90-Year-Old Appliance Store with Delivery & Install
Iowa City, Iowa
Asking Price: |
Gross: |
Cash Flow: |
$260,000 |
$1,204,593 |
$79,807 |
Furniture and Fixtures Value:
$471,327 (included in the asking price)
Inventory Value:
$0 ( not included in the asking price)
Real Estate:
$0 ( not included in the asking price)
Business Summary:
The business operates out of two separate buildings. The first building has a designated area of 1,600 square feet for parts and service, along with a showroom spanning 2,000 square feet. The second building, which houses the appliances, has a total area of 4,000 square feet. The purchase of this business includes $471,327 in assets, which overcollateralizes the loan, including vehicles, trailers, equipment, inventory, and accounts receivable. The staff consists of a total of 8 members, including 1 service lead, 2 service technicians, 1 installation lead, 1 installation technician, 2 office managers, and 1 delivery assistant. With this well-established team in place, the seller is able to be a semi-passive owner, providing oversight and management support as necessary. As a show of good faith, the owner has offered 10% seller financing and will stay on board for 6 months-1 year transition. The loan is 100% overcollateralized! Established over 90 years, this retail appliance business has an excellent local reputation and deep roots within their community. The business is near Iowa City and serves clients in various small towns within a 50-mile radius. While there are a few other competitor appliance stores in the area, very few offer installation and maintenance services, which sets this business apart from its competitors. Priced at $260,000, the buyer needs less than $30,000 cash down!
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Year
Business was Established: 1935 |
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Number of Employees:
8 |
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Facilities / Terms of Lease:
Building 1: 2,000 sq. ft. showroom, 1,600 sq. ft.
service/parts, 2,000 sq. ft. 2nd-floor storage; Building 2:
4,000 sq. ft. warehouse |
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Potential
Growth/Expansion:
The service aspect of the industry
has exponential growth opportunities as this aspect of
their business is unique to the area. Partnering with
outside appliance sales businesses to offer appliance
servicing could offer exponential growth |
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Owner
willing to finance:
10% Buyer Down Payment $26,000 10% Seller Financing $26,000 80% Bank Loan $208,000 |
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Owner
willing to train:
6 months - 1 year |
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Reason for selling:
Moving on to next chapter in life |
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REQUEST MORE INFO |
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