Profitable Residential And Commercial Painting

Business Overview:

This Franchisee is a very profitable residential and commercial painting business that was built from the ground up in 2017 and is demonstrating very strong growth year over year. This business provides exterior and interior painting/staining services for the North Texas and surrounding areas and is known for their outstanding quality work and superb customer service.

Currently, the owners are managing day-to-day operations and oversee each job site daily, manage crews as necessary as well as handling bids and quotes, maintain customer & vendor relations and handle any contracts as necessary. They also have recently hired one part time administrative assistant to help them with day-to-day tasks. They also have 3 regular crews: a 2-man crew, a 3-man crew and a 5-man crew. All painting crews are 1099 subcontractors.

This business has experienced year-over-year growth in revenue of 17% in 2022, 39% in 2021 and was relatively unaffected in 2020. This company spends roughly 6% on advertising annually, however, due to the quality of work, attention to detail, a great emphasis on customer service and its superior reputation within the community, this business is beginning to receive even more repeat work from previous clients and receiving new clients via word of mouth in addition to the clients they receive via their normal advertising efforts. This business is primed for growth in 2023 and with the additional hire of a project manager and/or a salesperson this business will have no reason to see even more explosive growth in the future.

IBIS World identified 5 key factors to success in this industry, to which this company checks all 5 boxes, and they are defined as follows:

Ability to compete on tender: Much of the work generated in this industry is on a tender basis, and successful contractors seek to win tenders based on competitive pricing and an established reputation for quality.

Having a good reputation: It is important for operators to build a reputation for high-quality workmanship, timeliness, cleanliness and completing jobs within budget.

Ability to change which market the company operates in: The capacity to operate across a wide range of markets, such as housing, commercial, maintenance and repair, and shift the business’s focus toward specific markets based on demand helps ensure a steady workflow.

Having a loyal customer base: Establishing a loyal customer base is integral for long-term success in the industry. Maintaining a high-quality workmanship and developing word-of-mouth referrals strengthens a loyal customer base.

Development of new products: Successful players keep abreast of advancements in painting, decorating products and application techniques to provide clients with a diverse range of products and services, and keep pace with constantly changing consumer preferences.

Also note that this business is a franchise. The buyer will have to be approved by franchisor and all necessary fees paid and documents signed per franchisor guidelines before the transfer of the business can occur.

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Property Features and Assets:

This business is a home-based business. Assets = $23,386

Market Competition and Expansion:

This particular industry is inherently competitive with low barriers to entry. However, given that this particular business is a franchise that follows a proven and very successful business model, the company continues to grow and carve out more and more local market share every year. What better way to rise above the competition on day 1 than to purchase an existing, highly reputable and growing company that has already set itself apart from the competition. This business has experienced tremendous growth since inception in 2017. With a 39% growth in revenue in 2021 and 17% growth in 2022, this business is poised for growth in 2023. However, with the current owners doing most of the day-to-day operations, job site management and all bids & sales, the owners have hit the ceiling in the amount of business they can currently handle and recognize that to grow the business even further, they will need to hire more people to their team. With the addition of a project manager or a salesperson to the team, this company will be better positioned to fulfill more jobs and accept the additional revenue that will take the business to the next level.

Reason for Selling:

Retirement.

Additional Details:

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