Restaurant Realty recently sold Clove & Hoof located in Oakland.
In 2018, the owners asked to meet a broker from Restaurant Realty Company. Due to family illness, they needed to discuss an exit strategy for their highly specialized, unique restaurant of 3 years.
Annual sales growth since inception had been amazing reaching $1.8 million in 2018 with profits of 15%.
The counter service concept had been a major hit in Oakland serving fresh butchered meats, joints & steaks, ready prepared meals and a full kitchen for lunch/dinner organic meals in house. All the meat was sourced locally in California and only from organic farms of the highest quality.
The complex, quality concept was difficult to imagine finding a suitable buyer able to continue in the owner’s footsteps and it would probably take a considerable amount of time to research a matching Buyer.
It did take some 12 months but we found a solid restaurateur of some 25 years experience from the city who was extremely excited to take on this unique challenge.
He did purchase some extra training from the Seller to ensure his full understanding of the business as a whole to successfully continue the future growth.
The Buyer’s approach was a great idea baring in mind the complexity even with his many years of restaurant ownership and I wish him all the best in the future.