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carjunkie

Free Member
  • Content Count

    12
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About carjunkie

  • Rank
    Occasional Poster

Business Information

  • Business Name
    Fox Automotive, llc
  • Business Address
    101 James Fox Drive, Chantilly, Virginia, 20120
  • Type of Business
    Auto Repair
  • Your Current Position
    Shop Owner
  • Automotive Franchise
    None
  • Banner Program
    None
  • Participate in Training
    Yes

Recent Profile Visitors

1,153 profile views
  1. These are some good jokes and I enjoy them. A while back, I came across this video and thought it was funny. There's a hot rich matrix for the women by the same man. It's kinda funny too.
  2. My remark was made in jest. Lighten up. You might be right because the shops for sale are below 20% SDE.
  3. Now, I finally understand why auto repairs are so expensive!
  4. Hi Wheeling and Hands on, Wheeeling, I do think that 20% is on the high side. I haven't seen add backs that are as more than the net. I think that you are high on that also. Really, it comes down to what can be verified. Profit on income taxes refers to the profit shown on the tax returns. Hands on, I am in agreement with you about trading a profitable business for a lump sum payment. Actually, not all of it is lumpsum because the bank usually requires the owner to hold a note for a period of time. With the lumpsum payment comes financial freedom or at least a financial reprieve and quality of life, etc. For some people, enough is enough but we are all different and each person has their idea of happiness and the way they want to spend their days here on the big blue marble. It's difficult or impossible to deal with someone that has no motivation to sell. Also a motivation to buy would be necessary. I am going to keep looking and when the right deal comes along, I will be ready.
  5. my mistake on the $400-$600K, it should be $800-$1.2. its been a long day. I think that your 20% number is high but each business is different and it depends on what can be verified. SDE Definition SDE Formula Profit on Income Taxes + Nonrecurring Expenses – Nonrecurring Income + Non-operating Expenses – Non-operating Income + Depreciation + Amortization + Interest Expense + One Owner’s Total Compensation = SDE
  6. Hello Anderson and Wheeling, I didn't calculate the discrepancies that I found but I can safely say at least 20%. I am looking at the sellers discretionary earnings (SDE). It seems that the industry standard for a valuation of a business in the $2 million range is 2-3 times the SDE. I am willing to pay this. When the SDE is accurately calculated the asking price is usually far away. I used to think that it was me but having consulted with other specialists the opportunities that I looked at were astronomical in their asking price. so, if a $2 million gross sales range with a 20% SDE, I would expect to pay $400-$600K. Of course, the financials must be verifiable.
  7. I have been looking at 6 bays minimum. I am also considering other characteristics such as location, equipment, staff, etc.I also look for anything that I can improve on. As far as gross sales, in the $2 million annually, but that's a hard one subjective.
  8. Hi Anderson, I am not looking for a fire sale price, a fair and reasonable price would be good enough for me. After an intial examination of the financials, I have yet to find a shop that performs close to their advertised claims.
  9. It seems like to find a good shop at a reasonable price is motivating reason such as a health problem, inheritance, retirement or similar. Otherwise, there's no logical reason to sell at a reasonable price.
  10. Hi Anderson and xrac, Looking for a good shop with good books to prove this and with a reasonable valuation seems like I am searching for a unicorn. I have heard so many tall tales about under the table money , I don't report all of my income and on and on. I have been at it for two years now. I have spoken with a couple consultants and didn't feel like they would uphold their fiduciary duty. One consultant had a video endorsement from Gene Simmons and acted like that was a big qualification. Needless to say I have been around. I agree with what you fellows have stated about buying a shop. That's what I would prefer to do. Investing several years of my life in getting a shop off the ground with the higher risk of failure doesn't sound like the best option. I would be interested in speaking with xrac's business broker. Maybe I am just not meeting the right people. I greatly thank you fellows for your experienced respones.
  11. Hi Everyone. I have been lurking on this board for a while. I have read a lot of posts and have been shopping for a shop to buy. I have heard and seen so many misrepresentations from existing shops that it's difficult for me to trust any seller's claims. I would like to have about a six bay shop. So, my question is buy a shop or build a shop? I am very interested to hear any comments from the experienced. Thanks in advance
  12. Hi everyone, I am trying to find information about being a Goodyear Tire and Auto shop. I have looked on the internet and tried calling Goodyear Corporate and I can't seem to find any information. I understand that if a shop sells a certain amount of tires, then the use of the Good Year logo is fee. Any information or contacts would be greatly appreciated. Jim


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