Business Overview:
High volume well established Tow/Repossession company. They have contracts with the city, state, and the special police. They manage the parking area for over 300 apartments and commercial buildings in the Raleigh and Durham area. They do repossession work for the 3 large forwarding companies. They have a large fleet of trucks, ranging from light to heavy duty, allowing them to tow or repossess almost anything. All of their towing and repossessions are received by computer from their corporate office and they are then distributed via the web to their drivers in specific areas. Their office is equipped with top of the line equipment and their trucks all have GPS. This makes their company incredibly efficient and allows them to send their information to their clients in real time. The potential buyer will need to meet specific requirements from the Banks and Financial Institutions to maintain accounts such as: No Felonies or Major Criminal Charges Average Credit score of 720, Financially Stable Good Driving Record (no DWI s)
They have a great reputation for safety, quality and reliability. They have an excellent record for safety as proven by their low workman?s comp MOD rate. They have had no regulatory issues and no issues with the cities, counties or municipalities that they work in. They also offer emergency service 24 hours a day 365 days of the year.
The earnings for 2022 are projected to come in $2,000,000 on $7,000,000 in revenues.
The company has long standing and profitable contracts in place that generate recurring revenue. They are also large enough to create a substantial barrier to competition and entry to the market for other towing companies.
Equipment
The value of the towing trucks is approximately $750,000. These are an up to date fleet of 19 tow trucks Detailed list is available for registered buyers.
Inventory
500 cars on storage lots valued at $400 each for a total of $200,000.
Employees
They have 55 very competent mostly long-term employees and a great reputation with a long standing and recurring customer base. 2 key Managers that manage the Repo and the Tow.
Remaining with Seller
The seller will be keeping his cash and accounts receivables and will pay off all debts including accounts payables so the business transfers debt free. This will be an asset sale.
Growth
The company could grow by adding employees, trucks and more locations plus, they could also do more advertising and continue to increase the area that they dominate.
Transition
Owner will transition the business and can teach the new owner how to operate the business and how to grow it. Industry experience is not necessary. There are no required licenses that the owner needs but the seller recommends that the new owner eventually needs to take all the certification classes. The seller plans to stay in the area post-closing and will be happy to consult and help post transition as wanted per a management contract. They also have key employees that can help in the transition. The owner will sign a non-compete on the area he covers for up to 7 years.
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Reason for Selling:
Has other real estate interests and has 2 unlated business.
Additional Details:
- The property is owned.
- The owner is not 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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