MergerPlace

Kitchen Remodel & Furniture Repair

Virginia


  • Asking Price: $249,000
  • Gross Income: $604,554
  • Cash Flow: $34,132
  • Real Estate: Not Disclosed
  • Inventory: $10,000
  • FF&E: $93,798
  • Listing ID: #215328
  • Established: 1993
  • Employees: 9 FT/ 0 PT

Business Description

"Creating New Life For Old Wood". Serving SE Virginia since 1993, this successful business has become the premier kitchen remodeling, wood repair, damage restoration, and wood refinishing specialist in the entire Tidewater and Hampton Roads peninsula area.

This is an awesome opportunity to purchase an established, profitable, and customized woodworking operation capable of restoring, rebuilding, or restoring antiques, furniture, and kitchen cabinets. Leveraging a family history of woodworking and originally coming from the home construction industry, the seller launched this business almost 3 decades ago and has built a stable of satisfied customers -- from individuals with prized antiques to customers looking to change the appearance of their kitchen, to the insurance companies searching for a craftsman to settle a water or fire damage claim. The success formula is established and ingrained:

1) An intense dedication to quality and customer satisfaction
2) A well-trained team of professional woodworking craftsman
3) Extraordinary attention to detail that goes beyond the competition
4) A healthy network of insurance company/mitigation company partnerships

Make Money on Day 1. This is a turn-key operation because the equipment and inventory is already in place, the employees are trained, dedicated and motivated, the building is out-fitted and located conveniently to the customer base and the insurance relationships are long, tested and loyal. The owner is retiring but his capable son, who currently serves as Operations Manager, is willing to stay on and serve the new buyer (only if needed).

The quality of the craftsmanship and the quality reputation built by the business is incredible and has left them with thousands of loyal customers. This business is firmly established, but has upside growth potential especially when considering an excellent brand image and low competitive presence in this geography. This business has also been lender pre-qualified and a loan term sheet is included with the marketing materials.


Business Details

Primary Business Category: Contractors - Special Trade
Location: Virginia

Company Information

Year Established: 1993
Home Based: No
Franchise: No
Relocatable: No
Number of Employees: 9 FT/ 0 PT

Financial Information

Asking Price: $249,000
Gross Revenue: $604,554
Cash Flow: $34,132
FF&E: $93,798
Inventory: $10,000
Seller Financing Available: No

Property Information

Facilities:

The woodworking shop and office is housed in an industrial condo unit (2,835 sq. ft.) and features a large access garage door, conditioned office space, restroom, separate customer entrance, wood workshop, staining & painting room, equipment and inventory storage and parking spots for employees/customers. The owner is offering the building for $349,000, which is based on a recent comparable sale in the same condo unit. The property is zoned Light Industrial which makes it highly attractive considering its excellent location to the diverse and wide customer base. Alternatively, the property can be leased for $3,000/month on a 5 year term with renewable options and/or future purchase option available. The tenant would be responsible for utilities and condo fees (which handle lighting, sewer, water, landscaping, trash collection, insurance and taxes). Landlord would cover any interior or exterior maintenance expenses.

Growth & expansion opportunities:

The business model has evolved over the years and now is centered on two of the more profitable sub-segments in the industry: 1) Water/Fire Disaster Restoration and 2) Personal Furniture Repair. The exciting part of this offer are the other growth options that are available to pursue, including Commercial (Hotels/Restaurant Furniture Repair), Office Buildings, Retirement Homes and Colleges.

Competition:

This specialized disaster restoration business is not heavily populated in this geography due to the specialized nature of the work, the well-know quality reputation of the offered business and the strong, established working relationships already in place with insurance companies and disaster mitigation businesses. The kitchen cabinet competition comes from companies engaged in offering discretionary re-modeling projects and/or cosmetic cabinet re-facing which is not the target customer base or service offering from this company. This business has become the cabinet/furniture disaster restoration market leader in the area over the last 2 decades.

Reason for selling:

Owner is retiring from the business after 26 years.

Support & Training:

Will train for 4 weeks @ no cost. A "Class C Contractor License" from the State of Virginia is required.

Contact Business Seller

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Business Listed By:

Hal Feder

Murphy Business Brokers