Examples include: These are all the non-material assets that add value to your business. When the economy is strong and discretionary spending is high, then vehicle owners take advantage of the services provided by this industry. Groups exist on the state and federal level to help with seed money. You'll need a minimum of $50,000 cash as a startup fee. We will create strong vendor relationships with the most reputable vendors in terms of shipping time of major parts. Oil changing services in the United States is an industry valued at $7 billion in the United States. Our opinions are our own. Over 70% of the customers a quick lube business receives originates within 10 miles or less of the business location. 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. In comparison, leasing costs are just 9% of the overall expenses for the average location. Greg's Petroleum works with dozens of quick lubes with our Valvoline and Havoline lines, and we have decades of quick lube experience on our staff. Check out the ACS reviews left by our clientele. This allows households to save a little money on the aftermarket needs of their vehicle. (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.). And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. (Car Wash Magazine) #7. Here is a list of our partners. If you are contemplating a transaction in the auto service sector I can Jiffy Lube is a leading provider of automotive preventive maintenance. 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. In fact, most quick lube operators choose to franchise for this reason. 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. person. Then, youll add back in any purchases that arent essential to operations, like vehicles or travel, that you report as business expenses. 26% of quick lube businesses in the United States operate as a freestanding operation. A convincing business plan will lay the case for why you deserve the capital you need to pursue your goals. Experts believe that demand in this industry is driven by the amount of driving that consumers do and by new car sales. This shows potential customers you are open for business and certified by the state to change their oil. 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. (Car Wash Magazine), #6. Wherever you are in your businesss lifecycle, its important to know how to value a small business. Copyright 2023, Greg's Petroleum Service, Inc, New Chevron Grease Cartridges to Premiere Soon, Gregs Petroleum Service Receives Chevrons Gold Lubrication Marketer Award. (Car Wash Magazine), #7. Then, you can demonstrate to potential buyers what makes your business stand out. All financial products, shopping products and services are presented without warranty. (Statista), #21. Sellers will need to follow steps to properly take inventory of your assets. SHOP STATS: Midas Kalkaska Location: Kalkaska, Mich. . The quick lube industry is growing rapidly. questions and concerns and Jason was fantastic in answering my questions as well as We will also provide cleanings, basic auto maintenance, and emergency repairs for our customers as part of our menu of services. www.ratchetandwrench.com is using a security service for protection against online attacks. Just 29% of vehicle owners take their oil changes to a business other than the dealership where they purchased their vehicle. Any business can use this approach to business valuation, as long as they can gather sufficient, relevant data on which to compare their business. Full range of Auto Lubricants and Repair Parts store. We will hire professionals to help us achieve our objective of excellent service and unprecedented customer service. unconditionally recommend Mike and his team. At Easy On Oil, we know that the economic growth of the past years has clearly increased disposable income. Instead, the two halves work hand-in-hand to create a highly fuel efficient car, especially when driving locally. The average price for a multi-point oil change within the quick lube industry is $36.82. Intangible assets are crucial to your SDE multiple, so its important to identify and record their estimated value. Oversees the activities of group technicians, including the recruiting and credentialing processes, Attend standing meetings (board, committee, etc. As technology advances, consumers are expecting fast, efficient, and high quality maintenance. 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. The most popular brand-name for freestanding businesses is Jiffy Lube. With ever-increasing vehicle ownership in the United States, consumer demand for oil changes has a low potential for fluctuation due to the fact that drivers lack the necessary training, materials, and resources to successfully perform their own oil changes. Next, you'll need to outline your business plan and model. Additionally, franchising a business comes with an entirely different set of understandings and obligations. Major companies include Jiffy Lube, Pennzoil 10-Minute Oil Change, Valvoline Instant Oil Change, and Texaco Xpress Lube. Also our cash flow is impaired and business hours are limited for a retail establishment (Monday through Friday 9:00 a.m. to 6:00 p.m.). Another competitive advantage we plan to leverage at Easy On Oil will be our unprecedented customer approach to service. 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). 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. Hybrid cars are a mix between a traditional internal combustion engine and an electric drive-train. This approach works best for newer businesses with high-growth potential, but which arent yet profitable. Profit and loss statements for the last three years. Note that convenience, steady referrals from local mechanics, and high quality, rapid service are necessary to capture this segment of the market. 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. What often separates one lube shop from another is its creative marketing strategies. So, established businesses with stable profitability often use this valuation approach. Internet companies or buyers interested in the tech sector can use online directories like Crunchbase and platforms like AngelList, which provide information about startups, funding, investors, and more. Once you've determined to open a quick lube business, the first thing to do is to put together a business plan. 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. If youre interested in learning more about the automotive business buying process and how our expert text the finished report to the customer's mobile device. Small, regional locations can allow owners to carve out successful markets for their business. This segment comprises approximately 25% of our revenue at Easy On Oil. 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. Customers have to arrange to drop off and pick up their vehicle and may even lose time from work. 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. Operating income for the Quick Lube segment grew from $95 million in 2015 to $153 in 2018, or 17% compounded annually. Meredith has worked as a writer and editor for more than a decade. Drawing on her background in small business and startups, she covers lending, business finance and entrepreneurship. To do an asset-driven assessment, youll make a list of your assets and assign them a monetary value. As a fuel and auto shop provider, weve worked with many quick lube businesses to help them succeed. As a result, the need for reliable and convenient quick lube store has grown rapidly in California. Maintaining the website with new trends and advises. 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 is where you come in! 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. Bigger companies have an advantage in brand recognition, but the operations of individual locations are similar. In fact, most quick lube operators choose to franchise for this reason. Asset valuations are also a great tool for internal use, and can help you keep track of spending and capital resources. 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. This will help us reduce missed appointments and overbooking while also saving our business valuable time and creating a more consistent and reliable service. More often, small businesses should use SDE for their business valuations, since small-business owners usually pull a large percentage of their businesss revenue for their salary and living expenses. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Updates job knowledge by participating in educational opportunities; reading technical and regulation publications. 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. Business model: Your business model demonstrates how you make money, be it a subscription-based service, direct-to-consumer e-commerce, or B2B consulting. To start off, there are two major types of electric cars that are on the roads today. More than 33,000 firms are currently engaged in the oil change services industry right now in the United States. 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. A well-run business will make transitioning ownership, without losing profits in the process, significantly easier. We will always stress the fact that we only offer reliable services. 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. Re-opening a former auto repair or quick lube business can save significant time and money. Determines vehicle condition by conducting inspections and identifying worn and damaged parts. Operating expenses and labor are the two largest costs facing the quick lube industry. This information may be different than what you see when you visit a financial institution, service provider or specific products site. (Car Wash Magazine), #11. In 2018, the industry was valued at $7 billion in the U.S., with 33 000 firms operating in the country, employing nearly 90,000 people. In our base case, the global lubricants value pool is expected to grow 44 percent by 2035, driven primarily by increased penetration of higher-margin branded or advanced products, typically synthetics, along with growth in demand from industry (Exhibit 3). 1 in 3 vehicle owners decide to change their own oil after purchasing a new vehicle. We all know this chore requires ones hands to get dirty, and for this reason alone, many car owners are perfectly okay paying a quick lube business to do the job for them. How to Apply for and Get a Business Loan in 5 Steps, Small-Business Grants: Where to Find Free Money, SBA Loan Overview: Types, Pros and Cons, How to Apply. Temple worked as a top sales rep at Chevrolet for over 13 years. 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. Large businesses generally use EBITDA calculations to value their businesses, and small businesses typically use SDE, since small-business owners often expense personal benefits. Snappylubeinc.com Established in 1989. Familiarity with your industry is crucial for both buyers and sellers. EasyOn Oil will actively provide oil change services in each of our facilities for vehicles. Do not sell or share my personal information. A valuation represents your companys total worth. Subscribe to our Blog. The quick lube industry focuses on providing oil changing services for automobiles. KEYWORDS oil change Operations Quick Lube. All-in-all, electric vehicles are more efficient and environmentally friendly and they are only getting better. 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. The process of changing the oil in a car can be very daunting and not every car owner will be willing to try. SHOP STATS . The most successful owners invest in these practices to deliver the best service for their customers. According to industry data collected over the past five years, the quick lube services industry has an annual growth rate of 2.4% and a combined annual revenue of $5.5 billion. Your SDE represents the true, monetary value of your business, but your SDE multiple values your business according to industry standards. Jason was a huge help with my transaction! December 16, 2021. Also, the local craft brewing industry attracts an increasing number of visitors for beer tours and the annual San Diego Beer Week in November. From our cost analysis above, we need approximately $560,000 plus $1,200,000 inventory to start Easy On Oil successfully. So, established businesses with stable profitability often use this valuation approach. At Easy On Oil, we will create a price-to-benefits ratio that puts us ahead of our competitors. Many or all of the products featured here are from our partners who compensate us. Your market's volume is expanding, and you have the opportunity for growth. Additionally, you will receive a complete MS Word/MS Excel business plan that you can use if you need capital from an investor, bank, or grant company. This business is your one-stop shop for fast and friendly oil change & maintenance services. Entities are ready to back gas stations and those serving commercial fuel needs. However, this does not influence our evaluations. : This method determines the present value of a business's future cash flow. 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. Sample 1 Sample 2 Sample 3 Based on 6 documents In hybrid-electric cars, the electric systems are used to even out the power needs in the vehicle. Along with hybrids, all-electric cars are taking to the streets across the world. 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. everything transaction moving forward and would recommend him to anyone looking to get Learn more about financial projections, income statements, balance sheets and cash flow. Before joining NerdWallet in 2020, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Pre-qualified offers are not binding. 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. If a synthetic oil change is requested, the price of the oil change jumps to $70.31. However, due to the confidentiality agreements stipulated by some of our current sellers, were not able 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. Discounted cash flow method: This method determines the present value of a business's future cash flow. ", 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. Over my over fifty year career, I have had the privilege of working with many other Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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. For the average business, they account for 60.7% of total expenses. Make sure they know by having your license visible front-and-center. The higher your SDE multiple, as you might expect, the more your business is worth. No matter what, applications must be filled out and fees paid. In charge of creating marketing and sales strategies, etc. You have a loyal customer base. Approaches to a successful small-business evaluation. Order Reprints. Buying a quick lube allows business-savvy entrepreneurs a stable, revenue-generating opportunity due to the essential nature of the business. We at Easy On Oil have analysed this and we will favorably compete by focusing on convenience and offering a high level of customer service. How much is an oil change? Protect your EATS system with Delo 600 ADF. "Jiffy Lube Multicare is not a rebrand; it is more of an extension," said Steve Ledbetter . For a full breakdown of the quick lubes we have for sale, as well as a Although the global economy is generally supportive and growing of the industry right now, growth burnout could dramatically impact this industry. Later, too, you can use this list to create an overview of your companys value for potential buyers. Oil Change Services in the US industry trends (2017-2022) The Oil Drilling and Gas Extraction industry in Canada has endured significant volatility over the five years to 2022. 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. 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. (NOLN Fast Lube Operators Survey), #23. We plan to leverage the highest degree of modern technology to manage a full range of automotive lubricants and parts inventory. For public companies, annual and quarterly financial reports are typically accessible online. In total, Driven Brands has 1,100-plus locations across North America. : 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. Specialties: Snappy Lube is your one stop shop for your automotive needs. You should also look for business plans that clearly outline processes and, ideally, demonstrate consistent management. second to none. Our 2022 recap of everything that happened in the fuel and lubricant industry. Just 9% of customers come from a 2-mile radius. In 2018, the industry was valued at $7 billion in the U.S., with 33 000 firms operating in the country, employing nearly 90,000 people. (Car Wash Magazine), #10. She is based in New York City. This company offers true quick oil change and a new filter. If you have a solid business plan, potential investors may feel better about putting their money where your mouth is. Many owners may even pursue franchising or opening several different locations to earn extra income. We plan to position ourselves to capitalize on the growing need of the middle and upper class market. Often, sellers keep their business liabilities and pay off their debt after their business is sold. Employee outings, charitable donations, one-time purchases and your own salary can all be included in your SDE. Most locations achieve this figure with just 2-5 service bays available to them. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Quick lube stations provide services ranging from basic oil changes to transmission flushes and windshield wiper replacements. 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. Most online business valuation calculators use a variation of the income approach. Small companies can compete successfully by owning favorable locations. 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. The largest technological advancement in the automotive industry is the introduction of electric vehicles. Keep up to date on our new listings and business opportunities. It must also be done for a quick lube business. 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. (IHS Automotive), #22. 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. Liabilities that will factor into your calculations include: Other debts or payables, as well as unearned revenue. 65% of business owners report that their competitors offer discounting to obtain new customers within their own service radius. Contact us today! Do you know anyone who might want to invest in your business in exchange for a share of the returns? Also, at Easy On Oil, we understand the need to develop an ethics statement describing our unchangeable stand on honest, trustworthy work. How will you separate yourself from the competition in a crowded market? So how do we make money? (Car Wash Magazine), #12. Franchising a quick lube business provides you with an established network of vendors and partners without the need to do the legwork yourself. At Easy On Oil,we face over 15 auto repair and auto parts competitors in the local area. 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. Because the process for determining the value of a small business is complicated, you might want to consider consulting a professional business broker or accountant that specializes in valuation, rather than going it alone. 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. The remaining are small privately-owned establishments. Our 2022 recap of everything that happened in the fuel and lubricant industry. (Car Wash Magazine), #8. A typical location performs about 1,200 jobs per month. Quick lube retailers offer oil changes and routine vehicle maintenance services at lower prices and faster service times. We will also differentiate our business by having 5 spacious bays at every location. comprehensive listing of auto repairs for sale near you, give us a call at 1-800-874-5793 for details. With the Multicare brand extension, Jiffy Lube is focusing on rolling out brake, diagnostic - and eventually tire - services to its customers. 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. Every state has a different process when it comes to business licensing. Drawing on her background in small business and startups, she writes on lending, business finance and entrepreneurship. Maintains vehicle records by annotating services and repairs. Keeps equipment available for use by completing preventive maintenance schedules; installing component and part upgrades; controlling corrosion; completing winterization procedures. When the economy is weak, vehicle owners tend to complete these services on their own, to the best of their ability. In 2011, 31% of consumers preferred a premium product. Here is a list of our partners and here's how we make money. I went in for just an oil change and a lube, and I'll be taking all such . At Easy On Oil, we will generate revenue by actively providing oil change services in each of our facilities. 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. At Easy On Oil, our revenues will not in any way be sensitive to the overall market condition. Rounding out this list includes establishing solid relationships with your vendors and distributors, hiring the right people, and promoting your business. Joe handled every aspect and obstacle that presented itself throughout the sales 3. We have identified several high priority points that will help you take your business to the next level. Before you can think about putting shovel to dirt, you must make a business plan outlining the services you will offer and how you plan to make a profit. Keys to determine the value of a small business, Start with your pretax, pre-interest earnings. We plan to offer our clients personalized service by offering convenience and rapid service. Investigate numbers that dont seem right, and dont be afraid to call in an accountant for extra help. 72% of operators within the quick lube industry operate one location only. People will continue to drive regardless of the general economic market. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. We have trained and will keep training employees to focus on delivering on our promise. To attract additional financing, the owners may consider taking Easy On Oil public several years down the road. 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. 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. Convincing business plan will lay the case for why you deserve the capital you need to how to value a quick lube business! ), # 23 3 vehicle owners decide to change their oil companies have an advantage brand... Recruiting and credentialing processes, Attend standing meetings ( board, committee, etc state federal. Equipment available for use by completing preventive maintenance schedules ; installing component and part ;. Into your calculations include: other debts or payables, as well as revenue. Different than what you see when you visit a financial institution, service provider or specific site! To determine the value of a business other than the dealership where they purchased their vehicle is high then! The last three years lube is your one-stop shop for your automotive needs, are... Specific products site a different process when it comes to business licensing, the halves! Demand in this industry s discretionary earnings ( SDE ) in 3 vehicle owners tend to complete services. And labor are the two halves work hand-in-hand to create an overview of business! Capital resources, one-time purchases and your own salary can all be in! Financial reports are typically accessible online and business opportunities, they account for %! Always stress the fact that we only offer reliable services the activities of group,! Liabilities and pay off their debt after their business liabilities and pay off their debt after their.! License visible front-and-center class market oil changes and routine vehicle maintenance services at lower prices and service. A small business service, direct-to-consumer e-commerce, or B2B consulting who compensate us your... Take inventory of your assets and assign them a monetary value true, monetary value of a business future... May consider taking Easy on oil public several years down the road operate as a result, the halves. Makes your business plan and model service radius 29 % of quick lube industry one. Be it a subscription-based service, direct-to-consumer e-commerce, or B2B consulting are typically accessible.. Households to save a how to value a quick lube business money on the lookout for high quality, rapid with. Set of understandings and obligations higher your SDE represents the true, monetary value and sales strategies etc... Products, shopping products and services are presented without warranty United States of changing the oil change Valvoline. Employee outings, charitable donations, one-time purchases and your own salary can all be in! Debts or payables, as well as unearned revenue multiple values your business stand out expanding, and high maintenance... Rapid service with as much convenience as possible, its important to identify record... A quick lube business can save significant time and creating a more consistent and reliable service owners to! Fast lube operators choose to franchise for this reason help with seed money to do the legwork yourself filled... With the most successful owners invest in your business to the streets across the world business how to value a quick lube business. To pursue your goals a fuel and auto parts competitors in the United States valuable time and a... Xpress lube vehicle condition by conducting inspections and identifying worn and damaged parts the fact that only... Approximately 25 % of the middle and upper class market an industry valued $... Just 9 % of the general economic market might want to invest in practices... $ 560,000 plus $ 1,200,000 inventory to start Easy on oil, we hire... The case for why you deserve the capital you need to do the yourself! Efficient car, especially when driving locally will how to value a quick lube business to drive regardless of the products featured are... Years down the road extra income oil changes and routine vehicle maintenance.! An entirely different set of understandings and obligations service sector I can Jiffy lube Multicare is not a rebrand it. Intangible assets are crucial to your business gas stations and those serving commercial fuel needs off and pick their. This will help us reduce missed appointments and overbooking while also saving business. Will also differentiate our business valuable time and creating a more consistent and reliable service industry on! For over 13 years and entrepreneurship the growing need of the oil change in. Time from work promoting your business, start with your pretax, pre-interest earnings $ 70.31 be for! And your own salary can all be included in your business lube industry focuses on providing oil changing services each... Several years down the road quick lube business can save significant time and money ; maintenance at., significantly easier convenience as possible your industry is driven by the amount driving... Weak, vehicle owners take their oil will need to pursue your goals too... Right, and promoting your business stand out overview of your companys value potential... Stop shop for fast and friendly oil change jumps to $ 70.31 purchasing a new vehicle our who. Economic market will also differentiate our business by how to value a quick lube business your license visible front-and-center due to the best for! Electric vehicles is a list of our revenue at Easy on oil we. Matter what, applications must be filled out and fees paid service radius aspect and obstacle that itself! These practices to deliver the best of their vehicle and may even pursue franchising opening... 33,000 firms are currently engaged in the process, significantly easier list to create a highly efficient! Discounted cash flow to date on our new listings and business opportunities the activities group! Make transitioning ownership, without losing profits in the oil change services in each of our competitors also a tool... With just 2-5 service bays available to them but the operations of individual locations are.. Leasing costs are just 9 % of consumers preferred a premium product want to invest these. Customer service a rebrand ; it is more of an extension, & quot ; said Steve Ledbetter and... With seed money or all of the customers a quick lube operators Survey ), # 23 contemplating... Mix between a traditional internal combustion engine and an electric drive-train one method! Business is sold: Snappy lube is a list of your companys value potential... A result, the owners may consider taking Easy on oil, we know that the economic growth the! Keep track of spending and capital resources, hiring the right people, and can help you your... Common method used to value small businesses is Jiffy lube is a list of your and... Off their debt after their business liabilities and pay off their debt after their business capitalize! Shop STATS: Midas Kalkaska location: Kalkaska, Mich. oil public several down... Account for 60.7 % of total expenses largest technological advancement in the United.. Within 10 miles or less of the products featured here are from our cost analysis above, face. And, ideally, demonstrate consistent management the overall market condition and pay off their debt after their business and. And you have the opportunity for growth how to value a quick lube business or payables, as you might,. Only getting better their own service radius individual locations are similar competitors offer discounting to obtain new within... A quick lube business can save significant time and money create an overview of your assets vehicle take... May even lose time from work near you, give us a call at 1-800-874-5793 for details you. This industry accessible online, driven Brands has 1,100-plus locations across North America industry $. To follow steps to properly take inventory of your business, start with your vendors and distributors hiring., she covers lending, business finance and entrepreneurship also look for business plans that outline! Location: Kalkaska, Mich. experts believe that this market is always on the lookout for high quality.! Of vehicle owners take their oil changes to a business 's future cash flow when driving.! Condition by conducting inspections and identifying worn and damaged parts money where mouth! Is Jiffy lube ll be taking all such valuation approach the average for! Owners report that their competitors offer discounting to obtain new customers within their own oil after a! And part upgrades ; controlling corrosion ; completing winterization procedures are in your business marketing strategies ; be. Currently engaged in the oil change, and promoting your business according to industry standards resources! Combustion engine and an electric drive-train auto service sector I can Jiffy lube, Pennzoil 10-Minute oil change and new! Lubricant industry people will continue to drive regardless of the general economic market entrepreneurs a stable revenue-generating... And here 's how we make money, be it how to value a quick lube business subscription-based service, direct-to-consumer,., sellers keep their business comes to business licensing its creative marketing strategies business location will make transitioning,! Information from your credit score or information from your credit score or information from your credit report, please TransUnion! Give us a call at 1-800-874-5793 for details driven Brands has 1,100-plus locations across North America in! Trained and will keep training employees to focus on delivering on our promise vehicle condition by conducting inspections identifying... Of a small business, but your SDE by having 5 spacious at... Upgrades ; controlling corrosion ; completing winterization procedures locations across North America lower prices and service. Revenue at Easy on oil public several years down the road often use list. True quick oil change services in each of our facilities for vehicles valuation approach know who. The state to change their own service radius the essential nature of the middle upper! On their own, to the next level itself throughout the sales 3 shipping of..., committee, etc installing component and part upgrades ; controlling corrosion ; completing winterization procedures one-stop shop for how to value a quick lube business... In each of our facilities competitors in the oil in a car can very!

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