I am new here and considering buying a local established car wash of 13 years. I live in a rural town of about 16K people, we are a highway hub so there are a lot of passers through. I have owned a service business that made house calls for 19 years and am looking to move on to something else. I've always wanted to own a car wash. I have thought it should be very lucrative if it is ran properly. I have no past experience with running nor owning a car wash.
Here's a bit of the deal, I'm hoping for some advice about what questions to ask, what documents do I want to review, what should I ask about equipment, all these things.....please
There is a couple about 40 miles from me who own a car wash in my town. They also own one in their town. They are in their mid seventies and don't really care if the sell or not. My neighbor has been a full time employee at 70 years old and been with the owners for 10 of the 13 years the wash has been there.
He said that you could own a wash without service people there and you can own one with an attendant and really make some money. The neighbor has a really great way with people and I know there are a lot of people who go there because of him. He told me that if he were my age ( 45 ) he would buy it and run the pants off of it. He is the guy who does most maintenance and when I asked how the equipment ran....he said I order stock of what is regularly needed like ( whatever ) and I always have it so there's no down time. He told me that I could do a great job with it and he'd teach me for a time.
The wash has 1 no-touch, 3 self serve bay and 1 large truck self serve bay. The purchase can come with a house that rents for $575 and a full size lot across the street which is convenient for self storing snow.
The neighbor said that once I got how to run things I could take down the house and install another self serve bay and 1 more auto.
He's mentioned that it would be nice to have credit card taking upgrade, new vac / shampoo with the foo-foo spray's and also. He told me that the owners come every 3 days for money pick up and they leave. I asked if he thought I could make $200K a year and all he said was , what if I told you it was a lot more than that?
He mentioned that the floors are heated and the wash is set up on computer and knows every quarter that's been put in. I thought that may be a good thing.
Today we called about loans as I would like to do this with no money to start with and I figure that if this is supposed to work out then all avenues will be smooth. The neighbor said one year they were asking $750K another he said $650K and he thinks that about $550K would do it.
The payment on a $500K loan is about $5k a month. Should what I've so vaguely described make enough to make that kind of payment?
I would reall really appreciate someone sharing what I need to look for, look out for and questions to ask so I know I'm getting a good deal and a solid business.
Many thanks in advance
Sandelman
Here's a bit of the deal, I'm hoping for some advice about what questions to ask, what documents do I want to review, what should I ask about equipment, all these things.....please
There is a couple about 40 miles from me who own a car wash in my town. They also own one in their town. They are in their mid seventies and don't really care if the sell or not. My neighbor has been a full time employee at 70 years old and been with the owners for 10 of the 13 years the wash has been there.
He said that you could own a wash without service people there and you can own one with an attendant and really make some money. The neighbor has a really great way with people and I know there are a lot of people who go there because of him. He told me that if he were my age ( 45 ) he would buy it and run the pants off of it. He is the guy who does most maintenance and when I asked how the equipment ran....he said I order stock of what is regularly needed like ( whatever ) and I always have it so there's no down time. He told me that I could do a great job with it and he'd teach me for a time.
The wash has 1 no-touch, 3 self serve bay and 1 large truck self serve bay. The purchase can come with a house that rents for $575 and a full size lot across the street which is convenient for self storing snow.
The neighbor said that once I got how to run things I could take down the house and install another self serve bay and 1 more auto.
He's mentioned that it would be nice to have credit card taking upgrade, new vac / shampoo with the foo-foo spray's and also. He told me that the owners come every 3 days for money pick up and they leave. I asked if he thought I could make $200K a year and all he said was , what if I told you it was a lot more than that?
He mentioned that the floors are heated and the wash is set up on computer and knows every quarter that's been put in. I thought that may be a good thing.
Today we called about loans as I would like to do this with no money to start with and I figure that if this is supposed to work out then all avenues will be smooth. The neighbor said one year they were asking $750K another he said $650K and he thinks that about $550K would do it.
The payment on a $500K loan is about $5k a month. Should what I've so vaguely described make enough to make that kind of payment?
I would reall really appreciate someone sharing what I need to look for, look out for and questions to ask so I know I'm getting a good deal and a solid business.
Many thanks in advance
Sandelman
