Solid business opportunity to own this long-standing successful retail clothier company that supplied highest quality custom men’s, cloths, and accessories. The owner is now retiring after many years in the industry and will train and finance the sale to a qualified buyer. This is a dependable safe business opportunity. The 2019 yearly gross income represented by the seller/owner is $224,647 Plus $125,000 of undisclosed income the business has a yearly net income of approximately $85,000 based on an onsite owner operator and prior to any debt service. The 2022 income has further increased from the previous year. Also, due to a percentage of seller discretionary income, a formal due diligence is required by the purchaser. The business has been valued / priced at $150,000 which is based on a multiple of the net yearly income and includes the value of the specific business assets. Inventory is separate to purchase price.
- Asking Price:
- $150,000 Furniture / Fixtures included
- Sales Revenue:
- Cash Flow:
- Real Estate:
- Lease Terms:
The business transaction has an assignable commercial lease which expires 2021-01-01, plus additional options available, with a monthly rent of $3,149 and rent security of approximately $5,000.
- Leasehold Rent:
$33,000 per annum
- Lease Rent:
- $28 per sq ft per annum
The business is on an active commercial avenue with various other successful businesses. This opportunity is in Northern New Jersey, Morris County, and the general area consists of various private companies and numerous workers & shoppers. The general area is made up of various affluent and highly populated communities with continued demand for this industry.
- Premises Details:
The business retail facility which consist of approximately 1,100 square feet has an attractive professional appearance to the customers it serves
- Size in square feet:
- Expansion Potential:
The business can be further expanded by the new operator. The company presently has a limited marketing plan, no local advertising or web site and if improved can further develop the business yearly gross sales.
- Competition / Market:
To the best of our knowledge, due to various circumstances, no other new competitors are expected near to this business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
- Reasons for selling:
The purpose of this business transaction is due to the owner retirement after many successful years in this industry.
- Trading hours:
This successful clothier & tailor business operation is active six days per week, with hours from 9:30 am to 7:00 pm.
- This retail company routinely has one-part time employee who is unaware of the pending sale. The payroll which is for the tailor is routinely based on piece work, the staff is fully expected to remain post-closing, and the monthly payroll expense is approximately $800.
- Years established:
- Support & training:
The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.
- Owner financing:
- Owner financing is available. Please contact the seller for more information.
- Financing available:
Owner financing is available.
- Furniture / Fixtures value:
- $45,000 - included in the asking price
- Inventory / Stock value:
- This business can be relocated.