bigleo48
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- Sep 6, 2007
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All,
When I built my wash, I fully planned to sell it when my kids were in college and start a different phase in my life. That is now a couple of years away, so from other posts I have read, its time to start planning for it. Now I don't need to as I am grooming an employee to manage it and I have almost all the technology in place to remotely run it. I have the business and the "facility" structure separately through different corporations. So leasing the business is also a possibility, but I think I would rather just let it go.
The wash does very well and I have built it to high standards. It's in an excellent location and revenues have been consistent, yet increasing every year (yes even through the meltdown and I have never had even close to a negative month).
What I'm looking for is between 4 and 5 times gross. That may seem high, but the increasing commercial value of the property alone is not factored into this equation. Certainly the Canadian business climate is more stable with better growth than the US. In the end, I would need at least 4 times or I would just keep it and continue to making the $ and the tax benefits of a small corporation.
I have a few people mention that that may be interested (car wash and development people), so they would be the first to contact.
Any words of wisdom?
When I built my wash, I fully planned to sell it when my kids were in college and start a different phase in my life. That is now a couple of years away, so from other posts I have read, its time to start planning for it. Now I don't need to as I am grooming an employee to manage it and I have almost all the technology in place to remotely run it. I have the business and the "facility" structure separately through different corporations. So leasing the business is also a possibility, but I think I would rather just let it go.
The wash does very well and I have built it to high standards. It's in an excellent location and revenues have been consistent, yet increasing every year (yes even through the meltdown and I have never had even close to a negative month).
What I'm looking for is between 4 and 5 times gross. That may seem high, but the increasing commercial value of the property alone is not factored into this equation. Certainly the Canadian business climate is more stable with better growth than the US. In the end, I would need at least 4 times or I would just keep it and continue to making the $ and the tax benefits of a small corporation.
I have a few people mention that that may be interested (car wash and development people), so they would be the first to contact.
Any words of wisdom?
