much success in his new business.
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