Fastlaners, I'm currently in the due diligence stage of purchasing a parking lot company here in Florida. The purpose of creating this thread is to chronicle the journey along with all successes and failures. In the spirit of full disclosure please forgive my horrible spelling and punctuation. As we all know this forum is a goldmine of information and resources for those willing to execute. Along with being able to share this experience with the community I'm also selfishly looking to tap into the vast wisdom of successful forum members for ideas and advice.
Okay for a quick business snapshot! The company has been around for 30 years and the current owner has had the business for the past 13 years and is 70 and looking to retire. This company has 5 employees that operate sweeper trucks on commercial parking lots at night over a three county area. The business grosses $360,000 a year and nets $110,000 through 1-3 year contracts with commercial companies and other big box retailers. The employees are long term and have been employed at the business on average 8 years. The owners present duties include management, bookkeeping, payroll, customer relations and ensuring the mechanic keeps the sweepers in good working order. The assets value for all sweepers and miscellaneous equipment is in the $150,000 range. The broker has the company listed for $265,000 with a possible portion of owner financing as well as SBA loan with 10-20% down payment. Having looked over financials and with the current staff and assets I believe the company has the potential to grow by 30-50%.
For the sake of getting some content out today I'm going to go ahead and submit. Future postings will contain more progress/failure, process, details and also more on my story and my ideas on fastlaning this business should I decide to acquire. Cheers for now!
Okay for a quick business snapshot! The company has been around for 30 years and the current owner has had the business for the past 13 years and is 70 and looking to retire. This company has 5 employees that operate sweeper trucks on commercial parking lots at night over a three county area. The business grosses $360,000 a year and nets $110,000 through 1-3 year contracts with commercial companies and other big box retailers. The employees are long term and have been employed at the business on average 8 years. The owners present duties include management, bookkeeping, payroll, customer relations and ensuring the mechanic keeps the sweepers in good working order. The assets value for all sweepers and miscellaneous equipment is in the $150,000 range. The broker has the company listed for $265,000 with a possible portion of owner financing as well as SBA loan with 10-20% down payment. Having looked over financials and with the current staff and assets I believe the company has the potential to grow by 30-50%.
For the sake of getting some content out today I'm going to go ahead and submit. Future postings will contain more progress/failure, process, details and also more on my story and my ideas on fastlaning this business should I decide to acquire. Cheers for now!
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