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business on sale in market




I have been searching for business opportunities past 5-6 months and I have gone and evaluated 2-3 business books of accounts. :

1. coin laundry - sale proce 150000/- airport road/derry road.

sale in a month - $7000 pm the place is leased Rent 3000/- hydro bill appox 2500 pm

machines are new - worth approx 15-20 machines - 30000-40000.

I did not feel it is worth, because earning is 1500-2000 pm that one can earn working on hourly job every month. Goodwill 100000-120000 is too high.

2. gas station cum convenience store in Hamilton sale price -895000

I don't know much about gas station and almost a million is too much for one person to invest. 3 person can come together and invest and they can handle convenience store from 7 am to 3 pm, 3pm to 11 pm and 11 pm to 7 am. Still have to go and see and verify books of accounts.

3. convenience store at Riverdale at airport road.

sale price - $ 289000

Inventory - 30000-40000

total sale per week - $17000-18000 (annual $100000)

Property leased - 2200 sq.ft.

total cost per week - $ 7000

I think if we bargain the person will sell for $250000/- If the person is earning $100000 per year, why does he want to sell such profitable business? when we asked he said he wishes to retire since business is huge and stressful for him to handle with one person to whom he pays salary.

any suggesions welcome.

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Last edited by: gopalpai on 18-01-10 13:42:56
gopalpai

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Post ID: 156641 18-01-10 01:35:00
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goodraja
Junior Desi
Member since: Dec 09




Posts: 16
Location:


For the convenience store, sales of $17k-$18k/week works out to annual $1M not $100k. Does it have a 6/49 franchise? Have you checked the books?

 
Post ID: 156669 18-01-10 16:02:50
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Blue_Peafowl
Senior Desi
Member since: Dec 08




Posts: 1350
Location: Brampton, Ont, Canada


Coin Laundry is not a full time biz. u just need to spend couple of hours ...

so if u make 1500-2000 pm part time then its a good deal.

this biz is good for someone who wants to stay home and make extra income..or someone who has steady income and wants to make extra...

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Post ID: 156674 18-01-10 17:12:53
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rajcanadaMember of Administrators
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Member since: Jul 03




Posts: 2713
Location: Kitchener, ON


For the convenience store, you are missing some zeros here and there. It is sales of $1 million, profit of ?, Cost 364,000 to run it (7000 x 52)?
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Post ID: 156683 18-01-10 19:31:32
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biztyme
Junior Desi
Member since: Jan 10




Posts: 4
Location:


Gopalpai,

We also looked at the same kind of businesses and this is what we found:

1. Coin Laundry: Good to have as a passive second business but shouldn't be looked as at your main source of income. Of course if it's in a good location then the business cna be expanded to offerring folding services also. However, as you stated, the profits don't warrant having this (unless you have a few) as your bread and butter. The main advantage is that you don't have to be present full time and the chances of loss are low since it's all coin operated. No cash exchanges hands which helps in a passive business. As Bluepea stated tooo.

2. Gas Station: This is a great business to own if you have the funds but know that this is a cash business so if you don't have a reliable person at the convinient store, it's a BIG issue. The numbers look OK but you have to be ready to be involved heavily into it. Pros: EVERYONE needs GAS and unless you do something really wrong, you will always be in business. CONS: HUGE investment as you stated.

3. Convinient Store: WE looked at one and the numbers you have stated below seem a little fishy. TO sell such a profitable business for so LESS makes me wonder but have a look at the books. Also, try to go and park around the store and observe the traffic. Who knows, it may be true that it does make that money and the owner is simply looking for a quick sale. With convinient store the PROS are that it's easy to run but the biggest CON is that you have to be involved or someone can really run it to the ground since it's a CASH business also. When you look at the numbers, also ask about the unreported CASH business that this person did.

Good luck and let us know how things work out for you.

Quote:
Originally posted by gopalpai

I have been searching for business opportunities past 5-6 months and I have gone and evaluated 2-3 business books of accounts. :

1. coin laundry - sale proce 150000/- airport road/derry road.

sale in a month - $7000 pm the place is leased Rent 3000/- hydro bill appox 2500 pm

machines are new - worth approx 15-20 machines - 30000-40000.

I did not feel it is worth, because earning is 1500-2000 pm that one can earn working on hourly job every month. Goodwill 100000-120000 is too high.

2. gas station cum convenience store in Hamilton sale price -895000

I don't know much about gas station and almost a million is too much for one person to invest. 3 person can come together and invest and they can handle convenience store from 7 am to 3 pm, 3pm to 11 pm and 11 pm to 7 am. Still have to go and see and verify books of accounts.

3. convenience store at Riverdale at airport road.

sale price - $ 289000

Inventory - 30000-40000

total sale per week - $17000-18000 (annual $100000)

Property leased - 2200 sq.ft.

total cost per week - $ 7000

I think if we bargain the person will sell for $250000/- If the person is earning $100000 per year, why does he want to sell such profitable business? when we asked he said he wishes to retire since business is huge and stressful for him to handle with one person to whom he pays salary.

any suggesions welcome.



 
Post ID: 156694 18-01-10 21:50:58
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