Where to list car wash for sale? Craigslist not bringing in real leads

[luckyducky]

I've got 3 self serves and a lube shop in Dallas, Tx I'm ready to sell. Has anyone had any luck using BuyBizSell or BizQuest ? I've posted on Craiglist for a while, but haven't had any serious buyers. I figured I'd give one of the online sites another shot before hiring a broker. But wanted to see if any of you had any experience if one was better than the other, etc... Thoughts?

 

[Waxman]

what about other ideas like your equipment salesman or soap guy or competing wash or competing lube shop?

 

[rph9168]

I would make sure that the word is out that you want to sell. As Waxman suggests make sure those you deal with or competitors are aware of your intentions although many times in those cases you won't get a fair price. I would not sign with a broker unless they have a bona fide buyer. I have seen operators tied up by brokers that are good at getting listings but don't do well at sales.

 

[robert roman]

I would use a “carwash” broker to prepare opinion of value (OV) and list property for sell.

Reason is most brokers and real estate agents focus on purpose or type of value to assign to property and not whether a property will sell at that price. So, price tends to be high.

Conversely, focus of carwash broker OV is with function and less with justification. Here, the goal is to ensure that a property will sell at the price designated by the market analysis. So, price tends to be more realistic.

I would also be prepared for some sticker shock. Self-serve market is in decline and multiples are low.

Same applies to 2 or 3-bay quick oil change store whereas full-serve oil change has higher multiples.

 

[sjb]

For what it is worth, my primary job is a Business Broker... (the car wash gig has been on the side for the last 17 years).

I have sold lots of car washes. Many times the value was based on higher and better use of the land. Other times it was a multiple of cash flow/sales. Figure in the 3X to 4X times gross revenue on the books/tax returns... and that is still a stretch to make the numbers work for both sides of the deal.

A lot of variables, clean books and records, competition, Express washes in the area, etc. Unless you are going to owner finance the deal, the banks (SBA) are the great equalizers in the deals. If being sold as a car wash, the numbers have to make sense.

I would suggest you package and market the deal properly.... you do not want to waste your time with non-qualified tire kickers... You will want to create a sense of urgency and uniqueness to the deal, and to manage the process.

If the broker you hire is worth their salt, (representing your interest and not that of the buyer) they will more than offset their commissions/performance fees...


sjb

 

[Greg Pack]

loopnet might be worth a try. A local owner also put up a for sale sign on his wash and he has gotten several calls from somewhat qualified people.

 

[mac]

Here's a few thoughts. If you end up with a broker, make sure he or she is a commercial one, not residential. It's also a good thing for them to have a CCIM after their name. It's sorta like a PHD in selling. Next make darn sure the places are looking good. Go through the equipment rooms and toss that junk you've been stashing for years. I like to really clean up the equip rooms. Paint the walls and ceiling white and have plenty of lighting. You most likely already know to make the outside sparkle.

 

[soonermajic]

I e had mine for sale on CL for over a yr, much like you. Got a few calls, nothing ever serious. I finally put a "Gor Sale" sign in the grass, & got 3 good hits in 1 week. 1 of them seems like he is really going to buy it.
I also think your price is too high, & you need way more pics & info.

 

[MEP001]

I finally put a "Gor Sale" sign in the grass, & got 3 good hits in 1 week. 1 of them seems like he is really going to buy it.

Is it John Norman?

 

[Roz]

I look at BuyBizSell and LoopNet for car washes for sale in my area (no further than a 1-1.5 hour drive from Annapolis, MD). The wash will sell, often quickly, if priced appropriately. Value depends on last 3 years gross revenue, age and condition of equipment, but in general the advice provided of 3x gross revenue is fairly accurate. If the place requires work and significant renovation then it is like a house, it will sell at a discount to factor in the time and money required to improve the place. Lastly some locations are in decline in all sectors (housing, jobs, education, etc), those places tend to sell at auction at a steep discount. Best approach might be to talk with places within 25 miles of you who might want to expand their portfolio.