The more thorough you are in this step of the valuation process, the more confident youll be in your calculations. We plan is to grow sales through word-of-mouth. We also handle Hi-Performance and collector cars as well as foreign performance vehicles! We also plan to leverage an automotive service scheduling software program. The business's cash-flow forecast is adjusted (or discounted) according to the risk involved in purchasing the business. Also our product prices will be gotten after the appropriate retail is determined to make sure that the shelf price represents a value to the consumer and the retailer has a 50% margin. Wherever you are in your businesss lifecycle, you'll want to know how to value a small business sooner rather than later. These could include: You'll also need to know your liabilities. These conservative assumptions make for a more accurate estimate of real risk. It's called Jiffy Lube Multicare. Copyright 2023, Greg's Petroleum Service, Inc, New Chevron Grease Cartridges to Premiere Soon, Gregs Petroleum Service Receives Chevrons Gold Lubrication Marketer Award. Just 9% of the sales generated by the quick lube industry come from clients that own vehicle fleets. Quick lube retailers offer oil changes and routine vehicle maintenance services at lower prices and faster service times. effective manner and I never once felt like I was in the dark. 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. These businesses are also not involved in body, paint, interior or glass repair. Most online business valuation calculators use a variation of the income approach. We will always stress the fact that we only offer reliable services. About Your Results 48% of operators within the quick lube industry run a business which combines car washing services with oil changing services. Meredith has worked as a writer and editor for more than a decade. Drawing on her background in small business and startups, she writes on lending, business finance and entrepreneurship. Why do diesel exhaust fluid (DEF) prices keep rising and falling? Along with doing financial legwork, valuing your business also requires you to exercise control over any emotions. The appeal of a quick lube business is easy to see. The service requires full JavaScript support in order to view this website. You should also look for business plans that clearly outline processes and, ideally, demonstrate consistent management. At some point, every vehicle requires ongoing maintenance to keep it functioning properly. More on liabilities in a bit. 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. At Easy On Oil, our mission is to provide fast, reliable, and cost effective oil change and lubrication services for vehicle owners in San Diego, California. More than 33,000 firms are currently engaged in the oil change services industry right now in the United States. Snappylubeinc.com Established in 1989. (Valvoline). At Easy On Oil, we will differentiate ourselves by not only offering oil change or other automotive maintenance services, but by also providing customers with a stocked lubricant and parts store. Business plan: A strong business plan helps you make accurate projections for earnings and market growth. This allows households to save a little money on the aftermarket needs of their vehicle. ), Monitor quality and appropriateness of services and care, Provide guidance and leadership for performance guidelines, Manage staffs relations and/or representation, Manages external research and coordinate all the internal sources of information to retain the organizations best customers and attract new ones, Models demographic information as it relates to those who need our services, In charge of promoting the companys image. Job Roles and Responsibilities 6. Home Statistics 25 Quick Lube Industry Statistics, Trends & Analysis. 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The average vehicle owner will change their oil about every 5,000 miles. Home Business Plans Automotive Sector. Through 2028, the quick lube industry is expected to see lower levels of growth than in the past 5 yeas. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Conducting a valuation is an excellent opportunity to assess the financial health and potential of your business, or of a business youre hoping to buy. add technician notes to the photos. Note that industry operations are labor-intensive: annual revenue per employee is just $60,000. Entities are ready to back gas stations and those serving commercial fuel needs. Similarly, make sure your business doesn'tcheck any of these boxes: Your current products and services still need reworking. Plus, its crucial to demonstrate to potential buyers how your business will continue to grow and turn a profit. 65% of business owners report that their competitors offer discounting to obtain new customers within their own service radius. This is why several other methods exist. I also like doing business with a local firm vs. a national chain. We believe everyone should be able to make financial decisions with confidence. We will give a guarantee on all our repairs for a certain amount of miles or time. SHOP STATS . She is based in New York City. 8 Stalls & Pits! When evaluating offers, please review the financial institutions Terms and Conditions. Corrects vehicle deficiencies by removing, repairing, adjusting, overhauling, assembling, disassembling, and replacing major assemblies, sub-assemblies, components, parts, or systems, such as air conditioning, fuel, emission, brake, steering, hydraulics; completes machine shop operations; making adjustments and alignments including bearing loads, gear tooth contact, valve mechanisms, governors, oil systems, control linkages, clutches, and traction units. 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. Buying a quick lube allows business-savvy entrepreneurs a stable, revenue-generating opportunity due to the essential nature of the business. Some of them also have electronic work order systems available amongst their various service centres. Sample 1 Sample 2 Sample 3 Based on 6 documents Buying a quick lube allows business-savvy entrepreneurs a stable, revenue-generating opportunity due to the essential nature of the business. Major services are oil changes, installation of new oil filters, chassis lubrication, and preventative maintenance. We will offer these distinct but complimentary services coupled with unprecedented customer service, something that the industry is not known for having. Here is a list of our partners. You will be redirected once the validation is complete. 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. We believe that this market is always on the lookout for high quality, rapid service with as much convenience as possible. That said, doing the math is free, so go ahead and plug your earnings numbers into different formulas and compare. In charge of creating marketing and sales strategies, etc. The visitor industry provides employment for more than 160,000 people. Your particular businesss SDE multiple will vary based on market volatility, where your business is located, your companys size, assets and how much risk is involved in transferring ownership. assign a green, yellow, or red status to each part. In 2013, there were an average of 37.8 vehicles serviced per location, with 32.9 oil changes performed per day. A good rule of thumb is to estimate how much a piece of equipment would sell for today, and use that number. Complies with federal and state vehicle requirements by testing engine, safety, and combustion control standards. If you want to take the income approach, you can choose between two commonly used valuation methods. This means intellectual property, your production line, your delivery truck if its a part of your business, you'll either need to account for it as an asset or a liability. (Car Wash Magazine), #12. (IHS Automotive), #22. Temple Curtis represents sales/management, Helen will focus on the finance/administration section of the business and Aaron will focus on the mechanical aspect of the business. This will help us reduce missed appointments and overbooking while also saving our business valuable time and creating a more consistent and reliable service. Keeps shop equipment operating by following operating instructions; troubleshooting breakdowns; maintaining supplies; performing preventive maintenance; calling for repairs. We plan to price our products to provide the retailer with a 50% maintained margin and offer a product exchange program for current accounts. Particularly if this is your first company, or if you run a family-owned and operated business, take care to approach valuation as objectively as possible to come to an accurate number. Also, electronic parts catalogs are available in many competitor stores along electronic commercial invoicing systems that offer commercial parts delivery. Business model: Your business model demonstrates how you make money, be it a subscription-based service, direct-to-consumer e-commerce, or B2B consulting. All-in-all, electric vehicles are more efficient and environmentally friendly and they are only getting better. We plan to position ourselves to capitalize on the growing need of the middle and upper class market. Make sure your company checks these three boxes: You make steady profits. It can be an especially useful approach for rapidly growing businesses and industries. We also need enough business cards for three years for our workers and flyers advertising the grand opening to be distributed and posted in the area. Figure 1: VVV's Segment Operating Income Since 2015. Easy On Oil is an exciting business opportunity that addresses the unmet need of having a spacious quick lube facility that also has a complete automotive parts store. As you can deduce from its name, the market approach to valuing a business determines a companys value based on the purchases and sales of comparable companies within the same industry. Familiarity with your industry is crucial for both buyers and sellers. Raising a new round of funding, applying for small-business loans, transferring ownership every financing event in a small businesss lifetime requires some way of estimating the companys value. Short overview of your business or personal finances. Live for the first time at our partner ilani Casino! San Diegos Spanish and Mexican heritage is reflected in many historic sites across the city, such as Mission San Diego de Alcala and Old Town San Diego State Historic Park. Together with our team, these experts will help ensure you get the best 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. Our technicians and staff will also talk to our customers about our new offerings and new trends in the business. Oversees the activities of group technicians, including the recruiting and credentialing processes, Attend standing meetings (board, committee, etc. (IBIS World), #2. If so, read on about what it takes to become one. At Easy On Oil, our major weaknesses will be the time and resources it will take us to establish and publicize our services to the people of San Diego. Here, business assets include anything that adds value to your company. Major companies include Jiffy Lube, Pennzoil 10-Minute Oil Change, Valvoline Instant Oil Change, and Texaco Xpress Lube. 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