90-Year-Old Established Appliance Retailer

Iowa City, IA
Johnson County


Asking Price: Annual Revenue:
$490,000 $1,248,996

Retail: Home Furniture & Furnishings


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RE: 90-Year-Old Established Appliance Retailer Broker: Jared Olson
Owner Financing is Available!
10% Buyer Down Payment $49,000 10% Seller Financing $49,000 80% Bank Loan $392,000

Quick Facts

Asking Price: $490,000
Annual Revenue: $1,248,996
Net Profit: Not Disclosed
Cash Flow: $157,187
Total Debt: Not Disclosed
FF&E: $121,315
Real Estate: Not Disclosed
Year Established: 1929
Employees: 8
BBN Listing #: 598434398
Broker Reference #: RTL015-B

Email or Print Listing

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Business Overview:

This business is located in Iowa City and has clients throughout the many small towns within a 50-mile radius of the business. With services including the sales, installation, and servicing of appliances (1/3), HVAC (1/3), and electrical and plumbing (1/3) as well as an excellent local reputation and deep roots within their community, this business has been able to acquire a loyal and somewhat niche client base. There are 8 total staff members including 1 service lead and 2 service techs, 1 install lead and 1 install tech, two office managers, and 1 part-time delivery assistant, allowing the owner of this business to hold down a full-time job completely unrelated to this business for the past five years! The purchase of this business includes $280,000 in assets to allow new ownership to continue the ongoing success of this establishment. This means that not only does a 10% down payment of $49,000 offer new ownership a 172% return on investment with $84,408 being made in the first year after debt payments, but also a significant amount of assets! While there are a few other appliance stores in the area, very few offer installation and maintenance of these products.

This business has ample room for growth in the service side of their industry. Due to their niche maintenance services, partnering with outside appliance sales businesses to offer appliance servicing could offer exponential growth. Not only does a buyer have the opportunity to rent the location this business is in from the current owner, they also have the opportunity to buy it now in a separate transaction, or in the future!

Priced at $490,000, a buyer would be receiving an unmatched reputation as the only business in the area that can offer the customer service and hospitality that can only be offered by a small, Midwest based pillar of their community! The current owner is looking to sell the business in order to change industries and explore other non-competing interests moving forward. He has spent a lot of time building not only this business, but also his community and has extreme vested interest in the ongoing success of the business. As a show of good faith, he has offered 10% seller financing and will stay on board for 6 months-1 year post-close.

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Property Features and Assets:

Lease: $3,575/month for both Building 1: 2,000 square feet showroom, 1,600 square feet service/parts, 2,000 square feet 2nd-floor storage; Building 2: 4,000 square feet warehouse.

Reason for Selling:

Exploring other non-competing interests.

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.

Documents:

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