CHECK CASHING BUSINESS, NON-FRANCHISE,ASK $900,000
Seller:
Attn:
Lesdon & Associates
Location:
Lubbock , TX, USA
Listing Number:
7043604
Overview of the Business:
Check Cashing Business, Non-Franchise, Asking $900,000, Net $300,000. This Absentee Owner business (current owner spends less than 1 hour per week at business), established for over 20 years, is located on a high traffic, main thoroughfare, with a densely populated, blue collar demographic surrounding the store. This store does over $22,000,000 a year in check cashing, $2,784,780 in Money orders and close to $450,000 in Western Union, and with the profitability benchmark of this industry at 1% of total gross sales, they exceed that percentage with a net income of $300,000 year in and year out. This is due in large part to the company’s minimal expenses, with a monthly rent (including utilities) of $1,500 per month and minimal payroll of approximately $800 per week. The most attractive part of this business is that a new owner could continue working on other business opportunities due to the minimal time commitment involved with this store. This is an easy company to run, and is located in a safe area, as evidenced by the fact that the two current employees have each worked at this store for close to 3 years.
Property Features and Assets:
Facilities: Located in convenience store with approximately 240 square feet. Rent is $1,500 per month (including utilities). Located on major road, with high traffic count and great visibility and accessibility.
Market Competition and Expansion:
Competition: Normal competition for check cashing, but this company has carved out an exceptional niche for themselves by offering the lowest percentage charged to the customer; Half the percentage of the industry norm. Barriers to entry include licensing, working capital to cover the day to day money float, and convincing customers of other establishments to patron your store.
Growth and Expansion: A hands on owner operator could see potential growth if they recreated their concept in similar locations, with similar demographics. The likelihood of similar success is unknown, but the potential is remains to have multiple locations across the region.
Additional Details:
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