Business For Sale Listing 158048
Payday Advance & Check Cashing Store - Hemet, CA
Status as of Jan-7-2009 at 05:59 PM: Active
Business Summary
Perfect opportunity for a profitable 8 year established Hemet Payday Advance, Check Cashing, and Money Service store with clean books and records! 80% of business consists of offering short-term loans to meet their customer’s immediate financial needs between paychecks. 20% is earned from check cashing services, money transfers, and miscellaneous services. Business shows consistent income from their established clientele of over $12,000 per month average, resulting in an owner/operator cash flow of over $9,200 per month!
Store is currently staffed with a reliable manager with over 5 years experience at this location for approx 46 hours per week at $10.50 per hour. Semi-absentee owner spends less than 10 hours per week on deposits, reconciliations, and supervision.
Turnkey store is fully equipped, including surveillance and computer software system. Background check and finger-printing required for licensing required as a deferred deposit originator and check casher. Consistent with industry practice, current payday advance accounts receivable of approximately $45,000 to 50,000 is to be added to purchase price at the closing of escrow.
Facilities
Approx. 500 sq. ft. free standing building on major high-traffic Hemet street. Lease is $1,200 rent per month. Expires 2011 with 5-year option to extend. Large lot of land is included in lease for expansion opportunities.
Reason for Selling
Seller has relocated to Los Angeles and needs more time for his other business interests.
Support/ Training
2 weeks/ negotiable.
Opportunities for growth include increasing advertising and the addition of new products and services such as mailbox services, direct deposit, pay phones, lottery, gift cards, or income tax preparation in their large lobby. Hours can be extended to include evenings or Sundays.
Categories
Industry
Location
Financials
| Sales: |
Between $100 Thousand And $500 Thousand (147,500) |
| Profits: |
Between $100 Thousand and $500 Thousand (111,200) |
| Profit Type: |
Seller's Discretionary Cash Flow (SDCF) |
| Asking Price: |
Between $100 Thousand and $500 Thousand (190,000) |
