Turn Key Music Go Round For Sale in Minnetonka, MN!

Hopkins, MN (Hennepin County)

Turn Key Profitable Music Go Round For Sale!
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Asking Price: $320,000

Cash Flow: N/A

Gross Revenue: $607,940

EBITDA: N/A

FF&E: N/A

Inventory: $155,352

Rent: $6,196.20 /Month

Established: 2016

Turn Key Music Go Round For Sale in Minnetonka, MN!

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Business Description

This is a great opportunity to own a turn key and profitable business with a lot of upside potential. This is a dream for music lovers and entrepreneurs a like. The current owner has done a great job with online sales which have contributed to the bottom line. There is room to grow with enhanced efforts in marketing!

Our Music Go Round brand has occupied a unique space in this $8 billion dollar industry where musicians can not only buy high-quality, used equipment, but also sell the gear they aren't using anymore and get paid on the spot. From beginners looking for an affordable first instrument to seasoned pros looking for the latest find among our unique and ever-changing inventory, musicians everywhere have come to rely on Music Go Round for all their new and used instrument and equipment needs!

Music Go Round Minnetonka is your ultimate used gear resource—we buy used musical instruments all day, every day. We understand the value of your instruments and make it easy for you to sell or trade. Bring your used music gear, such as guitars, drums, amps, bass guitars and pro-sound equipment into a Music Go Round near you—we’ll pay you $$$ on the spot—and you take home that must-have piece to your collection.

Detailed Information

Inventory:
Included in asking price
Real Estate:
Leased
Building SF:
3,136
Lease Expiration:
8/8/2021
Employees:
5
Facilities:
The location of the business provides very good traffic including being immediately adjacent to a Play It Again Sports. In addition, a newly opened dance studio, as well as a large planet fitness and Lunds/Byerlys provide after daytime hours customer base. The building has recently undergone an ownership change and it appears the new owner is interested in making upgrades to the facade, parking lot and signage. The property is well-maintained. The Music Go Round space was completely remodeled prior to its opening and has all new fixtures, carpet, new ADA bathroom, commercial LED lighting throughout, a surplus of back room space, recent technology, and a very-unique multi-floor layout, The lease terms were well negotiated based on the market at the time. The initial leas was 5 years with an option to extend up to 2 additional 5 year periods.
Competition:
There is a very active music scene in the Twin Cities and this store is uniquely positioned on the west side where there are small number of competitors. The existing Music Go Round locations have helped educate musicians on the buying and selling process, which is a pro, but a con is that they also act as competitors at times if there happens to be a piece someone wants at another store and they are interested in a trade.
Growth & Expansion:
Over the last two years two independent music stores have closed on the west side of the twin cities. MGR Minnetonka continues to see uptick in traffic of previous customer expansion based on the lack of competition on the west side of the Twin Cities. Up to this point, no significant effort has been put into partnering with public or private schools as well as music focused schools. With targeted effort, there would be expansion of a customer base and repeat business based on this. An investment in additional used inventory would expand and drive gear trades. The sales of this store have been increasing organically over the last two years but with more focus on marketing and and taking on more of an owner operator model would also enhance profitability.
Support & Training:
Winmark makes it a priority to start training our franchisees as soon as they sign their franchise agreement. With over 75 hours of classroom and in-store training on topics such as employee management, merchandising, store operations, and customer service, you’ll gain the knowledge you’ll need to launch your new store or acquire an existing location.
Reason for Selling:
Focus on other opportunities
Franchise:
This business is an established franchise
Business Website:
http://www.musicgoround.com/locations/minnetonka-mn
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Business Listed By:
Cat Eckstaedt

Winmark Corporation

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