I'm About to Sell. Final Thoughts?

[bigleo48]

All,

I'm about to sell my wash. I posted it online in November and it has taken much less time than I expected to come up with a deal. We are to meet and sign this week after drawing up the agreement over the last few weeks. For us, its just time for a change...nothing wrong with the wash or its long term outlook.

The economy up here is much better and we are getting 4.8x gross, short closing, very simple deal with few conditions. The wash is very stable, in a great location and I see no reason for that to change. The buyers seems good, have been honest and strait forward...no games, they need environmentals done (should be no problem) and I have no ghosts in the closet. So I don't anticipate any problems. To the contrary, I have now four other potential buyers that want to be contacted should the deal fall through...including the business next door (also automotive). I say three of them are very serious.

Any last minute thoughts? I seem to be getting a good price in my estimation...but now all these potential buyers are coming out of the woodwork!

 

[Randy]

Please tell me you’re not selling it on an owner contact? Everyone I’ve known who has sold their car wash on an owner contact has gotten it back, run into the ground.

I've been kicking around selling my car wash and I gotten a few low ball offers, none are even close to property value.

 

[bigleo48]

No its not....they will own it lock stock and barrel. I need to stick around for a month and agree to answer calls within a day for six months.

 

[mac]

I wouldn't be too harsh about an owner financing sale. I know one operator who sold his wash three times. He's ended up with the money he wanted from the nonrefundable deposits, and now owns it free and clear.

 

[Randy]

Bigleo48
I love a happy ending like that. Hanging around for a month to give advice would be a piece of cake.

Mac
There’s a guy up here that has sold his washes 3 times and every time he’s gotten them back in worse shape than the last time they were sold. There closed/abandoned now and for sale again. He wants a premium price for them that he’ll never get. Every time they are sold the new owners think they can do better than the last owner, they’ve all failed. Every one thinks that all they have to do is stop by once or twice a week and pick up the money and fill the soap container. The last owners were amazed at the amount of trash and vandalism.

 

[Robert2181]

Bigleo48, Don't worry about the other (or may be other offers). Most of the time after people know a place of business is for sale or it has a offer on it, they will make or say they would have paid at least your price. Stop looking back. If you are happy with sale and conditions, look forward. Thanks and Good luck, Enjoy.

 

[Buzzie8]

Sold my in January and did OK but not 4.8X. My golf game actually got better because I am not on edge waiting for the phone to ring because someone lost a quarter. Best of luck. Curious though, if the new owner is in the business? The guy who bought mine owns 8 others and I am glad I did not need to do any "babysitting". One crazy story though, I only had one vac broken into in 10 years and he had two entry unit break-ins in one week. I'm guessing it cost him $40k in upgrades for replacing the two year old PDQ units with the bigger PDQ units. Hardest thing I found was picking a time to collect money and deciding everything after that was his.

 

[jimbeaux]

Good luck Bigleo48
I always enjoyed your posts, hope you'll still check in sometime.

 

[Ric]

All,

I'm about to sell my wash. I posted it online in November and it has taken much less time than I expected to come up with a deal. We are to meet and sign this week after drawing up the agreement over the last few weeks. For us, its just time for a change...nothing wrong with the wash or its long term outlook.

The economy up here is much better and we are getting 4.8x gross, short closing, very simple deal with few conditions. The wash is very stable, in a great location and I see no reason for that to change. The buyers seems good, have been honest and strait forward...no games, they need environmentals done (should be no problem) and I have no ghosts in the closet. So I don't anticipate any problems. To the contrary, I have now four other potential buyers that want to be contacted should the deal fall through...including the business next door (also automotive). I say three of them are very serious.

Any last minute thoughts? I seem to be getting a good price in my estimation...but now all these potential buyers are coming out of the woodwork!

4.8 x gross. Cash deal. I would jump all over that. Congrats!

 

[MEP001]

Any last minute thoughts?

Get a disposable cell phone for them to call you on, so if they don't get stuff figured out by the six month period you can just cancel the phone service.

 

[Hoser06]

Congrats! Sounds like a good deal too.
Did you have to sign a non-compete or are you already working on your express tunnel plans?
Best of luck

 

[PaulLovesJamie]

Is it too late for tax planning?
I agree with Robert's comments, I'd take contact info on the other "buyers" but politely ignore them unless you think there is a chance the sale will fall through.

And why didn't I receive my invitation to the "congrats BigLeo" party... hmmmm?

 

[bigleo48]

Thanks all,

No express tunnel

4.8x gross would be fairly common up here. An acre next to a Wal-Mart in a big box shopping area could go as high as $3mil in a large city.

I have taken names just in case, done some tax planning, etc.

 

[ScottV]

Big,

Congrats on the sale. I concur with the others that I hope you stick around the forum. Always enjoyed your posts, sage advice, and wish you all of the best. Let us know what new direction your life heads and what if any kind of business you decide to get into.

ScottV