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Two turnkey craft brewery distillery restaurants w beergardens in NoMi

Traverse City, MI

Seller Financing Available

Our downtown patio
Asking Price:$150,000
Inventory:$50,000
FF&E:$80,000
Gross Revenue:$1,000,000
Rent:$7,651/Month
Established Year:2013
Listing ID: 2310354Listing provided by BizBuySell
BUSINESS DESCRIPTION

The Workshop Brewing Company, a Traverse City institution since 2013, is known for its fine craft beer, local cider, wine, and spirits, and satisfying pub cuisine- and for myriad community events like live music, rallies, comedy shows, trivia contests, and more.

In March 2023, the company opened Kingsley Local Brewing, a microbrewery, taproom, distillery tasting room, barrel-aging cellar, and large tented beer garden with food trailer in the heart of the village of Kingsley. In April, the company received its small distiller’s license, enabling it to serve cocktails and sell its bottled spirits at both locations. Both locations have long, secure leases with preferential rents and Rights of First Refusal to purchase the buildings in which they operate.
Traverse City is a booming town and is the cultural and business hub of Northern Michigan. The Warehouse District, where WBC is located, is the site of numerous new real estate developments under construction- these should yield significant new traffic over the next year or two as they come online.

Kingsley is a charming village 15 miles south of TC, which is growing fast as a result of significant population influxes and rising rents in TC.

ATTACHED DOCUMENTS
241208 WBC Press Release.docx.docx Download
DETAILED INFORMATION
Location
Traverse City, MI
Inventory
Included in asking price
Real Estate
Leased
Building SF
5,300
Lease Expiration
31/12/2042
Employees
16
Furnitures, Fixture & Equipment(FF&E)
Included in Asking Price
Facilities
Established brewery/distillery/restaurant/venue with full kitchen and large patio in growing neighborhood of bustling downtown Traverse City. Large parking lot in back. Also includes sister brewery (Kingsley Local Brewing) in newly-restored historic building with full barrel-aging cellar and beautiful large tented beer garden in up-and-coming Village of Kingsley (15 mi S of TC). Custom-made shipping container bar/gazebo also included. Leases are very lengthy and secure, with preferential rent terms and bona fide ROFRs. Solid social media following.
Competition
TC is a great town for craft beverages, which means a lot of people come out to all of the many local establishments- especially in the height of summer, fall color tour, and ski season! New apartment building, condo complex, and hotel all under construction within 200 yards. Comprehensive main road rebuilding just completed. WBC has a great reputation for superior beer, great culture, many community events, and satisfying food. Located on a pedestrianized street just off Front Street, Traverse City's main drag. Ample parking behind the building.
Growth & Expansion
We produce (nearly) all our food and drink in our downtown TC location, and serve it both in TC and at our Kingsley location (Kingsley Local Brewing). At KLB we serve the food out of a trailer in the beer garden. Our model for growth is to establish additional satellite "Locals" in under-served communities in our region that can be supplied in a similar manner- thereby spreading overhead over more locations (and increasing profitability). Our main challenge is near-term liquidity.
Financing
Lease details above are TC location only (no space here for KLB info)
Support & Training
Management team open to staying on with new owner. CEO open to assisting as needed with transition to new ownership. Existing FOH would likely stay as well, and GM is adept at training new hires.
Reason for Selling
This is a fun industry, but it's also very demanding. After 12 years, I'm ready
BUSINESS LOCATION
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PETER KIRKWOOD
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