For sale is a well established overhead garage door business located in Southeast Minnesota. This business is not close to the Twin Cities metro area. This business has been servicing residential and commercial customers for over 20 years. With an established reputation and staff in place to handle the day-to-day operations, this business is a great opportunity for a new garage door business owner or an established garage door operator.
The current owner works about 25 hours per week doing office tasks and bidding. There is a small technician crew that does the actual door repair and install. Business currently operates out of approx. 3500 sq ft of space and there is room for about 8 vehicles to park. With shorter term leases in place, feel free to move the business to a different location if desired.
This business differentiates itself by providing a high level of personal service, including same day service and personalized support, along with "home town" ethics. The seller is open to a short-term to medium-term transition plan, and is also offering significant seller financing for well qualified buyers.
Don't miss this opportunity to purchase a reasonably priced, well-established cash generating machine!
- Asking Price:
- $398,000 Furniture / Fixtures and Inventory / Stock included
- Sales Revenue:
- $952,882
- Cash Flow:
- $184,784
Property Information
- Real Estate:
-
Lease
- Premises Details:
-
Current facilities are leased and adequate for current operations. All leases are short term allowing good flexibility for a new owner.
Business Operation
- Expansion Potential:
-
There are many avenues of growth available to this business, including: increasing traditional marketing along with integrating some online targeted marketing and PPC marketing. Bidding out on more new home construction and commercial jobs could lead to more sales along with better follow up on quotes and adding an outside sales person. Adding more installers would allow the business to accept more work, as well.
- Competition / Market:
-
Over the past five years, garage door installation companies have benefited from increased increased investment in existing structures. At the beginning of the current period, rising consumer confidence contributed to consumers' increased willingness to take on home improvement projects. Rising corporate profit and recent federal tax cuts have encouraged capital expenditures among a variety of businesses, ranging from the street-corner bodega to large-scale manufacturing facilities. The COVID-19 pandemic brought heavy disruption to these trends, though, leading to a collapse in demand for new garage door installations and replacements. While dropping consumer confidence slowed residential demand, the pandemic's negative effects primarily damaged demand from the industry's commercial and retail market.
Garage Door Installation industry revenue has been inching upward at a CAGR of 0.8% over the past five years and is expected to total $326.1 million in 2023, when revenue will fall by an estimated 1.0%. Profit will decline amid rising purchase costs.
Rising consumer income levels represent one of the key factors affecting industry revenue as residential garage door installations make up over the industry's revenue. Largely driven by rising historically low levels of unemployment and low inflation levels, per capita disposable income has increased over the past five years. Even throughout the pandemic, per capita disposable income rose amid government stimulus and a soaring stock market, increasing consumers' propensity to invest in home renovations. Still, housing starts have slowed as the Fed's continual interest rate hikes have discouraged investment.
Over the next five years, garage door installers will benefit from an increase in the value of private nonresidential construction. Businesses will take advantage of the new business cycle, beginning new nonresidential projects and supporting industry growth. Conversely, mortgage rates will gradually climb as the economy continues to shake off the impact of the COVID-19 pandemic, hindering activity within the residential construction sector and subduing industry growth. Garage Door Installation industry revenue is expected to expand at a CAGR of 1.2% to $346.1 million over the five years to 2028. –IBIS World
- Reasons for selling:
-
Owner wishes to retire.
- Trading hours:
-
Monday-Friday 8am-5pm
- Employees:
- 3 FT
- Years established:
- 25
Other Information
- Support & training:
-
Will train for 2 weeks @ $0 cost.
- Owner financing:
- Owner financing is available. Please contact the seller for more information.
- Financing available:
-
$39,800 down/$79,600 over 60 mos. @ 8%/Other Financing.
- Furniture / Fixtures value:
- $152,800 - included in the asking price
- Inventory / Stock value:
- $90,000 - included in the asking price
- Relocatable:
- This business can be relocated.
