I am going to meet with an owed of a car wash tomorrow. We are going to go over numbers and his asking price. He is willing to owner finance will a partial down payment. I do respect this man although I don't know him well enough to trust him, and I think a car wash would be an easy business to manipulate. Go put eight or ten dollars in quarters in it a day and it would show a nice profit to potential buyers. What kind of terms should I ask for in the contract? Should I ask for a 3 month provisional period before I give him the whole down payment? I am looking to somehow protect myself while making it lucrative for him as well..
Does the person selling the car wash drive a Pontiac Aztec? If so, the numbers may be more manipulated than you think... :-P
Ask for the last 2 years of tax returns. It may not give you the complete "picture."
There is a magazine called Car Washing, or something like that.
I used to own a detailing business, and they sent it to me ( and still do)
in it were ads for professionals who would evaluate and assist persons wanting to sell a car wash. may be a source for contact.
I also have a close friend who operated a car wash for decdes, and he may be of great value to you. CAn forward his # to you if desired.
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