Thursday, August 18, 2016

"Throwback Thursday" Historic Restaurant Chronicles-Vol 17

"Throwback Thursday" Historic Restaurant Chronicles-Vol 17

Knife & Fork Inn- Atlantic City, New Jersey

             
The Jersey Shore is without a doubt one of the most unique places throughout the country. It has so much to offer from the highest quality restaurants, to the beautiful beachfront views, to the historic destinations. There are countless historic places to be discovered up and down the Jersey Shore. One location that stands out amongst the rest is the Knife & Fork Inn located in Atlantic City, New Jersey. The location was first established in 1912 and remains to be one of the leaders in the steak and seafood culinary arts. The restaurant was up and running during the era of prohibition and, according to the official website of the Knife & Fork Inn, continued to serve alcohol openly for some time until they were eventually caught and raided by federal officials.

The establishment underwent renovations about 11 years ago but made it a priority to maintain their historic roots within the interior design of the restaurant. Anyone who walks into the Knife & Fork Inn restaurant is sure to have an exclusive, stunning experience. This can be attributed to their impressive wine list, the delicious food menu options, the outstanding service and staff, and the historic, comfy atmosphere. The Knife & Fork Inn is an iconic location at the Jersey Shore and one that every Jersey native or visitor should experience. They are open Monday-Thursday and Sunday from 4 p.m. to 10 p.m., Friday 11:30 a.m. to 11 p.m., and Saturday 4 p.m. to 11 p.m. For more information on this location please visit their official website at http://www.knifeandforkinn.com/

Thursday, August 11, 2016

Bielat Santore & Company Sells Legendary NJ Pub

Landmark New Brunswick Restaurant, Tumulty's Pub has Officially Been Sold

New Brunswick, New Jersey 



Although prematurely being reported by various sources as sold, Richard Santore of Bielat Santore & Company, Allenhurst, New Jersey, confirms that the landmark New Brunswick restaurant, Tumulty’s Pub has been officially sold on August 4, 2016 by his firm.

“There were several earlier reports of this sale and yes I wish it had been sold earlier; but believe me, this deal took an inordinate amount of energy, persistence and perseverance to bring it to a closing table today,” says Santore.

Thursday, July 21, 2016

"Throwback Thursday" Historic Restaurant Chronicles-Vol 16

“Throwback Thursday”
Historic Restaurant Chronicles – Vol 16

The Brick House – Wyckoff, New Jersey



Many New Jersey natives are proud of and often embrace the history behind the state. The Brick House, located in Wyckoff, New Jersey is one of the many historic locations that locals love to visit for a cozy NJ meal. Dating back almost 170 years, The Brick House continues to offer a dramatic and historic dining experience seven days a week. The structure was originally built in 1851 and was given the name Terhune House. According to the restaurant’s official website, http://thebrickhousewyckoff.com/cms/, it was built by early settlers and has undergone several drastic expansions yet remains an architectural gem within the Garden State. The building can accommodate any occasion or party with up to 150 people, as it now has a banquet room, main dining room, main bar, wine cellar, cigar bar, and even a private dining room.


The location has been serving spectacular, elegant meals to customers since becoming a restaurant in 1951. The current owner, Aldo Cascio, bought The Brick House in 1997. Additionally, Cascio is the chef at The Brick House, is a naïve of Sicily, and focuses on serving fine steaks, chops, and seafood. He has received rave reviews for his food from Wyckoff Magazine and from Commerce- The Business of New Jersey. Cascio continues to add and modify the menu as The Brick House is committed to delivering a quality, fine-dining experience, which is explained on their official website. They are open Monday- Thursday from 12pm-10pm, Friday from 12pm-11pm, Saturday 5pm-11pm, and Sunday 1pm-9pm. For more information please visit their website at http://thebrickhousewyckoff.com/cms/ or call 201-848-1211.

Thursday, June 30, 2016

“Throwback Thursday” Historic Restaurant Chronicles – Vol 15

“Throwback Thursday”
Historic Restaurant Chronicles – Vol 15

Cold Spring Grange Restaurant – Cape May, New Jersey



The beautiful shore town of Cape May, NJ has long been a tourist attraction within the state, especially during the summer months. The town is known for its historic atmosphere, amazing restaurants, and welcoming Jersey Shore beaches. Cold Spring Grange Restaurant, located within Cape May, was built back in 1912. The restaurant is a major contributor to the antique feel of the town as it is one of the oldest restaurants in New Jersey. According to http://www.coldspringgrange.net/, it is a two story building that was originally used as a meeting place for the “Cold Spring Grange #132” which was a political, educational, and social organization. This organization functioned until about 1970.

The restaurant is now open for lunch Tuesday-Sunday from 11-3 and for dinner Thursday-Sunday from 4-close and is sure to give you a unique, memorable dining experience. The building was the first to become part of the in Historic Cold Spring Village and stands as the only building to remain in its original location within the village. It is also listed on both the New Jersey and National Registers of Historic Places.  If you are in the area make sure to check out this iconic New Jersey restaurant for a charming Jersey Shore experience and for more information please visit http://www.coldspringgrange.net/about.html or call 609-884-0114.

Saturday, May 21, 2016



"Throwback Thursday" - Historic Restaurant Chronicles - Vol 14


"Throwback Thursday"

Historic Restaurant Chronicles - Vol 14

The Grenville Hotel & Restaurant - Bay Head, New Jersey  



The Grenville Hotel, located in Bay Head, New Jersey dates back to 1890 when it was build by Wycoff Applegate, builder of the Bay Head Yacht Club. The hotel was sold to Nellie Georgette who changed the name to the Georgette Hotel in 1922 before Grenville Corporation took ownership in 1945 and it became the Grenville Hotel. 

In 1987, owner of Renault Winery (featured in last month's "Throwback Thursday"), Joseph P. Milza purchased the business giving the hotel a complete facelift. Renovations and upgrades continued to be made over the years after frequent guests, Harry and Renee Typaldos, then bought the Grenville. 

The Grenville Hotel & Restaurant celebrated its 125th anniversary. 



Sunday, April 24, 2016



"Throwback Thursday" - Historic Restaurant Chronicles - Vol 13


"Throwback Thursday"
Historic Restaurant Chronicles - Vol 13

Renault Winery - Egg Harbor City, New Jersey



One of the most popular tourist attractions in New Jersey is a winery, resort and golf course all wrapped in one. The Renault Winery located in Egg Harbor City, New Jersey offers a gourmet restaurant, catering for banquets and weddings, and historic winery tours. According to the winery's website, in 1864, Vintnor Louis Nicholas Renault purchased land in the Egg Harbor area after devastation struck the wine industry in his homeland of France. In 1870, he introduced his New Jersey Champagne later becoming a major success. 

Since coming to New Jersey, Renault Winery built the Tuscany House, a fifty room hotel housing conference facilities and Joseph's Restaurant. In 2004, the Vineyard Golf, an 18-hour championship golf course was added. 

For more information, visit http://www.renaultwinery.com/.    



Tuesday, April 12, 2016


Webinar #3: Securing Financing

Date: TBD


If you attended our last webinar on April 5th, you learned a lot about Developing a Business Plan from leading commercial real estate broker, Richard Santore. To continue our series, Mr. Santore will be hosting our third webinar in May focusing on Securing Financing!

Although we encourage restaurateurs and up and coming restaurant owners to register for our webinars, this one will particularly be extra special because we are expecting to have Senior Managing Director at Peapack-Gladstone Bank, Andy Glatz co-host the webinar! 

As usual, attendees will have the opportunity to ask questions and those who already own a restaurant will be featured in the company's Annual Restaurant Guide! Email jenna@123bsc.com if you're interested! 

Keep checking back with us here or on our other social media sites for updates on the date and time of the webinar. We hope to see you there!     

  

Thursday, March 17, 2016



"Throwback Thursday" - Historic Restaurant Chronicles - Vol 12

 

"Throwback Thursday"

Historic Restaurant Chronicles - 

Vol 12 

The Station Restaurant - Bernardsville, New Jersey


The town of Bernardsville, New Jersey was home to The Claremont Hotel, which was built in 1879 and was a favorite stop for visitors passing through to New York City. The 20-room hotel was located directly across the street from the Bernardsville train station, which trains first began passing through in 1872. 

The hotel was later converted to apartments on the top floor in 1922 and renamed "The Claremont Apartments." Several businesses have occupied the bottom floor since including several restaurants. The current owner, The Hampshire Companies purchased the building in 2000, and turned it into The Station Pub & Grub in 2006. 

The old building has again reinvented itself to casual eatery, The Station Restaurant. Unfortunately, the apartment buildings on the second floor were badly damaged in a recent fire closing the restaurant temporarily. The restaurant is expected to be open in a few weeks! 

Visit their website for more information and for updates about the grand re-opening! http://www.thestationbernardsville.com/


  

Monday, March 14, 2016



Webinar #2: Developing a Business Plan

Tuesday, April 5, 2016; 10:30 am 

 


We are excited to announce the date for Bielat Santore & Company's next webinar presentation to take place on Tuesday, April 5, 2016 at 10:30 am! 

Restaurant industry professionals and want-to-be restaurateurs are encouraged to attend an informative webinar hosted by leading commercial real estate broker and partner at Bielat Santore & Company, Richard Santore. 

The webinar will focus on the second tip in the company's "Restaurant Tip of the Month" video and blog series, Developing a Business Plan. During the live webinar, Mr. Santore will provide more details on what a business plan should include as well as how to write a proper business plan. 

Attendees will have the opportunity to ask questions and receive guidance from the top guys in the business! Mr. Santore's partner, Barry Bielat will also be on the webinar to provide further assistance. 

If you're interested (and we know you are!), email Courtney@123bsc.com to register. 

***BONUS - Attendees will receive a recording of the webinar to refer to in the future, AND those who already own a restaurant will be featured in the company's Annual Restaurant Guide! 


 

Thursday, February 18, 2016


"Throwback Thursday" - Historic Restaurant Chronicles - Vol 11

"Throwback Thursday"
Historic Restaurant Chronicles - Vol 11
Rich's Ice Cream - Toms River, New Jersey


If you are an Ocean County, New Jersey native, you may remember Rich's Ice Cream, the historic and delicious ice cream shop that opened more than 60 years ago. In 1955, Rich Gutwein opened the parlor at King Street and Route 37 as one of the first Carvel store's in New Jersey.

After selling the franchise, Gutwein and his son Russ turned it into Rich's Ice Cream adding their own creations to the menu before Russ completely owned the business in 2000. Now, in the hands of the next generation, Russ's son Hunter, the family business is living on at a new location. Rich's Ice Cream will reopen this spring at 1801 Route 37 East and Gilford Street in Toms River, New Jersey and the news made us want to SCREAM FOR ICE CREAM! 

Rich's Ice Cream will sell more than 20 flavors of hard ice cream and seven soft-serve flavors. The shop will also sell ice cream cakes, ice cream sandwiches and shakes.   


     

Thursday, January 21, 2016


"Throwback Thursday" - Historic Restaurant Chronicles - Vol 10

 

"Throwback Thursday"

Historic Restaurant Chronicles - Vol 10

Jack Baker's Lobster Shanty - Point Pleasant Beach, New Jersey

 


Thanks to Old New Jersey on Facebook for the picture above, which was our inspiration for this month's "Throwback Thursday!" The popular Jack Baker's Lobster Shanty in Point Pleasant Beach, New Jersey has evolved quite a bit over the years since this picture was taken in the 1950's. According to their website, New Jersey native Jack Baker, grew up fishing with his father where he developed a love for cooking. He opened a small, four-table restaurant in the side porch of his home and once the word got out over his delicious fresh lobsters, the rest was history.

The current Jack Baker's Lobster Shanty located between Channel Drive and the Manasquan River was built and is still one of the most popular old seafood and steakhouse places around! 

Visit their website for more information and view their menu that has come a long way since the '50's http://www.pointpleasantlobstershanty.com/.

   

 

Friday, January 8, 2016


Restaurant Tip of the Month

Tip #10: Preparing To Sell Your Restaurant

 


Can Your Business Be Sold

Many elements of a business make it attractive to buyers. For example, does it have a solid history of profitability, a large and loyal base of customers, a competitive advantage, opportunities for growth, a desirable location and a skilled work force.

Are You Ready To Sell

Make sure you are ready, both financially and emotionally. Think about what life will be like after the sale. What will you, not just for money but also with your time? Many business owners suffer real remorse after handing over their business to a new owner.

Here are a few indicators that it may be time to move on:
  • It's not fun anymore. Burnout is a very real issue for business owners, and an entirely legitimate reason to sell. 
  • You're not inclined to invest in growth. You may be comfortable with the current size and profitability of your business and have no desire to make the capital expenditures necessary to take it to the next level. 
  • You feel your management skills are overmatched. It is not uncommon for business owners to build their business to a certain point and then realize they lack the skill set required to go further. 
What's Your Business Worth

Many owners have no idea. Over the years, we have found that a restaurateur's three most popular methods of valuing a restaurant business are:

1. Gross sales (X) some overstated multiplier;
2. The business assets (real estate, furniture, equipment, liquor license, etc.) added to the business value obtained in step one above; and/or
3. The amount I need to retire!

Unfortunately, none of the above methods is the correct way to value a restaurant business. The value of a restaurant should be based upon;
  • a multiple of "owner's cash flow" (OCF); or 
  • the value of the assets of liquidation, whichever is higher. 
For the purpose of this article, we will explore the value of an ongoing business based upon a multiple of owner's cash flow.

Steps For Valuation

1. Review your last three (3) years tax returns and formulate a Profit and Loss Statement for the past 12 months;
2. Determine earnings before interest, depreciation, taxes and amortization - (EBIDTA);
3. Add to EBITDA any personal expenses of ownership, such as health insurance, benefits, etc. to derive OCF, "owners cash flow;"
4. If the business owner owns the real estate, factor in an occupancy cost equal to between six and ten (6-10%) percent of gross sales and deduct it as rent from EBIDTA;
5. Assign a multiplier of between two and fixe. Two for high costs of good sales (i.e. fine dining, BYOB, etc.) and increase it up as high as four for higher profit sales (majority of sales are liquor, etc.);
6. The value of the business is the OCF times the assigned multiplier.

Check Your Valuation

To check your calculations, a simple question to ask is: "If someone bought my business and ran it exactly as I do, what can he/she expect to earn annually." Multiply that number by your assigned multiplier and it should conform.

Seek Professional Advice

On rare occasions, the restaurant use is not the highest and best use for a particular restaurant property. It could be that a building on a highway has a rental potential which would be more valuable if sold, than if operating the restaurant. The best way to determine value is to have an industry professional analyze your business, location and assets and determine its highest and best use and value.

Preparing Your Business For Sale

There is no way to overstate the intensity with which buyers will scrutinize your business. But here are things you can do to put your best foot forward.

First, get your books in order. Not being able to provide accurate financial statements in a timely manner can cause a deal to unravel in short order. Be sure to have the following on hand before you go to the market:
  • Last three years' profit-and-loss statements;
  • Last three years' balance sheets;
  • Year-to-date profit-and-loss statement; 
  • Current balance sheet; 
  • Last three years' full tax returns;
  • List of furniture, fixtures and equipment, and 
  • Commercial property appraisal or lease agreement 
Be ready to furnish other documentation, particularly during the due diligence phase, such as insurance policies, employment agreements, customer contracts, lists of patents issued, equipment leases and bank statements.

You will also want to spruce up your business to make it attractive to buyers. Make any needed cosmetic improvements to the premises.
  • Is the premise clean? 
  • Are the chairs, tables and decor in good shape? 
  • Does the facility need paint (exterior/interior), new carpet/flooring, etc.?
  • Is the kitchen spotless and free of clutter? 
  • Is all the equipment operational?
  • Are the bathrooms spotless? 
Confidentiality

The last thing you want to happen after following all of the preparation steps above is to randomly announce the sale of your business to the public. When customers learn you are selling, they don't come back. When your help finds out, they look for new jobs. Maintaining the strictest confidentiality through the marketing and sales process is paramount to a successful sale. Once again, seek the services of an industry professional.

Bielat Santore & Company is an established commercial real estate firm. The company's expertise lies chiefly within the restaurant and hospitality industry, specializing in the valuation and confidential sale of restaurants and other food and beverage real estate and businesses. Since 1978, the principals of Bielat Santore & Company, Barry Bielat and Richard Santore, have sold more restaurants and similar type properties in New Jersey than any other real estate company. Furthermore, the firm has secured in excess of $500,000,000 in financing to facilitate these transactions.