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Busy Upscale Hair Salon
North CarolinaListing DetailsOffice ID: HAIR5
Status: Sold
Listing Broker: George Bradbury
Listing Price: $80,000
Gross Revenue: $300,000
Cash Flow: $40,000
12 Month Forecast: $350,000
Forecasted Cash Flow: $60,000
Inventory: $5,000
Inventory Included: No
FF&E: $45,000
FF&E Included: Yes
Real Estate Included: No
Sales Structure: Asset Sale
Seller Financing: Yes
Financing/Terms:
Seller will provide SBA required component of financing.
Reason for Sale:
Owner has health issues.
Training:
Seller will provide up to 80 hours of transition support within the first 3 months after closing.
OperationsYear Established: 2010
Form of Ownership: LLC
Employees (full-time): 4
Employees (part-time): 1
Employees (contractors): 8
Managers: 1
Business Hours: Tues-Thurs 10-7 Sat 10-4
Summary
Business Description:
This business salon is a full-service up-scale salon and spa offering clients a boutique experience they’ve come to expect. Located in Wake County, the current owner expanded the space few years ago and recently upgraded the equipment. There are 12 stations with experienced stylists. The business is set up as mix booth-rent and commission facility. Most staff have been with this salon multiple years and they in turn have a loyal following. This salon has 8 booth rentals and 4 commission booths. This salon has a well-established, loyal clientele in a very high growth area. This salon has it all featuring a delightful decor servicing high end clients yet comfortable and inviting. This salon has an excellent reputation and a stellar on line presence.
Historical Summary:
Salon was opened 6 years ago, the space was expanded 3 years ago. The salon has grown consistently over the years and has a stable staff of 13.
Owner Qualifications:
Buyer being an experienced hair stylist and enjoy working with people a plus.
Competition:
In the area there is a Sport Clips (men & boys cuts only) and two small hair salons within 2-3 miles.
Potential Growth:
Currently spending $100 per month on Google and Yelp. More advertising in local paper and mailers could increase traffic. - With increasing the number commission stylist and reducing the number of Booth Rent stylist (fix weekly rent) there would be a potential of making more income as the commission stylists business increases. - Either convert the Manicure & Pedicure (Not currently used) area to addition hair stations or again offer nail services on the salon menu.
LocationType of Location: Strip Center
Lease Expires: Mar 31, 2018
Option: Should be new lease
Lease Security: $2,300
Monthly Rent: $3,715
Monthly Common Area Maintenance: $1,039
Square Footage: 2300
Facilities:
Located in a small strip center built 6 years ago this hair salon was the first tenant. The center is fully rented. The interior looks brand new and has been well maintained.
Last Updated: Dec 8, 2016 / 2:20 PM
Financial Information Current as of: Aug 17, 2016 / 3:28 PM