Finishing Line

People new to the industry often ask what is the best type of car wash to own and operate. The answer usually given is to choose the type that best suits one’s lifestyle and yet fits into the marketplace. »

A viable car wash is one where the owner delivers entrepreneurial objectives such as creating wealth from the business model or exit strategy. »

Arguably, the car wash industry is ripening for private equity. For example, growth is projected for industry wash revenues and size of the fleet. Moreover, the market remains fragmented, which is a good play for consolidation. »

Twenty years ago, helping others to become better car washers was thought to be good for the industry overall. Arguably, the playing field was more level back then and the beat-your-competitor approach was not prevalent. »

On December 5, 2016, Sentinel Capital Partners, a New York City-based private equity firm, issued a press release announcing it had invested in Sonny’s Enterprises Inc. through a recapitalization. Terms were not disclosed. »

Price is the quantity of payment or compensation given by one party to another in return for goods or services. The requested amount is often called the asking price or selling price. »

A poet once wrote: No one knows what happens to you when you die, and that is a fact of life. Similarly, one of my college professors opined: All small businesses do not succeed and the ones that do don’t last forever. »

Calculation of value is the process of determining business value, ownership interest, or value of intangibles whereas an appraisal is the process of developing an opinion of value. »

Car wash operators that follow best practices and provide adequate management and staff to ensure an efficient and customer-centric operation are usually rewarded with superior financial performance. Whereas those that do not... »

Some years ago, I received a call from an investor who was building an exterior express car wash in the Rocky Mountain region. His question was simple: Do these things ever fail? »

One challenge facing car wash operators going forward is thought to be the increasing difficulty in finding additional revenue opportunities. The principal reason for this is the highly competitive car wash markets. »

When I started a business in the early 1970s there was no world wide web to find out what the biggest problems were facing small business owners. Like many mom and pop ventures, I did little due diligence.  »

A car wash network of 500 or more units does not exist in the United States. Closest is Mister Car Wash which has 160 car washes and 33 lube centers in 18 states.  »

Over the last six or seven years, more and more of my business contacts have been related to buying or selling a car wash or curing a sick business rather than building a new wash.  »

Propensity is an inclination or natural tendency to behave in a particular way. For example, propensity to buy would be to say that most men living in Florida prefer to buy Ford trucks as opposed to GMC, Chevy, Dodge, or Toyota. »