Earl Weiss
Well-known member
Had a guy ask me about buying a SS wash. Reported income worked out to about $4000.00 per month per bay or better which is pretty darn good, particularly since the place did not seem to be located on a particularly high volume street. So , I asked around about this place and the figures. With that type of volume it would seem on any decent weather day the joint would be jumping, but it wasn't.
So, what was the answer? Best guess was aside from laundering cars the guy was laundering $ from other revenue streams as well. How common is this? Few people overstate their income to the IRS, but it could certainly be a sweet scam for using reported figures to justify a high business sales price and then the poor schnook purchaser can't figure out why the business volume dried up.
So, it seems that even with reported income one needs to exercise caution.
So, what was the answer? Best guess was aside from laundering cars the guy was laundering $ from other revenue streams as well. How common is this? Few people overstate their income to the IRS, but it could certainly be a sweet scam for using reported figures to justify a high business sales price and then the poor schnook purchaser can't figure out why the business volume dried up.
So, it seems that even with reported income one needs to exercise caution.
