OPEN RANGE

A major incentive in our decision to relocate to Bozeman was the availability of the old Artcraft printing shop at 241 E Main in the heart of downtown. Originally a car dealership in the Thirties and then a printshop, the space was perfect for our purposes. The owner of the building was willing to enter into a very favorable lease which along with other incentives resulted in our locating Open Range in the heart of the “historic” section of Main Street.  To show their commitment to the area, the city offered us a $7500.00 grant to develop, subject to their approval, an architecturally compatible façade typical of the look they wanted on Main Street. We came up with a design that earned a Certificate of Merit in 2013.  We are located in a high visibility location ideal for both drive-by and walk-by traffic, in the downtown core of Bozeman’s vibrant historic district. There are always events going on, from the annual Christmas Stroll to Music on Main and other events that draw people downtown and, an active Downtown Business Association ensures a lot of events throughout the year.

Our lease originally started at $13.sf NNN and increased by $1sf for the first 3 years then reverted to COLs. In 2019, (the last year before Covid) we paid $16.69sf or $104,179.00 per year which represented 3.30% of gross sales. Based on gross sales of  $1,541,690, our total occupancy costs including NNN in 2019 came in at $24.70sf. or 4.9%. of the original term of 20 years there is 12 years remaining. In addition, there is a 5-year option to renew for a total operating leasehold life going forward of 17 years.  As of today, market rent for ground floor leases on Main St. begin at $30/sf and often contain percentage clauses. It is also rare to find a lease term longer than seven to ten years. To have the lease we do, at this location at such a favorable rate and term contributes a vital element to the overall value of this property. A copy of the lease is available to interested parties. 

The current value of an all-beverage liquor license in Bozemanis estimated to be $1,300.000.00. On a recent refinance, 1st Montana Bank used that number as their collateral. 

Like any business OR is a lot more than a bunch of crunched numbers on a piece of paper or steak and potatoes on a plate.  Other factors also play a significant role. Since its opening in October of 2013, OR as the go-to steakhouse in the Bozeman area.  In addition, our craft bar with its wide range of classic and house-crafted cocktails has become a destination for cocktail connoisseurs. The 6240-sf interior main floor was carefully designed to control ambient noise and the banquettes and tables are well spaced to avoid the feelings of claustrophobia so common in today’s need to “pack em in”.  The spaciousness and flexibility of our floor plan has enabled us to entertain larger parties (20+): and we are currently one of the few restaurants in (other than large motel/hotel facilities which feature banquet style events) that can cater to larger parties (15 to 75 ppl) seeking a higher quality on-site experience. 

The building was completely remodeled and equipped in the summer and fall of 2013.  At this point, there are no negative issues in terms of deferred maintenance and the HVAC and other systems are subject to a regular maintenance schedule.  Our timeless and beautiful interior was designed by Mary Bentley. She has designed a number of interiors at the Yellowstone Club and Spanish Peaks, as well as several commercial designs, the most notable, the Yellowstone Jet Center at Big Sky/ Yellowstone Int. Airport.  Her classic treatment features a prairie-like atmosphere, together with dramatic lighting, and a beautiful bar and layout, which gives the 150+ seat restaurant a timeless and classic appearance that will resonate for years to come. This ambiance is reflected in the tables, chairs and all the other elements of restaurant design. The kitchen was designed for the menu and is extremely efficient. Our core menu is primarily steaks and chops. Our system is based on an Argentine model which incorporates the use of “planchas”, cast iron and steel grills which transmit high heat and results in a “sear” crust which keeps in moisture and enhances the flavor. The rest of our equipment is in good working condition, and I don’t anticipate any looming expense in terms of updates or repairs.  All of Wi-Fi, internet, and related systems were hardwired during construction and are up to date, and in good repair. All the necessary components for our Aloha point of sale program are all current. There is local support through Northwest Data which has provided us with excellent and timely service. This is a true turn-key offering. We request everyone interested to sign a non-disclosure agreement and that interested parties keep all such information strictly confidential. Detailed financial and operational details are available as needed.      

We are dedicated believers in social media and maintain a high profile on Facebook, Instagram, Google and others frequently posting information on in house events, menus, restaurant personnel, and other items of interest.  Jay Bentley, one of the owners, authored a cookbook in 2012, Open Range, Published by Running Press, it had five printings and sold thousands of copies through Costco, Amazon, Barnes and Noble, local bookstores, and additionally in the restaurant and although it is subsequently now out of print it has proven to have given us a substantial boost in terms of our identity locally, state wide, and to some extent, nationally. Additionally, we have always maintained a presence in the Bozeman community through our involvement with local charities through numerous contributions and fundraisers.  

The heart and soul of every restaurant are the people who make it happen. They are every bit of an asset as location, or a great lease or any of the other components it takes to be successful. It takes good people to produce good results. I feel that we have the finest group of employees we have ever had. From the back to the front, to the bar we have an extraordinary crew that functions as a unit. I feel that this is every bit as important as any other asset in these times of challenging employee issues. I would encourage any potential purchaser to recognize the value of these people and consider retention bonuses as an incentive to remain in place. Experienced operators realize the importance of a smooth and seamless transition. particularly in the case of the tight labor market in Bozeman.