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- RE: Home Storage And Organization Products And Install
- Contact: Jeff Snell
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WORKSPACE3 is the residential division of WORKSPACE1 and is being offered apart or in combination with WORKSPACE2, the company's commercial division.
Originally specializing in residential garage upfits by installing decorative epoxy floor systems, specialty garage cabinetry, wall organization systems, and overhead storage, the residential division was expanded to closets and other general in-home storage applications.
Today, the residential division designs, supplies, and installs a wide range of high-quality products for residential garages (including workshops), home office spaces, attics, sheds, laundry/mudrooms, and closets. that improve workspace, storage, organization, and environmental comfort in clients' homes and light commercial businesses locally as well as nationally and online.
In addition to selling stock, semi-stock, and fully custom cabinets, work surfaces, and shelving, they also install the highest quality epoxy floor coating solutions in a wide range of different colors and textures.
The company also installs large format retractable screens for man doors, garage doors, porches, patios, and other spaces with other retractable solutions in the product mix.
The unique product mix, vendor redundancy, distribution capabilities, installation, and service lines provide the owners with a diverse, high-margin income stream.
Over the past three years, the residential division comprised on average 29% of gross sales with a net operating profit of 47%.
The owners have historically divided their time between the commercial and residential divisions, with the majority being dedicated to commercial operations.
A full-time effort on behalf of the residential market could significantly grow an already well-established brand and profitable business in the thriving local market.
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Property Features and Assets:
The business operates out of leased commercial space with good signage and frontage on a major thoroughfare with adequate parking. Within the facility are multiple showrooms that display many of the available products, colors and finishes available. There is also a workshop and warehouse for staging and preparing jobs for delivery and installation. Seller is currently in a 3 year lease that renews in June 2024.
Market Competition and Expansion:
Competition: This business provides a complimentary range of products, installation and service that is difficult to match which has resulted in sales to clients across the country. A true 'one stop shop' for most projects short only of electrical and plumbing when required. Growth & Expansion: The business is well positioned for growth having the tools/equipment and tow vehicle/trailer to double capacity. A new energetic owner could choose to increase the number of products even further, undertake marketing in a larger geographic area, and/or increase participation in tradeshows and home shows. The new owner could also open a retail showroom location selling accessories and complete installations direct-to-consumer. Online expansion is also possible.
Reason for Selling:
- The property is Leased.
- The owner is willing to train/assist the new owner.
- This is not homebased business opportunity.
- This is not a franchise resale opportunity
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