Selling the wash

[mac]

The dirt my wash sits on is worth much more than the wash generates. So I’m thinking of selling the equipment, tearing down the wash, then sell the land. Would be money ahead and a more peaceful life.

 

[washnshine]

The dirt my wash sits on is worth much more than the wash generates. So I’m thinking of selling the equipment, tearing down the wash, then sell the land. Would be money ahead and a more peaceful life.

How long have you had this wash Mac?

 

[mac]

Around 3 years

 

[Randy]

I’m in the same situation as Mac. The dirt my car wash sits on is worth way more than the car wash is. I think the only reason I keep it is for something to do and to keep my guys employed.

 

[mac]

I’m at the point where I can go fishing anytime I want and have the $$$ in the bank. That’s just me though.

 

[washnshine]

I’m at the point where I can go fishing anytime I want and have the $$$ in the bank. That’s just me though.

Whatever works best for you - always nice to have options.

 

[Greg Pack]

I’m at the point where I can go fishing anytime I want and have the $$$ in the bank. That’s just me though.

Not sure I feel comfortable holding US dollars in the bank right now. I'd rather own something tangible.

 

[mac]

First Greg. Buy gold. Will never go down in value. Second on selling my wash, my agent is going to put up a 4’ by 8’ sign that says for sale. Will let you know how it works.

 

[mac]

This just keeps getting stranger. My broker tells me the buyers request I get an environmental impact study. Cost is 3 to 5 thousand. I’m normally a calm person but the pressure keeps building. Would love to smack someone. Any ideas?

 

[Waxman]

This just keeps getting stranger. My broker tells me the buyers request I get an environmental impact study. Cost is 3 to 5 thousand. I’m normally a calm person but the pressure keeps building. Would love to smack someone. Any ideas?

I would tell them no. It sounds like the Buyers are getting cold feet.

 

[PaulLovesJamie]

This just keeps getting stranger. My broker tells me the buyers request I get an environmental impact study. Cost is 3 to 5 thousand. I’m normally a calm person but the pressure keeps building. Would love to smack someone. Any ideas?

"Sure, if you'd like to have an environmental impact study go ahead and buy yourself one, have a nice day."

 

[mac]

The buyers put down a deposit and signed contract. Just part of the BS selling a business today.

 

[HeyVern]

Unless that contract says you have to pay for an environmental impact study, it's on them if they want one done. Doesn't make any sense to do an impact study on an existing wash, at least not that I can see.

 

[Roz]

The buyers put down a deposit and signed contract. Just part of the BS selling a business today.

Sounds like a negotiation ploy. You are not a gas station when you want such a study in case the holding tanks are leaking.

 

[MEP001]

Unless that contract says you have to pay for an environmental impact study, it's on them if they want one done. Doesn't make any sense to do an impact study on an existing wash, at least not that I can see.

They probably want to make sure the wash wasn't built on top of an old service station with fuel tanks left underground, or something like that. I wouldn't blame them, but yeah they can't just request a study and expect him to pay for it. If it were me, I'd request the study and pay for it and roll it into the purchase price, that way you'd have it to show to other prospective buyers.

 

[HeyVern]

You could be right MEP however, a quick check with the city would reveal if there had ever been a gas station on the site. Still, an environmental impact study is done prior to construction to understand what impact the project will have on the surrounding environment. It has nothing to do with looking for existing contamination on a site. This could just be a confusion of terms in what they are asking for.

 

[Joswhaha]

Around here most banks require what is known as a phase one environmental study, basically to determine the likelihood for environmental contaminants. A phase 2 study would be to see if containments are actually present .

For us it’s a financing related expense so it would be charged to the purchaser but everything is negotiable to make the right deal work.

 

[soapy]

I sold one of my washes a few years ago that I had built on a old landfill used for construction debris. Discount tire paid for a phase 3 environmental study before buying the location to tear it down. They spent over 100K to do the study. They drilled several core samples down to bedrock. They even brought their own vacuum truck to clean all the pits and inspect them to make sure none had of the pits had ever leaked. In the end they did not find anything and bought the property. A phase one study basically looks at the history of the property and any past uses. Last one I had done was about $4000 about 20 years ago.

 

[CheetahExpress]

This just keeps getting stranger. My broker tells me the buyers request I get an environmental impact study. Cost is 3 to 5 thousand. I’m normally a calm person but the pressure keeps building. Would love to smack someone. Any ideas?

If they want an environmental study done, they should pay for it. You're under no obligation to do that.

 

[JoannVanBuskirk]

Will a self serve car wash pass a Phase 2 Environmental study? Also, there was a dry cleaner on the next lot for a year or so. Having a hard time deciding whether to do it or not. The Buyers bank is requiring it.