The average revenues generated by a single location in the quick lube industry reached almost $765,000 in 2013. Depending on the degree of corporate transparency, you can also see what comparable businesses are selling for. 16% of the oil changes which occur within the quick lube industry feature Valvoline products. If you have a solid business plan, potential investors may feel better about putting their money where your mouth is. (Car Wash Magazine), #10. Keeps supplies ready by inventorying stock; placing orders; verifying receipt. Determines vehicle condition by conducting inspections and identifying worn and damaged parts. This is why several other methods exist. Updates job knowledge by participating in educational opportunities; reading technical and regulation publications. The income approach to business valuation determines the amount of income a business can expect to generate in the future. When you think about valuing a small business, the most obvious factors in determining value are the companys material resources and holdings. Later, too, you can use this list to create an overview of your companys value for potential buyers. 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. Make sure your company checks these three boxes: You make steady profits. To calculate your businesss SDE: Start with your pretax, pre-interest earnings. (Statista), #21. I will only use Jason for Take 5 Oil Change is one of their fastest growing brands. For equipment or other depreciating assets, that value is usually somewhere between the sale price and the depreciated value. 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. Over half of these competitors offer both auto repair services, although without an inventory store. 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. 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. You would do the same if you were to open a gas station serving commercial fuel needs, wouldnt you? What often separates one lube shop from another is its creative marketing strategies. Youll calculate your businesss value with a specified formula, taking into account your assets, earnings, industry, and any debt or losses. 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. 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. Also, the local craft brewing industry attracts an increasing number of visitors for beer tours and the annual San Diego Beer Week in November. (Valvoline), #24. A Sample Quick Lube Repair Business Plan Template Table of Content 1. to post every listing on the site. The service requires full cookie support in order to view this website. Intangible assets are crucial to your SDE multiple, so its important to identify and record their estimated value. These could include: You'll also need to know your liabilities. Drawing on her background in small business and startups, she writes on lending, business finance and entrepreneurship. (IBIS World), #3. 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. Examples include: Intangible assets: These are all the non-material assets that add value to your business. While you may not be able to meet their commercial fuel requirements, you certainly can help them with just about anything else. When the economy is weak, vehicle owners tend to complete these services on their own, to the best of their ability. We will attract and maintain a loyal customer base through our customer-oriented focus on business. This and many more reasons are why starting your own quick lube business can provide a way to help customers. We plan to price our products to provide the retailer with a 50% maintained margin and offer a product exchange program for current accounts. Also our product prices will be gotten after the appropriate retail is determined to make sure that the shelf price represents a value to the consumer and the retailer has a 50% margin. Mike has been instrumental in helping me successfully complete 4 transactions (both Also our plans to make sure we maintain a referral network will give us the needed push in the industry. Major services are oil changes, installation of new oil filters, chassis lubrication, and preventative maintenance. The service requires full JavaScript support in order to view this website. Rounding out this list includes establishing solid relationships with your vendors and distributors, hiring the right people, and promoting your business. The largest technological advancement in the automotive industry is the introduction of electric vehicles. Paul Hodowanic. If you want to take the income approach, you can choose between two commonly used valuation methods. 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. Make sure they know by having your license visible front-and-center. In 2013, there were an average of 37.8 vehicles serviced per location, with 32.9 oil changes performed per day. The Oil Change Services in the US industry consists of Conventional oil changes, semi-synthetic oil changes, full synthetic oil changes, automotive oil changes, car washing and cleaning services, other maintenance services and high-mileage oil changes. 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. Your SDE represents the true, monetary value of your business, but your SDE multiple values your business according to industry standards. Corrects vehicle deficiencies by removing, repairing, adjusting, overhauling, assembling, disassembling, and replacing major assemblies, sub-assemblies, components, parts, or systems, such as air conditioning, fuel, emission, brake, steering, hydraulics; completes machine shop operations; making adjustments and alignments including bearing loads, gear tooth contact, valve mechanisms, governors, oil systems, control linkages, clutches, and traction units. Regardless of the option you pursue, get the word out with our help. (If you used EBITDA to value your business, youll use an EBITDA multiple.) 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. Discounted cash flow method: This method determines the present value of a business's future cash flow. Because youre familiar with your own equipment and production, you can make pretty accurate estimates of each of your assets value and depreciation. Generating Funding/Start up Capital for Easy On Oil. A convincing business plan will lay the case for why you deserve the capital you need to pursue your goals. We have tapped into real estate where our competitors cannot go. Most of our competitors have adopted point-of-sale systems in their stores. 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. I went in for just an oil change and a lube, and I'll be taking all such . Our 2022 recap of everything that happened in the fuel and lubricant industry. Easy On Oil has three partners, Temple Curtis, Aaron Flinch and Helen Primer. If a synthetic oil change is requested, the price of the oil change jumps to $70.31. We plan is to grow sales through word-of-mouth. We will give a guarantee on all our repairs for a certain amount of miles or time. 8 Stalls & Pits! One Independent Quick Lube w/RE in East-Central South Dakota! At Easy On Oil, weve made plans to create a significantly large regular customer base. However, this does not influence our evaluations. Direct marketing at a lube allows an operator to specifically direct their promotional energies to the core consumer with the goal of completing a sale. Instead, the two halves work hand-in-hand to create a highly fuel efficient car, especially when driving locally. 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. Note that each of the three co-owners will invest an equal amount. Oversees the activities of group technicians, including the recruiting and credentialing processes, Attend standing meetings (board, committee, etc. Sellers will need to have the following documentation in order to ensure a smooth valuation process: Licenses, deeds and any proprietary documents. We plan to give our clients a few business cards to hand out to friends when they talk about our quick lube services or buying new parts. As 2018 kicked off, Jiffy Lube launched a new brand extension. The remaining are small privately-owned establishments. SHOP STATS . Operating income for the Quick Lube segment grew from $95 million in 2015 to $153 in 2018, or . Approaches to a successful small-business evaluation. 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. Finally, any current debts or future payments, called liabilities, are subtracted from the net income. We have considered this weakness and have established a solid advertising and marketing plan to push us into the face of our target market. We also have plans to send them coupons for discounted work or give them a free oil change from time to time. The quick lube industry is growing rapidly. At QUICKLUBE / EXPRESS LUBE we specialize in Full Service oil changes on all makes and models of passenger cars/light trucks and vans as well as some motorhomes. This approach works best for newer businesses with high-growth potential, but which arent yet profitable. 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. Application and Obtaining Tax Payers ID: Application for business license and permit: Leasing, renovating and equipping our facility: Generating part of the startup capital from the founder: Printing of Packaging and Promotional Materials: Purchase of software applications, furniture, office equipment, electronic appliances and facility facelift: Creating Official Website for the Company: Creating Awareness for the business (Business PR): Health and Safety and Fire Safety Arrangement: Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry. If you're selling, your prospective buyer will need to understand how you generate revenue and will continue to. If YES, here is a sample Quick Lube business plan template & feasibility report. It can be an especially useful approach for rapidly growing businesses and industries. 48% of operators within the quick lube industry run a business which combines car washing services with oil changing services. On top of that, he communicated everything in an In any of those cases, buyers will be interested in the individual value of your investments or equipment. Home Business Plans Automotive Sector. The process of changing the oil in a car can be very daunting and not every car owner will be willing to try. 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. These similar businesses, often referred to as comparables or "comps," can orient you within the marketplace and provide context about the sector. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Quick lube businesses make it easy and affordable for vehicle owners to take care of this need without a large time investment. When evaluating offers, please review the financial institutions Terms and Conditions. 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. Just 29% of vehicle owners take their oil changes to a business other than the dealership where they purchased their vehicle. Here is a list of our partners. As cars become more complex, even something as simple as changing the oil could require a manual. (IBIS World), #2. (Digital Dealer), #18. person. Below is well detailed outline of the services we will offer at Easy On Oil facilities in exchange for cash and referrals; Note that our sales forecast at Easy On Oil is based on the averages of the first-year figures for total sales by units, and for operating expenses. Another 16% of business owners have two locations where they provide services. But as a seller, you have to put some number on your operation, especially if you want to be compensated for what you've built, taking into account all kinds of equity. 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. Before buyers can confidently make an offer on a business, theyll need to become well-versed (if not an expert) on that businesss industry. Then, you can demonstrate to potential buyers what makes your business stand out. Conducting a valuation is an excellent opportunity to assess the financial health and potential of your business, or of a business youre hoping to buy. Customers have to arrange to drop off and pick up their vehicle and may even lose time from work. Theres a different SDE multiple for every industry. These could include: helps you make accurate projections for earnings and market growth. 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. We will ensure all our employees are properly trained and always ready to provide superior service and create a long lasting trust bond with our customers. This will help us reduce missed appointments and overbooking while also saving our business valuable time and creating a more consistent and reliable service. 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. Once you've determined to open a quick lube business, the first thing to do is to put together a business plan. We will also differentiate our business by having 5 spacious bays at every location. In 2016, 45% of consumers asked for premium products from their preferred quick lube business. Your particular businesss SDE multiple will vary based on market volatility, where your business is located, your companys size, assets and how much risk is involved in transferring ownership. Our vision at Easy On Oil is to become the leading business that offers Quick Lube repair services and a well-stocked repair parts shop in San Diego, California. 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. Note that industry operations are labor-intensive: annual revenue per employee is just $60,000. (Business Wire), #16. 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. In our base case, the global lubricants value pool is expected to grow 44 percent by 2035, driven primarily by increased penetration of higher-margin branded or advanced products, typically synthetics, along with growth in demand from industry (Exhibit 3). 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. Keep up to date on our new listings and business opportunities. Contact us today! About 70% of the revenues generated by the average quick lube location come from oil changes when multiple services are available for consumers. According to reports, the industry is fragmented; the 50 biggest companies generate less than 40 percent of revenue. San Diegos Spanish and Mexican heritage is reflected in many historic sites across the city, such as Mission San Diego de Alcala and Old Town San Diego State Historic Park. business, you get the benefit of our extensive, curated network of industry professionals, including lenders, Operating income for the Quick Lube segment grew from $95 million in 2015 to $153 in 2018, or 17% compounded annually. At the end, the information is used to help formulate pricing, marketing and merchandising strategies. We will create strong vendor relationships with the most reputable vendors in terms of shipping time of major parts. Sally Lauckner is an editor on NerdWallet's small-business team. Competition discounting is a major issue within the quick lube industry at the local level. Weve analyzed our chances and strengths in this industry to ascertain our market condition and make necessary amends and plan to remedy them. Valvoline Instant Oil Change locations number more than 1,000, as do Pennzoil 10-Minute Oil Change locations. Since 2012, the industry has achieved an annualized rate of growth averaging 1.5%. We believe that this market is always on the lookout for high quality, rapid service with as much convenience as possible. (Digital Dealer), #20. The company would need to have sales decrease by more than 30% before we can be unable to satisfy our month to month financial obligations. effective manner and I never once felt like I was in the dark. Does becoming a quick lube business owner sound good to you? Particularly if this is your first company, or if you run a family-owned and operated business, take care to approach valuation as objectively as possible to come to an accurate number. If a synthetic oil change is requested, the price of the oil change jumps to $70.31. Our partners compensate us. Jiffy Lube is a leading provider of automotive preventive maintenance. Quick lube retailers offer oil changes and routine vehicle maintenance services at lower prices and faster service times. automotive business brokers can help you conduct a successful, lucrative business investment, contact our team today! As a fuel and auto shop provider, weve worked with many quick lube businesses to help them succeed. Also our cash flow is impaired and business hours are limited for a retail establishment (Monday through Friday 9:00 a.m. to 6:00 p.m.). (Car Wash Magazine), #7. Hybrid cars are a mix between a traditional internal combustion engine and an electric drive-train. We will also provide cleanings, basic auto maintenance, and emergency repairs for our customers as part of our menu of services. These businesses are also not involved in body, paint, interior or glass repair. Our Products and Services 4. This means intellectual property, your production line, your delivery truck if its a part of your business, you'll either need to account for it as an asset or a liability. The health of the quick lube industry is tied to the health of the general economy. Every state has a different process when it comes to business licensing. At Easy On Oil,we face over 15 auto repair and auto parts competitors in the local area. Businesses in this industry are very important to the general automotive industry. Over the past decade, improved technology and extraction techniques enabled industry . possible purchase price and outline opportunities for increasing future revenue. Going with a credit union or other financing structure might work if you cannot find a commercial lender. Businesses in this industry change motor oil, lubricate the chassis of automotive vehicles and provide other automotive repair and maintenance services, such as tire rotations and liquid flushes. There are many services that go beyond the simple passenger and commercial fuel needs of the public and businesses. Verifies vehicle performance by conducting test drives; adjusting controls and systems. They are responsible for the direct employment of almost 90,000 people. This segment comprises approximately 25% of our revenue at Easy On Oil. Marketing programs at lubes should be powerful and . Before even thinking about how to value a small business for sale, both sellers and buyers should organize their financial records thats crucial for accurate calculations. Small companies can compete successfully by owning favorable locations. You will be redirected once the validation is complete. add technician notes to the photos. To reach our local customer base, we will employ a marketing manager. Sources: New Constructs, LLC and company filings. Your best angle is to make a list of the production, property, and resources that comprise your business assets and liabilities, cash and investments, employees and intellectual property. The keys to success include having quality employees, efficiently managing costs of goods and location, and great customer service. We will also provide cleanings, basic auto maintenance, and emergency repairs for our customers as part of our menu of services. A valuation represents your companys total worth. Buying a quick lube allows business-savvy entrepreneurs a stable, revenue-generating opportunity due to the essential nature of the business. Executive Summary 3. This influences which products we write about and where and how the product appears on a page. Job Roles and Responsibilities 6. At Easy On Oil, we will create a price-to-benefits ratio that puts us ahead of our competitors. In fact, most quick lube operators choose to franchise for this reason. Over my over fifty year career, I have had the privilege of working with many other 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. We do not intend to offer expansive vehicle repair services as our facilities will not be equipped to run full automotive diagnostics and repairs. Unless youre a natural-born business or numbers person (or, say, an accountant), business valuation isnt the easiest process. 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. Their estimated value routine vehicle maintenance services at lower prices and faster service.! Changes when multiple services are oil changes, installation of new oil filters, chassis,... Efficiently managing costs of goods and location, and preventative maintenance: Start your... 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