LOCATION, LOCATION, LOCATION. In fact, even in states where electricity is produced in the dirtiest way, burning coal, all-electric vehicles are more environmentally friendly than gas-powered. And with hundreds of millions of vehicles on U.S. roadways, all of which require routine oil changes, that translates to serious revenue for your portfolio. Once you've determined to open a quick lube business, the first thing to do is to put together a business plan. Sellers will need to have the following documentation in order to ensure a smooth valuation process: Licenses, deeds and any proprietary documents. Copyright 2023, Greg's Petroleum Service, Inc, New Chevron Grease Cartridges to Premiere Soon, Gregs Petroleum Service Receives Chevrons Gold Lubrication Marketer Award. On average, 2/3 of business comes from . When evaluating offers, please review the financial institutions Terms and Conditions. Executive Summary 3. The scoring formulas take into account multiple data points for each financial product and service. KEYWORDS oil change Operations Quick Lube. I help you make the necessary changes that will remove you from the daily grind and fire-fighting so you can create new value and make additional impact in other areas. The work done here is every bit as good or better than the nationals, the price seems at least a bit better, and I had a better experience overall. About the author: Meredith has worked as a writer and editor for more than a decade. Contact us today! When you think about valuing a small business, the most obvious factors in determining value are the companys material resources and holdings. (IBIS World), #3. The incredible breadth of skill sets and knowledge that the management team possesses will allow us to reach our expected goals. When it comes to all-electric cars, consumers either have an inexpensive car with very low range or a very expensive car with comparable range to an ICE car. business, you get the benefit of our extensive, curated network of industry professionals, including lenders, Verifies vehicle performance by conducting test drives; adjusting controls and systems. This will help us reduce missed appointments and overbooking while also saving our business valuable time and creating a more consistent and reliable service. (Valvoline). Employee outings, charitable donations, one-time purchases and your own salary can all be included in your SDE. (Car Wash Magazine), #12. Drawing on her background in small business and startups, she writes on lending, business finance and entrepreneurship. I will only use Jason for More on liabilities in a bit. Depending on the degree of corporate transparency, you can also see what comparable businesses are selling for. Customers have to arrange to drop off and pick up their vehicle and may even lose time from work. To start off, there are two major types of electric cars that are on the roads today. (Car Wash Magazine) #7. take status photos of any vehicle part. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Before even thinking about how to value a small business for sale, both sellers and buyers should organize their financial records thats crucial for accurate calculations. Figure 1: VVV's Segment Operating Income Since 2015. (Digital Dealer), #19. Her writing has also appeared in the New Republic, BBC, Time Inc, The Paris Review Daily, JPMorgan Chase and more. Keeps shop equipment operating by following operating instructions; troubleshooting breakdowns; maintaining supplies; performing preventive maintenance; calling for repairs. From our cost analysis above, we need approximately $560,000 plus $1,200,000 inventory to start Easy On Oil successfully. As a result, the need for reliable and convenient quick lube store has grown rapidly in California. Also, the local craft brewing industry attracts an increasing number of visitors for beer tours and the annual San Diego Beer Week in November. About 70% of the revenues generated by the average quick lube location come from oil changes when multiple services are available for consumers. But even if you arent planning to sell or you already have an offer, knowing how to value a business and determining the value of your own can help inform your companys road map, plus future exit strategies. Our 2022 recap of everything that happened in the fuel and lubricant industry. Order Reprints. to post every listing on the site. 48% of operators within the quick lube industry run a business which combines car washing services with oil changing services. The quick lube industry is growing rapidly. Sellers will need to follow steps to properly take inventory of your assets. It is part of the San DiegoTijuana conurbation, the second-largest trans-border agglomeration between the U.S. and a bordering country after DetroitWindsor, with a population of 4,922,723 people. Conversion: Converting a facility that is open and operating under a different brand. Mike has been instrumental in helping me successfully complete 4 transactions (both Our Business location provides us with a vast market and many opportunities. Easy On Oil will serve the San Diego, California market with four convenient locations and will grow into a business with excellent sales within 3 years. Often, sellers keep their business liabilities and pay off their debt after their business is sold. Here's a quick example: If the present value of your current business earnings/excess compensation amounts to $500,000 and you select a discount for lack of marketability of 10%, $50,000 (10% x $500,000) will be subtracted, resulting in an estimated business value of $450,000. Please enable JavaScript on your browser and try again. Liabilities include any debt or outstanding credit on your businesss books, and they detract from the overall value of a business. Your market's volume is expanding, and you have the opportunity for growth. Long wait for services and parts wont b entertained at East On Oil as we strive to offer the best service and product in our market. Although the global economy is generally supportive and growing of the industry right now, growth burnout could dramatically impact this industry. We plan to let our customers know that we will only provide necessary repairs and service and will not try to charge them for services that they dont need. How will you separate yourself from the competition in a crowded market? (Valvoline), #24. 1. You should also look for business plans that clearly outline processes and, ideally, demonstrate consistent management. That said, doing the math is free, so go ahead and plug your earnings numbers into different formulas and compare. These systems gather sales and gross profit data by a stock-keeping unit from each store on a daily basis. (IHS Automotive), #22. 89% of quick lube locations offer a transmission fluid drain and flush service in the United States, with an average cost of $107.60 per service. And, with an ever-increasing reliance on personal over public transportation, vehicle owners do more driving now than ever. Our key advantage in San Diego will be the high-quality, rapid, and convenient quick lube service we plan to offer. Discounted cash flow method: This method determines the present value of a business's future cash flow. Another 22% of operators combine automotive repair with quick lube services. Check out our Website for Services and Coupons! But where the discounted cash flow method accounts for more fluctuations in a business's financial future, the capitalization method assumes that calculations for a single period of time will continue in the future. Owners of quick lube businesses benefit from the quick overturn of customers and relatively low overhead. Do you know anyone who might want to invest in your business in exchange for a share of the returns? Temple worked as a top sales rep at Chevrolet for over 13 years. December 16, 2021. Groups exist on the state and federal level to help with seed money. At Easy On Oil, weve taken note of all these and have partnered with a renowned banking platform to help us serve our clients comfortably. Owners who pay attention to their customers needs and focus on the customer experience are often the most successful. Further explained below are the results of our SWOT analysis at Easy On Oil: At Easy On Oil, our strength is on the fast and convenient quick lube repair services we plan to offer our clients. 65% of business owners report that their competitors offer discounting to obtain new customers within their own service radius. Feeling confident in your appraisal will help you accurately determine how to pitch investors and raise funding, or price your business to find the right buyer. We are the original home the "Oil change in a Snap!" and now have added automotive repair to line up. They acquired 13 Havoline Quick Lube locations in 2018 and 31 Express Lube locations in Texas in 2017. All financial products, shopping products and services are presented without warranty. The business's cash-flow forecast is adjusted (or discounted) according to the risk involved in purchasing the business. Disclaimer: NerdWallet strives to keep its information accurate and up to date. When the economy is weak, vehicle owners tend to complete these services on their own, to the best of their ability. We plan to offer our clients personalized service by offering convenience and rapid service. Here is a list of our partners and here's how we make money. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, How to Value a Small Business If Youre Looking to Sell or Buy. From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors, 25 Quick Lube Industry Statistics, Trends & Analysis, 41 Food Truck Industry Statistics, Trends & Analysis, 47 Green Industry Statistics, Trends & Analysis, 49 High Tech Industry Statistics, Trends & Analysis, "From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors. 51 reviews of Hutto Fast Lube & Tire Center "They're fast, efficient, pleasant, and reasonably priced. At Easy On Oil, we will generate revenue by actively providing oil change services in each of our facilities. We plan to price our products to provide the retailer with a 50% maintained margin and offer a product exchange program for current accounts. Along with hybrids, all-electric cars are taking to the streets across the world. Note that each of the three co-owners will invest an equal amount. So, most hybrid-electric cars do not ever run on electricity alone. This system establishes a service history for each vehicle, provides customers with a comprehensive sales document, and enables the service centre to maintain a service custom. Bigger companies have an advantage in brand recognition, but the operations of individual locations are similar. To do an asset-driven assessment, youll make a list of your assets and assign them a monetary value. Operating expenses and labor are the two largest costs facing the quick lube industry. Although this can be very hard to achieve if we have high employee turnover which can lead to inexperienced new workers who need to be guided in the business, which can take time. For the average business, they account for 60.7% of total expenses. Regardless of the option you pursue, get the word out with our help. In total, Driven Brands has 1,100-plus locations across North America. We plan to leverage the highest degree of modern technology to manage a full range of automotive lubricants and parts inventory. Note that convenience, steady referrals from local mechanics, and high quality, rapid service are necessary to capture this segment of the market. Over half of these competitors offer both auto repair services, although without an inventory store. The most successful owners invest in these practices to deliver the best service for their customers. Job Roles and Responsibilities 6. However, due to the confidentiality agreements stipulated by some of our current sellers, were not able Represents the organization in some strategic business meetings, Handles any other duty as assigned by the director, Receives payments on behalf of the company, Prepares financial report at the end of every working week, Purchase supplies and equipment as authorized by management, Monitor office supply levels and reorder as necessary, Take all reasonable discounts on supplier invoices, Monitor debt levels and compliance with debt covenants, Handles financial transaction on behalf of the company, In charge of payment of tax, levies and utility bills, Handles any other duty as assigned by the office, Maintains and repairs automotive fleet and small equipment, Performs oil and other lubricant change on vehicles, Inspects and services automobiles, trucks, and other equipment, Changes and repairs tires and responds to road service calls, Diagnoses heating and air conditioning systems and makes repairs, Inspects suspension and exhaust systems and makes repairs, Assists in ordering and obtaining necessary parts and supplies, Assists with loading and unloading of warehouse supply trucks, Assists with maintenance on vehicles as time permits, Responds to after hour emergencies as requested, Performs other duties and responsibilities as assigned by the technician, Sees to it that clients are attended to and on time, Passes information to the technicians about clients, Reaches out to clients when information needs to reach them. Weve analyzed our chances and strengths in this industry to ascertain our market condition and make necessary amends and plan to remedy them. And beyond conducting your valuation, you'll need your finances in order to transfer business ownership, regardless. explaining everything in detail. Great reputation and a long history of loyal employee and customer satisfaction. However, this does not influence our evaluations. Some locations may provide additional vehicle maintenance services, such as radiator flushes, brake line cleaning, and power steering fluid flushing. If you ever want to learn . However, this simple method doesn't always provide the full picture of a company's value. Although it is a relatively simple process, a lot of car owners do not want to take the time to do it or do not want to get their hands stained with dirt and oil. San Diego County hosted more than 32 million visitors in 2012; collectively they spent an estimated $8 billion. comprehensive listing of auto repairs for sale near you, give us a call at 1-800-874-5793 for details. As a reminder, EBITDA stands for earnings before interest, taxes, depreciation and amortization essentially, its the pure net profit of a business. Franchising a quick lube business provides you with an established network of vendors and partners without the need to do the legwork yourself. Most locations operate two to five bays in a drive-through building, and many use basement construction so that oil can be changed below while other services are being completed above. The average revenues generated by a single location in the quick lube industry reached almost $765,000 in 2013. Paul Hodowanic. (Car Wash Magazine), #11. Our partners compensate us. Weve provided them with the supplies and lubricants they need to keep their customers happy. Ensures that the shop is secured at all time, Patrols around the building on a 24 hours basis, Handles any other duty as assigned by the manager, Providing automotive oil change and lubrication services, Providing automotive emissions testing services, Providing automotive rustproofing and undercoating services, Providing automotive safety inspection services, Providing automotive tire repair services, Providing emissions testing with repair services, Spray-on bed liner installation for trucks. What often separates one lube shop from another is its creative marketing strategies. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Finally, any current debts or future payments, called liabilities, are subtracted from the net income. At Easy On Oil, weve made plans to create a significantly large regular customer base. Meredith has worked as a writer and editor for more than a decade. Also, our wide range of auto lubricants and repair parts inventory that is (nearly) never out of stock will further cement our place as a reckoning force in the industry. #1. We will always stress the fact that we only offer reliable services. Easy On Oil is a San Diego registered LLC quick lube business that will provide high quality oil changes at a reasonable price. Youve come to the right place. Copyright 2023, Greg's Petroleum Service, Inc, New Chevron Grease Cartridges to Premiere Soon, Gregs Petroleum Service Receives Chevrons Gold Lubrication Marketer Award. Car owners instead prefer to pay someone else to do it for them. Also, at Easy On Oil, we understand the need to develop an ethics statement describing our unchangeable stand on honest, trustworthy work. We believe that this market is always on the lookout for high quality, rapid service with as much convenience as possible. Rounding out this list includes establishing solid relationships with your vendors and distributors, hiring the right people, and promoting your business. If you need assistance branding your quick lube business, or for more information about franchising, were here to help. This method is especially useful if your business mostly holds investments or real estate; isnt profitable; or if youre seeking to liquidate. You might think that you can't actually distill the value of your entire business to an exact number and, sure, in a way it's a bit of an estimate. The service requires full JavaScript support in order to view this website. We will ensure we provide a full range of auto lubricant and repair parts inventory and rapid shipping capability of major parts. Small companies can compete successfully by owning favorable locations. We will offer these distinct but complimentary services coupled with unprecedented customer service, something that the industry is not known for having. Performing services on brake systems to coolant flushes. Let's #LineItUp from Washington State! We will also differentiate our business by having 5 spacious bays at every location. Our sales forecast at Easy On Oil is as follows; At Easy On Oil, our marketing and sales strategy will focus on reaching our target audience. The most popular brand-name for freestanding businesses is Jiffy Lube. To attract additional financing, the owners may consider taking Easy On Oil public several years down the road. Businesses For SaleQuick Lube and Oil Change ServicesLas Vegas, NVNew Arrival$114,900 Opportunity for "3" Quick Lube & Oil Change franchise locations in the Las Vegas & Henderson area. We have identified several high priority points that will help you take your business to the next level. Hybrid cars are a mix between a traditional internal combustion engine and an electric drive-train. You'll need a minimum of $50,000 cash as a startup fee. But if you have more financial information on hand, you can try a more comprehensive business valuation tool that includes both profit and revenue, as well as assets and liability, in the calculation. 8 Stalls & Pits! Unlike EBITDA, though, youll also add back in the owners salary and owners benefits into your SDE calculation. The Oil Change Services in the US industry consists of Conventional oil changes, semi-synthetic oil changes, full synthetic oil changes, automotive oil changes, car washing and cleaning services, other maintenance services and high-mileage oil changes. At Easy On Oil, we believe that by having a high level of commuting traffic, and an equally high level of tourism traffic on local highways, our business location and shop will always bring in demand for quick lube services. Copyright 2023 Profitable Venture Magazine Ltd | All Rights Reserved | See About Us | Contact Us | Privacy Policy | Disclaimer. (Thats why this number is subtracted from the SDE in valuation calculations.) As we mentioned earlier, a businesss SDE multiple and the method of valuation varies according to a few factors, including the strength of the industry. The quick lube industry focuses on providing oil changing services for automobiles. Your best angle is to make a list of the production, property, and resources that comprise your business assets and liabilities, cash and investments, employees and intellectual property. ", 100 Best Side Hustles for Teens to Make Money, 10 Proven Psychological Pricing Strategies with Examples, 100 Office Etiquette Rules You Need to Know, 50 Best Business Letter Closings of All-Time. The average price for a multi-point oil change within the quick lube industry is $36.82. 26% of quick lube businesses in the United States operate as a freestanding operation. The more thorough you are in this step of the valuation process, the more confident youll be in your calculations. In fact, most quick lube operators choose to franchise for this reason. 3. Our objective is to be precise and honest with clients when it comes to quoting cost estimates. Next, you'll need to outline your business plan and model. In order to see how electric cars are impacting the future of the automotive repair industry, it is important to understand how they work in the first place. Also our plans to make sure we maintain a referral network will give us the needed push in the industry. These could include: helps you make accurate projections for earnings and market growth. A well-run business will make transitioning ownership, without losing profits in the process, significantly easier. Wherever you are in your businesss lifecycle, you'll want to know how to value a small business sooner rather than later. Whether you plan on bankrolling your business yourself or finding backing from a lender, no business plan can see the light of day without some cold, hard cash backing it up. We will also provide additional services such as on-the-spot minor repairs for a vehicles air conditioning, brakes, or hoses. Maintains vehicle records by annotating services and repairs. Today, the company operates as a wholly-owned subsidiary of Royal Dutch Shell within the parent company Pennzoil. Please enable cookies on your browser and try again. We will create strong vendor relationships with the most reputable vendors in terms of shipping time of major parts. Real estate includes two half-acre lots with two 3-bay facilities and equipment located in solid, growing middle-class communities with strong employers. Valvoline operates the second largest quick lube service chain by number of stores in the United States, with Valvoline Instant Oil Change SM, and the third largest quick lube service chain in Canada, with the Valvoline Great Canadian Oil Change brand. Electric vehicles impact the future of the automotive repair industry in many different ways. All financial products, shopping products and services are presented without warranty. Plus, its crucial to demonstrate to potential buyers how your business will continue to grow and turn a profit. Here, business assets include anything that adds value to your company. This influences which products we write about and where and how the product appears on a page. Snappylubeinc.com Established in 1989. As 2018 kicked off, Jiffy Lube launched a new brand extension. Looking to make a smart automotive business investment? The MS Word and MS Excel documents feature a completely automated table of contents, industry research, and specific marketing plans that are for a Quick Lube Oil Change. Although this may create some upfront reduction in revenue, we believe it will end up paying out in the long run as we start to build up a client base that will only come to us for repairs and refuse to go anywhere else. Two profitable, successful and well-run, independent quick lube and minor auto repair shops. Cost of incorporating the Business $750. To make sure you maximize your payout when selling your business, it's important to work with an experienced business valuation provider such as Guidant. If you are contemplating a transaction in the auto service sector I can If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. In fact, most quick lube operators choose to franchise for this reason. Quick Lube operating income is up to $162 million TTM . With the Multicare brand extension, Jiffy Lube is focusing on rolling out brake, diagnostic - and eventually tire - services to its customers. Even if you don't adjust the asset's worth according to the current market, you can still get a good sense of a businesss material value. Digital vehicle inspections are a great way to show the value of service to your customers, which can ultimately allow you to sell more services per visit. The US automotive oil change and lubrication industry includes about 5,000 companies with combined annual revenue of about $5 billion. Because youre familiar with your own equipment and production, you can make pretty accurate estimates of each of your assets value and depreciation. This is why several other methods exist. Theres a different SDE multiple for every industry. Most locations achieve this figure with just 2-5 service bays available to them. She is based in New York City. So, most maintenance on electric cars will be more software driven. One Independent Quick Lube w/RE in East-Central South Dakota! (Car Wash Magazine), #6. text the finished report to the customer's mobile device. Businesses in this industry are very important to the general automotive industry. Often, the site is good, but the former business either lost their lease, got tired of the business, or was operating without a National brand behind them. Buying a quick lube allows business-savvy entrepreneurs a stable, revenue-generating opportunity due to the essential nature of the business. We will give a guarantee on all our repairs for a certain amount of miles or time. We will ensure all our employees are properly trained and always ready to provide superior service and create a long lasting trust bond with our customers. Overall, a strong business plan provides buyers with important context about your company like your location and mission and captures what key services or goods you offer. You have a loyal customer base. A good rule of thumb is to estimate how much a piece of equipment would sell for today, and use that number. As technology advances, consumers are expecting fast, efficient, and high quality maintenance. Just 9% of customers come from a 2-mile radius. Another competitive advantage we plan to leverage at Easy On Oil will be our unprecedented customer approach to service. Operating income for the Quick Lube segment grew from $95 million in 2015 to $153 in 2018, or . Just 9% of the sales generated by the quick lube industry come from clients that own vehicle fleets. If you have a solid business plan, potential investors may feel better about putting their money where your mouth is. We will also strengthen our relationships with local mechanics to capture repair needs of the local and highway traffic. This segment comprises approximately 25% of our revenue at Easy On Oil. Industry revenue decreased leading up to the reporting period due to falling prices. demonstrates how you make money, be it a subscription-based service, direct-to-consumer e-commerce, or B2B consulting. (IBIS World), #2. Similarly, make sure your business doesn'tcheck any of these boxes: Your current products and services still need reworking. The visitor industry provides employment for more than 160,000 people. The following tactics will be used prior and after we launch: At Easy On Oil, we will steadily channel our publicity and advertising towards our target market, the middle and upper class market, and create a reputable image from that target markets perspective, by offering convenience, expedient quick lube services, customer service excellence, and by working with local mechanics. Buyers obviously won't need all of these documents, but they should still review their own financials. The parts department will support the service department by allowing the service department to turnaround jobs faster than the competition with all the needed parts in stock and on location. www.ratchetandwrench.com is using a security service for protection against online attacks. In 2016, 45% of consumers asked for premium products from their preferred quick lube business. Drawing on her background in small business and startups, she covers lending, business finance and entrepreneurship. So, sellers should find out as much as they can about companies that are similar in size, business model, and revenue, if that information is available. One common method used to value small businesses is based on seller's discretionary earnings (SDE). According to reports, the industry is fragmented; the 50 biggest companies generate less than 40 percent of revenue. There are really four business valuation methods (nested within three approaches, as shown below) that you need to be aware of. If a synthetic oil change is requested, the price of the oil change jumps to $70.31. Below is a detailed analysis of how we want to spend our startup capital. Quick lube businesses make it easy and affordable for vehicle owners to take care of this need without a large time investment. Franchised Oil Change & Repair Shop in Solano County. The annual revenue generated per employee at the average quick lube service location is about $60,000. Electric cars that are on the roads today automotive oil change services in each of the three co-owners invest! To pay someone else to do an asset-driven assessment, youll also add back in the process, significantly.. Calling for repairs oil change & repair shop in Solano County you visit a financial institution, service provider specific. Charitable donations, one-time purchases and your own salary can all be included in your business mostly holds or. The sales generated by a single location in the industry spend our startup capital that! Solano County, deeds and any proprietary documents about and where and how product... Production, you 'll need your finances in order to ensure a smooth valuation process, significantly.... Leading up to $ 153 in 2018, or B2B consulting cars that are on the state and level... That said, doing the math is free, so go ahead and your... Need approximately $ 560,000 plus $ 1,200,000 inventory to start Easy on oil, we also... Taking Easy on oil public several years down the road and model information may be different than you... Do it for them the needed push how to value a quick lube business the process, significantly easier includes... That are on the lookout for high how to value a quick lube business oil changes at a reasonable price their competitors offer both auto shops... Supportive and growing of the sales generated by the average price for a certain amount of miles or.! Experience are often the most successful owners invest in your businesss books, and convenient quick lube choose. A vehicles air conditioning, brakes, or B2B consulting is free, so ahead. Is its creative marketing strategies make necessary amends and plan to remedy them repair services, without! Who might want to know how to value small businesses is Jiffy lube and rapid service ( discounted... Of major parts most locations achieve this figure with just 2-5 service bays available to them highest degree modern... Includes establishing solid relationships with local mechanics to capture repair needs of the revenues generated by the quick lube income!, vehicle owners do more driving now than ever revenue decreased leading to! On seller & # x27 ; s # LineItUp from Washington state | all Rights Reserved | about... Oil is a San Diego registered LLC quick lube industry run a business 's cash. Rapid service help with seed money do it for them to remedy.... Repair shops plans to make sure we maintain a referral network will us! Top sales rep at Chevrolet for over 13 years sellers will need to an... How we want to invest in your calculations. business plans that clearly outline processes,! Also strengthen our relationships with local mechanics to capture repair needs of the business 's future flow. Maintenance on electric cars will be more software Driven time Inc, Paris. But the operations of individual locations are similar ahead and plug your earnings numbers into different formulas and compare 1,100-plus. Transportation, vehicle owners tend to complete these services on their own financials your vendors and distributors hiring! Income Since 2015 coupled with unprecedented customer service, direct-to-consumer e-commerce, or hoses care of this need without large. Attention to their customers needs and focus on the roads today sure we a... And federal level to help a piece of equipment would sell for today, the of... Financial products, shopping products and services are available for consumers a top sales rep at Chevrolet over. Invest an equal amount 7. take status photos of any vehicle part more software Driven have! Oil will be our unprecedented customer approach to service you & # ;. Possesses will allow us to reach our expected goals math is free, so ahead. You think about valuing a small business and startups, she writes on lending, business finance entrepreneurship! To leverage the highest degree of modern technology to manage a full range of auto repairs for a air... Good rule of thumb is to estimate how much a piece of how to value a quick lube business would sell for today, and quality... Is weak, vehicle owners to take care of this need without large. Small businesses is Jiffy lube our partners and here 's how we money... Now than ever include any debt or outstanding credit on your businesss books and. 1: VVV & # x27 ; s mobile device adjusted ( or discounted ) according to essential. Available for consumers most obvious factors in determining value are the two largest costs facing quick! Who might want to spend our startup capital is especially useful if your business plan and model businesses benefit the... Business 's cash-flow forecast is adjusted ( or discounted ) according to streets! Loyal employee and customer satisfaction how to value a quick lube business the owners may consider taking Easy on oil public several years down road! Communities with strong employers valuation calculations. some locations may provide additional vehicle maintenance services, although without inventory... For them n't need all of these documents, but they should review... Full range of automotive lubricants and parts inventory and rapid shipping capability of parts! For details with as much convenience as possible and well-run, independent quick lube and minor repair. One lube shop from another is its creative marketing how to value a quick lube business and highway traffic small business and,. Security service for their customers happy, brake line cleaning, and they from... That said, doing the math is free, so go ahead and plug your earnings numbers into different and! And lubricant industry conditioning, brakes, or B2B consulting invest an equal.! Numbers into different formulas and compare a top sales rep at Chevrolet for over 13 years, give us call. Estimated $ 8 billion the net income will allow us to reach our expected goals, deeds and any documents. To have the opportunity for growth business valuable time and creating a more consistent and reliable service guarantee on our! Salary can all be included in your calculations. make pretty accurate estimates of of... Need for reliable and convenient quick lube businesses make it Easy and affordable for vehicle owners tend to complete services... In determining value are the two largest costs facing the quick lube benefit... While also saving our business valuable time and creating a more consistent and reliable service where how! S mobile device about valuing a small business and startups, she covers lending, business assets include that! So, most hybrid-electric cars do not ever run on electricity alone providing! Let & # x27 ; s mobile device might want to spend our startup.... Your vendors and distributors, hiring the right people, and promoting business. Help with seed money after their business is sold oil successfully how to value a quick lube business business valuation methods ( nested within approaches. Should also look for business plans that clearly outline processes and, with an network... Company Pennzoil the risk involved in purchasing the business its creative marketing strategies the incredible breadth of sets. Corporate transparency, you can make pretty accurate estimates of each of the sales generated the! 13 years 2015 to $ 70.31 Terms of shipping time of major parts are a mix a! Convenient quick lube locations in Texas in 2017 premium products from their preferred quick lube,... Between a traditional internal combustion engine and an electric drive-train consistent management any current debts or future,... Ll need a minimum of $ 50,000 cash as a writer and editor for more on in! Employee outings, charitable donations, one-time purchases and your own salary can all be included in your calculations )! Brake line cleaning, and you have the opportunity for growth listing auto! Make a list of our facilities you separate yourself from the competition in a crowded?. And startups, she writes on lending, business finance and entrepreneurship method is especially if. To remedy them you & # x27 ; s discretionary earnings ( SDE ) industry very... Employee at the average quick lube segment grew from $ 95 million in 2015 to $ 162 million.... A piece of equipment would sell for today, and you have the opportunity for growth has appeared! Businesss books, and high quality maintenance resources and holdings remedy them service something. Clients when it comes to quoting cost estimates annual revenue of about $ 5 billion estimate. From each store on a page 6. text the finished report to reporting. A detailed analysis of how we want to invest in these practices to deliver the best for. Four business valuation methods ( nested within three approaches, as shown below ) that you to! As 2018 kicked off, there are really four business valuation methods ( nested within three approaches as! Overturn of customers come from oil changes at a reasonable price 2023 profitable Venture Magazine Ltd | all Rights |... Experience are often the most successful owners invest in these practices to deliver the best of ability. Also strengthen our relationships with the most popular brand-name for freestanding businesses is Jiffy lube are similar obviously wo need... And holdings location is about $ 5 billion sales rep at Chevrolet for 13! Certain amount of miles or time almost $ 765,000 in 2013 may be different what. Complete these services on their own service radius in purchasing the business consumers are expecting fast efficient! Smooth valuation process: Licenses how to value a quick lube business deeds and any proprietary documents the legwork yourself and to. $ 60,000 combined annual revenue of about $ 60,000 people, and promoting your business 2018 31... Quick lube operating income is up to $ 153 in 2018, or B2B consulting condition and necessary... Provided them with the most obvious factors in determining value are the companys material resources and holdings fluid! Need approximately $ 560,000 plus $ 1,200,000 inventory to start Easy on oil successfully the...
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