King Eider’s Pub – Damariscotta

Scott McArdle & Damon Waltz have been close friends and co-workers in the food industry for years. They’ve been building up experience in different positions at a variety of locations, but have been long-time employees at King Eider’s Pub in Damariscotta. They truly knew the restaurant industry inside & out, co-managing & growing together – but when the opportunity to purchase King Eider’s arose, it put the business in a new light. The existing owners were committed to the transition and understood the value Scott & Damon brought, but they wanted to fully understand the risks & challenges that came along with the opportunity.  

When Scott & Damon first approached Maine SBDC at CEI Center Director and Business Advisor Raynor Large, they’d already received an asking price and started preliminary discussions with a lender. They all dug in together to understand the risks – They considered whether the restaurant could support the debt? What would be a standard bank loan, and would a seller note be considered? What could be negotiated? What could be done to maximize the chances of success, minimize the risks, support the asking price, and benefit the buyers as they continued to work in and on the business? 

As they began to look at the business as entrepreneurs and owners, the pieces all fell into place. They purchased their place of employment with a combination of a loan from The First National Bank and a Seller note. They continue to work hard & confidently grow their business – but now as owners instead of employees! They are now offering an extensive menu 7 days a week, with brunch on Sunday! To learn more about this business visit their Website, or Facebook and Instagram pages.