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Wednesday, May 27, 2015

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Machining – Sheet Metal Fabrication - Assembly

Business has been machining, fabricating sheet metal and assembling products for the motion picture industry since 1916. Most of the products formerly made by this company have been replaced with digital technology and computers. The niche industry that remains is not able to earn the company the profits it needs to stay at its current staffing and shop equipment levels. Current owners can't justify the continued investment in this industry.

Revenues were over $2,000,000 in 2005 & 2006 yet cash flows over this period were negative. The company has not downsized and gross profit and general expenses have remained at previous levels despite the change in business and lower volume. The sub-contracting work hasn't been priced to reflect the realities of the market adding to the losses over these years. Management admits it doesn't have a vision for the future but realizes it has great facilities, a modern shop, useful equipment and a talented labor force and someone or a firm might be able to benefit from this collection of assets – hence selling vs. just going out of business (e.g. the cost of the assets in this business is over $1,200,000).

The building has 7,920 s.f. of offices and 52,800 s.f. of manufacturing space with shop offices and lunchroom. Total space available is +/- 60,720 s.f. The building has masonry construction, four loading docks, two drive-in doors, 22' ceilings, overhead cranes and is fully sprinklered. The business is being offered at $789,000. The premises can either be rented or purchased. Rent would be $7.00 psf NNN and the Selling Price of the Real Estate would be $4,000,000 (note these prices assume the business is purchased - in other words the property is not for sale without the business - at least not at the above prices).

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