Meineke Franchise Store for Sale in W/NW Suburbs of Illinois

DuPage County, IL

Seller Financing Available
Meineke

Asking Price:$269,000

Cash Flow:N/A

Gross Revenue:$451,130

EBITDA:N/A

FF&E:$135,000

Inventory:$7,000*

Established:2013

*not included in asking price.

Meineke Franchise Store for Sale in W/NW Suburbs of Illinois

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Business Description

The current owners opened this franchise location in March of 2013. They had no experience in the automotive repair business, so they chose to go the franchise route and open a Meineke franchise store in the West suburbs of Chicago, Illinois. It’s located in a busy and relatively new shopping center with other well-known tenants such as Kentucky Fried Chicken, Pizza Hut & Dunkin Donuts. There’s also a very popular Culver’s directly across the street. The business is located on a busy road and according to the Illinois Department of Transportation, there are an average of 19,900 cars driving past this location each day.

This business is family owned. Only one member of the family is involved in managing the business on a daily basis. They are from Canada and are considering moving back to Canada at some point in the future, so they are exploring the possibility of selling the business. Other than the owner managing the business, they also have 3 full-time employees. Most Meineke businesses only need 4-5 employees to generate $400,000 to $500,000 in sales.

Detailed Information

Inventory:
Not included in asking price
Employees:
3
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
This is a Franchise Auto Repair & Maintenance business located in the W/NW suburbs of Chicago, Illinois. Some of the services they provide include; exhaust services, complete brake services, oil & lube services, front end alignments, shock & strut services & catalytic converters. Located in the West Suburbs of Illinois (DuPage County) Sale includes: the Business, all Equipment & all Fixtures. Purchase Price / Business only = $269,000 plus inventory Lease details (approximately): The space is approximately 3,400 sq ft. The Base Rent is $5,264.33 per month. R.E. Taxes are $2,145.29/month & C.A.M. charges are $620.50/month. The security deposit is $5,500. Increases are 3% annually. The lease is personally guaranteed. The lease expires in 10/31/2027, including a 5 year option.
Competition:
The Meineke Franchise is well known & has a great reputation. In fact, Entrepreneur Magazine takes the top 500 franchises and ranks them each year. In 2016, Meineke was ranked #50 overall and #1 in their category (Auto Repair & Maintenance category)!! The Meineke Franchise has a long, consistent history & has been operating since 1972. Franchise businesses can be especially attractive to potential buyers & lenders due to all the support & training that come with the franchise. For people that have limited experience owning or operating businesses and people that don’t have experience in the automotive repair business, a franchise can be very appealing. Also, when you start a business, it’s very difficult to get your name out there & build a solid reputation. It can take many years and be very expensive. With a franchise that’s already achieved a wonderful reputation & has been operating for 44 years, this is not an issue at all. Those are some of the many reasons many people prefer franchises.
Growth & Expansion:
As with many business opportunities, there are some areas of opportunity for this particular business. One area of opportunity is that the franchisor does allow (upon review & approval) the franchisee to have their own local website in addition to the franchisor’s website. This location doesn’t have their own website currently. This would help generate local customers and help promote their specific location. The franchisor also allows the franchisee to do their own local advertising to promote their specific location. They are not currently doing much advertising, so this is a big area of opportunity to gain more local exposure & increase their sales at this location. Note: The owner(s) will consider a small amount of seller financing to a qualified buyer.
Financing:
Sellers will consider some financing
Support & Training:
Seller will provide some training, plus training is available with Franchisor.
Reason for Selling:
Sellers are considering moving back to Canada
Franchise:
This business is an established franchise

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Tony Gavros

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Tony Gavros

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