A well-established catering company in eastern Pennsylvania contacted Ground Floor Partners to conduct a feasibility study for a large restaurant and bar they had been planning. The restaurant and bar were going to be housed in an old building in an historic district undergoing extensive revitalization. However, when renovation began, the project experienced significant cost overruns (several hundred thousand dollars) due to unexpected problems. The catering company wanted to decide if they should continue with the project despite the cost overruns, or take their losses and shut the project down?
What We Did
Ground Floor Partners provided a feasibility study based on analysis from a number of angles, including:
- The detailed business plan for the restaurant and bar
- The local and regional demographics
- Traffic patterns
- Local competition
- Projected financials.
Our conclusion was that although the investors had definitely experienced a major setback, the long term opportunity was so great that we believed it would be a mistake to shut down the project. The investors agreed and proceeded with the development. The restaurant and bar have been operating for many years now and are highly rated according to Yelp, OpenTable, Tripadvisor and Foursquare.
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