Details - Information last confirmed on June 2, 2021
Full-service auto body and custom painting business in Southwest Virginia. Established in 2005, the Company is the largest and best-equipped shop in the area. It has built a solid reputation with drivers and insurance companies -- with approximately 90% of their business coming directly from insurance companies. Great location near interstate provides easy access to surrounding areas and the go to shop for tow trucks responding to local accidents.
Lender pre-approved for qualified buyer with 10% down. Prime + 2%. 10 year term for business only, 14 year term for business and real estate. The seller's discretionary earnings includes a $31,000 charge for rent. The cash flow available to a buyer of the business and the Real Estate would be $378,814. Seller will finance up to 10% depending on terms and structure of overall offer and buyer qualifications.
The Company saw a slowdown in 2020 as fewer drivers on the road during shutdowns and stay at home guidance resulted in few drivers running into each other. They are starting to see business pick back up in early 2021 and already have a several week backlog. The Company anticipates that once the COVID vaccine is widely rolled out and schools and businesses reopen that drivers will return to the roads and start running into each other again.
Under the CARES Act as revised by the Stimulus Act, if you use an SBA 7(a) guaranteed loan, this company qualifies for 6-months of principal and interest paid by the SBA to the lender on your behalf (up to $9,000 per month). The loan payments paid by the SBA are not taxable. The SBA is also waiving its loan guarantee fee (approximately $27,000 for both the business and land loan). The SBA guaranteed loan must be approved by the SBA before 9/30/2021, or earlier if funds run out.
Disclaimer: DealStream has not independently verified any of the information in this listing and makes no warranty as to its accuracy or completeness. This listing does not constitute an offer to sell, solicit or make an offer to buy an investment interest. Offers to sell, or the solicitation of offers to buy, any security can only be made through official offering documents, such as a subscription agreement and private placement memorandum.