Buying existing wash in NJ - resources?

[Rob07002]

About Me:
Over 20 years finance and sales/marketing background
Currently self-employed sales consultant
Mechanically/Tech self-sufficient
Car enthusiast
Finally getting serious about buying a wash in Central NJ (Monmouth/Ocean county)

What are some recommended resources for searching available washes for sale?
Recommended consultants?
Brokers?
Financing?

Welcome all input and suggestions, thank you.

 

[robert roman]

Buying business-only wash can be challenging. Start by determining how much cash flow is needed.

For example, $200,000 would require gross sales of about $1.0 million. So, it might cost $800,000 to $1.0 million to acquire this business.

Consequently, due diligence is principally income verification because equipment and building are incidental to market value.

If the seller is running the business out of a cigar box, as some still are, determining accuracy or reasonableness of financials can be a crap shoot.

I would cast my fate with carwash consultant or equipment dealer rather than with business broker or real estate agent with regards to due diligence.

Taking on a job as assistant manager at a wash (plenty of openings) to see if you like the idea of being at the wash everyday is also a good first step.

 

[Rob07002]

Buying business-only wash can be challenging. Start by determining how much cash flow is needed.

For example, $200,000 would require gross sales of about $1.0 million. So, it might cost $800,000 to $1.0 million to acquire this business.

Consequently, due diligence is principally income verification because equipment and building are incidental to market value.

If the seller is running the business out of a cigar box, as some still are, determining accuracy or reasonableness of financials can be a crap shoot.

I would cast my fate with carwash consultant or equipment dealer rather than with business broker or real estate agent with regards to due diligence.

Taking on a job as assistant manager at a wash (plenty of openings) to see if you like the idea of being at the wash everyday is also a good first step.

Thanks for your input Robert. Any recommendations on a consultant?

Looking at a wash with these published numbers:
Asking Price (business only) = $775,000
Gross Sales = $620,000
Cash Flow = $200,000

Recently renovated, but no details.

 

[robert roman]

Thanks for your input Robert. Any recommendations on a consultant?

Looking at a wash with these published numbers:
Asking Price (business only) = $775,000
Gross Sales = $620,000
Cash Flow = $200,000

Recently renovated, but no details.

Send me a private e-mail on this site.