Business for Sale Overview:
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.
For more information regarding this listing please contact us by completing the "Contact the Seller" form below. We look forward to hearing from you.
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.
Reason for Selling:
moving out of area
Additional Details:
- The property is leased.
- The owner is willing to train/assist the new owner.
- This is not a homebased business opportunity.
- This is not a franchise resale opportunity.
- This is not a distressed business or bankruptcy situation.
Contact the Seller:
To contact the seller of this business for sale, please complete and submit the following email form. The seller or broker will be in touch with you typically within 1-3 business days. Fields with an asterisk (*) are required.