Company is a well-established business providing full-service glass repair and replacement for home, automotive and commercial storefront glass to Odessa-Midland, Texas and surrounding areas. Services are provided from a centrally located Odessa shop-office with a Midland warehouse. Services include: repair and replacement of windshields, windows, entry door glass, patio doors, shower enclosures, mirrors, tabletops, and storefronts. The company's service vehicles carry complete inventory and supplies. Generally, sales are approximately 1/3 auto glass and 2/3 flat glass. The owner typically only works 15-25 hours per week in the company.
The company was initially founded as an auto glass business in 2001 and expanded into commercial and residential flat glass in 2003. Except for a small downturn in 2015, sales have steadily increased since opening in 2001. The industry is competitive and the business has established an excellent reputation and distinguishes itself by providing reliable and responsive service (including 24-hour emergency call service with an experienced technician). The client base is very diverse with very little customer concentration. The Top 10 customers in 2015 accounted for less than 15% of total sales. The largest customer was only approximately 3.2% of sales and the business typically sells to 90--125 different customers weekly. The company experiences a high rate of repeat customers.
The business has many growth opportunities for a new, hands-on owner operator. B2B opportunities are limitless. Increasing customer demand means the business has an IMMEDIATE need to expand into a larger Midland location but the founder will leave this growth opportunity to a new owner. NOTE: This is an ideal business to obtain an E1 or E2 Visa: full-time employees and profitable income for a qualified owner-operator.
The business has good books & records and is recession-resistant. Although many businesses in the West Texas area have slowed with the drop in oil prices during the past 2 years, the Company experienced only a moderate slowdown in 2015. The business has won many national awards for outstanding sales and performance.
The asking price for the assets of the business is $1,050,000 payable as $210,000 cash down payment and $840,000 bank financing (SBA 7a for 10 years at 6% with monthly payments of approximately $11,354/mo) to a qualified buyer. The Seller will consider up to $100,000 seller-financing to a qualified buyer approved by the Seller. All financing is to be personally guaranteed. The assets include inventory at cost of $30,000, Accounts Receivables of $85,000 and FFEV (Furniture, Fixtures, Equipment and Vehicles) valued at $200,000. The price will be adjusted for actual inventory, work in process (WIP) and accounts receivables as of the sale date. The purchaser is responsible to pay any transfer fees related to the sale of the business.
Asking Price $1,050,000
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