Check Cashing Business For Sale In Lubbock Non Franchise For Sale

Business description

Check Cashing Business, NON-FRANCHISE, Asking $900,000, Net $300,000. This ABSENTEE OWNER business (current owner spends less than 1 hour per week at business), established for over 20 years, is located on a high traffic, main thoroughfare, with a densely populated, blue collar demographic surrounding the store. This store does over $22,000,000 a year in check cashing, $2,784,780 in Money orders and close to $450,000 in Western Union, and with the profitability benchmark of this industry at 1% of total gross sales, they exceed that percentage with a net income of $300,000 year in and year out. This is due in large part to the company’s minimal expenses, with a monthly rent (including utilities) of $1,500 per month and minimal payroll of approximately $800/week. The most attractive part of this business is that a new owner could continue working on other business opportunities due to the minimal time commitment involved with this store. This is an easy company to run, and is located in a safe area, as evidenced by the fact that the two current employees have each worked at this store for close to 3 years. If you have an interest in learning more about this cash cow, please call

Property information

Real Estate:

Lease

Lease terms:

utilities included

Leasehold rent:

$1,500 per annum

Location:

Located in convenience store in Lubbock, TX with approximately 240 square feet. Rent is $1,500 per month (including utilities). Located on major road, with high traffic count and great visibility and accessibility.

Size in square feet:

245

Other information

Expansion potential:

A hands on owner operator could see potential growth if they recreated their concept in similar locations, with similar demographics. The likelihood of similar success is unknown, but the potential still remains to have multiple locations across the region.

Competition / Market:

Normal competition for check cashing, but this company has carved out an exceptional niche for themselves by offering the lowest percentage charged to the customer; Half the percentage of the industry norm. Barriers to entry include licensing, working capital to cover the day to day money float, and convincing customers of other establishments to patron your store.

Support & training:

2-4 weeks as needed by seller and managers.

Reasons for selling:

moving out of area

Owner financing:

Owner financing is available. Please contact the seller for more information.

Financing available:

$600K down seller will finance balance, terms tbd depending on credit, experience, etc.

Furniture / Fixtures value:

$2,500 (included in the asking price)