Well-Established Owner-Absentee High Volume Check Cashing Service 001076
A well-established owner-absentee high volume check cashing business is now available for acquisition. This business was established by the previous owner in 2003 and has relocated to the current upgraded location in 2012 as the business has outgrown the space at the previous location. In April 2015, the business was acquired by the current owner. This business is occupied in a 400 SF space of a freestanding building located next to a major highway and surrounded by many retail businesses, apartment complexes, and densely populated residential neighborhoods. Currently, the customers of this business are primarily construction, service, professional and industrial workers, and many long-term customers since its inception. There are a few local convenience stores that provide check-cashing service within the immediate market area, but there is no real competition for this business as no local store has a customer base and cash reserve as large as this business. The total annual transaction amount is approximately $30 million, and revenues have been consistent at around $400,000-$425,000 with minimal overhead since the acquisition and have grown by approximately 1-2% every year without any significant losses except for the first year of the current owner's acquisition by maintaining a great relationship with the long-term loyal customers. Since check-cashing is the only service provided currently at this business, by expanding additional services such as wire transfer, bill payment, and prepaid debit card, a new owner can not only satisfy the various needs of customers but also attract more customers. This business does not have any website or social media outlet, and proactive marketing will increase business exposure through websites or social media outlets will be very effective in attracting more customers, and investing in a more secure verification software will reduce the risk of bad checks. This well-established high-volume check cashing business will be financially and operationally beneficial for an owner who could be more involved in the overall operation other than occasional weekly visits by providing additional services that would generate additional income and shopping around banks for competitive fees to save more money.
The owner of the business will provide the necessary training needed for a smooth transition into the business operation.
The business is occupied in a 400 SF space of a freestanding building located in a prime location surrounded by many retail businesses and densely populated residential areas. All of the major equipment has been well maintained and in great working condition.
There are a few local convenience stores that provide check-cashing service within the immediate market area, but there is no real competition as no local store has a customer base and cash reserve as large as this business.
As the current market is fully positioned, it is difficult for new competitors to enter the market. Since only check-cashing service is provided currently at this business, by expanding additional services such as wire transfer, bill payment, and prepaid debit card, a new owner can not only satisfy the various needs of customers but also attract more customers. Upgrading the current verification software will lead to the secured transactions for the customers. Larger road signs will benefit the business by increasing exposure. Usually, the weekends are the busiest but during the slower weekdays, a buyer may provide mobile service to those businesses which the employees get paid on the weekdays to generate an additional income.
100% down at the time of closing.