Music Store and Pawn Shop with Huge Potential

Spring, TX
Harris County


Asking Price: Annual Revenue:
$995,000 $1,000,000

Retail: Non-classifiable


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RE: Music Store and Pawn Shop with Huge Potential Broker: Rusty Fisher
Owner Financing is Available!

Quick Facts

Asking Price: $995,000
Annual Revenue: $1,000,000
Net Profit: Not Disclosed
Cash Flow: Not Disclosed
Total Debt: Not Disclosed
FF&E: $20,000
Real Estate: Not Disclosed
Year Established: Not Disclosed
Employees: 7
BBN Listing #: 820444107
Broker Reference #: 76931-171905

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Business Overview:

Classified as an essential business, this music store and pawn shop has been in the same prime location for 30 years. It is highly visible from a major freeway on the north side of Houston with a very tall billboard. It has a long history of operating profitably. The Music Store portion sells new and used musical instruments and equipment, offers music lessons and performs repairs on equipment. The pawn business lends money against items pledged as collateral including jewelry, tools, electronics and musical instruments. The business also buys and sells used merchandise. Current store inventory is approximately $625,000 and the pawn book is approximately $90,000.

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Property Features and Assets:

This business was started by the seller approximately 30 years ago. The business was run very profitably for years. In 2014, the Bureau of Alcohol Tobacco and Firearms failed to renew the store’s Federal Firearm License. Firearm sales had been a large portion of the business. The current seller sold the business in 2014 to an acquaintance who ultimately could not run the business successfully. In December of 2019, the seller exercised an option to repurchase the business. Since then sales have been improving and the business is getting back on track. 2 Story building that has been converted from a house to a retail facility.

Market Competition and Expansion:

With a Federal Firearm License (FFL), this store generated average annual sales of approximately $1.5M and pre-tax income of $120,000 (not adjusted for any owner’s compensation). A new buyer who can qualify for an FFL and can manage the business, could get the business back to the previous level of sales and profitability. A comprehensive marketing strategy should enhance business. Internet searches for “guitar lessons near me” and “guitar repair near me” do not find the store online, therefore Search Engine Optimization (SEO) practices could improve traffic. An updated website with enhanced e-commerce functionality would improve online sales.

Reason for Selling:

Retirement

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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