Selling your express carwash or packaging multiple carwash sites together is a major endeavor, especially since you still have a business to run even while preparing for a sale. Even if you've sold a carwash before, every sale is different, and having the right support is critical to making sure you meet your goals.
There are many small tasks you need to complete before you sell, and a real estate broker or brokerage firm can help prepare you for a smooth sale. In fact, working with a broker may help you sell your sites even faster or, more importantly, help ensure you maximize your valuation! By working with a broker or brokerage firm that knows the carwash real estate market, you can sell your carwash with confidence this year!
Here are a few things to consider when you're considering selling your carwash:
GET YOUR PAPERWORK IN ORDER EARLY
Before formalizing your exit strategy, you need a clear view of what your carwash is worth and what to expect come tax season after a sale.
GATHER YOUR FINANCIALS
Carwash buyers love to see a site that has its books in order, so organize your financial, point of sale, and business records now. Accurate bookkeeping can be a major selling point, which includes summarizing potential add-backs or expenses that would be discontinued under new ownership In these cases, it might be necessary to recast your financial statements to demonstrate to potential buyers future profitability.
CONNECT WITH AN ATTORNEY
Speak with an attorney and CPA to gain more insight into how you should prepare to sell your carwash. They can ensure your business is compliant and prevent delays in your sale. By getting your paperwork in order early, an attorney and CPA can also help you put together a package that allows one to get a complete picture of the business, items that need to be addressed in order to complete a sale, and the potential valuation.
MAKE YOUR CARWASH MORE APPEALING TO BUYERS
Many buyers shopping for carwashes are looking for a profitable business they can run from day one. For prospective sellers, that means now is a great time to invest in delayed maintenance projects and improved marketing to make your carwash more appealing to buyers.
COMPLETE NECESSARY PROPERTY MAINTENANCE
No buyer buys a carwash without thoroughly inspecting the facility. If a buyer notices deferred maintenance for either the equipment or the building and improvement, they could devalue your location. As you're preparing to sell, you know where the maintenance issues are, so consider making the improvements and fixes you’ve delayed to ensure a smooth sale transaction.
INCREASE MEMBERSHIP SALES
Meanwhile, promote membership sales to present more recurring revenue to prospective buyers. While paying for marketing and advertising before a sale may seem counterintuitive, new subscriptions and recurring payments offer a huge selling point for buyers.
HIRE A BROKER TO HELP WITH THE SALE
Even with your books in order, finding the right buyer for your carwash can be tricky without the right relationships or if the process isn’t run strategically.
The right broker can help you determine an accurate valuation for your carwash, simplify the process of selling a carwash, and increase the likelihood that your carwash sells quickly to a qualified buyer for the best price. Brokers can analyze and present the information you've compiled with your attorney and CPA to create an appealing sales package with all the information buyers need. A deep understanding of how to strategically run a sales process ensures that the maximum value is realized for your business.
Brokers are most impactful when they have a network of qualified buyers and know how to strategically run a sales process. This offers a huge advantage in selling your carwash for a premium price. By working with a brokerage fir, you can customize the selling process to meet your goals, maximize your value, and ensure the sale proceeds smoothly
MAKE SELLING YOUR CARWASH EASY
Carwash real estate is a unique business, and successfully selling a carwash is often tougher than people think. But, with the right support, you can accomplish ambitious and complex goals. Whether you're looking to retire, sell a single carwash site or a portfolio of carwashes, PetroCal has you covered.
As an experienced consulting and brokerage firm, PetroCal specializes in carwash acquisitions and sales. No matter what your sales goals are, PetroCal can help you process the transaction strategically and find the right buyer to maximize value.
Take the first steps to sell your carwash today!