Get ready to print money and take advantage of this great opportunity to purchase an existing check cashing business with a very loyal client base in DC! The business has been established for 4 years by an operator who has been in business for over 30 years! The business is located on a busy street with businesses surrounded by residential communities which are largely Hispanic and Ethiopian that send lots of money to their home countries. The business is located on a block with 3 tax preparers, which generates a lot of revenue for the business, especially during tax season.
The business currently offers Check Cashing, Money Orders and Wire Transfers with RIA and Boss Revolution/IDT Money Transfer. They also offer fax and copy services, stamps, and envelopes as well as some prepaid cell phone and calling cards. Western Union can easily be added and there is lots of space in the business to expand its operations and offer other products and services like cell phone sales including accessories, repairs, and phone cards. The large open area can also be used to add packaging & shipping services which is offered at the seller’s other location and does very good business in itself. The extra office space available can be leased out to generate extra income, leasing it to an accountant or tax preparer would be a great way earn even more income.
The closest competitor is several blocks away, but this business has much better rates then they do especially over the national players which keeps a loyal customer base coming back and all the areas for growth makes this a great business, especially at the price, as the owner is motivated to sell so they can focus on their other business before they fully retire. The buyer for this business needs to currently own a check cashing business as new banking requirements do not allow for a buyer without a check cashing business to establish the type of bank account needed to operate. If a buyer does not currently own a check cashing business or have a partner that does then this would not be a suitable opportunity.
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