Broker Questions

[Clear Prop!]

Greetings All,

New guy here from AZ. I’ve been wanting to get into this business for many years and think now is as good a time as any.

I intend to buy an existing site and was wondering if anyone can tell me about their experiences with business brokers? I’m about to start making some calls but don’t know if I should enlist a broker myself to represent me or if it’s common to just use the broker listing the business. I’ve heard that it’s not like the real estate business where it’s usually advantages to have someone representing you independent of the seller.



Thoughts? Suggestions?



Thanks in advance,
John

 

[MC3033]

If you understand the business and financials no reason to use a broker. Do not trust the sellers broker and make sure to have a good attorney.

If you do not understand the car wash business, equipment or facilities find someone to consult with.

 

[Clear Prop!]

Thank you. Yes, I have some idea of what I'm getting into but am planning on getting a consultant involved as well.

Thanks!

 

[mac]

Yes find someone local already in the business to guide you. There's a lot of stuff involved here, i.e. water treatment and reclaim, chemical mixing, age and condition of pumps and motors, and many others. Do NOT just write a check and hope for the best.

 

[Rfreeman]

Get into this business, what model? Self Serve, flex, full serve each is distinctly different from the other. I know on this forum there are a lot of ss operators of which I am one and can only speak to that model. I have aspirations to get into a tunnel, hopefully later this year, but not there yet.

If you are looking to get into a self serve personally I wouldn't get a consultant involved, I would do your homework, attend shows, talk to current owners, maybe even work for one part time and be up front, you want to get into the game they might be ready to sell.

As far as business broker, I wouldn't bother either IF you have a lawyer or agent that can write a solid contract for you.

I have my real estate license, so I am familiar with real estate here in Tx and the contract formalities that are involved. As for the business and operations, on my first wash I hired a guy to show me how everything worked in the wash as we rehabbed it. I stuck to his hip asked question after question; 2 years later he and I were talking and he told me annoyed the s&Ht out of him to the point he was ready to quit.

So what model are you looking to get into?