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Profitable & Well Established Check Cashing Business

Fort Wayne, IN (Allen County)

Seller Financing Available
Profitable & Well Established Check Cashing Business
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Asking Price: N/A

Cash Flow: $50,000

Gross Revenue: $194,000

EBITDA: N/A

FF&E: $25,000

Inventory: N/A

Rent: $1,600 /Month

Established: 1987

Profitable & Well Established Check Cashing Business

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Business Description

Revenues are currently generated through check fees, money orders, wire service, lottery tickets, & bill pay. The business is ran absentee. The current owner spends less than 2 hours a week at the store. The business operates with a full-time manager and 3 part-time employees. This business will need a buyer that has the ability to supply their own operating inventory of cash. Due to the nature of the license requirements for this business a buyer will also need to have great credit and will need to have a reasonable net worth to qualify for the licenses required for this business.

Detailed Information

Location:
Fort Wayne, IN
Real Estate:
Leased
Building SF:
3,200
Lease Expiration:
N/A
Employees:
4
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
This check cashing business is very well maintained. The building is 3200 sq ft. The check store occupies the first floor. On the second floor there is an apartment that rents for $650 per month. The whole building is rented by check cashing business for $1600 per month.
Competition:
Competition is limited.
Growth & Expansion:
There are numerous areas a new owner could grow this business. Additional revenue streams could be added to increase gross sales instantly for a new owner. One of the fastest ways to grow this business is by adding payday loans to this location. This could increase the profit by more than $75,000. The software and contracts are in place. A new owner would just need to apply for the license while applying for the check cashing license. A new owner could also add tax preparation to this location and capitalize on tax preparing since all of the customers coming in to cash tax checks go somewhere else to have their taxes done. This would make this location a one stop shop during tax season. Other areas of increased revenue included tobacco sales, cell phones, gift card purchasing or selling.
Financing:
Seller will consider financing for a qualified buyer.
Support & Training:
Owner will provide training and support for a smooth transition. PLEASE BE ADVISED: PRIOR TO THE RELEASE OF ANY CONFIDENTIAL INFORMATION, THE SELLER REQUIRES ALL BUYERS TO DISCLOSE THEIR FINANCIAL QUALIFICATIONS THROUGH COMPLETION OF A CONFIDENTIAL BUYER QUESTIONNAIRE ALONG WITH A NON-DISCLOSURE AGREEMENT. SELLER’S APPROVAL OF SAME IS REQUIRED BEFORE CONFIDENTIAL INFORMATION IS RELEASED. PLEASE CONTACT OUR OFFICE FOR THE FORMS AT 800-636-7046
Reason for Selling:
Other Business Interests
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(from currently available funds)
 
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Ricky Kerns

Business Listed By:
Ricky Kerns

Midwest Business Brokers Inc.

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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.


Sponsoring Broker:
Dan Replogle, CBI, CBC, CCIM, M&AMI

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