Selling my wash

[mac]

Would like to cash out on my wash and looking at the different ways to sell it. Have a local realtor who has it listed on Loop Net but she isn’t bringing qualified buyers. Know any other ways? I’ll list it here. Thanks

 

[OurTown]

Selling already?

 

[OurTown]

Maybe she told you it was listed on Loopnet but I can't find it.

 

[JMMUSTANG]

I’ve just contacted other operators that I was selling one of my washes.
I told them I was going to get the word out to other operators in the next week.
One guy asked if he could come over now and take a look. Made the deal that day.
They KNOW what they see and theirs no stupid questions.
Worked for me every time.

 

[cantbreak80]

JMMUSTANG's process is a good way to go.

You stated you've enlisted a local realtor. Does she just show the facility and have you there to answer their questions?

I would enlist a business broker. In my experience they know everything about business dealings and do all the qualifying. No "looky-loos"!

Business broker - Wikipedia

en.wikipedia.org

 

[mac]

Good advice from all and I can’t find it on Loopnet either. Will find a commercial broker.

 

[Rfreeman]

Your potential buyer is either going to be a newbie looking to get into the business or an experienced operator. Personally, I think you would have better luck trying to find an existing operator looking to add another location. This person would be an informed buyer and would know what they are looking at. I would go by the washes closest to you and drop them a note to see if they are interested in another location.

I maintain a database of all the car wash owners in my county. When I am ready to sell out I was planning on making a nice flyer and mass mailing it to them as a point to start. When I'm ready to buy another one I will use this same list to send a letter to see if anyone is interested in selling.

Good luck!

 

[washnshine]

Would like to cash out on my wash and looking at the different ways to sell it. Have a local realtor who has it listed on Loop Net but she isn’t bringing qualified buyers. Know any other ways? I’ll list it here. Thanks

That was quick Mac - you just got it all updated and nice looking! Good luck.

 

[Beddattery]

I found the listing....good luck with the sale!

826 Cape Coral Pkwy E, Cape Coral, FL 33904 - MLS 221058989 - Coldwell Banker

Sold - 826 Cape Coral Pkwy E, Cape Coral, FL - $650,000. View details, map and photos of this retail property with 0 bedrooms and 0 total baths. MLS# 221058989.

www.coldwellbankerhomes.com

 

[Roz]

I think talking to local competitors is the best approach, however letting your customers know about the place being available for sale is also a good approach. You never know who may be looking to get into the business - you may be pleasantly surprised. Too many owners are afraid that all their customers will leave but I doubt that ever happens. If you list with an agent have them earn their fee by making calls on your behalf. I get those calls about once every other week from real estate agents representing their client. Good luck!

 

[soonermajic]

Hood luck getting that price.

 

[mac]

Hood luck getting that price.

Have always found it easier to lower the price rather than raise it after discussions start. And I’ll take all the good luck I can get.

 

[Waxman]

Have always found it easier to lower the price rather than raise it after discussions start. And I’ll take all the good luck I can get.

As long as the price falls within the standard gross income multiplier for a car wash, I don't see a problem. People will always try and negotiate down, so why not start high?

 

[Kramerwv]

If you have a relationship with any commercial or business bankers let them know, they typically have a pool of potential investors/borrowers looking for opportunities. Good luck!

 

[Beddattery]

So....what is the standard gross income multiplier for a car wash ??

 

[traveler17]

So....what is the standard gross income multiplier for a car wash ??

3 to 4x’s the gross w the real estate.

 

[soonermajic]

Sometimes they go for 2x gross & some go as high as 6x gross. Id suggest not buying above 5x gross.

 

[mac]

The responses seem right on. My dilemma is the property is worth a lot more.

 

[Roz]

The responses seem right on. My dilemma is the property is worth a lot more.

Land being valued more than a going business is a common issue in our industry. I lost out on a car wash (purchase) where the seller acknowledged the offer I made was in line with or even slightly above the business value as a Dunkin Donut franchisee purchased the place for 2x the business value. They converted the IBA into a drive thru window, sealed the front & back of the bays as well as the pits, and opened up within a year. Just what the town needed, another donut shop.

 

[washnshine]

Land being valued more than a going business is a common issue in our industry. I lost out on a car wash (purchase) where the seller acknowledged the offer I made was in line with or even slightly above the business value as a Dunkin Donut franchisee purchased the place for 2x the business value. They converted the IBA into a drive thru window, sealed the front & back of the bays as well as the pits, and opened up within a year. Just what the town needed, another donut shop.

Hard to compete with that.