Listing ID: 83831
Gardiner’s Hardware Hank & Furniture is a 3rd generation family business established in 1935 that sells hardware, housewares, appliances and furniture. The business includes an approximate 17,000 sq. ft. facility on a corner lot in the beautiful city of Pine River. The main level contains hardware and giftware, the upper level contains furniture and appliances, and the lower level contains a toy section. This is a once in a lifetime opportunity to own a successful business in the beautiful Lakes Area! $499,000 + Inventory (Inventory is estimated to be approximately $400,000 – $450,000). Price Includes Business, Real Estate, Furniture(Excluding Retail Furniture), Fixtures & Equipment.
- Asking Price: $499,000
- Cash Flow: N/A
- Gross Revenue: N/A
- EBITDA: N/A
- FF&E: N/A
- Inventory: $400,000
- Inventory Included: N/A
- Established: 1935
- Property Owned or Leased:Own
- Property Included:N/A
- Building Square Footage:17,736
- Lot Size:N/A
- Total Number of Employees:5
- Furniture, Fixtures and Equipment:N/A
Main Level: 7,000 SF (Hardware & Housewares); Upper Level: 7,000 SF (Appliances & Furniture); Lower Level: 3,736 SF (Toys & Storage). Detached Storage Garage: 864 SF. 9,500 SF Lot with 50’ along Barclay Ave & 140’ along1st Street N.
The seller would like to assist a new owner after the sale of the business to ensure a successful transfer. It is important to the seller that the positive legacy of the business continues for generations to come.
Owners wish to retire.
Key Investment Considerations: Open on Sunday’s - New owner could open the store on Sunday’s; Advertising - The business currently does not pay for any advertising; and Promotions - Add more promotions to attract customers.
The venture was established in 1935, making the business 87 years old.
The deal doesn't include inventory valued at $400,000*, which ins't included in the requested price.
The business has 5 employees and is located in a building with approx. square footage of 17,736 sq ft.
Why is the Current Owner Selling The Business?
There are all kinds of reasons people choose to sell operating businesses. However, the real reason vs the one they tell you may be 2 completely different things. For instance, they may state "I have a lot of various commitments" or "I am retiring". For lots of sellers, these factors stand. But also, for some, these might simply be excuses to attempt to conceal the reality of transforming demographics, increased competition, recent reduction in revenues, or an array of various other factors. This is why it is very essential that you not count totally on a seller's word, yet rather, utilize the vendor's solution in conjunction with your overall due diligence. This will repaint a much more practical image of the business's current scenario.
Existing Debts and Future Obligations
If the current entity is in debt, which lots of companies are, then you will certainly need to consider this when valuating/preparing your deal. Many businesses borrow money so as to cover things such as stock, payroll, accounts payable, etc. Remember that sometimes this can imply that profit margins are too thin. Numerous companies come 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 vendors that should be fulfilled or might lead to fines if canceled early.
Understanding the Customer Base, Competition and Area Demographics
How do businesses in the location bring in new clients? Often times, companies have repeat consumers, which create the core of their everyday revenues. Specific factors such as brand-new competitors growing up around the location, road building, as well as staff turnover can impact repeat consumers as well as negatively impact future earnings. One crucial thing to consider is the placement of the business. Is it in a very trafficked shopping center, or is it hidden from the highway? Obviously, the more people that see the business often, the better the opportunity to construct a returning consumer base. A final thought is the basic location demographics. Is the business located in a largely inhabited city, or is it situated on the edge of town? How might the neighborhood typical family income influence future income prospects?