Highly Regarded 76 Year Old Retail Furniture Store
Business Description
This 76 year old family-owned and operated retail furniture store is a high regarded, well-established member of the local community in this Eastern Virginia town. This town is a retail hub for a significant part of rural Tidewater, VA. The second and third generation owners are seeking to sell the business after the passing of the 2nd generation Owner/President. The Company has many local and nearby customers who have purchased furniture from this Company over many years. Besides selling and delivering the furniture, the Company provides financing for many of the furniture sales. Financing is generally provided for 3 to 36 months. The Company's financing accounts receivable are included in the sale price. The family has built a strong reputation of fair business dealing, integrity, honesty, and caring for the members of the community. Many of the family members will continue to live in the community after the sale, so they want to ensure that the purchaser continues to run the business in a manner which demonstrates a similar culture and care for their customers. The store has thrived despite the arrival of big box retailers and online retail because of its important niche of installment credit for middle and low income families needing to furnish their homes with furniture and appliances. The Company's strong local reputation and excellent physical location in this Eastern Virginia town will be a very good benefit for the buyer to assume the ownership and leadership of this operating business.
About the Business
- Years in Operation
- 76
- Currently Relocatable
- Yes
- Facilities & Assets
- Retail Furniture Company is a C-Corporation which has been in business for 76 years. Assets included in the sale include the financing Accounts Receivable and Inventory. The Company's real estate is for sale in a separate transaction. Real estate is not included in the listed sale price. There are two parcels of commercial real estate located on the main street in the heart of the town. One building contains the retail store with an upstairs warehouse. The other building could also be available for warehouse space or leased. A parking lot is included.
- Market Outlook / Competition
- The retail furniture business is highly competitive with several big box and local furniture store competitors. The key area where this Company has a competitive advantage is their strong community reputation combined with excellent customer service and reasonable financing terms to their clientele who may not otherwise have access to large amounts of credit availability. By having the long term relationships with their customers and understanding the community extremely well, the owners have carved out a very attractive business model over many years.
- Opportunities for Growth
- The new owner of this business would have access to significant upside opportunity through modernization of the commercial real estate facility, improvement and upgrade in inventory control and tracking, improvement in marketing and online advertising, and expansion of the geographic and local customer base.
Real Estate
- Owned or Leased
- Owned
- Not included in asking price
About the Sale
- Seller Motivation
- Three generation furniture retail business. Passing of the 2nd generation Owner.
- Transition Support
- The current family member/President will provide transition services as needed by the new owner. Several of the key management members have worked for the Company for many years and would be an excellent source of providing operating insight to the new owner.
Listing Info
- ID
- 2442601
- Listing Views
- 58
Listing ID: 2442601 The information on this listing has been provided by either the seller or a business broker representing the seller. BizQuest has no interest or stake in the sale of this business and has not verified any of the information and assumes no responsibility for its accuracy, veracity, or completeness. See our full Terms of Use. Learn how to avoid scams.
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