Highly profitable check cashing franchise in an urban area of Passaic County, NJ. This franchise, founded in 1977, is a pioneer in the check cashing industry. This business generates annual gross sales of $7,663,801, gross income of $179,000 and the owner can verify a consistent net income of $58,000 as an onsite owner operator. This is a clean safe industry with substantial growth potential to a motivated operator. The franchise provides check cashing services, money orders, wire transfer, bill payment, pre-paid Master Card, Lotto, Notary Public, Tax Service, and much more. This check cashing franchise consists of over 130 centers operating in dozens of states across the country. This business opportunity consists of 2 full/part time employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, or a weekly base salary, the staff is fully expected to remain post-closing, and the monthly payroll expense is approximately $2,000. The business transaction will offer an assignable commercial lease which expires 2023, plus additional options available, with a monthly rent of $2,600, cost per square foot is estimated at $22.28 and rent security of approximately $5,200. The business has been valued / priced at $125,000 which is based on the seller’s representation of a multiple of the net yearly income and includes the value of the specific business assets. The purchaser will require approximately $60,000 in working capital and franchise approval. Also, possible seller financing may be available to a qualified buyer with an appropriate down payment, collateral and credit rating. The owner has paid for the original franchise fee; purchaser is responsible for franchise transfer fee and requires approval. Please do not disturb business, this sale is confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and the photo does Not represent this particular business opportunity.
Located in Northern New Jersey Passaic County, on an active county road close to major state highways for quick access. The business has an excellent location in a commercial mall near numerous urban communities with substantial businesses which require this service. The facility is on an active commercial avenue and consists of 1,400 of square feet with private parking as part of the lease agreement. The facility has a clean professional image and specifically designed for this service.
To the best of our knowledge, due to various circumstances, no other new competitors are expected near to this business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
The business opportunity can be further expanded by the new operator by improving the existing marketing plan and the required local advertising. Additionally, the company has a limited poor non-optimized web site and if adjusted can further develop the business yearly gross sales.
Support & Training:
The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.
May be considered to a qualified buyer.
Reason For Selling:
Owner is relocating out of state.