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. 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. To reach our local customer base, we will employ a marketing manager. This method can be used to value a business for sale as well as raising capital. Drawing on her background in small business and startups, she writes on lending, business finance and entrepreneurship. person. Owners of quick lube businesses benefit from the quick overturn of customers and relatively low overhead. 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. Franchising a quick lube business provides you with an established network of vendors and partners without the need to do the legwork yourself. SHOP STATS: Midas Kalkaska Location: Kalkaska, Mich. . 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. I went in for just an oil change and a lube, and I'll be taking all such . SWOT Analysis 7. Unless youre a natural-born business or numbers person (or, say, an accountant), business valuation isnt the easiest process. (Statista), #21. Each uses a different aspect or variable of a business to calculate its numerical value either a businesss income, assets, or using market data on similar companies. KEYWORDS oil change Operations Quick Lube. These systems gather sales and gross profit data by a stock-keeping unit from each store on a daily basis. Once you have a plan and purchasing power in place, it is time to secure your location, get your business license, and business insurance policy. 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. I also like doing business with a local firm vs. a national chain. Later, too, you can use this list to create an overview of your companys value for potential buyers. Please enable JavaScript on your browser and try again. 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. 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. Quick lube stations provide services ranging from basic oil changes to transmission flushes and windshield wiper replacements. 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. Protect your EATS system with Delo 600 ADF. everything transaction moving forward and would recommend him to anyone looking to get This approach works best for newer businesses with high-growth potential, but which arent yet profitable. 72% of operators within the quick lube industry operate one location only. But as a seller, you have to put some number on your operation, especially if you want to be compensated for what you've built, taking into account all kinds of equity. Here is a list of our partners and here's how we make money. Any business can use this approach to business valuation, as long as they can gather sufficient, relevant data on which to compare their business. Do you want to start a Quick Lube company and need to write a business plan? Cost of incorporating the Business $750. The remaining are small privately-owned establishments. Here is a list of our partners. 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. Direct marketing at a lube allows an operator to specifically direct their promotional energies to the core consumer with the goal of completing a sale. Capitalization of earnings method: The capitalization of earnings method also calculates a businesss future profitability, taking into account the businesss cash flow, annual rate of return, or ROI, and its expected value. Additionally, franchising a business comes with an entirely different set of understandings and obligations. (Digital Dealer), #17. To calculate your businesss SDE: Start with your pretax, pre-interest earnings. It can be an especially useful approach for rapidly growing businesses and industries. process as a consummate professional. Another common method attributes value to a business based solely on its assets. New Constructs, LLC. (Car Wash Magazine), #11. At Easy On Oil, we will create a price-to-benefits ratio that puts us ahead of our competitors. A valuation represents your companys total worth. Note that convenience, steady referrals from local mechanics, and high quality, rapid service are necessary to capture this segment of the market. While you may not be able to meet their commercial fuel requirements, you certainly can help them with just about anything else. So, most hybrid-electric cars do not ever run on electricity alone. (Car Wash Magazine), #7. 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. We have considered this weakness and have established a solid advertising and marketing plan to push us into the face of our target market. (NOLN Fast Lube Operators Survey), #23. Most likely, business owners will provide you with that number, so its important to understand how the business owner reached that value, and what these values reflect about the actual business. Depending on the degree of corporate transparency, you can also see what comparable businesses are selling for. unconditionally recommend Mike and his team. Jiffy Lube International. Make sure your company checks these three boxes: You make steady profits. 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. Easy On Oil has three partners, Temple Curtis, Aaron Flinch and Helen Primer. Complies with federal and state vehicle requirements by testing engine, safety, and combustion control standards. Maintaining the website with new trends and advises. (IHS Automotive), #22. About Your Results (Car Wash Magazine), #4. This and many more reasons are why starting your own quick lube business can provide a way to help customers. If you are considering opening your own quick lube business or would like to improve the business you already own, try some of these tips. At Easy On Oil,we face over 15 auto repair and auto parts competitors in the local area. Major companies include Jiffy Lube, Pennzoil 10-Minute Oil Change, Valvoline Instant Oil Change, and Texaco Xpress Lube. 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. (Business Wire), #14. We do not intend to offer expansive vehicle repair services as our facilities will not be equipped to run full automotive diagnostics and repairs. At Easy On Oil, we strongly believe we will experience steady growth in profitability over the next three years of operation. 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. Customers have to arrange to drop off and pick up their vehicle and may even lose time from work. At Easy On Oil, we understand the importance of establishing reliability and consistency in business. Jason was a huge help with my transaction! In 2011, 31% of consumers preferred a premium product. 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. Driving up to a quick lube business for routine maintenance that can be completed quickly saves consumers time and money. 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. When only stand-alone quick lube locations are examined in the industry, about 5,000 firms currently operate in this space and produce revenues of about $5 billion annually. A well-run business will make transitioning ownership, without losing profits in the process, significantly easier. And NOLN's top ranking shows 93 chains in the US with at least 6 locations. Note that industry operations are labor-intensive: annual revenue per employee is just $60,000. The average vehicle owner will change their oil about every 5,000 miles. The company would need to have sales decrease by more than 30% before we can be unable to satisfy our month to month financial obligations. Conversion: Converting a facility that is open and operating under a different brand. (Buyers might ask about your discretionary cash flow when you offer them your valuation, so be prepared to include and value each major expense or purchase.). Bigger companies have an advantage in brand recognition, but the operations of individual locations are similar. Often, sellers keep their business liabilities and pay off their debt after their business is sold. 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. Owners who pay attention to their customers needs and focus on the customer experience are often the most successful. 65% of business owners report that their competitors offer discounting to obtain new customers within their own service radius. As revenues have increased, however, net profits have decreased by 2.3%. Easy On Oil will be managed by its three founding partners. Unlike EBITDA, though, youll also add back in the owners salary and owners benefits into your SDE calculation. Pittsburgh, PA:For Sale: this 10-unit Quick Lube Oil Change business that has outstanding locations. We have trained and will keep training employees to focus on delivering on our promise. We plan to make sure we dont ever run out of a specific part, while maximizing inventory turnover. We will give a guarantee on all our repairs for a certain amount of miles or time. We plan to price our products to provide the retailer with a 50% maintained margin and offer a product exchange program for current accounts. If you plan to open an oil change business, you should investigate any quick lube business within your vicinity and determine how they may impact the viability of your investment. Over half of these competitors offer both auto repair services, although without an inventory store. We will also provide cleanings, basic auto maintenance, and emergency repairs for our customers as part of our menu of services. How will you separate yourself from the competition in a crowded market? Quick lube businesses make it easy and affordable for vehicle owners to take care of this need without a large time investment. You will be redirected once the validation is complete. Executive Summary 3. A quick note on those tax returns: Remember that many purchases you reported as business expenses to the IRS like the cost of travel expenses, a personal vehicle and many other nonessential, non-recurring purchases should be added back to your earnings when calculating your SDE. 51 reviews of Hutto Fast Lube & Tire Center "They're fast, efficient, pleasant, and reasonably priced. If a synthetic oil change is requested, the price of the oil change jumps to $70.31. LOCATION, LOCATION, LOCATION. This process is automatic. Youve come to the right place. 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. Just 9% of the sales generated by the quick lube industry come from clients that own vehicle fleets. If you ever want to learn . Franchised Oil Change & Repair Shop in Solano County. Investigate numbers that dont seem right, and dont be afraid to call in an accountant for extra help. That said, doing the math is free, so go ahead and plug your earnings numbers into different formulas and compare. 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. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. In hybrid-electric cars, the electric systems are used to even out the power needs in the vehicle. She has over a decade of experience in print and online journalism. Our Products and Services 4. These services will include full oil changes, lubricate the chassis of automotive vehicles and provide other automotive repair and maintenance services, such as tire rotations and liquid flushes. Jiffy Lube is a leading provider of automotive preventive maintenance. This information may be different than what you see when you visit a financial institution, service provider or specific products site. You should have already done your location homework, so landing the future home of your quick lube business should not be a problem. Even though quick lube locations are seeing a reduction in the number of cars being serviced each day, the number of oil changes being performed is rising. Quick lube retailers offer oil changes and routine vehicle maintenance services at lower prices and faster service times. 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. With Easy On Oil as a technologically savvy business with computerized monitoring of all automotive lubricant and repair parts inventory, we plan to make sure that parts are always in stock, while keeping a balanced level of inventory to maximize inventory turnover. Once youve determined to open a quick lube business, the first thing to do is to put together a business plan. One common method used to value small businesses is based on seller's discretionary earnings (SDE). Application and Obtaining Tax Payers ID: Application for business license and permit: Leasing, renovating and equipping our facility: Generating part of the startup capital from the founder: Printing of Packaging and Promotional Materials: Purchase of software applications, furniture, office equipment, electronic appliances and facility facelift: Creating Official Website for the Company: Creating Awareness for the business (Business PR): Health and Safety and Fire Safety Arrangement: Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry. Keeps shop equipment operating by following operating instructions; troubleshooting breakdowns; maintaining supplies; performing preventive maintenance; calling for repairs. However, due to the confidentiality agreements stipulated by some of our current sellers, were not able You'll need to understand some key definitions first: If youre familiar with EBITDA, youre probably already familiar with SDE, or sellers discretionary earnings, too, even if you've never heard the term. questions and concerns and Jason was fantastic in answering my questions as well as Some of them also have electronic work order systems available amongst their various service centres. Meredith has worked as a writer and editor for more than a decade. We plan to give our clients a few business cards to hand out to friends when they talk about our quick lube services or buying new parts. Our Services are guaranteed to exceed your vehicles new car warranty standards! Our Mission and Vision Statement 5. 16% of the oil changes which occur within the quick lube industry feature Valvoline products. One Independent Quick Lube w/RE in El Dorado, KS. This is why several other methods exist. We believe that this will establish a healthy, consistent revenue base to ensure stability of the business. In comparison, leasing costs are just 9% of the overall expenses for the average location. Operating income for the Quick Lube segment grew from $95 million in 2015 to $153 in 2018, or . Approaches to a successful small-business evaluation. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Buyers obviously won't need all of these documents, but they should still review their own financials. second to none. To start off, there are two major types of electric cars that are on the roads today. This allows the IC engine to focus on efficiency rather than trying to do everything as it does in an all-gas car. The scoring formulas take into account multiple data points for each financial product and service. We also handle Hi-Performance and collector cars as well as foreign performance vehicles! Read more. Temple worked as a top sales rep at Chevrolet for over 13 years. Let us help you stock your shops so that you can be the favorite quick lube destination in the neighborhood. We will also strengthen our relationships with local mechanics to capture repair needs of the local and highway traffic. Car owners instead prefer to pay someone else to do it for them. In fact, most quick lube operators choose to franchise for this reason. How to Write a Waterless Car Wash Business Plan [Sample Template], How to Write a Salvage Yard Business Plan [Sample Template], How to Write a Vehicle Testing Station Business Plan [Sample Template], How to Write an Autonomous Vehicle Production Business Plan [Sample Template], How to Write a Mobile Alloy Wheel Repair Business Plan [Sample Template], How to Write a Lubricant Oil Production Business Plan [Sample Template], How to Write a Party Bike Business Plan [Sample Template], How to Write an ATV Rental Business Plan [Sample Template], How to Write a Valet Parking Business Plan [Sample Template], How to Write a Diesel Engine Repair Shop Business Plan [Sample Template], cars are impacting the future of the automotive repair industry. Some locations may provide additional vehicle maintenance services, such as radiator flushes, brake line cleaning, and power steering fluid flushing. We understand that starting a business like ours can be very expensive due to the high cost of equipment. Jiffy Lube International is the main player in the franchise segment of the quick-lube chain industry. The quick lube business may thrive on customer turnover, but quality, efficient service is what brings customers back to their favorite quick lube shops again and again. The average price for a multi-point oil change within the quick lube industry is $36.82. explaining everything in detail. 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. These conservative assumptions make for a more accurate estimate of real risk. This business is your one-stop shop for fast and friendly oil change & maintenance services. Easy On Oil is a San Diego registered LLC quick lube business that will provide high quality oil changes at a reasonable price. Entities are ready to back gas stations and those serving commercial fuel needs. Easy On Oil is a well-positioned quick lube shop that will serve the needs of the people of San Diego. This segment comprises approximately 25% of our revenue at Easy On Oil. ", 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. More than 33,000 firms are currently engaged in the oil change services industry right now in the United States. Establishing a firm financial foundation will help you maintain realistic expectations about the value of your company (or the company youre hoping to buy). These services will include full oil changes, lubricate the chassis of automotive vehicles and provide other automotive repair and maintenance services, such as tire rotations and liquid flushes. 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. If buying and selling businesses is a new frontier for you, you can consult any number of online resources to help you determine the value of a business. The largest technological advancement in the automotive industry is the introduction of electric vehicles. The US automotive oil change and lubrication industry includes about 5,000 companies with combined annual revenue of about $5 billion. At the end, the information is used to help formulate pricing, marketing and merchandising strategies. As 2018 kicked off, Jiffy Lube launched a new brand extension. In any of those cases, buyers will be interested in the individual value of your investments or equipment. Cost for basic insurance policy covers, permits and business license $100,000, The cost of acquiring a suitable Office facility 6 months (Re Construction of the facility inclusive) $120,000, The budget for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) $10,000, The price of purchasing of the required software applications (CRM software, Accounting and Bookkeeping software and Payroll software et al) $12, 000, The Cost of Launching our official Website $4,000, Our budget for paying at least five employees for 6 months plus utility bills $70,000, Additional Expenditure (Business cards, Signage, repair equipment, Adverts and Promotions et al) $234,000. Groups exist on the state and federal level to help with seed money. It can gather data to . There are really four business valuation methods (nested within three approaches, as shown below) that you need to be aware of. Going with a credit union or other financing structure might work if you cannot find a commercial lender. Understanding code and the relationship that software has with new vehicles will become an essential skill set for anyone working in the auto repair industry in the future. 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. December 16, 2021. Major services are oil changes, installation of new oil filters, chassis lubrication, and preventative maintenance. In charge of creating marketing and sales strategies, etc. 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. $ 36.82 vs. a national chain $ 70.31 unlike EBITDA, though youll! 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