A Guide to Buying a Florida Auto Cleaning Business by Patrick Archer, MBA, CBI, CM&AP | Florida M&A Advisor | Calder Associates of Florida | 305.763.4112 (Mobile) 407.499.2855 (Office)
Buying an Auto Cleaning Business in Florida
Buying an Auto Cleaning Business in Florida
Buying an Auto Cleaning Business in Florida can be a great way to take ownership of a successful business in Florida and tap into the positive demographics, population growth, median household income and other trends benefitting Florida small business owners today.
Selling an Auto Cleaning Business in Florida
If you are the owner of a successful Auto Cleaning business in Florida, now could be a great time to take advantage of these trends and the rising demand among U.S. and international buyers for great businesses for sale in Florida that are established, profitable, “essential” in the eyes of local governments, and resistant to external pressures like recessions and online retailers.
The Auto Cleaning Industry in Florida
Americans love their cars and will spend big bucks to keep them looking good. In a state like Florida with warm weather year-round, washing your car on a weekly basis is standard operating procedure. Some drivers prefer to use a self-service car wash, while others prefer full-service and luxury detailing auto spas which charge hundreds of dollars for their services.
“Many Florida drivers prefer self-service facilities, but others prefer full-service and luxury detailing auto spas.”
Many mobile detailing services in Florida also cater to owners of luxury yachts and aircraft. For business owners who want to advertise on their vehicles, there are Florida businesses that specialize in applying graphics (“wraps”) on fleet vehicles. Other auto shops offer customization services for high performance.
Skills needed for operating an Auto Cleaning Business in Florida
As in all states, the Auto Cleaning business in Florida is highly competitive, and owners of the most successful Auto Cleaning businesses have many years of experience and hundreds of satisfied customers who need their cars and trucks cleaned weekly, detailed monthly and customized annually.
“The most successful owners of Florida auto cleaning businesses have many years of experience in the sector”
Ideally, a future owner of an Auto Cleaning business in Florida would already have several years experience as an employee or owner/operator of a Auto Cleaning business in their home state or home country. Many owners of established Auto Cleaning businesses in Florida will only consider selling their business to a buyer who has a proven track record of Auto Cleaning industry experience.
Best Cities For Buying an Auto Cleaning Business in Florida
Once you’ve decided to purchase a Auto Cleaning Business in Florida, it’s time to choose the location where you want to acquire a successful business. Several factors should be taken into consideration including a variety of demographic and quality of life metrics that will impact both your Florida Auto Cleaning business and the customers you serve.
“Several location and demographic factors should be taken into consideration when buying an auto cleaning business in Florida”
Florida’s population of 23 million is spread throughout the state’s 67 counties, but the largest clusters of high net worth households paying top dollar for services are concentrated in the southern half of the state along a ring of 14 coastal counties on the Atlantic Ocean and the Gulf of Mexico. This “golden horseshoe” of Florida demographics encompasses the 25 Wealthiest Zip Codes in Florida based on Average Gross Income.
““This 14-county coastal region is the Golden Horseshoe of Florida demographics.”
This coastal region extends from Tampa/St.Petersburg on the Gulf side, south to Naples/FortMyers and down to the Florida Keys, east to Miami/Fort Lauderdale and extending north through the coastal communities of Boca Raton, Palm Beach, Jupiter, Port Saint Lucie and Vero Beach.
And, of course, no conversation about desirable areas to live and own a business in Florida would be complete without mentioning the Orlando metropolitan area. “The City Beautiful” is one of the fastest-growing metros in the country, and the influx of new residents creates ample opportunities for new and existing business owners.
“With over 2 million residents, Orlando is one of the fastest-growing metros in the country”
Long known as a tourism mecca and home to theme park giants like Disney and Universal, Orlando’s economy is increasingly diverse. And world class infrastructure improvements like the new $3 billion Terminal C at Orlando International Airport facilitates domestic and international arrivals and intrastate travel with Brightline, a high-speed rail link between Orlando and South Florida metros like Miami, Fort Lauderdale and West Palm Beach.
Median Asking Price of Auto Cleaning Businesses in Florida
Once you’ve decided to pursue an Auto Cleaning business acquisition in Florida and narrowed your list of desired markets in the Sunshine State, it’s important to get a better understanding of how much it will cost to purchase the Auto Cleaning business either with cash or some combination of cash and financing, either through an SBA loan or seller financing if available.
“The median asking price of a Florida auto cleaning business is $327,000”
According to the Florida database of businesses for sale, the median asking price for an Auto Cleaning business in Florida is $327,000 for businesses generating over $250,000 in revenue and $100,000 in annual cash flow.
The range of asking prices for Florida auto cleaning businesses extends from $139,000 on the low end to $750,000 on the high end for auto cleaning companies generating over $250,000 in revenue and $100,000 in annual cash flow.
Median Annual Revenue of Auto Cleaning Businesses in Florida
With the right team, high-traffic location, positive reputation and an established customer base, auto cleaning businesses in Florida can be great revenue generators for both current and future owners. According to the statewide database of businesses for sale in Florida, the median annual revenue for an auto cleaning business in Florida is $533,000.
“The median annual revenue of a Florida auto cleaning business is $533,000”
The range of annual revenue for Florida auto cleaning businesses extends from $300,000 on the low end to $775,000 on the high end for auto cleaning companies generating over $250,000 in revenue and $100,000 in annual cash flow.
Median Cash Flow of Auto Cleaning Businesses in Florida
Established and well managed Auto Cleaning businesses in Florida can produce significant cash flow benefitting both the current owner and future owners. According to the official database of businesses for sale in Florida, the median cash flow for an auto cleaning business in Florida is $143,000. As such, auto cleaning businesses in Florida enjoy a median cash flow of over 25% of annual revenues. ($143,000 / $533,000 = 26.8%)
“The median annual cash flow of a Florida auto cleaning business is $143,000”
The range of annual cash flow for Florida auto cleaning businesses extends from $130,000 on the low end to $212,000 on the high end for auto cleaning companies generating over $250,000 in revenue and $100,000 in annual cash flow.
Additional Research for Buying an Auto Cleaning Business in Florida
If you are interested in performing additional due diligence on the Auto Cleaning industry in Florida, our resource page has an excellent collection of links to industry groups and associations for the most popular small business sectors in Florida including Florida automotive businesses.
Additional Information for Selling an Auto Cleaning Business in Florida
If you would like to schedule an initial consultation regarding your Florida automotive business and potential valuation, please call us today 305.763.4112 (Mobile) and 407.499.2855 (Office) or use the contact form below.