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Asking Price$425,000
Revenue$550,000 Established1990
Cash Flow$150,000 Employees7 full-time
FF&E$170,000* FranchiseNo
Inventory$1,200* RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
High volume commercial dry cleaning company and located in an active and urban area of Bergen / Hudson County, New Jersey. Owner is retiring after many successful years in this service industry. This Dry Cleaning business is located in a busy commercial mall with numerous other retail stores that attract a large volume of workers and shoppers. This 2,700 square foot modern facility has recently been updated and has well maintained equipment representing a substantial value. The business consists of a six-day operation and offers retail and wholesale services with a gross yearly income of $550,000, and a consistent net income of $150,000. The business offers a substantial growth opportunity by instituting a marketing plan, increasing their wholesale services and expanding with drop store locations. This is an excellent opportunity to enter into an ever growing business industry with high earnings. Based on the asking price, required down payment and net income this business should supply a 33% return to the owner operator prior to debt service. The business is located in an active urban area of Bergen County, New Jersey with a substantial population of working residents and professionals who continue to require this particular personal service. The facility which consists of 2,700 square feet in an active mall on a high traffic, county road. The business is fully equipped with updated modern equipment and a large walk up counter for fast service. The owner is retiring after many years of success in this service industry. The business assets has an estimated value of approximately $170000 which is based on replacement cost and the sale consists of a fully equipped commercial retail wholesale dry cleaning business, which includes POS system, tables, computers, software including all the necessary equipment to maintain the day to day business operation and a list of assets will be supplied to purchaser upon request. The business has private parking on the site and is part of the lease agreement. The business is active 6 days weekly (Sunday) hours of operation 7:00 am to 7:00 pm. The business has a municipal Certificate of Occupancy and the required licensed to maintain the day to day activity. The business has an assignable commercial lease which expires 2020-01-01, plus additional options, with a monthly rent of $6,270, cost per square foot is $27.86 and security $10,000. The business has seven experienced employees who are unaware of the pending sale and expected to remain post-closing, monthly payroll is approximately $8,950.Regarding competition, no other similar Dry Cleaners are in this particular area and the seller will supply a non compete agreement to the new operator. The business can improve its marketing plan, has a poor web site, and limited advertising. The cleaners can further develop relationships with drop stores out of the area and further develop its wholesale department. The seller will remain after closing and supply a long term transitional period. The 2015 yearly gross income is $550,000 and the business has a yearly net income of $150,000 based on an owner operator and prior to debt service. The business has been valued at $425,000 based on a multiple of the net yearly income and the value of the specific business assets and seller financing has been approved to a qualified buyer with an appropriate down payment, collateral and credit rating. By appointment only, employees are not aware of the pending sale and the photo included may not represent this particular business.
Facilities:The business is located in an active urban area of Bergen County, New Jersey with a substantial population of working residents and professionals who continue to require this particular personal service. The facility which consists of 2,700 square feet in an active mall on a high traffic, county road. The business is fully equipped with updated modern equipment and a large walk up counter for fast service.
Competition:Regarding competition, no other similar Dry Cleaners are in this particular area and the seller will supply a non compete agreement to the new operator.
Growth Potential:The business can improve its marketing plan, has a poor web site, and limited advertising. The cleaners can further develop relationships with drop stores out of the area and further develop its wholesale department.
Training/Support:The seller will remain after closing and supply a long term transitional period.
Seller Financing:Seller financing is available to qualified buyers.
Sale Reason:Owner is retiring after many years of success.
Ad #88185
Seller Reference #DRCL141
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Contact This Seller
Ron Cervelli
Regal Consulting Corp.
973-837-0808
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