(PRICE REDUCED) Pristine WIC Store (Next Door To WIC Voucher Office)

Fresno, CA (Fresno County)

(PRICE REDUCED) Pristine WIC Store (Next Door To WIC Voucher Office)
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Asking Price: $30,000

Cash Flow: N/A

Gross Revenue: $73,500

EBITDA: N/A

FF&E: $40,000

Inventory: $5,000

Rent: $1.10 /Month

Established: 2017

(PRICE REDUCED) Pristine WIC Store (Next Door To WIC Voucher Office)

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Business Description

Impeccably maintained, fully turn-key WIC store being offered for below replacement cost. This store is optimally located a mere 2 doors down from the local WIC voucher office, making it ideally positioned to capitalize on its placement. The business is offered with an essentially built in customer base due to the convenience of it’s location. This accessibility for the WIC participants has proven to be an integral factor in the growth this store has experienced since opening its doors. The WIC voucher offices opened their doors only 2 months ago, and in that time it’s member count has increasingly grown to nearly 1,000 participants. As a result, this store has realized significant benefits by seeing their sales continue to escalate on a daily basis for the past 3 months.

WIC stores operate much like convenient stores and local markets, however the bulk of their clientele is generally derived from people participating in the federally funded, USDA backed WIC program (Women, Infants, & Children). The primary aim of this program is to aid mothers who are in need of financial assistance to provide nutritious foods to supplement diets for themselves and their children.
The role a WIC store plays is to sell food items to voucher holders who participate in this program. An arrangement is entered into between the business owner and the WIC program organizers, allowing the business owner to sell food goods to customers in exchange for vouchers that act as currency. In addition to selling products to WIC voucher holders, they may still continue servicing the general public as would normally be the case if the store was operating as a conventional convenient store. It is a best of both worlds scenario, where an owner could capitalize on doubling the sort of clientele they cater too (i.e. both government assisted and general public customers).
For all intents and purposes, this business operates as a normal market or convenient store would. The primary difference between this type of operation and a conventional market is that this store has the capability to accept vouchers as payment, which increases profit potential and provides exponentially higher upside.

The owner put immense effort into the buildout of the store, and attempted to create a model for what other WIC stores should emulate. It is immaculately maintained and conveys genuine pride of ownership.
Over $50k of capital improvements was invested into the buildout and outfitting of the store with inventory, all of which is included in the sale price. All of the flooring, AC, insulation, and shelving were completely new prior to opening. A modernize, highly efficient POS and inventory management system is included as well. This is a truly turn-key operation from top to bottom which doesn’t require any capital infusion on the part of the buyer to bring it up to par.

Gross monthly sales are around the $12k mark, and are growing daily. Currently 98% of the payments collected are in the form of a voucher. Also accepted is EBT, Cash, and Credit Cards. The store possesses excellent margins of around 38-40%, with potential to see those margins increase with increased buying power.
This is a lean and efficiently run operation with few line items in the expense column.
2 part time employees handle the day to day operations, allowing for limited involvement from the owner. They handle all customer service duties, inputing vouchers, conducting inventory, and maintaining the cleanliness of the store. Both employees have been with the business since opening.
The current owner’s involvement is approximately 10 hours per week, and consists of doing bi-weekly payroll and placing product orders through vendors.

The landlord is happily willing to negotiate a long-term lease with a new owner.

Overall this is an is a superior opportunity to purchase an entirely turn-key operation for less than the replacement cost of opening an identical store. All of the necessary systems and operational infrastructure are already in place. It is an ideal endeavor for an investor seeking a semi-absentee operation not requiring a tremendous amount of effort to operate, or an owner-operator who can step into the business and instantly realize a higher yield by eradicating unnecessary labor costs.

Detailed Information

Location:
Fresno, CA
Inventory:
Included in asking price
Real Estate:
Leased
Building SF:
1,800
Lease Expiration:
N/A
Employees:
2 PT
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The facilities are 1800 sq ft of total space and are immaculately maintained. The current owner takes huge pride of ownership in keeping the facilities very well kept and organized.
Competition:
There are no competing WIC stores within a several mile radius, and very few out there that are so perfectly positioned directly next to an actual WIC voucher office. Similarly, there is a very limited number of convenient stores in the area as well. The opportunity to capitalize on this location exclusivity is immense.
Growth & Expansion:
There is a excellent opportunity to tap into unrealized upside potential for a new owner willing to inject a few fresh ideas into the business. The largest opportunity lies in expanding the stores offerings by carrying a much wider variety of products. The space currently has plenty of available capacity to accommodate this sort of expansion. The inclusion of additional produce, dairy, beverage, and dried food items would see a significant increase in the gross sales of the store. Focusing efforts on top sellers and operating the business as more of a general convenient store rather than an exclusive WIC store, would allow a new owner to realize some of that untapped upside potential.
Support & Training:
2 weeks
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Dehlan Group

Business Listed By:
Dehlan Group

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