Successful Mid-Michigan Condo Management Business

Contact: Mike Greengard
Phone: 616-450-0707
Email: [email protected]
Your Reference ID: MG1071718

Description:

It has been a great 16 year run for the founder/owner/seller of this successful and high cash-flowing mid-Michigan business which manages a who’s who of desirable condominium associations while also offering its clients everything from routine maintenance to landscaping to snow removal to construction projects.

The business is conveniently located in a late model building just minutes from a major interstate. The 3,000 square foot facility houses a 2,000 square foot shop and a 1,000 square foot office. There is ample parking in a dedicated, paved lot contiguous to the office and shop for the 17 non-union full-time and seasonal employees plus the company’s vehicles and equipment.

The three prong business model of (1) association management, (2) common area maintenance and (3) capital improvements has resulted in both strong client loyalty and significant barriers to entry. With no customer concentration, the company has multiple clients under contract. Client satisfaction is shown by the company’s excellent client retention rate. In fact, the company regularly turns down quote requests from other condo associations as the seller, now at retirement age, is more interested in transitioning this excellent business to a new owner-operator who could leverage the long-time success of the business by expanding to condo associations who are hoping to become new clients.

Over the past five years, the business has averaged annual revenues of $750,000 which have generated an average annual SDE (seller’s discretionary earnings – the historical, normalized cash flow available to pay an owner-operator and service debt) of $215,000. The business is being offered for $595,000, an attractive 2.50x multiple of current SDE. The listing price includes more than $200,000 of vehicles and equipment. In addition, the seller will carry a high five figure seller note for a qualified buyer.

This outstanding business opportunity is a must for buyers with working knowledge of building improvement/construction. For more information, please contact Mike Greengard at mgreengard@praxisbusinessbrokers.com.

Location(s): Mid Michigan

Asking Price: $595,000
Cash Flow: $215,000
Gross: $750,000

Bookmark the permalink.

Comments are closed.