This business rents & sells tuxedos and suits, along with shirts, ties, vests, shoes, etc. for formal occasions like weddings, proms, black tie events, funerals, award ceremonies & special events.
Renting makes sense, especially for seldom and one-time events, or when you want the latest styles, colors, and custom fitting.
Business also sells new and used tuxedos and suit combinations, and does expert alterations.
FYI?During the Pandemic, thousands of weddings were postponed. WTNH reported (2/16/22) that 2.5 million weddings will be held in 2022....which is the most the US has seen since 1984...(according to The Wedding Report, a market research firm. (WTNH TV News). So, what does this mean? The Buyer of this business, assuming he/she buys it soon might be able to attain a quick payback on the purchase price. Possibly, a $299,000 business being able to be paid for in 1 +/- years ...interesting! Talk to your advisors about this. Maybe you should call for an appointment to visit the business soon - very soon?
?Full inventory of up-to-date tuxedos & suits. Over 1,600 jackets in inventory.
?Business rents +/- 2,350 tuxedos, suits, etc. at an average price of $170 per rental.
?Business started in 1982 (40 years).
?Current Owner purchased the business in 2008 (14 years).
?Sales for the 3 years before the pandemic averaged over $400,000 per year.
?Cash Flow (SDE) after business expenses averaged over $170,000 per year.
?New Owner Projected Proforma sales (after the pandemic is under control) is estimated at +/- $433,600.
?New Owner Projected Proforma Cash Flow (sellers Discretionary Earnings) after the pandemic is under control) is estimated at +/- $190,000.
?Current rent is $3,606.16 per month including all the nets. The landlord must approve a new tenant.
?Business is selling for $199,000 including inventory.
?Owner will help you take over the business, regardless of the time of the year by offering up to a month of training.
?Owner financing: Owner financing if qualified: might finance 20% of Selling Price at 5% over 3 years.
Interested buyers MUST sign our Confidentiality Agreement and fill out the Questionnaire before any additional information is received.
If you're in the business and want to expand ? what are you waiting for? You should be writing up an Offer already.
If you want to get into this business ? this business might be for you too ? but act quickly to check it out. That other guy might beat you to the punch!