The restaurant sold very quickly and generated strong interest according to We Sell Restaurants President Eric Gagnon. "Not only did the Stevi B's sell very quickly (under contract in a matter of weeks) but we were also able to get the deal funded with an SBA lender." According to Gagnon, there are more deals in the pipeline with bank lending, "We have several deals on the table right now with SBA lending and we're definitely seeing a loosening of the previously very tight credit market when it comes to restaurant funding especially for franchise re-sales."
Franchise re-sales are often easier to fund than start up or independent concepts says Gagnon for a number of reasons. First is the availability of books and records since all sales are documented. Secondly the standardization and established business practices are in place. Lastly, franchises are often listed on a franchise registry, providing lenders with additional risk underwriting documentation. That allows SBA lenders to quickly and consistently make loan decisions for franchise borrowers.
The new owner, Michael Foy is an existing Stevi B's franchisee who is expanding his footprint to become a multi-unit operator as he takes over the Gainesville, Georgia store. Gainesville Georgis is the business hub for Northeast Georgia and lends itself well to the franchise pizza restaurant concept with a high percentage of families as well as a good lunch business since the City of Gainesville estimates a daytime population in excess of 100,000.
Stevi B's is a buffet concept that is fast becoming a leader in the family-dining segment with a unique variety of specialty pizzas served up in a fun and family friendly atmosphere. Part of the family appeal of this franchise pizza restaurant is the separate video game room for entertainment.
Stevi B's is located at 1500 Browns Bridge Road in Gainesville, Georgia and is open from 11-9 weekdays and 11-10 on the weekends.