Premier West Michigan Art Gallery – SOLD

Contact: Tim Carter
Phone: 616-560-1080
Email: [email protected]
Your Reference ID: TC1020917

Description:

This very attractive 30 year old established art gallery was purchased by the current owner from the gallery’s founder.  In his fifteen years of stewardship the second owner has built the business into one of the premier galleries in the region. Now, as retirement approaches, the owner has decided to begin the search for only the third owner in the gallery’s history.

The location of this business is in the “sweet spot” of Chicago, Indianapolis, Detroit, and the Lake Michigan vacation-home communities, thus providing a unique opportunity to service a large market of high-end clientele. The list of patrons who regularly visit the gallery reads like a Who’s Who of the region’s business and social leaders.

The gallery is not limited by geography however – thanks to a proprietary, web based virtual gallery that allows the business to display all of its artists’ works on the internet. This allows patrons to view and purchase new art offerings without actually visiting the gallery. It is also an avenue for the business to reach the community of art mavens anywhere in the world.

The business is located in a warm and welcoming 2500 square foot space in a highly desirable resort community on the southwest shores of Lake Michigan.  Driving the profit engine of this business is the work of sixty-five artists regional, national and international.- both emerging and established . All of the artwork in the gallery inventory is consigned by the artists to the gallery and includes an agreement for exclusive representation of the artists’ work within a generous radius of the business.

The business generates an annual cash flow for the owner of $160,000 on $600,000 of sales. Offered at $295,000, the business is priced at a very attractive 1.9x SDE (seller’s discretionary earnings – the cash flow available for an owner operator to service debt and pay himself). For the successful buyer, the seller will also carry a meaningful seller note and offer ample transition training (included in the purchase price) during the business’s high season.

The seller is committed to providing the necessary support to a new owner to ensure a seamless transition and continued growth for the gallery. As a result a great opportunity presents itself for you to comfortably move into this profitable and very exciting lifestyle business, which by its seasonal nature will allow for winter getaways. If you have an art background and business experience, or can partner with someone who has, this is truly a special opportunity. For more information about this outstanding business, please contact Tim Carter tim@praxisbb.com or 616-560-1080).

Location(s): West Michigan - Lakeshore

Asking Price: $295,000
Cash Flow: $160,000
Gross: $600,000

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