About ready to hang it up.

[tirengolf]

I have a 9 bay store we have had since 1961 . Going strong after my 45 years guys I am getting a little worn out. I am 61 would love to work to 66. The question I have is how can I advertise this business without all my employees going crazy. I know there are a lot of people coming to Florida it is booming. Anyone got any idea how to advertise it in other towns and cities. Thanks DM 

[Obsidian Motors]

The site below is a good option for you. Features all sorts of businesses that are available for sale. Nationwide too. Plenty of auto repair shops.

bizbuysell.com

Edited January 23, 2022 by Obsidian Motors

[CTC]

Be careful unless you list yourself!  Ask around on the value, based on loan values.

[dstremski]

I used a local industrial / commercial broker with 6 month contract and no local MLS listings or signs on property. They had a good track record in type sales and networking. They will list on sites like loop net. So its possible an internet search of address would show listing. I listed in Aug 21' , signed contract Jan 22', closing set April 1st.  In my case 52 years in business enjoy the shop, done with large blue city. I was able to tell my employees after signing contract. The buyers have interest in retaining employees which makes the process a bit easier.  Though heads up, two of my techs have been there 43 and 31 years it was tough to have the conversation.

 

[rpllib]

If you have any internal candidates that may be the next owner, then Bob Ward could offer insight/assistance. https://www.perpetualbusiness.co/  Search on his business and name. He has a lot of resources for shop owners looking to transition

If looking for an outside buyer, You would also find value in a conversation Art Blumenthal. https://art-blumenthal.com/   Again lots of great resources with a simple search. 

Both these guys are passionate about helping auto shop owners. 

I also agree with dstremski. Local commercial brokers have been successful and discrete. 

Best of Luck 

 

 

[Transmission Repair]

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[CTC]

On 3/11/2022 at 9:02 PM, Transmission Repair said:

I sold my business in 2015 and leased the real estate to the buyer for $11K/mo. on a 10-year lease and I paid property taxes.  I guess you could call it "Double Net".  I was 60 years old at the time.  Like Joe M. said, it's not enough to retire on because I was still in 7 years deep on a 10-year owner financed purchase.  Long story made short, the business dropped 2/3rds and the buyer skipped out after 5 years.  We were able to get an $85K judgement against him but we can't collect it.  Where we made our retirement was selling the real estate for $2.3M in 2020 to a plumbing company with a fleet of 40 trucks.  We carried the paper on it for $9,600 on a 30 year note.  5 months later the plumber sells his business and the buyer paid the whole mortgage off.  We didn't have a prepayment penalty clause in the contract.  Silly me.  $400K in state and federal income tax instead of paying just a little bit each year.  Be very careful when you sell.

Very good insight, not many of us would include the prepayment penalty. That is rough!

[Transmission Repair]

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[bantar]

Off topic, but this comedy sketch mirrors your bathroom door sign.   The real question is does this still apply in retirement?