East Bay Thai: Sold the Renovation, Not the Restaurant
Owner had spent $300K renovating but couldn't run it. We reframed the story.
The challenge
Owner had invested $300K renovating a beautiful 2,000 sq ft Thai restaurant but mishandled operations — revenue had dipped 30% over 18 months. Listing it on revenue numbers alone would have valued it at $150K (or less). The seller felt the restaurant was worth more than the numbers showed but couldn't articulate why.
What we did
We repositioned the listing as 'fully renovated 2,000 sq ft turnkey with $1M revenue ceiling under right operator.' The marketing emphasized the buildout value ($300K), the equipment package, the 7+5 year lease at $5,300/mo (well below market for the area), and the upside opportunity. We targeted experienced Thai operators, not first-time buyers. NDA buyers got the renovation receipts so they could see exactly what they'd spent on the buildout.
The outcome
Sold to a Thai operator from Sacramento who'd been looking to expand to the Bay Area. He saw the renovation value, the lease, and the location — paid full asking. Has since brought revenue back above $1M in 9 months.
I was ready to take $150K. Ivy showed me what I actually had. Twice the price, and a new owner who deserved the place.— Former owner
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