Lucrative Mobile Check Cashing Firm

Southern California, California

Business Summary: This very profitable check cashing business operates a fleet of 8 marked vans which visit large companies on a routine basis to cash payroll checks for workers. The vans arrive on scheduled paydays and spend less than an hour at one location. They have established agreements with companies from Orange County all the way up to San Luis Obispo. The vans are specially-modified to ensure security and privacy for customers and employees. They are stored overnight in secured yards. This is a very lucrative niche in the financial services arena, with only a small handful of competitors in all of Southern California. This service is hugely popular with employees in many industries along with farm workers, day laborers and others who have no bank accounts or simply want the convenience of instant cash on payday. Customers are willing to pay higher percentages for this convenience than at retail check cashing locations, which adds to profits.
Year Business was Established: 2009
Number of Employees: 8
Facilities / Terms of Lease: The seller estimates the value of the 8 specialized vehicles alone is about $120,000. This is a terrific move-in ready business with modest management requirements. It would make an excellent investment for those seeking E-2 visa entry into the US.
Potential Growth/Expansion: The company’s gross revenues of nearly $650K projected for 2016 could be increased handsomely with more vehicles and stronger banking relationships. With no rent to pay, expenses are low. It currently operates with 6 full-time employees, 2 part-time workers, plus a part-time general manager. The company cashes an average of more than $5 Million worth of checks each month. Because they accept so many payroll checks from established employers, the incidence of “bad checks” is far better than typical check cashing stores.
Owner willing to finance: Seller Financing Available
Owner willing to train: Owner Will Train
Reason for selling: Non-core business for large corporation
This business is Home Based.