Established Formal Wear and Bridal Boutique

Raleigh, NC (Wake County)

formal wear business for sale nc

Asking Price:$625,000

Cash Flow:$260,053

Gross Revenue:$1,124,293

EBITDA:N/A

FF&E:$42,955

Inventory:$325,000*

Established:1984

*not included in asking price.

Established Formal Wear and Bridal Boutique

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Business Description

Fun, Profitable, Lifestyle Business with Significant Income

This established and profitable business provides formal wear for both men and women. Many designs from popular designers are available in stock to meet a wide variety of tastes and styles.

The business is operated year round from a retail location in a well know shopping center. This location has one manager with three full-time and up to 8 part-time employees adjusted seasonally as demand requires. For a portion of the year the business also operates a satellite location during prom season. This location has one manager and one full-time employee with up to 10 part-time employees.

Furniture, Fixtures and Equipment include two vehicles. A 2000 Chevy Suburban with a new engine with advertising and a 2000 Chevy 1500 van with wrap.

The business is a member of a national buying group that provides nationwide advertising, including photo shoots, significant ability to secure exclusive designer labels, directives to manufacturers, purchasing power with marketing partners, continuing education, biannual networking and industry specific /cost effective software and support.

The business draws customers from a ~150 mile radius.

The business also provides performance apparel to high schools (bands, choirs, etc.) as well as uniform sales to local country clubs & catering companies. Accessories are also sold.

Diversification & specialties compliment the seasonal trends.

Purchase price includes $325,000 of inventory (retail and rental) at cost. Actual value of inventory at cost will be adjusted as of closing date.

Inventory is not included in the asking price as it fluctuates over the course of a year. Actual value of inventory at cost will be added to the purchase price at closing.

Detailed Information

Inventory:
Not included in asking price
Employees:
24
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
Type of Location: Strip Center Owner Occupied: No Lease Expires: Sep 3, 2023 Monthly Rent: $8,309 Square Footage: 4200 The business is located in a popular strip shopping center on a high traffic count road with ample parking in a well lit lot. The current lease for 4,200 square feet expires in 2023. The seasonal locations are in a popular indoor mall with high foot traffic on main corridors. Leases are negotiated on a year to year basis dependent upon availability and average 2,200 - 4,000 square feet. The monthly rent provided is inclusive of all rents paid averaged over 12 months.
Competition:
There are a total of 7 stores in a 50 mile radius that serve the Raleigh, Durham marketing area of 750,000 + people with either gowns or tuxedos. The stores serve middle to upper end price ranges in all categories. Weddings are a fun & very personal business. Market diversification and specialties that compliment the seasons.
Growth & Expansion:
• Additional store locations in Greenville serving Kinston, Goldsboro and Rocky Mount • Additional store in Wilmington serving Myrtle Beach, Jacksonville & SE NC • In house alterations • Expanded offerings within the Mothers of Bride/Groom • Additional Designers • Maids/ Bridal accessory sales • Shoe sales • Wedding planning services and seminars • Make over/make up sales • Floral/ DJ/ Photography sales • In store ad sales
Financing:
Seller will consider a portion of financing as required by the SBA/Commercial lender.
Support & Training:
Owner will stay for a negotiated time to ensure a seamless transition.
Reason for Selling:
Other interests

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Jeff Snell, M&AMI, CBI, ABI

Business Listed By:
Jeff Snell, M&AMI, CBI, ABI

ENLIGN Advisors

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Memberships & Certifications:
Indicates membership in the International Business Brokers Association (IBBA). The IBBA is the only certifying organization for Business Brokers and Intermediaries who assists people in buying or selling a business. Indicates membership in the M&A Source. The M&A Source is comprised of highly trained Intermediaries who advise on the preparation, sale and/or purchase of middle market (~$2M+ in revenue) business opportunities. Certified Business Intermediary (CBI) is a professional certification awarded to Business Brokers and Intermediaries that have achieved stringent requirements. CBI's work by an ethical code of conduct when working with business owners and buyers. Merger and Acquisition Master Intermediary (M&AMI) is a professional certification awarded to Intermediaries who've achieve very stringent educational and professional requirements. M&AMI's agree to abide by an ethical code of conduct when working with business owners and buyers.

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