Location: St Simon's Island, GA
Industry: Bike Shops
Listing ID: 41620189
Listing Status: Sold
This business offers a rare opportunity for the right buyer to acquire a very successful, high-end, bicycle sales and service shop and has substantial growth potential. It is located in an ideal "Low Country" setting. The owner offers two superior bicycle brands. One is high end and has been rated #1 globally. The other brand offers more affordable models that are well designed and built for style, comfort and leisure. All are accompanied with impeccable service.
The owner is a zealot in driving business success. His attention to detail, including quality, structure, and premium pricing, has resulted in consistent, attractive cash flows at high net profit margins. The seller's cash flow has been over 25% of sales in 2019, 2020, and 2021 in spite of the negative impacts of covid and logistical issues.
In 2019, the owner decided his cash flow provided him with ample income to support his lifestyle. He stopped any advertising, shut down his website, and began reducing staff. He made further reductions in 2020, going to a four-day work week. This strategy still generated the attractive 2020 and 2021 financial results, in this diminished marketing, sales and "covid" environment.
The Low Country island location has been a magnet for those "escaping" northern locations, either permanently or looking for a relaxing getaway destination. Movement has accelerated because of covid. Conde Nast Travelers ranked the Isle as 3rd "Best U.S. Island" in 2019. The bike shop is ideally situated to service the local resort and regional communities.
The business is ripe for further growth. Combining the restarting of a website and other marketing tools with selective hiring and a five-day schedule (versus four) are obvious steps a buyer can take. Reentry into the robust rental market is another option.
The ideal buyer will respect attention to detail, be mechanically savvy and/or understand bicycle performance nuances, have some business background and be financially qualified to acquire this business. The bicycles' supplier will have a "say" on the suitability of any buyer prospect to take over the marketing and sale of their brands. The owner is willing to provide support for up to 12 months under a consulting agreement.
Down Payment: $849,000
Total Sales: $1,000,000
Cash Flow: $300,000
Accounts Receivable: N/A
Non-Owner Payroll: N/A
Real Estate: N/A
Monthly Rent: N/A