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100% Passively Managed High End Barber Shop
Detail information about the listing
FF&E: N A
Inventory: N A
Growth:
Further Details: Location: Richmond, VA
Additional Details
- State:VA
- Asking Price:$550,000
- Cash Flow:N/A
- Established:1995
- Business Description:Barber Shop in High End Area HISTORY Established 1995 SALE INCLUDES $85,000 FF&E Website, social media HOURS Mon.-Fri.: 9:00 am - 7:00 pm Sat.: 8:00 am - 4:00 pm Sun.: 11:00 am - 4:00 pm LICENSE Barbershop license REASON FOR SALE LEASE 2,500 sq ft. $4,629.19 / month (8/1/2021 - 7/31/2022) $4,748.07 / month (8/1/2020 - 7/31/2023) STAFF 2 FT 1 PT 13 Barbers, all 1099 Absentee Owner GROSS SALES $1,000,000 (2021 projected) $ 895,465 (2020) $1,268,954 (2019) $1,261,034 (2108) CASH FLOW (SDE) $ 138,548 (2021 projected) $ 84,415 (2020) $ 204,894 (2019) $ 207,276 (2018) ASKING PRICE $550,000 Business is an investor's dream. It's a modern, luxurious take on the old-time, community barbershop with a deep 26-year history in Richmond. Now, after building an incredible legacy, the Seller is a 100% Absentee owner with $204,894 in Seller's Discretionary Earnings (SDE) in 2019. Business is a no time commitment, incredible cash flow business for the right investor. The Business is run by a full-time staff of 2 and 13 barbers who are independent contractors. The shop caters to men and women with haircuts, beard trims, and other hair care services. Prior to COVID-19, it offered a luxurious experience with a masseuse, manicurist, complimentary beer or wine with service and generated $1.2 million annually. In 2020, the Business generated $895,465 and $84,415 SDE with the business closed between March and May due to Covid-19. In 2020, 10% of the business came from 869 clients with an average service cost of $25.94 per visit. On average, the top 869 clients each visited the shop 11.19 times. Business is returning in 2021 with the business reaching the monthly sales goals target as of April and projected to reach $1 million revenue and $138,548 SDE by year's end. The market caters to the business professional as it is located near the Richmond area providing proximity to many in the Richmond, VA either by primary residence or work location.. The average customer at Business is mass affluent, between 30 to 50 years old and visits Business once every three weeks for a shampoo/haircut. It has diverse clientele and provides a family friendly atmosphere. Business is well-loved in the area with 5 stars on Facebook, 4.4 stars on Google, and 4 stars on Yelp. The shop is very active on social media with 1,289 followers on Instagram and 105 posts. It has 1,963 likes on Facebook and 1,328 check-ins. Area competitors charge more for similar services in smaller facilities. Key to Business's prominence is their long history in the community, competitive pricing scale, and expertly trained barbers. The Seller has done all the work of building a strong, highly profitable luxury barber shop with an expertly trained staff and a deep, well-respected history in the Richmond community. His decision to explore other business ventures is an amazing opportunity for a Buyer to step into a 100% absentee business with $200,000 cash flow. The sale includes approximately $85,000 in furniture, fixtures, and equipment, website and social media accounts, goodwill, a client list exceeding 8,000 regulars, and tremendous room for growth. An absentee owner opportunity of this nature doesn't come along often.
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