Art Gallery/Framing Shop

Not Disclosed, NC
Guilford County

Asking Price: Annual Revenue:
$225,000 $333,366

Retail: Art, Photography, Accessories

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RE: Art Gallery/Framing Shop Broker: Rob Melhem
Owner Financing is Available!
$202,500 down/$22,500 over 120 months @ 7%.

Quick Facts

Asking Price: $225,000
Annual Revenue: $333,366
Net Profit: Not Disclosed
Cash Flow: $105,003
Total Debt: Not Disclosed
FF&E: $5,500
Real Estate: Not Disclosed
Year Established: 2008
Employees: 2
BBN Listing #: 14224955
Broker Reference #: 1308-17030

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Business Overview:

Opportunity to own a longstanding, award winning, custom picture frame shop and art gallery that has been serving its community for over 40 years. This store is a favorite for both residential and commercial clients. All of the custom framing is done in-house (no shipping customers' goods to be framed elsewhere) and the seasoned staff is extremely knowledgeable and customer-oriented. The owner also displays works from local and regional artist and collects a commission on their sales through the store. The owner works approximately 25 hours a week (cash flow/SDE for a full-time owner-operator would be approximately $12,000 - $20,000 higher).

Top-line revenues have been growing for the past four years - even in 2020 when the store had to be shut down for a brief period. A more organized and concentrated marketing plan and the initiation of e-commerce sales could continue the increase in revenues and profitability margins. This is a turnkey operation ready for a new owner.

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Property Features and Assets:

The store resides in a retail complex that has prominent exposure to some of the area's most prestigious neighborhoods - great for attaining art lovers with disposable income. The location is at a highly trafficked intersection with road visibility and signage. The space is a approximately 1,362 square feet - 1/3 of which is a workroom for framing; the remaining space includes a gallery, gifts and crafts selling displays, and a customer relations station. The lease is scheduled to complete at the end of October 2022, but the landlord has expressed interest in extending a lease offer to a new owner. Additionally, the complex itself is about to undergo some major renovations that will enhance the overall attractiveness. Specifics on that are expected soon. Assets = $11,000

Market Competition and Expansion:

Custom framing is a $2 billion industry that is in a slight decline over the past 5 years (-4.7%) but is expected to level off over the next five years (-1.6%). Projected rising disposable income across the economy is expected to support the industry going forward. Industry-wide business profitability was flat for the past five years but is expected to grow 3.3% over the upcoming 5 years. Though some of these statistics do not seem positive, they do imply that a well-run store has the opportunity to grow at a significant pace and take advantage of those stores that do not effectively meet client demands. In contrast to the industry in general, the target Company has seen growth in both revenues and profitability in the past 5 years and is as strong today as it has ever been. Local competitors are about a dozen in number, though most are very small. Of the two main competitors, one focuses on selling art and has a higher price point for its framing, and the other cannot compete with the target Company on delivery times. The target Company has managed to formulate a strategy to be a low-cost provider AND have rapid turnaround times. As such, the store has continued to be a very successful and respected player in the community. The store has a great location in a great community. Growth of the business will rest on effective strategies to continue a nurturing of the existing client base, while also adding new patrons. E-commerce is one strategy that could certainly assist in that endeavor. A majority of current clients like to come in for face-to-face consultations, but the younger demographic of art fans would be more likely to seek out e-commerce for their purchase needs. Also, more promotions (open houses, galas, art shows) designed to bring the community to the store could always drive new business.

Reason for Selling:

The owner is ready to retire.

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.

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