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Overview

Building Materials and Hardware Stores

Home Storage and Organization Products and Installation

Price: $171,888

Listing ID: WORKSPACE3

Year Established: 2006

Annual Sales: $240,243

Seller Discretionary Earnings: $62,214

SDE Multiple: 2.8x

SDE Margin 25.9%

Days & Hours of Operation: M – F 8 – 5. Showroom by Appointment

Full-time Employees: 5

Reason For Sale: True Retirement

Limited Seller Financing: Seller is open to negotiating a portion of the financing to the right Buyer.

Listing Status: Active


Summary

Description:

WORKSPACE3 is the residential division of WORKSPACE1 and is being offered apart or in combination with WORKSPACE2, the company's commercial division.

Originally specializing in residential garage upfits by installing decorative epoxy floor systems, specialty garage cabinetry, wall organization systems, and overhead storage, the residential division was expanded to closets and other general in-home storage applications.

Today, the residential division designs, supplies, and installs a wide range of high-quality products for residential garages (including workshops), home office spaces, attics, sheds, laundry/mudrooms, and closets. that improve workspace, storage, organization, and environmental comfort in clients' homes and light commercial businesses locally as well as nationally and online.

In addition to selling stock, semi-stock, and fully custom cabinets, work surfaces, and shelving, they also install the highest quality epoxy floor coating solutions in a wide range of different colors and textures.

The company also installs large format retractable screens for man doors, garage doors, porches, patios, and other spaces with other retractable solutions in the product mix.

The unique product mix, vendor redundancy, distribution capabilities, installation, and service lines provide the owners with a diverse, high-margin income stream.

Over the past three years, the residential division comprised on average 29% of gross sales with a net operating profit of 47%.

The owners have historically divided their time between the commercial and residential divisions, with the majority being dedicated to commercial operations.

A full-time effort on behalf of the residential market could significantly grow an already well-established brand and profitable business in the thriving local market.

Historical Summary:

Formed in January 2006, the company is comprised of a commercial and a residential division.   As the owners move towards retirement, they are offering the business for acquisition as is or separated into its residential or commercial divisions to include all vehicles, tools, inventory, collateral, and goodwill associated with its operations.  

The company is headquartered in New Bern, NC, and maintains a showroom, workshop, and warehouse in leased space.  The typical service area is a radius of approximately 50 miles.  

Competition:

This business provides a complimentary range of products, installation and service that is difficult to match which has resulted in sales to clients across the country. A true "one stop shop" for most projects short only of electrical and plumbing when required.

Growth & Expansion Opportunities:

The business is well positioned for growth having the tools/equipment and tow vehicle/trailer to double capacity. A new energetic owner could choose to increase the number of products even further, undertake marketing in a larger geographic area, and/or increase participation in tradeshows and home shows. The new owner could also open a retail showroom location selling accessories and complete installations direct-to-consumer. Online expansion is also possible.

Owner Qualifications:

Buyer should possess general business skills and be comfortable with basic design and installation techniques. Familiarity with general accounting, marketing, human resources, client management and sales a plus or can be hired in.

Support & Training:

Seller will provide 80 hours of transition assistance included in the purchase price.

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Steve Zimmerman, CBI

Senior Broker – Raleigh, NC

Cell: (650) 823-6174


Contact Listing Broker

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Real Estate Transaction Handled by

2009 Caminos Drive, Raleigh, NC 27607

Real estate agent's disclosure Form

Location: Coastal North Carolina

Real-Estate: Leased

Facilities Type: Commercial Center

Monthly Rent: $1,500

Building Square Feet: 1,500

Facilities Description:

The business operates out of leased commercial space with good signage and frontage on a major thoroughfare with adequate parking. Within the facility are multiple showrooms that display many of the available products, colors and finishes available. There is also a workshop and warehouse for staging and preparing jobs for delivery and installation. Seller has extended the lease through September of 2024. The Buyer will negotiate a new lease with the landlord.
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