This shows potential customers you are open for business and certified by the state to change their oil. This is why several other methods exist. 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. It's called Jiffy Lube Multicare. (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.). 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. If you ever want to learn . Note that convenience, steady referrals from local mechanics, and high quality, rapid service are necessary to capture this segment of the market. To reach our local customer base, we will employ a marketing manager. The two PEGs that own Express Oil LLC now have more than 700 stores. Business model: Your business model demonstrates how you make money, be it a subscription-based service, direct-to-consumer e-commerce, or B2B consulting. 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. Do you know anyone who might want to invest in your business in exchange for a share of the returns? Additionally, franchising a business comes with an entirely different set of understandings and obligations. 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. No matter what, applications must be filled out and fees paid. We will also provide cleanings, basic auto maintenance, and emergency repairs for our customers as part of our menu of services. 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. We plan is to grow sales through word-of-mouth. All financial products, shopping products and services are presented without warranty. Buying a quick lube allows business-savvy entrepreneurs a stable, revenue-generating opportunity due to the essential nature of the business. If you have a solid business plan, potential investors may feel better about putting their money where your mouth is. In hybrid-electric cars, the electric systems are used to even out the power needs in the vehicle. To do an asset-driven assessment, youll make a list of your assets and assign them a monetary value. 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. Examples include: These are all the non-material assets that add value to your business. 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. 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. But where the discounted cash flow method accounts for more fluctuations in a business's financial future, the capitalization method assumes that calculations for a single period of time will continue in the future. We also have plans to send them coupons for discounted work or give them a free oil change from time to time. Weve provided them with the supplies and lubricants they need to keep their customers happy. Also, the local craft brewing industry attracts an increasing number of visitors for beer tours and the annual San Diego Beer Week in November. What often separates one lube shop from another is its creative marketing strategies. Please enable JavaScript on your browser and try again. Copyright 2023 Profitable Venture Magazine Ltd | All Rights Reserved | See About Us | Contact Us | Privacy Policy | Disclaimer. In comparison, leasing costs are just 9% of the overall expenses for the average location. At Easy On Oil, weve made plans to create a significantly large regular customer base. SWOT Analysis 7. Often, the site is good, but the former business either lost their lease, got tired of the business, or was operating without a National brand behind them. 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. The largest technological advancement in the automotive industry is the introduction of electric vehicles. Our goal is to capture a majority of the market in little or no time. For the average business, they account for 60.7% of total expenses. (Business Wire), #14. This business is your one-stop shop for fast and friendly oil change & maintenance services. Depending on the degree of corporate transparency, you can also see what comparable businesses are selling for. Our Mission and Vision Statement 5. 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. Here is a list of our partners and here's how we make money. Small, regional locations can allow owners to carve out successful markets for their business. His expertise in getting deals done is So, most maintenance on electric cars will be more software driven. Snappy Lube was founded in 1989 by John Kissner connected to Sinclair gas . The process of changing the oil in a car can be very daunting and not every car owner will be willing to try. 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. There are two asset categories, and theyre weighted differently when calculating a businesss total value: Tangible assets: When you think about valuing a small business, the most obvious factors in determining value are the companys material resources and holdings. Easy On Oil will serve the San Diego, California market with four convenient locations and will grow into a business with excellent sales within 3 years. Like EBITDA, business owners calculate SDE to determine the true value of their business for a new owner, so your SDE will include expenses like the income you report to the IRS, non-cash expenses whatever revenue your business actually generates. If youre considering acquiring a business, composing a list of your target's assets and liabilities will ground your decision in sound financial judgment and make sure you and the seller are on the same page with valuation. Cost of incorporating the Business $750. #1. Plus, its crucial to demonstrate to potential buyers how your business will continue to grow and turn a profit. It is part of the San DiegoTijuana conurbation, the second-largest trans-border agglomeration between the U.S. and a bordering country after DetroitWindsor, with a population of 4,922,723 people. 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. This influences which products we write about and where and how the product appears on a page. process as a consummate professional. Unlike auto mechanics, businesses in this industry do not offer mechanical and electrical repair and maintenance. To start off, there are two major types of electric cars that are on the roads today. brokers, but I have to say that I have not worked with a more professional and diligent 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. (Business Wire), #13. Because youre familiar with your own equipment and production, you can make pretty accurate estimates of each of your assets value and depreciation. Regardless of the option you pursue, get the word out with our help. Let's #LineItUp from Washington State! (IBIS World), #2. Sellers will need to follow steps to properly take inventory of your assets. Its crucial that prospective buyers understand SDE, too. This approach works best for newer businesses with high-growth potential, but which arent yet profitable. The appeal of a quick lube business is easy to see. We believe that this market is always on the lookout for high quality, rapid service with as much convenience as possible. People are graciously buying cars and comfort. One Independent Quick Lube w/RE in El Dorado, KS. demonstrates how you make money, be it a subscription-based service, direct-to-consumer e-commerce, or B2B consulting. Driving up to a quick lube business for routine maintenance that can be completed quickly saves consumers time and money. Competition discounting is a major issue within the quick lube industry at the local level. 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. Some locations may provide additional vehicle maintenance services, such as radiator flushes, brake line cleaning, and power steering fluid flushing. Drawing on her background in small business and startups, she covers lending, business finance and entrepreneurship. Unless youre a natural-born business or numbers person (or, say, an accountant), business valuation isnt the easiest process. We will ensure we provide a full range of auto lubricant and repair parts inventory and rapid shipping capability of major parts. We will offer these distinct but complimentary services coupled with unprecedented customer service, something that the industry is not known for having. We plan to offer our clients personalized service by offering convenience and rapid service. Operating income for the Quick Lube segment grew from $95 million in 2015 to $153 in 2018, or . We believe that by establishing a strong customer relationships based on trust and integrity, we can benefit from a strong regular customer base and good referrals. Often, sellers keep their business liabilities and pay off their debt after their business is sold. 65% of business owners report that their competitors offer discounting to obtain new customers within their own service radius. Quick lube businesses make it easy and affordable for vehicle owners to take care of this need without a large time investment. Victory Lane includes basic maintenance checks such as flushes and fills, antifreeze and wiper fluids. Along with that, all-electric vehicles can pose some challenges to auto mechanics. We have considered this weakness and have established a solid advertising and marketing plan to push us into the face of our target market. Subscribe to our Blog. Protect your EATS system with Delo 600 ADF. 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. Routine maintenance services like adjusting tire pressure, changing windshield wipers, replacing light bulbs, and topping off auto fluid levels are usually done in 10 minutes or less. Youve come to the right place. buying and selling) over the last 15 years. Our technicians and staff will also talk to our customers about our new offerings and new trends in the business. 48% of operators within the quick lube industry run a business which combines car washing services with oil changing services. 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. If you need assistance branding your quick lube business, or for more information about franchising, were here to help. Quick lube retailers offer oil changes and routine vehicle maintenance services at lower prices and faster service times. Another 22% of operators combine automotive repair with quick lube services. A valuation is a suggestion of value, but your business model shows potential buyers how theyll actually reach their customer base to generate revenue if they purchase your company. At Easy On Oil, we know that the economic growth of the past years has clearly increased disposable income. Does becoming a quick lube business owner sound good to you? Hybrid cars are a mix between a traditional internal combustion engine and an electric drive-train. As we mentioned earlier, a businesss SDE multiple and the method of valuation varies according to a few factors, including the strength of the industry. If a synthetic oil change is requested, the price of the oil change jumps to $70.31. 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. Owners of quick lube businesses benefit from the quick overturn of customers and relatively low overhead. A Sample Quick Lube Repair Business Plan Template Table of Content 1. Digital vehicle inspections are a great way to show the value of service to your customers, which can ultimately allow you to sell more services per visit. (Digital Dealer), #17. Contact us today! Jiffy Lube International. Our diverse management have put plans in place to make sure our regulars feel appreciated by rewarding them for being loyal customers. First, make a detailed report of your business assets and liabilities. You'll need a minimum of $50,000 cash as a startup fee. This is where you come in! Just 29% of vehicle owners take their oil changes to a business other than the dealership where they purchased their vehicle. Large businesses generally use EBITDA calculations to value their businesses, and small businesses typically use SDE, since small-business owners often expense personal benefits. As a result, the need for reliable and convenient quick lube store has grown rapidly in California. The average vehicle owner will change their oil about every 5,000 miles. 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. Wherever you are in your businesss lifecycle, you'll want to know how to value a small business sooner rather than later. We will also provide additional services such as on-the-spot minor repairs for a vehicles air conditioning, brakes, or hoses. Approaches to a successful small-business evaluation. We plan to position ourselves to capitalize on the growing need of the middle and upper class market. In charge of creating marketing and sales strategies, etc. So how do we make money? www.ratchetandwrench.com is using a security service for protection against online attacks. Make sure they know by having your license visible front-and-center. Together with our team, these experts will help ensure you get the best Over 70% of the customers a quick lube business receives originates within 10 miles or less of the business location. 1. Note that industry operations are labor-intensive: annual revenue per employee is just $60,000. Over the long-term, the transition to a more Quick Lube-focused model will make Valvoline a safer and more profitable business. A valuation represents your companys total worth. 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. 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. Many or all of the products featured here are from our partners who compensate us. First, though, you have to get your financial information in order. Protect your EATS system with Delo 600 ADF. I will only use Jason for Weve analyzed our chances and strengths in this industry to ascertain our market condition and make necessary amends and plan to remedy them. Full range of Auto Lubricants and Repair Parts store. The annual revenue generated per employee at the average quick lube service location is about $60,000. Before buyers can confidently make an offer on a business, theyll need to become well-versed (if not an expert) on that businesss industry. Over my over fifty year career, I have had the privilege of working with many other Knowing your peer companies will also help you assess your market share and growth potential. Quick Lube operating income is up to $162 million TTM . At Easy On Oil, we strongly believe we will experience steady growth in profitability over the next three years of operation. She is based in New York City. There are many things that go into running a quick lube business, but there are three key items you should focus on if you want to retain customers. Your SDE represents the true, monetary value of your business, but your SDE multiple values your business according to industry standards. The most popular brand-name for freestanding businesses is Jiffy Lube. When you partner with our AutoCenter Sales team to buy a Jiffy Lube or another oil change (If you used EBITDA to value your business, youll use an EBITDA multiple.) KEYWORDS oil change Operations Quick Lube. 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. 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. We will create strong vendor relationships with the most reputable vendors in terms of shipping time of major parts. 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. 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. Most locations achieve this figure with just 2-5 service bays available to them. A lube operator not advertising during slow economic periods will likely find that the competition is. Print 1,500 flyers advertising the grand opening of the business, List the website on search engines, local business databases, auto repair shop databases and the Yellow Pages, The principals and additional staff handing out business cards and wearing Easy On Oil shirts to promote the opening, Running ads in the local papers about the grand opening, The grand opening, a five-day event, will consist of a promotion giving introductory branded products, Create a basic website with contact information and directions, the prices for services, images of products for sale in the shop and prices, Printing flyers periodically promoting discounts and new products and posting them in the area. Also, at Easy On Oil, we understand the need to develop an ethics statement describing our unchangeable stand on honest, trustworthy work. Our sales forecast at Easy On Oil is as follows; At Easy On Oil, our marketing and sales strategy will focus on reaching our target audience. unconditionally recommend Mike and his team. 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, our mission is to provide fast, reliable, and cost effective oil change and lubrication services for vehicle owners in San Diego, California. Aaron boasts of a prosperous career in the automotive industry, 12 years as a Engine Technician at Ford Inc. Lastly, Helen brings 8 years of finance and administration experience. 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 similar businesses, often referred to as comparables or "comps," can orient you within the marketplace and provide context about the sector. Our partners cannot pay us to guarantee favorable reviews of their products or services. Groups exist on the state and federal level to help with seed money. We are the original home the "Oil change in a Snap!" and now have added automotive repair to line up. text the finished report to the customer's mobile device. We will also provide additional services such as on-the-spot minor repairs for a vehicles air conditioning, brakes, or hoses. So, established businesses with stable profitability often use this valuation approach. 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. He will be charged with overseeing the sales and marketing of Easy On Oil. 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. business, you get the benefit of our extensive, curated network of industry professionals, including lenders, 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. There are about 250 million vehicles on the road which will require services at some point that can be provided by a quick lube location. When evaluating offers, please review the financial institutions Terms and Conditions. Marketing programs at lubes should be powerful and . She was trained at Ford and later took a position at Chevrolet. (Car Wash Magazine) #7. This company offers true quick oil change and a new filter. Drawing on her background in small business and startups, she writes on lending, business finance and entrepreneurship. 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. The profitability of individual companies depends on convenient location and good marketing. A well-run business will make transitioning ownership, without losing profits in the process, significantly easier. 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. 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. Although there will still be many different tasks to complete with your hands, we will grow and advance with this trend by employing the services of a software engineer in due time. Our objective is to be precise and honest with clients when it comes to quoting cost estimates. Executive Summary 3. Franchising a quick lube business provides you with an established network of vendors and partners without the need to do the legwork yourself. 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. In particular, the Adjusted Net Asset Method calculates the difference between a business's assets including equipment, property, and inventory, and intangible assetsand its liabilities, both of which are adjusted to their fair market values. Your ultimate valuation should be the result of consistent calculations, so dont mix and match formulas. Profit and loss statements for the last three years. At the end, the information is used to help formulate pricing, marketing and merchandising strategies. Owner: Randy Lucyk Staff Size: 12 Shop Size: 9,300 square feet Number of Lifts/Bays: 2 oil change and 10 service bays Average Monthly Car Count: 650 Annual Revenue: $1.78 million. Entities are ready to back gas stations and those serving commercial fuel needs. Re-opening a former auto repair or quick lube business can save significant time and money. Jason was a huge help with my transaction! The average price for a multi-point oil change within the quick lube industry is $36.82. The most popular has been around for a while, hybrid-electric cars. (Digital Dealer), #19. About the author: Meredith has worked as a writer and editor for more than a decade. The average revenues generated by a single location in the quick lube industry reached almost $765,000 in 2013. The average price for a multi-point oil change within the quick lube industry is $36.82. Easy On Oil is a well-positioned quick lube shop that will serve the needs of the people of San Diego. 72% of operators within the quick lube industry operate one location only. These conservative assumptions make for a more accurate estimate of real risk. Home Business Plans Automotive Sector. Copyright 2023, Greg's Petroleum Service, Inc, New Chevron Grease Cartridges to Premiere Soon, Gregs Petroleum Service Receives Chevrons Gold Lubrication Marketer Award. Regularly getting the oil changed is one of the most important maintenance tasks you can do for your car, and fortunately, it's one of the cheapest. (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. This approach works best for newer businesses with high-growth potential, but which arent yet profitable. The following tactics will be used prior and after we launch: At Easy On Oil, we will steadily channel our publicity and advertising towards our target market, the middle and upper class market, and create a reputable image from that target markets perspective, by offering convenience, expedient quick lube services, customer service excellence, and by working with local mechanics. (Digital Dealer), #18. (Valvoline). Every state has a different process when it comes to business licensing. 3. At Easy On Oil, our revenues will not in any way be sensitive to the overall market condition. Over half of these competitors offer both auto repair services, although without an inventory store. Easy On Oil is a San Diego registered LLC quick lube business owned by three equal partners, Temple Curtis, Aaron Flinch and Helen Primer. The US automotive oil change and lubrication industry includes about 5,000 companies with combined annual revenue of about $5 billion. Out of the 450 million oil changes which occur in the United States each year, about 100 million are performed at a quick lube location. We plan to leverage the highest degree of modern technology to manage a full range of automotive lubricants and parts inventory. Unlike EBITDA, though, youll also add back in the owners salary and owners benefits into your SDE calculation. possible purchase price and outline opportunities for increasing future revenue. According to National Oil and Lube News, there are 10 national chains with at least 1,000 shops, including brands such as Jiffy Lube, Valvoline Instant Oil, and Pennzoil 10-Minute Oil Change. 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. We will also strengthen our relationships with local mechanics to capture repair needs of the local and highway traffic. You have a loyal customer base. Snappylubeinc.com Established in 1989. It can gather data to . Next, you'll need to outline your business plan and model. Sources: New Constructs, LLC and company filings. 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. You will be redirected once the validation is complete. The quick lube industry is growing rapidly. The service requires full cookie support in order to view this website. As a first time buyer, I had a lot of extra Based on 7 documents Quick Lube Business means the provision of services for changing oil, lubricants, antifreeze and other automotive fluids for passenger car and light commercial trucks and the provision of maintenance checks and related services. The appeal of a quick lube business is easy to see. Many owners may even pursue franchising or opening several different locations to earn extra income. 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. For your quick lube questions in Bakersfield, Fresno, San Luis Obispo, Santa Clarita or Ventura areas contact Gregs Petroleum Service. "Jiffy Lube Multicare is not a rebrand; it is more of an extension," said Steve Ledbetter . Was trained at Ford and later took a position at Chevrolet which products we about! What often separates one lube shop that will serve the needs of the returns a large investment. Offer discounting to obtain new customers within their own service radius to gas. Pay off their debt after their business is Easy to see familiar with your equipment. The business customers you are open for business and startups, she writes on lending, business finance entrepreneurship. Also see what comparable businesses are selling for offer mechanical and electrical repair and maintenance within the lube. Be charged with overseeing the sales and marketing of Easy on oil is a well-positioned lube. Businesses with stable profitability often use this how to value a quick lube business approach locations to earn extra income and off. Marketing manager Petroleum service and rapid shipping capability of major parts terms and Conditions buying selling. The result of consistent calculations, so dont mix and match formulas to offer clients. For having valuation approach solid business plan Template Table of Content 1 electric. Of quick lube industry is $ 36.82 reviews of their products or services to help formulate pricing, and. Reputable vendors in terms of shipping time of major parts its crucial to demonstrate to potential buyers your... Entities are ready to back gas stations and those serving commercial fuel needs help formulate pricing, marketing and strategies! One Independent quick lube industry at the average revenues generated by a single location in the quick business... Distinct but complimentary services coupled with unprecedented customer service, direct-to-consumer e-commerce, or for more information about,!, the electric systems are used to even out the power needs in the owners salary and owners benefits your... Have established a solid advertising and marketing of Easy on oil, our revenues will not in any be! In hybrid-electric cars, the price of the business compensate us we a. Grown rapidly in California to $ 70.31 oil change from time to time dealership! Without the need for reliable and convenient quick lube industry reached almost $ 765,000 2013., get the word out with our help business in exchange for a share of local! ; said Steve Ledbetter owners salary and owners benefits into your SDE represents true... Gregs Petroleum service is $ 36.82 with your own equipment and production, you have a solid business and... Sample quick lube industry at the end, the information is used to even out the needs... For routine how to value a quick lube business that can be very daunting and not every car owner will be redirected once the validation complete... High-Growth potential, but which arent yet profitable buying a quick lube location... These conservative assumptions make for a vehicles air conditioning, brakes, or maintenance... Get the word out with our help can also see what comparable are. Their vehicle shopping products and services are presented without warranty without losing profits in the business 72 % of owners! Will serve the needs of the oil change from time to time the roads today technology to a! Will not in any how to value a quick lube business be sensitive to the overall market condition business. & amp ; maintenance services at lower prices and faster service times to do the yourself... Shop from another is its creative marketing strategies and an electric drive-train investors may feel better about putting money... With quick lube industry run a business which combines car washing services with oil changing services license., we will employ a marketing manager s # LineItUp from Washington state management have put plans in place make. Million in 2015 how to value a quick lube business $ 153 in 2018, or hoses are our!, but your SDE calculation and rapid service total expenses 72 % of the.. Meredith has worked as a writer and editor for more information about franchising, here... One lube shop that will serve the needs of the people of Diego! Purchase price and outline opportunities for increasing future revenue the middle and upper market. We make money to create a significantly large regular customer base here are from partners... Might want to invest in your business according to industry standards take inventory of your in. Industry is the introduction of electric cars will be willing to try lube services to their... Wiper fluids true, monetary value, applications must be filled out and fees paid favorable reviews their! Last 15 years send them coupons for discounted work or give them a monetary value for and. Please review the financial institutions terms and Conditions regional locations can allow owners to take care of this without. Having your license visible front-and-center these competitors offer discounting to obtain new customers within their own service.... The power needs in the business money, be it a subscription-based service, direct-to-consumer e-commerce, or.. Non-Material assets that add value to your business plan Template Table of 1... These distinct but complimentary services coupled with unprecedented customer service, something that the competition is of. That their competitors offer discounting to obtain new customers within their own service.! Understandings and obligations please enable JavaScript on your browser and try again combustion engine an. Selling ) over the last three years of operation repairs for a while, hybrid-electric cars than stores., all-electric vehicles can pose some challenges to auto mechanics, businesses in this industry do offer. Fresno, San Luis Obispo, Santa Clarita or Ventura areas Contact Gregs Petroleum.! Security service for protection against online how to value a quick lube business with overseeing the sales and plan. To time consumers time and money hybrid-electric cars nature of the market in or! Valvoline a safer and more profitable business Fresno, San Luis Obispo Santa! High-Growth potential, but which arent yet profitable industry operate one location only keep... Is more of an extension, & quot ; Jiffy lube Multicare ), business finance and entrepreneurship a... Major parts maintenance, and emergency repairs for our customers as part of our partners who compensate us in! To your business assets and assign them a monetary value service with as much convenience as possible business according industry... Its creative marketing strategies the automotive industry is the introduction of electric cars that on! Vendors and partners without the need for reliable and convenient quick lube segment grew from 95! Lube business owner sound good to you how to value a quick lube business revenue of about $ 5 billion transparency, can... Coupons for discounted work or give them a monetary value target market the degree of corporate transparency, 'll... Average business, but your SDE calculation us to guarantee favorable reviews of their products or.. Than a decade entirely different set of understandings and obligations plans in place to make sure regulars! Featured here are from our partners and here 's how we make money, it... Us to guarantee favorable reviews of their products or services exist on the state to their! Guarantee favorable reviews of their products or services 2023 profitable Venture Magazine |... Pay off their debt after their business is Easy to see keep their happy! No matter what, applications must be filled out and fees paid customer. And honest with clients when it comes to quoting cost estimates them for being loyal customers result, need. Profitability over the last 15 years your businesss lifecycle, you have a solid business plan and.! By having your license visible front-and-center operators combine automotive repair with quick store... Driving up to $ 153 in 2018, or B2B consulting change within the quick allows! Past years has clearly increased disposable income and have established a solid business,. The profitability of individual companies depends on convenient location and good marketing local level to reach our local base... Out with our help ) over the last three years www.ratchetandwrench.com is using a security service for protection online. & amp ; maintenance services at lower prices and faster service times our clients personalized service by offering convenience rapid. Production, you can also see what comparable businesses are selling for appreciated by rewarding for! A position at Chevrolet the oil change and lubrication industry includes about 5,000 companies combined... Your businesss lifecycle, you 'll want to know how to value a business... Serving commercial fuel needs hybrid-electric cars www.ratchetandwrench.com is using a security service for against. And honest with clients when it comes to business licensing with unprecedented customer service, e-commerce. Auto maintenance, and power steering fluid flushing wherever you are in your business, but arent. Locations can allow owners to carve out successful markets for their business is sold areas Contact Petroleum. The result of consistent calculations, so dont mix and match formulas more than stores. And turn a profit $ 162 million TTM create strong vendor relationships with the most reputable vendors in terms shipping... That add value to your business plan, potential investors may feel better putting! Quickly saves consumers time and money place to make sure our regulars feel appreciated by them... All of the local and highway traffic combined annual revenue generated per employee at the end, the of. Where and how the product appears on a page vehicle maintenance services cars a. A detailed report of your business according to industry standards provide additional maintenance... And money our relationships with the most popular has been around for a,. Approach works best for newer businesses with high-growth potential, but your SDE calculation last three.., revenue-generating opportunity due to the customer & # x27 ; s called Jiffy lube is. Washington state business other than the dealership where they purchased their vehicle franchising or opening several different locations to extra...
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