|Highly Profitable, Gorgeous, Bridal & Formalwear Boutique Retailer|
NCListing DetailsOffice ID: BRIDAL1
Listing Broker: Jeff Snell, M&AMI, CBI, ABI
Listing Price: $780,000
Gross Revenue: $1,108,235
Cash Flow: $208,941
Inventory Included: Yes
FF&E Included: Yes
Sales Structure: Asset Sale
Seller Financing: Yes
Financing/Terms:Seller will consider a portion of financing as required by the SBA/Commercial lender. Asking price does not include $185,000 of inventory (retail and rental) at cost due to fluctuations over the course of a year. Actual value of inventory at cost will be added to the purchase price at closing.
Minority Owned: Yes
Reason for Sale:Other interests
Training:Owner will stay for a negotiated time to ensure a seamless transition.
OperationsYear Established: 1984
Form of Ownership: S Corp
Employees (full-time): 5
Employees (part-time): 12
Business Hours: M-F: 10am - 7pm Sat: 10AM - 5PM Sun: Closed
Business Description:This established and profitable business provides formal wear for both men and women. Many designs from popular designers are available in stock to meet a wide variety of tastes and styles. The business is operated year round from a retail location in a well known shopping center. This location has one manager with three full-time and up to 4 part-time employees adjusted seasonally as demand requires. For a portion of the year the business also operates a satellite location during prom season. This location has one manager with up to 8 part-time employees. Furniture, Fixtures & Equipment include all items needed for both permanent & seasonal locations and two vehicles with wrapped advertising. The business is a member of a national co-op with benefits that include nationwide advertising, exclusive designer products, software & great network. The business draws customers from a ~150 mile radius. The business also provides performance apparel to high schools (bands, choirs, etc.) as well as uniform sales to local country clubs & catering companies. Accessories are also sold. Diversification & specialties compliment the seasonal trends. Purchase price excludes $185,000 of inventory (retail and rental) at cost. Actual value of inventory at cost will be adjusted as of closing date.
Historical Summary:When originally founded this business was part of a franchise. The franchise was dissolved and many of the former franchisees chose to join a national co-op. This locally owned business is established, clean, well run Triangle business since 1984 with exceptional 5-star reputation and solid referral and repeat business with only up to date stock for success. The business offers wedding gowns, bridesmaid and prom gowns for purchase as well as complementing designer tuxedos and suits for rent or purchase. Wedding gowns, popularly priced, retail from $500 to $3,000.
Owner Qualifications:Owner should have general management skills, a sense of fashion trends, enjoy working with people, have a basic understanding of business accounting and regulatory requirements.
Competition:There are a total of 7 stores in a 50 mile radius that serve the Raleigh, Durham marketing area of 750,000 + people with either gowns or tuxedos. The stores serve middle to upper end price ranges in all categories. Weddings are a fun & very personal business. Market diversification and specialties that compliment the seasons.
Potential Growth:• Additional store locations in Greenville serving Kinston, Goldsboro and Rocky Mount • Additional store in Wilmington serving Myrtle Beach, Jacksonville & SE NC • In house alterations • Expanded offerings within the Mothers of Bride/Groom • Additional Designers • Maids/ Bridal accessory sales • Shoe sales • Wedding planning services and seminars • Make over/make up sales • Floral/ DJ/ Photography sales • In store ad sales
LocationType of Location: Strip Center
Real Estate for Sale: Yes
Lease Expires: Sep 3, 2023
Monthly Rent: $8,309
Square Footage: 4200
Facilities:The business is located in a popular strip shopping center on a high traffic count road with ample parking in a well lit lot. The current lease for 4,200 square feet expires in 2023. The seasonal locations are in a popular indoor mall with high foot traffic on main corridors. Leases are negotiated on a year to year basis dependent upon availability and average 2,200 - 4,000 square feet. The monthly rent provided is inclusive of all rents paid averaged over 12 months.
Last Updated: Dec 18, 2017 / 11:53 AM
Financial Information Current as of: Mar 25, 2016 / 10:21 AM