A restaurant that was once named the best in its region was put on the market on May 28. The eatery was known as the Sandpiper at the time, but it was refurbished in 1997 and renamed The Piper. The change was adopted to reflect a more casual dining experience. The sale of the business is motivated by the decision of the owners to retire.
The popular dining spot is located near Lake Michigan on South Shore Drive in Holland. Its panoramic views of Lake Macatawa have made it a popular venue for weddings and business functions. The restaurant has been building its loyal client list for over 30 years, and it is part of the Eldean Marina Complex. The complex is one of the nation’s oldest active boatyards.
The listing for the restaurant does not mention the asking price, but it does say that the business had $1,218,000 in revenues during 2013. New owners could take a number of approaches to increase revenues. The restaurant currently opens at 5:00 p.m. and only serves dinner. Additional income could be generated by developing a lunch or brunch trade. The outdoor area of the establishment could be expanded to cater to this new business and provide additional options for catering clients.
Buying an established business had its advantages and drawbacks. The reputation and client base of a going concern reduce the risk involved in opening a business, but they frequently come at a high price. Decisions to buy or open a business are often made in an atmosphere of optimism, and the lure of opportunity may sometimes lead to potential pitfalls being overlooked. An attorney with experience in business acquisitions could provide a more grounded perspective and raise concerns that could otherwise be overlooked.
Source: MLive, “Iconic Holland waterfront restaurant listed for sale“, Shandra Martinez, May 30, 2014