Business Exits By Industry
Selling a Coin Operated Car Wash and Polish Business
We hear from a lot of business owners who are timid about listing their coin operated car wash and polish business. Despite the mood of the market, we think there are still opportunities to receive a good price for your coin operated car wash and polish business. Here's what you need to know . . .
The economy isn't the only thing that is uncertain these days. So are coin operated car wash and polish business buyers, many of whom are waiting to pull the trigger on their next acquisition.
Wondering how to start a car wash business? This article has all the answers.
Qualified buyers are constantly looking for attractive coin operated car wash and polish businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Signs You're in Over Your Head
The coin operated car wash and polish business-for-sale marketplace is a mixed bag of brokered sales and solo efforts. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your coin operated car wash and polish business is priced out of the market. The remedy is professional brokerage or a consultation with more experienced sellers.
Finding Prospects
Still looking for prospective buyers for your business? You probably already know several parties with an interest in acquiring your company. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. If you aren't generating interest in the general marketplace, consider approaching companies that sell complementary products or are closely situated in your supply chain.
Tips for Seller Financing
Business buyers are in a capital crunch. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized coin operated car wash and polish business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. It's common for sellers to finance as much as 70% of the purchase price with a payoff period of four or five years, sometimes in the form of a balloon payment at the end of the repayment period.
Share this article
Additional Resources for Entrepreneurs