Online Driving School - Seller Financing Available

Not Disclosed, MD
Howard County


Asking Price: Annual Revenue:
$350,000 $476,382

Services: Education & Training


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RE: Online Driving School - Seller Financing Available Broker: Justin Sandridge
Owner Financing is Available!
$100,000 down/$250,000 over 60 months @ 6%.

Quick Facts

Asking Price: $350,000
Annual Revenue: $476,382
Net Profit: Not Disclosed
Cash Flow: $192,479
Total Debt: Not Disclosed
FF&E: $50,000
Real Estate: Not Disclosed
Year Established: 1931
Employees: 10
BBN Listing #: 46794955
Broker Reference #: 2403-16570

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Business Overview:

This driving school is the oldest in Maryland. They offer Maryland required Driver Education Course. This is the course that all new drivers must take to obtain a Maryland Driver's License. The Maryland Graduated Licensing System Law mandates new drivers, regardless of age, must receive thirty hours of classroom instruction and six hours of behind-the-wheel instruction.

As a result of the COVID, the Maryland Department of Motor Vehicles (MVA) permitted the class portion of driving instruction to be done virtually by qualified instructors. This has reduced the need for physical classrooms and resulted in a reduction in rent expense by $50,000 compared to 2019. The final leases are expired or expiring soon and will not have to be assumed by the buyer.

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Property Features and Assets:

Currently, the owner is keeping one 800 square foot office (with a small classroom). This is on a month-to-month lease, so a new owner can secure a new lease at this location or move it to a place more convenient for the buyer. Assets = $50,000.

Market Competition and Expansion:

Concentration in this industry is low. The Tutoring and Driving Schools industry is highly fragmented with a low level of market share concentration. An estimated 88.3% of all businesses are non-employer establishments and an estimated 16.3% of industry revenue is generated by non-employers, indicating the small scale of the average operation. Furthermore, 53.4% of employing enterprises have fewer than five employees and 72.4% have fewer than 10 employees. However, concentration varies between different industry segments. In 2021, the four largest industry operators are estimated to account for less than 10.0% of industry revenue. The automobile driving school segment has a particularly large proportion of small establishments. This is also the case for a large number of schools in the other segment, which includes Bible schools, first-aid instruction, and public-speaking training. The tutoring and exam preparation segment is slightly less fragmented, although it still contains a large number of owner-operators. This segment has several large franchise groups that gather thousands of establishments under their company's banner. (IBIS World, Tutoring & Driving Schools in the US Industry Report, February 2021) The new operator will want to expand on the recent changes that allow for online classroom instruction. This will allow a new owner to expand its reach to attract new students and not be confined to the limits of classroom instruction.

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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