Listing ID: 70154
This is a family-owned wedding business and event planning service offering complete destination wedding services, from simple weddings to catered events including cabin rental accommodations. This business was established in 2004 by a well-known Pastor. The owner is retiring or semi-retiring. He, along with other Pastors may be available to conduct weddings going forward. Business employs a wedding and event planner who wishes to stay on as well.
Sale price of business to include inventory which includes numerous decorating props and wedding equipment. Also included are several domain names and website, as well as social media assets. All contacts and business relationships also to be transferred over to new owner. This operation enjoys an excellent reputation in the Sevier County, Tennessee area. The continued goodwill of the owner is considered an asset.
- Asking Price: $195,500
- Cash Flow: $58,000
- Gross Revenue: $136,000
- EBITDA: N/A
- FF&E: $12,000
- Inventory: $5,000
- Inventory Included: Yes
- Established: 2004
- Property Owned or Leased:N/A
- Property Included:N/A
- Building Square Footage:N/A
- Lot Size:N/A
- Total Number of Employees:3
- Furniture, Fixtures and Equipment:N/A
Owner has been a Pastor for many years, launched this wedding and event planning business in 2004. Has two other Pastors on call as well as every type of vendor needed to provide wedding and event planning services. One employee, a wedding and event planner, wishes to stay on with new owners and will train as needed. Prior to 2016 when our area suffered a large forest fire, this business was doing much better, sales were increasing until Covid-19 hit the area in 2020, although weddings remained fairly steady. In 2021, business continues to rise as we all adjust to the new circumstances and challenges. Currently there are no restrictions in this business. Owner uses a 2 car garage and a 12x10' storage shed. Also uses a room off the garage to create floral arrangements.
While there are numerous wedding businesses in the Sevier County, TN, area, this business has a solid corner of the market since it has been around since 2004.
Business continues to return to normal and number of events is increasing. Potential for growth rests in attracting more clients who wish to marry or renew vows. Increase advertising and staff as well.
The company was established in 2004, making the business 18 years old.
The deal does include inventory valued at $5,000, which is included in the asking price.
Why is the Current Owner Selling The Business?
There are all sorts of reasons people choose to sell operating businesses. However, the real factor vs the one they tell you may be 2 entirely different things. For instance, they may state "I have way too many various obligations" or "I am retiring". For many sellers, these factors stand. But, for some, these may simply be justifications to try to hide the reality of altering demographics, increased competition, current reduction in earnings, or a variety of various other factors. This is why it is extremely essential that you not depend totally on a vendor's word, but rather, make use of the vendor's answer together with your total due diligence. This will paint an extra realistic image of the business's current scenario.
Existing Debts and Future Obligations
If the current company is in debt, which many businesses are, then you will certainly need to consider this when valuating/preparing your offer. Lots of businesses finance loans with the purpose of covering items such as supplies, payroll, accounts payable, so on and so forth. Bear in mind that sometimes this can imply that profit margins are too tight. Lots of organisations fall under a revolving door of taking loans as a way to pay back various other loans. In addition to debts, there may additionally be future obligations to consider. There might be an outstanding lease on tools or the building where the business resides. The business may have existing contracts with suppliers that must be met or may lead to charges if canceled early.
Understanding the Customer Base, Competition and Area Demographics
How do businesses in the area bring in new customers? Many times, operating businesses have repeat clients, which develop the core of their day-to-day earnings. Specific elements such as brand-new competitors sprouting up around the area, roadway construction, and personnel turnover can affect repeat consumers as well as adversely affect future revenues. One important point to take into consideration is the location of the business. Is it in a very trafficked shopping mall, or is it concealed from the main road? Clearly, the more people that see the business on a regular basis, the better the opportunity to build a returning customer base. A final thought is the general location demographics. Is the business placed in a densely inhabited city, or is it situated on the outskirts of town? How might the neighborhood mean family income effect future revenue potential?