Purchasing a car wash..

3 Replies

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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