Two Dry Cleaning Businesses

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Asking Price:
$495,000

Gross Revenue:
$544,450
Cash Flow:
$139,000
(Seller's Discretionary Earnings)

EBITDA:
 Not Disclosed
Inventory:
 Not Disclosed

FF&E:
$245,000
included in asking price

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Business Description

Wonderful opportunity to own two highly profitable modern dry-cleaning businesses in affluent area of Northern New Jersey in the county of Union. This has been a well-known family owned and operated modern Dry-Cleaning business. The dry cleaners have been in business since 1977 with a wonderful reputation for quality service and excellent fair prices. The business has an annual gross income of $544,450 for 2018 and a net income of $139,000. The owner is semi retiring to Florida after many years and will supply a smooth transitional period to the purchaser. This retail dry cleaning company routinely has five full / part time employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, the staff is fully expected to remain post-closing, and the monthly payroll expense is approximately $7,500. The both dry cleaning companies are operational six days weekly with hours from 7:00 am to 6:00 pm. The businesses have an existing assignable 10-year commercial leases, expires 2029 plus additional options, with a monthly rent of $12,500, cost per square foot is estimated at $40.54 and rental security is approximately $24,000. The both businesses have been valued / priced at $495,000 which is based on a multiple of the net yearly income and includes the value of the specific business assets. Also, possible seller financing has been conditionally approved to a qualified buyer with an appropriate down payment, collateral and credit rating. Based on the asking price, required down payment and net income this business should supply a wonderful investment return to the owner operator prior to debt service. Please do not disturb business, this sale is confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and the photo does Not represent this particular business opportunity.

About the Business

Location:
Union County, New Jersey
Year Established:
1995
Number of Employees:
5
Real Estate:
Leased
Building Sq. Ft.:
3,700
Rent:
$12,500.00 Per Month
Facilities:
The facilities consists of 1,700 & 1,400 square feet in an attractive commercial setting with private parking as part of the lease agreement. The plant facility is fully modernized with updated equipment to conduct it services and an attractive walk up counter for convenient service. The second store consist of an attractive drop location. This business is located in an upscale area of Union County, New Jersey on an active commercial avenue and county road close to various state highways. The cleaners have an excellent location close to various communities with a continued need for these services.
Market Outlook/
Competition:
There are no similar dry cleaners in the immediate area and the general area has limited dry cleaner competitors, seller has agreed to supply an appropriate non-compete agreement to the new operator.
Growth & Expansion:
With a more aggressive marketing plan the business can be further improved and developed representing a high net profit to the owner operator.
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About the Sale

Reason For Selling:
The seller is semi retiring to Florida after many years of success.
Training/Support:
The seller will remain after closing and supply a long-term transitional period.
Seller Financing:
Seller financing is available to qualified buyers.

Listing Info

ID:
1616253
Ad Detail Views:
0

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Business Listed by

Ron Cervelli

Regal Consulting Corp.

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U.S. Census Data for Union County, NJ
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Source: Decennial Census (2010), United States Census Bureau.

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U.S. Community Survey Data for Union County, NJ
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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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