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Details - Information last confirmed on November 25, 2020
Highly Motivated Seller! After becoming a leading national salesman for a coffee service company, the Seller began this business mid 2005 with $500, a beater car, and supplies stacked in his one-car garage. He started with the mindset of making customer service a pillar of his company; visiting local businesses and schools, building a customer base and a business that today operates more than 350 vending machines for 125+ customers; and brought in nearly $2 Million in sales in 2019.
The 15-year-old business has a track record of success and has been a going concern year after year. Covid has set back revenue in 2020, but as businesses re-open, the industry sees a return to the same level of operations and bringing in the same amount of reoccurring revenue!
In step with modern vending business practices, the Company’s first micro market opened in 2018 and saw a return on the initial investment within a year. Ten are now in operation.
Customers range from large manufacturing facilities with more than 2,500 employees to smaller retailers with a minimum daily traffic count, all within a 50-mile radius of the current office/warehouse.
In the last couple of years, the Seller invested approximately $600,000 in new machines; upgrading to glassfront equipment, and credit card readers; all that has increased revenues. The Company is debt free.
In addition to five regular drivers, one person oversees micro market operations and a sales and customer service representative reports daily. Training and education are conducted by the route manager.
NDA is required to secure comprehensive Confidential Information Memorandum (CIM) crafted by broker.
Facilities: The Business operates from a commercial building owned by the Seller. The building and the use of the building is not included in the sale.
Competition: The Seller contends that due to the Company’s service contracts and excellent customer service, losing business to a competitor is very rare. Competition in the vending industry – because it is so profitable – is high. But the Seller has positioned himself well in terms of location, where he looks for new business (not in the heart of the State’s capital) and within a radius that ensures commitment to the promised one-hour service window.
Growth & Expansion: Keep building the customer base with a focus on micro market opportunities. Developing social media platforms would help, as would a potential “new management” campaign to introduce the business to the surrounding community. A more comprehensive inventory control system would reduce waste and improve product flow.
Financing: For highly qualified Buyers if the terms and deal structure are favorable.
Support & Training: For no more than a month, but remaining staff are well equipped to ensure a smooth transition.
Reason for Selling: To develop his investment in two real estate projects he is passionate about and will have fun with.
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