Upscale Salon & Spa for Sale in Chicago, Illinois

Chicago, IL (Cook County)

Seller Financing Available
Upscale Salon & Spa for Sale in Chicago, Illinois

Asking Price:$79,400

Cash Flow:$40,803

Gross Revenue:$146,792

EBITDA:N/A

FF&E:$51,000

Inventory:$5,000*

Established:2010

*not included in asking price.

Upscale Salon & Spa for Sale in Chicago, Illinois

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Business Description

This popular Salon & Spa opened for business in December of 2010. It's located on the North side of Chicago. It's an upscale full service beauty salon & spa that primarily focuses on pampering, nails and hair care for the entire family. They also offer ear piercing, birthday parties and spa day parties, & other services such as blow-out, styles, facial waxing, straightening, deep conditioning treatments, and chlorine removal treatments.

This business has a website. On their website you'll find different spa & party packages available. The current owner doesn't work in the salon much at all. She has a full-time day job and used to work weekends at the salon. Once she became pregnant last year, she hired a receptionist to take her place on the weekends at the salon. The owner has a manager operating the salon on a daily basis and she says the manager would be willing to stay, if you want. The owner of the salon does not cut hair, so you don't have to worry about her clients going somewhere else after the sale. This is a common issue when the owner also cuts hair. At this salon, it won't be an issue because she's not really involved anymore, plus she doesn’t cut hair anyway.

Detailed Information

Inventory:
Not included in asking price
Employees:
5
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
Gross annual sales (approximately): $146,792.47 Cash flow (approximately): $40,803.35 Value of furniture, fixtures & equipment (approximately): $51,000.00 Value of Inventory (approximately): $5,000.00 Lease details (approximately): The space is approximately 1,420 sq ft. The Base Rent, R.E. Taxes & C.A.M. charges are $2,863.48/month. The security deposit is 2 months rent. Increases are 3% annually. Landlord is responsible for snow removal. The lease is personally guaranteed. Property is also available for sale. Seller Financing: Owner will consider a small amount of financing with qualified & experienced buyer/operators.
Competition:
The current owner doesn’t have much involvement in the business. She has a full-time career and doesn’t have time to have much involvement in the business and has decided to explore the possibility of selling the business. Located in Chicago, Illinois (Cook County) Sale includes: the Business, all Equipment & all Fixtures. Purchase Price / Business only = $79,400 plus inventory
Growth & Expansion:
Of course, when you have an absentee owner, there are areas of opportunity to grow the business. In addition to a new owner being there to oversee things, it would help to do more advertising. They have relied on word of mouth and about a half dozen press releases to sustain the business, as well as the fact that they are in a great location with a lot of foot traffic. You will see from their financial statements that they only spend about $1,000 per year or 1.5% of gross sales on advertising. Even without much advertising, the sales and cash flow are very consistent and the salon has a very good reputation in the community. The business is profitable even with an absentee owner, so there's no reason why more advertising couldn't increase sales. Any increase in sales would significantly help the bottom line simply because the current sales levels already support & pay the salon expenses. The salon has such a good reputation in the community, they have 4.5 stars out of 5 on Facebook and nearly 1100 likes. That's not bad at all when you consider the owner works somewhere else and they don't do much advertising. This is a good opportunity whether you are a licensed beautician looking for your own salon or an investor.
Financing:
Seller will consider a small amount
Support & Training:
The owner is willing to provide some training for a new owner. Also, there's a manager running the day to day operations of the business and she is willing to stay, if you want. This is an upscale full-service salon & spa providing hair care and spa services such as blow-out, styles, facial waxing, straightening, deep conditioning treatments, and chlorine removal treatments ear piercing, birthday parties and spa day parties. It’s located in a high foot-traffic area and has very consistent sales.
Reason for Selling:
Owner has full-time career & doesn't work at Salon anymore

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Tony Gavros

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Tony Gavros

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