Investing into an existing car wash company is a great way to step into the role of a business owner. Before you jump in, feet first, there are many questions you need to ask about the company and about yourself.
Here are a few things to consider when buying a business:
1. How Does the Community Feel About This Company?
Use the internet to your advantage here. Check out the car wash company’s social media pages, google their name and look at customer opinions. Has this company been an active part of the community? Are they in good standing with the locals? Remember that positive word-of-mouth is one of the key selling qualities for any business.
2. Why is the Owner Selling?
Probe the owner to determine the reason for the sale of the company. Are they retiring? Is this a personal matter? Be sure to check the business records, building, and neighborhood. You want to purchase a company that has a good location, foot traffic, and has a clean business history.
3. How are the Company’s Finances?
Sift through the previous years’ financial records. This is self-explanatory. Your goal when purchasing a company is to be able to sustain yourself. Make sure you are not inheriting someone else’s debt-load. Find out if the company owes anything on leases, what their current operating costs are, and anything else you can think of.
4. What is the Timing Like?
Historically speaking, car wash companies are pretty seasonal. Are you attempting to purchase this car wash in the wrong season? Ensure that the car wash company has a strategy to fight seasonal lows. DetailXPerts offers mobile cleaning services that are great all year round.
5. Where are You in Your Life?
This is one of the most important questions you will ask yourself on the road to business ownership. Where do you stand? Do you have the support of your loved ones? You will find that there are bumps and bruises when you think of what to consider when buying a business. Friends and loved ones make this road a gentler ride.
There are so many questions one needs to consider when purchasing an existing company. A great way to own your own company and get a helping hand along the way is to consider operating a franchise. DetailXPerts is proud to offer would-be car wash business owners a franchise opportunity of a lifetime.