New Deals: An express car wash with management, absentee-run closet and cabinet installer, and 3 other finds...

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NEW DEALS

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📍 Location: Florida
💰 Asking Price: 1,750,000
💼 EBITDA: $519,570
📊 Revenue: $2,143,100
📅 Established: 2006

💭 My 2 Cents: Custom storage is one of the rare home improvement niches that wins in both housing markets. When homes trade hands, new owners redo the closets first, and when rates lock people in place, they upgrade the house they can't leave. In Florida, where in-migration keeps feeding both sides of that equation, this shop designs, builds, and installs custom closets, cabinets, home offices, and garage storage with a crew that runs the floor and a largely absentee owner whose role is now sales oversight and signing checks. The owner recently expanded the showroom and added warehouse space, the kind of capital an owner rarely puts in unless demand has outgrown the footprint. But all of it sits on leased ground, a strip-center lease that runs to 2028 with a renewal option behind it, so get the assignment terms in writing and confirm the renewal option carries to a new owner, not just the current tenant. I'd also want the split between residential work and any builder or commercial accounts, because the two run on different cash. Retail customers pay deposits at signing while builders pay net-30 or net-60 at thinner margins, so the same revenue can mean very different working capital. The seller is projecting savings from bringing manufacturing in-house, a well-worn step up for shops at this size, and the warehouse space he just added is exactly the footprint you'd need for it. But I'd want to understand what the machines cost and what the savings actually are before giving it any credit in the price, since plenty of shops run that math and keep outsourcing.

📍 Location: Wisconsin
💰 Asking Price: $1,079,000
💼 EBITDA: $475,920
📊 Revenue: $2,769,401
📅 Established: 1998

💭 My 2 Cents: Two early learning centers running at a combined 195 of 205 licensed seats is about as clear a demand signal as childcare gets. The pair has weathered real recessions and come out fine both times, because childcare is the bill that lets both parents work, so it's the last expense a family cuts. A licensed director already runs day-to-day operations, so you don't need a teaching background to own it, but staffing becomes your problem fast: state-mandated ratios mean losing even one teacher drops your legal capacity and your revenue on the same day. Both buildings are leased rather than owned, and since childcare licenses attach to the premises, I'd want the term, rent, and renewal options on each building. I'd also want the share of tuition that comes from state childcare assistance versus private pay (reimbursement rates are set by the legislature and often pay below private rates), plus month-by-month enrollment for the last two years and current tuition against nearby centers. Before counting the 10 empty seats as upside, ask which classrooms they're in. Ten open preschool seats are found money. Ten open infant seats are the most expensive seats in the building to fill, since infant ratios can run one teacher to three or four babies and most centers barely break even on those rooms.

📍 Location: New York
💰 Asking Price: $4,900,000
💼 EBITDA: $600,000
📊 Revenue: $2,500,000
📅 Established: 1990

💭 My 2 Cents: Few categories have drawn more private equity money than express car washing over the last decade, and it makes sense. Cars get dirty in any economy, the labor is low-skill, and a wash runs on equipment and a small crew rather than the owner's know-how. That money is also why multiples run high, and this one asks roughly 8 times earnings. The upside is that the seller has permits in hand for a lube-bay expansion, which matters because the hardest cost in a lube business is getting cars to the property, and this one already has a daily stream of them. The catch is that the seller is pricing the real estate separately, so the multiple is priced entirely on an operating business whose lease doesn't exist yet, which makes securing a lease or purchase option on this site likely the stickiest point of the whole negotiation. I'd dig into whether new washes can be approved in the town (plenty of towns have restricted them, and if this one has, the trade area is protected), what share of revenue is membership versus one-off washes (including the member count and monthly churn), and the traffic count out front, since an express wash lives on impulse visits. Be sure to also check for DOT projects coming, since a road-widening can halve volume for a year.

📍 Location: Michigan
💰 Asking Price: $2,100,000
💼 EBITDA: $452,961
📊 Revenue: $2,880,504
📅 Established: 1957

💭 My 2 Cents: Four businesses share one lot here, but they're really one funnel. The pumps pull in daily traffic and the tow trucks pull in broken cars, and both streams land at the same repair bays and c-store counter, which is why a corner like this holds up better than any of its four lines would alone. Gas itself makes almost nothing, margins run pennies per gallon after card fees, so the pumps are best understood as the marketing budget, and inside sales per gallon is the ratio that shows whether the traffic converts. Inside that store, the licenses are the revenue drivers: tobacco, lottery, and possibly beer and wine, and in Michigan liquor licenses are quota-limited by population, so one attached here has standalone value. I'd ask how long the mechanics have been there and what they're paid against market, because the repair bays carry the earnings, which means the mechanics do, and good ones are among the hardest hires in the trades right now. I’d also want to know how the towing jobs come in, whether it's a municipal rotation list, direct contracts, or ad-hoc calls. The real estate is included in the price, but owning this land means owning its underground fuel tanks, and a site pumping gas since 1957 has had decades to leak. The one thing working in your favor is that Michigan runs a state cleanup fund that can cover a chunk of remediation on eligible tanks, so confirm this site's eligibility early, because that's what decides whether contamination is a cost or a dealbreaker.

📍 Location: Texas
💰 Asking Price: $2,850,000
💼 EBITDA: $801,500
📊 Revenue: $5,500,000
📅 Established: 2006

💭 My 2 Cents: Every manufacturer that paints, coats, or blasts at scale is required by fire code and air-quality rules to do it inside a compliant booth, which makes spray booths a purchase driven by regulation and plant construction, and Texas has spent the last decade adding plants. This company designs, distributes, and installs custom booths, ovens, blasting systems, and conveyors for multiple manufacturer brands, and it pushes $5.5 million of revenue through just 9 people because it doesn't build anything: the factories make the booths, this business sells the engineering and the install. That model is why the diligence starts with the dealer agreements. A distributor's real asset is its right to represent the brands, so I'd want to know whether those agreements are exclusive and what territory they cover. I'd also want the split between new installs and repair work, since booth sales are lumpy project revenue while 20 years of installed booths should be throwing off steady service and parts income, revenue by brand, and the current backlog, since with big-ticket projects the next six months are already decided. The quiet asset here is that installed base. Every booth this company has hung in 20 years is a future filter, parts, and repair call, and most distributors never organize that list into a real service program. A buyer who does is building an annuity on top of a project business, which is the version of this company worth more than what's being asked.