Office ID: #001001
High volume check cashing business located in a densely Hispanic area is available for acquisition. This business was established by the previous owner in 2008, and the previous owner installed a state-of-the-art money transfer & check-cashing booth, which was $45,000 in its cost. The business was acquired by the current owner in 2018. As a majority of the population in this area is Hispanic, the check cashing and money transferring service is rapidly growing, which is increasing yearly sales each year. Few competitors are within the immediate market area, but the growth of the business hasn't slowed down since its inception due to the high demand for check cashing & money transfer services. Gross sales average of this check cashing business is around 20K-22K per month that has been consistent over the last several years with minimal marketing in place except through word of mouth. Proactive marketing is still needed to fully reach the potential this business can achieve through direct mailing, flyers, social media outlets, etc. Since this business runs as owner absentee, a full-time owner-operator will be extremely beneficial for this business as it will cut payroll expenses on having unnecessary employees and boosting the quality of the customer service. Acquisition of this business would be a great asset to the new owner as this business increase in revenue in this densely populated area of Hispanics where there's a never-ending demand for check cashing & money transfer services.
The size of the check cashing booth is approx. a 100 SF and is housed in a 3,225 SF of retail strip center with extremely visible signage. The state of art bullet-proof check cashing booth and all I.T. equipment are in impeccable condition.
The addition of check cashing/money order has spread word of mouth throughout the area where the business is located. Proactive marketing to nearby neighborhoods and businesses will increase revenue.
Few competitors are within the immediate market, but this check cashing and money transfer business has accumulated a solid repeat customer base for the 12 years of operation and hasn't stopped growing since the establishment.
The owner will provide sufficient training for an agreed-upon period to make the transition into the business as seamless as possible.