Listing ID: 81430
Business Overview
A full-service salon for men and women. Services include cut & style, color, manicures, pedicures, waxing and more. By appointment only.
Well established for over 41 years! And at this location for over 32 years!!
Current owner would like to continue working and rent a chair for the next 5 years!
Location: Prime retail space in Chicago’s premier River North neighborhood. Perfectly situated at a major intersection just off I-90. Surrounded by a dense commercial and residential area!
Feel free to stop by the location as a customer first. This is a highly confidential listing, please DO NOT talk to any of the employees or patrons. If interested, contact EnergiZ for more information. Showings by appointment only.
Listed By Tom Traina at EnergiZ & Associates
Financial
- Asking Price: $129,000
- Cash Flow: N/A
- Gross Revenue: N/A
- EBITDA: N/A
- FF&E: N/A
- Inventory: N/A
- Inventory Included: N/A
- Established: 1980
Detailed Information
- Property Owned or Leased:N/A
- Property Included:N/A
- Building Square Footage:1,500
- Lot Size:N/A
- Total Number of Employees:4
- Furniture, Fixtures and Equipment:N/A
Leased space $3,400/mth gross. Current lease expires Mar 2026 with two 5-year options. Square Feet: 1,500. Seating: 7 Chairs. Days/Hrs of Operation: Tu-Fr 9a-6:30p, Sa 8a-5p. Value of FF&E: Included In Asking Price.
Semi-retiring.
A fantastic salon. The very best in all of Chicago. Experienced stylists. Expert coloring. Skillful nail technicians. Professional products. A delightful group! Ideal location in the heart of River North. Conveniently located. Warm and welcoming interior. Known for their outstanding service. Rated 5 stars on Google, 5 stars on Yelp and 4.8 stars on Facebook!
A real gem. Top notch. Neighborhood favorite. Many loyal long-time customers. The “go-to” salon in the loop. Highly rated & recommended, great reputation to continue to build upon!
Additional Info
The business was started in 1980, making the business 42 years old.
The business has 4 employees and resides in a building with estimated square footage of 1,500 sq ft.
The building is leased by the business for $3,400 per Month
Why is the Current Owner Selling The Business?
There are all kinds of reasons why people choose to sell operating businesses. Nonetheless, the real factor vs the one they say to you may be 2 entirely different things. As an example, they may say "I have a lot of other responsibilities" or "I am retiring". For lots of sellers, these factors stand. However, for some, these may simply be justifications to try to hide the reality of changing demographics, increased competitors, recent decrease in earnings, or an array of various other reasons. This is why it is really vital that you not count completely on a vendor's word, but instead, utilize the seller's solution in conjunction with your overall due diligence. This will repaint a more practical image of the business's current circumstance.
Existing Debts and Future Obligations
If the existing company is in debt, which many businesses are, then you will have reason to consider this when valuating/preparing your deal. Many operating businesses take out loans in order to cover points like inventory, payroll, accounts payable, etc. Keep in mind that occasionally this can mean that earnings margins are too small. Many companies fall into a revolving door of taking loans as a way to pay back various other loans. In addition to debts, there may likewise be future obligations to consider. There might be an outstanding lease on equipment or the structure where the business resides. The business may have existing contracts with vendors that have to be fulfilled or may cause fines if canceled early.
Understanding the Customer Base, Competition and Area Demographics
How do operating businesses in the location bring in new consumers? Often times, operating businesses have repeat clients, which form the core of their daily revenues. Particular variables such as brand-new competitors sprouting up around the area, roadway building, and employee turn over can affect repeat customers as well as negatively impact future incomes. One essential thing to consider is the location of the business. Is it in a very trafficked shopping center, or is it concealed from the highway? Obviously, the more people that see the business on a regular basis, the higher the opportunity to construct a returning client base. A last thought is the general area demographics. Is the business placed in a largely populated city, or is it located on the outside border of town? How might the regional mean house income effect future earnings prospects?
