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Tanning Salons - 2 Locations
Location Utah,United States
Asking Price Range $500K - $1.0M
Gross Revenues $618307
Net Profit / Cash Flow $197858
Cash Flow Type EBITDA
Seller Finance Yes
Year Established 2007
Number of Employees 10 - 19
Relocatable No
Number of Employees 10 - 19
Real Estate Leased
Training Negotiable as needed
Reason for Sale Pursue other interests
Description These two upscale tanning salons in the southwest Salt Lake Valley facilities offer several skin care and beauty services in addition to tanning. Besides both UV-free and tanning bed services, they also provide skin treatment, facials, and teeth whitening. Their stores also include retail boutiques that carry a full line of fashionable jewelry, watches, purses, jeans, shirts and much more.
They opened their original location in 2007 and moved to their current location near the high traffic intersection in 2010. That same year, they opened a second location at a high volume retail center.
One store is approximately 3,000 square feet and has 15 tanning rooms and a mystic room. The other is about 4,300 and has 18 tanning rooms, a mystic room, airbrush room, teeth whitening/facial room and a treatment room, plus an office and a small conference room. Both locations are currently 2 years into a 10 year lease, with 5-year options.
Because of their high end facilities and variety and level of services, the salons attract customers from all over the Salt Lake Valley. As such the current owners have identified possible locations for expansion in two upscale Salt Lake Valley communities. To replicate the current facilities, a new owner could expect to spend approximately $300,000 in equipment and $100,000 in store build-out per location.
The sellers are not active in the business on a day-to-day basis. They currently rely on a conscientious full-time General Manager (paid an annual salary of $31,500) who oversees both locations, and a part-time Assistant Manager in each location. The current owners have other business interests that do not allow them to focus on the tanning salons as much as they would like and so have decided to sell them. Asking price is $540,000. For a qualified buyer, seller will finance $140,000; buyer to assume equipment lease of approximately $7,530/month through May 2014.
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