Spa & Swim Spa Dealership [Confidential] LAST CHANCE DEAL

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We have a cash offer - Current asking price valid until May 01,2018
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Business Description

Interested? This is not all about money - this is about the right people replacing us!
Full Internal Audit Being Completed
TWO SEPARATE LLC's.(Service & Retail) run by 2 people total + Sub Contractors.

We have the ultimate location - we are next to 2 major highways and in the heart of the residential district of the city. We sell an extremely high end unit that is unique. There are NO OTHER spas or swim spas similar. Our advertising is about 10k a year and provides us with all the business we can handle. We are even picky about who we sell our spas to, so we can ensure we have good low maintenance customers.

Charleston is growing fast and our town is the number one town people want to live in. A majority of the revenue for our business is generated thru 30-50 major sales each year and typical site visit, prep, installation and overview consumes only 1-2 days.

How we became a hot tub company.....

We purchased a hot tub at a mobile sales event. At the time of the purchase, the seller falsely promised they had repair techs. The quality of the spa was horrible and the unit had problems immediately. Via phone tech support and shipped parts, I was able to repair the spa. Thereafter, i began helping other people with broken down tubs. The only problem was the mass glut of poor construction. Soon repairing hot tubs became a 6 day a week job. Although I sold new spas occasionally, I focused on repairing spas ($200-$250k a year in service revenue). During the next 7 years, i learned that local dealerships and big name brand manufacturers were only out to make money by building them as cheap as possible. I decided to go retail and spent the next year searching for the worlds best built spas. I wanted all American components and ISO 9001 certification. I wanted honesty and integrity from the manufacturer. I found them! Soon thereafter, we opened a retail store in late 2015 and created a new LLC. We have basically ended repairs and service except for a few good customers. Instead we focused on new spa sales. Not only that but we negotiated a dealership agreement wherein we have the exclusive rights to placing dealerships in a 90 mile corridor from NC to GA (including Savannah). I also negotiated a discount that is unheard of by their other dealerships. (I know because when they brought me to their annual dealer meeting to give me an award, I heard other owners talking about their $200 discounts on major units. (We have nearly 5 times that).

DO YOU HAVE RETAIL EXPERIENCE? (Because we didn't - before this business)
Someone with retail/sales/management experience could easily build this into something we are not able or willing to try to learn to do.

I believe this business will explode with the right people. The problem is that my wife and i are not retail people. We don't know it and don't like it. We are retired from the military and want to not be tied down to retail. We want to travel. Here is a business with loyal customers and high margins easily operated by 2 people and a good sub-contractor. One person that has good time management skills could actually run this company with part time help. We bring in a college student occasionally throughout the year to help run the register during the slow season so we can travel.

We could just sell to anyone but we feel we are honor bound to be selective to ensure our loyal customers are taken care of. We have an untapped database of over 2500 prior service customers and nearly 100 spas and swim spas in the field. These numbers are generated mainly from retail sales and installation of our portable spas. The numbers are approximations and the asking price is 2.5x net income. We have not previously advertised for sale. Only discussed with one person at church and close friends and w

About the Business

Year Established:
Number of Employees:
Real Estate:
Building Sq. Ft.:
Lease Amount/Mo.:
Lease Expiration:
1800 sq ft building end unit with 220 sq ft garage and minimal outdoor cover storage for $1375 a month. NOT A TRIPLE NET LEASE - Landlord takes care of bldg and lot! Forklift, 2008 customized van, FFE & inventory vary. 2016 Toyota 5k forklift with under 200 hours on it is only debt ($19k bal on transferable loan).
Lease is renewable - one rate increase in 10 years!

We would include our separate spa cleaning and service business with 50k revenue at this price.
Market Outlook/
Only ONE competitor in our town and they prefer to sell pools. They are a high margin SPA dealer selling at 70+% margin. We can easily compete. Also people here like to shop local and not travel over the bridges to the only real competition, which is a 30-50 minute drive with traffic.

We have instant financing thru wells fargo and can meet or beat any competitors pricing. We have access to chemicals and accessories at great prices and are able to sell at a discount to Amazon and big box stores and still generate a profit.
Growth & Expansion:
I believe expansion into our competitors backyard would triple annual revenue and double profit.

I see adding service back in and monthly automated chemical deliveries as something being demanded by our customers; however, I just do not want to invest additional time into this. A good customer management and tracking software would truly help get us more organized and allow for lead follow up.
I believe Follow up post cards and more advertising would increase foot traffic. We are the goto place in our town. Our reputation is 5 stars.
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About the Sale

Reason For Selling:
Ready to retire - Possibly a 50/50 buy in @ $350k to run company in our absence
Negotiable. we are ready to travel and want to do it sooner rather than later. Open for discussion. I feel i can train anyone to do this within 60 days. Factory Training available. I have an excellent pool of capable contractors that are able to do ALL FIELD work.
Seller Financing:
50/50 partnership option with $350k cash

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U.S. Census Data for Berkeley, Charleston and Dorchester Counties, SC



Source: Decennial Census (2010), United States Census Bureau.

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U.S. Community Survey Data for Berkeley, Charleston and Dorchester Counties, SC


Source: American Community Survey (2010-2014), United States Census Bureau.

This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.

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