METAL FINISHING CO / CLOSED BID AUCTION
| Asking Price: | Not Disclosed | Inventory: | |
| Gross Revenue: | $1,407,000 (comments below) | Real Estate: | n/a |
| Cash Flow: | Not Disclosed | FF&E: | n/a |
| ++ included in the asking price ** not included in the asking price | |||
| Gross Revenue Comments: 2008 Gross | |||
Located in West Michigan this metal finishing and light assembly company has been in business over 12 years. The company features two paint lines (see Machinery & Equipment section) with production capacity of $800.00 per hour. It serves a broad range of customers from the steel furniture industry to consumer products. The company has very little automotive content. The company is a non-union employer. Its present workforce consists of 14 fulltime and 6 part-time employees. Its average hourly shop pay rate is $12.00. 2008 gross sales were $1,407,000.
For years this company has been operated on an absentee basis. Whereas its owners lend strategic oversight neither is involved in its day to day operations. The company has no formal ongoing sales and marketing program or plan. It’s past and current sales are through existing customers or “word of mouth” referrals. Its extensive plant and equipment has much unused capacity. Due to the owner’s lack of focus on this company they have determined to sell it via a closed bid auction. It may be purchased on an asset or stock basis. In the event of a stock purchase the corporation has a two million dollar plus tax loss carry forward.
Its building is also offered for sale under the terms of a close bid auction. Alternately offers for lease will be considered.
For years this company has been operated on an absentee basis. Whereas its owners lend strategic oversight neither is involved in its day to day operations. The company has no formal ongoing sales and marketing program or plan. It’s past and current sales are through existing customers or “word of mouth” referrals. Its extensive plant and equipment has much unused capacity. Due to the owner’s lack of focus on this company they have determined to sell it via a closed bid auction. It may be purchased on an asset or stock basis. In the event of a stock purchase the corporation has a two million dollar plus tax loss carry forward.
Its building is also offered for sale under the terms of a close bid auction. Alternately offers for lease will be considered.
About the Business
Year Established:1994
Employees:14 full time - 6 part time
Relocatable:Yes
Facilities:The building is a one story pre-engineered steel structure constructed in 1996. It is located in a modern Industrial Park with city water & sewer. Exterior walls of its offices are face brick to a 10’ height with vertical metal panels above. Exterior walls of the remainder of the building are poured concrete to a height of 4’ with vertical metal panels over steel frame above. Its windows are insulated glass set in aluminum frame. The roof is covered with standing seam metal. Most recent appraised value $1,800,000.
About the Sale
Management Training and Support:As needed
Reason For Selling:Absentee Owners
Seller Financing:Some Seller Financing may be considered
KEYWORDS: Powder Coating, Metal Finishing
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