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Details - Information last confirmed on May 18, 2021
This is a perfect opportunity for an aspiring, undercapitalized woodworking entrepreneur to purchase a profitable woodworking business for 15% down and 85% seller financing. No need for banking on this deal.
This 33 year old business is located in a two story, older building which (a) has 3100 square feet per floor, (b) is included in the sale price, and (c) has been remodeled by the seller a few times over the past 30 years. The facility is located in a trendy section of Lansing (MI) just minutes from the Michigan State Capitol.
This smaller business has averaged annual revenues of $560,000 over the past three years, 2018, 2019, and 2020. The average, annual SDE (seller’s discretionary earnings – the historical cash flow available to pay the buyer and service the seller note) over the same period has been $75,000. After selling his business to only the second owner in its history, the founder-owner-seller plans to help the buyer with appropriate post-close transition training after which the seller plans to retire.
In addition to the goodwill of the business, the sale includes the following:
1. 6,200 square foot building which was given a written, third party market assessment of $315,000 earlier in 2021.
2. $255,000 (cost basis) of machinery, equipment, fixed assets and vehicles.
3. $15,000 (cost basis) of active inventory.
With a wealth of fixed assets included in the listing price, this business is “priced to sell” at $395,000. The seller is looking for 15% ($59,000) down and plans to carry an 85% ($336,000) 10 year, 6.0% seller note.
This is an extraordinary opportunity to buy a fully equipped woodworking business with annual sales exceeding $500,000, a positive cash flow, and a “cool” facility (included in the sale), all for $59,000 down and a “buyer friendly” seller note. And remember, there is no banking required on this deal.
Opportunities would seem to abound for an eager and aggressive new owner-operator starting with creating a website (the business has never had one) and contacting new potential customers in the region.
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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.