Profitable and Growing Chicago-Based Money Transfer Business

Chicago, IL (Cook County) (Relocatable)

Seller Financing Available
Profitable and Growing Chicago-Based Money Transfer Business
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Asking Price: Get Financing: $60,000

Cash Flow: N/A

Gross Revenue: $104,000

EBITDA: N/A

FF&E: N/A

Inventory: N/A

Established: 2014

Profitable and Growing Chicago-Based Money Transfer Business

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Business Description

Being offered, exclusively by The Brandt Group, LLC, is a Chicago-based money transfer business that has grown successfully year-over-year the last four years. It has established a large Spanish language customer base where nearly one out of every two customers are repeat. The business primarily earns income through money transfer transactions with Latin America yet has a full line of additional products and services to serve their customers. The business is optimally located in a safe and busy neighborhood in Chicago close to a major train station on major thoroughfare providing easy access for existing customers and high foot traffic area to attract new customers. The business has been a money transfer store for nearly 10 years and will generate consistent revenue with clear opportunities to increase revenue growth into the future.

Detailed Information

Competition:
Chicago has a diverse multi-cultural demographic. The city’s Latin American/Hispanic community, currently 30% and growing, utilizes money transfer businesses. This specific money transfer business has established a dominant foothold in the neighborhood and established a consistent flow of loyal clients. The owner has leveraged the business’ retail space to add additional legal and accounting services for customers, and more of this space can be further utilized for additional sources of monthly income. Location, Location, Location: This specific store has been a money transfer business for over a decade, which greatly aids in maintaining reliable and consistent foot traffic. The current owner has successfully increased the customer base from approximately 300 people to steadily building up to approximately 3,000 with approximately 95% of the customers are Spanish speakers. This has directly led to nearly a 7% income increase every year. Nearly half of the customers are recurrent clients attracted to the superior customer service that enables the business to continue to sustain long-term relationships. These relationships can then be useful in offering new cross-sell opportunities with new growth-based products and services.
Growth & Expansion:
The primary business income is from money transfer transactions leveraging business relationships with Western Union and several other Latin American money transfer services with more locations than Western Union. Additionally, the business offers additional cross-sell opportunities including cell phone service (activation & equipment), taxes, purchase various bus tickets in Latin America, boxes for mailing packages, among others. Directly proportional to the customer base, the products are services offered are primarily servicing Mexico (70%), Guatemala (20%), Columbia (5%), and other countries in the region (5%). Additionally, new the owner can quickly add new Spanish-English products and services such as City of Chicago vehicle stickers, cash machine, lottery tickets, mail box rentals, new insurance broker and more substantial tax service desk, UPS package center, and expand office hours to include open Sundays (based upon customer feedback). An additional idea is to offer shipping and money transfer business services domestically to enable customers to connect with friends and family within the United States all within one place, one stop.
Support & Training:
Owner will work closely with new buyer on transfer, training, and transition, which may last approximately 2-3 months.
Reason for Selling:
Owner moving onto new business opportunity
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Bryan Shea

Business Listed By:
Bryan Shea

The Brandt Group

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Sponsoring Broker:
The Brandt Group LLC.

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