Inherited two car washes with oil lube

[Pitstop.carwash]

I inherited two locations in Sterling and Rock Falls, IL. that are about three hours away from my home. Looking for any insight on the best way to sell them. We tried a local realtor but he didn't reach-out to any real potential buyers that know this kind of business.
The Sterling location has two IBA (Lazer 360), four self-serves, two Valvoline Oil Lube bays. It has three long term full time employees that run the business.
The Rock Falls location has two IBA (M-5), three self-serves and four Valvoline Oil Lube bays. It also has three long term full time employees.
Both businesses are profitable but it is two much for me to travel once or twice per week.

 

[OurTown]

A really good realtor that actually tries to sell and is a true commercial realtor is worth it. Most just list the property and collect at the sale. (if there is one) You could advertise on some of those business for sale websites, Craigslist and Loopnet. Make a few cold calls to other owners in the area to see if they are interested.

 

[Rfreeman]

As Ourtown mentioned I would first look to see if any other operators in the area would be interested in the locations....I know I am always looking for new car washes in my area. Posting them here wouldn't hurt either and its free. Check to see what car wash association is in your area and I would list them there as well. Good luck!

 

[OurTown]

Also tell your equipment and chemical distributors that they are for sale. They might get the word out or know someone that wants them.

 

[Eric H]

Have you asked any of the long term employees if they would be interested in buying?
Is the place making a profit? Laser 360's aren't terribly old and are a top of the line machine. I can't imagine that whomever you inherited these sites from would have made a significant investment in great equipment if they weren't making some decent money!
I'm sure that you could move these properties pretty easily if you reach out tho the right people but sounds like you got a dud for a realtor.

 

[Waxman]

You need to do some research and number crunching here.

1. You have to determine value of the business and land , present-day. This takes into account things like assessed value and appraised value. It also takes into account gross revenues and a multiplier applied to gross.

2. You said the business is profitable. With proper inventory controls and the right manager in place, is it feasible to run both locations remotely and be on site less than once / week?

3. Determine tax implications of: a). selling everything and not holding the note. b.) selling and holding some of the note. c.) retaining / operating the business.

The best option is the one where the taxes, revenue and stress / involvement / personal commitment best meet YOUR needs.