Name Store Auction of FroYo World Frozen Yogurt Store
Auctioneer AuctionAdvisors
Type Online-Only Auction
Date(s) 11/15/2017 - 11/16/2017
"Store Auction" Starts on November 15th @ 3PM ET and ends on November 16th @ 3PM ET. "Contents Auction" Starts on November 16th @ 3PM ET and ends on November 17th @ 3PM ET. We will be auctioning off the entire store as a going concern on Day 1 ("Store Auction"), and then in the alternative, we will be auctioning off each of the items individually on Day 2 ("Contents Auction"). At the close of Day 2, the seller will determine whether he will accept the bid on the entirety (which would be the high bid at the end of Day 1), or the individual bids on the individual items (which would be the aggregate of the high bids from Day 2). Seller will only accept the individual bids on individual items from Day 2, in the event that the aggregate of such bids are in excess of 110% of the bid on the entirety from Day 1.
Preview Date/Time By Appointment with Auctioneer.
Checkout Date/Time "See" closing in terms.
Location 405 Park Avenue
Scotch Plains, NJ 07076
Buyer Premium 10% Added to Final Invoice
Description
Complete FroYo World - Frozen Yogurt store consisting of high quality machines and equipment. Excellent opportunity for new ownership to take control of existing brand/revenue stream as an alternative to a start-up. With the exception of any fryers, Landlord and Franchisor agreeable to additional product offerings such as coffee, pastries, etc. Located on Park Ave in Scotch Plains, NJ in a high profit potential thoroughfare. Very convenient to public transportation, walk by traffic and across from the municipal building. Plenty of parking. Under market lease and favorable franchise agreement will be assigned to the buyer. Opportunity to bid on EITHER: (i) "Store Auction": Yogurt store in its entirety, including contents, assignment of lease, license agreement, and goodwill related to the FroYo World Frozen Yogurt store in Scotch Plains, NJ (Auction Ends Nov 16th); OR (ii) "Contents Auction": equipment and inventory of the Scotch Plains,NJ store on an individual basis (Auction Ends Nov 17th).
Auction Terms & Conditions NOTICE: All merchandise will be sold "AS-IS, WHERE-IS" and NO REPRESENTATIONS or warranties of any kind expressed or implied are being made by Auctioneer or Seller with respect to the condition of the merchandise, its fitness for any particular purpose, or the quantities or descriptions or pictures being provided by Auctioneer. Buyers must do their own due diligence including conducting an inspection of the merchandise being auctioned and determining the quantities, descriptions and condition of all such merchandise contained in this catalogue and/or presented at auction. All Bidders agree that they have read and fully understand these terms and agree to be bound thereby. REGISTRATION: To qualify to participate in the Auction, a bidder must either submit to the auctioneer: (i) a deposit in the amount of $25,000 of the amount being bid; or (ii) proof of funds/specific bank letter of guaranty for the full amount being bid, and in either case must be pre-approved for bidding by the Auctioneer. Auctioneer reserves the right to deny any registered bidder at any time at its sole discretion without notification. INSPECTIONS: Bidders may inspect the offering in Scotch Plains, NJ by appointment with the auctioneer. NOTES ON BIDDING MECHANICS: Please note that this auction is subject to a “soft 3-minute close”- which mean the timing of any closing will be delayed by 3 minutes in the event someone places a bid on such lot in the last 3 minutes of bidding. For each additional bid thereafter, the bidding will extend for an additional 3 minutes. This is aimed at preventing sniping in the last moment of any auction. Therefore, bidders are encouraged to bid early and pay close attention at the end of any auction or use the “max bid” function to ensure your bids will be kept up automatically. PAYMENT: In the event you are the successful bidder(s) you will be promptly notified and receive an invoice immediately after the conclusion of the auction. The succesful bidder MUST tender an additional $10,000 no later than the 2nd business day to be held in the auctioneer's escrow account and credited against the purchase price. Time is of the Essence. Such payment MUST be made by wire transfer or bank check. Business checks accepted if accompanied by a specific bank letter of guarantee (see "Sample Bank Letter"). The failure to make a timely payment shall be deemed a material default under the terms of the auction. In the event Buyer fails to pay the above referenced deposit or the balance of the purchase price at closing, in a timely manner, Auctioneer reserves the right to resell Buyer's lots at the expense and risk of Buyer and to charge Buyer the difference between Buyer's bid and the ultimate sale price. The balance of the purchase price shall be paid at closing (see "Closing" below). Please keep in mind that a 10% BUYER'S PREMIUM will be added to your bid amount to determine the total amount owed to be set forth on the final invoice. CLOSING: The closing of the transaction shall take place on a date to be determined by the buyer and seller no later than the fifteenth day after the buyer is notified that he is the winning bidder. Seller will in good faith execute whatever lease assignement and/or license documentation that are reasonably requested by Buyer. Sale is contingent on the validity and assignability of the lease and/or license agreement. If applicable, at closing, Seller shall execute or present (i) an Assumption and Assignment of Lease in a form reasonably provided by Buyer (ii) a bill of sale for the other items constituting the entire store being conveyed (the "Bill of Sale"), and (iii) such other documents as may be reasonably required to complete the contemplated sale transaction. IMPORTANT NOTICE: In order for the contents to be sold indivudually in the "Contents Auction", the aggregate of all indivudual bids must exceed 110% of the highest bid received for the "Store Auction" in the entirety. BY PARTICIPATING IN THIS AUCTION, YOU HEREBY ACKNOWLEDGE, AND AGREE TO, THE TERMS AND CONDITIONS SET FORTH ABOVE, AS WELL AS ANY OTHER TERMS/CONDITIONS OF SALE COMMUNICATED TO YOU BY THE AUCTIONEER. --------------------------------------------- ------------------------------------------ Terms Of Use

Seller User Terms

Bidder User Terms
Your bid must adhere to the bid increment schedule.
Bid Amount Bid Increment
0.00 - 500.00 25.00 USD
500.01 - 2,500.00 100.00 USD
2,500.01 - 5,000.00 250.00 USD
5,000.01 - 9,999,999.99 500.00 USD
Currency USD
Buyer Premium 10% Added to Final Invoice
Payment Terms
PAYMENT: The successful bidder(s) will receive an invoice via email promptly after the conclusion of the auction and MUST tender no less than 25% of the total purchase price for the entire store ("Initial Deposit") no later than the 2nd business day after the conclusion of the auction to the Auctioneer's escrow account. Time is of the Essence. Such payment MUST be made by wire transfer or bank check. Business checks accepted if accompanied by a specific bank letter of guarantee (see "Sample Bank Letter"). The failure to make a timely payment shall be deemed a material default under the terms of the auction. In the event Buyer fails to pay the Initial Deposit or the balance of the purchase price at closing, in a timely manner, Auctioneer reserves the right to resell Buyer's lots at the expense and risk of Buyer and to charge Buyer the difference between Buyer's bid and the ultimate sale price. The balance of the purchase price shall be paid at closing (see "Closing" below). Please keep in mind that a 10% BUYER'S PREMIUM will be added to your bid amount to determine the total amount owed to be set forth on the final invoice.
Not applicable for Store Auction