Excellent business opportunity to own this successful Hair Salon in a prime area of Morris County, Northern New Jersey. The business has multiple hair stylist who will remain post closing which represents seventy five percent of the gross income. The salon is fully modernized with an attractive professional appearance. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a 40 % investment return to the owner operator prior to debt service. This industry requires New Jersey state licensing approval to operate. This is a fully equipped retail facility which consist of 1,455 square feet with a modern attractive professional appearance. The business is located on an active commercial avenue with other successful retail businesses which attract various shoppers. This business opportunity is located in Northern New Jersey, Morris County, which consists of various highly populated affluent communities. This particular business has one employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $2,800. The business has an assignable commercial lease which expires 2020-01-01 plus additional options, with a monthly rent of $3,500 and rent security $3,550. The business is located in a free stranding facility which consists of 1,455 square feet and a capacity for approximately fifteen customers. The business assets have an estimated value of $65,000, consists of a fully equipped commercial retail operation which includes specialized chairs, sinks, displays, shelving, POS system, tables, computers, software including all the necessary equipment to maintain the day to day business operation and a list of assets will be supplied to purchaser upon request. The facility has appropriate municipal parking near to the business. The business is active five days per week, closed Sunday and Monday, with hours from 9:30 am to 6:00 / 8:00 pm. The sale includes a certificate of occupancy from the particular municipality, state license, and the required city licenses to conduct its day to day business. The seller / owner will remain post-closing in order to supply an appropriate transitional period to the new operator. Also if available to purchaser the seller will remain as a part-time employee. The present owner is retiring from the industry after many successful years. The new owner can further develop the salon with a web site, an improved marketing plan and additional operators. We are unaware of any new salons for this particular area and the owner has agreed to supply an appropriate non-compete agreement to the purchaser. The 2014 yearly gross income is $447,770 and the business has a yearly net income of $70,000 based on an owner operator and prior to debt service. The business has been valued at $159,900 based on a multiple of the net yearly income and the value of the specific business assets and seller financing has been approved to a qualified buyer with an appropriate down payment, collateral and credit rating. Please do not disturb business, this sale is absolutely confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this particular business.
Asking Price $159,900
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