I’ve had some clients take the plunge and others not.
The why not’s were mostly because of capital cost, loan pay-off/recovery of equity and commitment to business model.
Sanity test
1) Need to wash additional 14,000 cars a year just to cover investment
2) Need to hire 2 to 3 full-time employees
3) Figure $18,000 a year or more for
marketing program
Worth question is difficult. Reason is many conversions are gas sites.
However, consider that many self-serve owners do not have a realistic exit strategy.
By repositioning the business (i.e. conversion), owners can better define an exit strategy, relate it to the industry model and create wealth from it.