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Business for Sale Summary

Profitable Hair Salon for Sale in Manhattan - 34126

Business Type: absentee business,hair salon/ barber shop
Profitable Hair Salon for Sale in Manhattan
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This business has received 78 indications of interest - Act Quickly!

Financial Information (non-confidential)

General Information
Asking Price $75,000 Down Payment $75,000
Gross Revenues $300,000 Lease Remaining Register Free to View
Owner’s Cash Flow $72,000 Number of FT Employees Register Free to View

Financing

$75,000 Down and Please be prepared to make your best all down offer!

Business Description

As of November 3, 2021, the price has been dramatically reduced to just $75K. This spacious and well-appointed Hair Salon in a Prime Section of Manhattan is continuing to rebound strongly, as the pandemic has eased. Prior to the pandemic, the seller had grossed $360K and netted $90K, annually. She is now operating at a run-rate of $300K and $75K. Though a stylist herself, she lets her 3 employee stylists take all of the walk-ins. They make minimum wage and get to keep their tips. While she still services a few of her own clients, she primarily manages the business from afar and, therefore, doesn't have to be there much. A full-time receptionist, who also shampoos clients for the stylists, keeps an eye on things, as the owner only comes in 1 day/week. On the other hand, if you are stylist, you can bring in another $10K/month servicing your own clientele. Let me also mention that there are 7 chairs altogether in the salon and only 3-4 are being used at one time. The salon is located on a major avenue with steady foot traffic all day long. Several years ago, it was converted from a coffee shop into a hair salon at no small expense and it shows. The build-out itself cost significantly more than the asking price. The software for a new on-line reservation system was installed before the pandemic began and had been increasing bookings by 20%. You will find that the seller has kept excellent records. Approximately 85% of sales are made on credit cards and the balance in cash. She suggests that more efforts in the realm of social media could further boost sales. An experienced stylist who has put away money to purchase his/her own shop would be an ideal candidate to purchase this already successful one that has plenty of room to grow. Now, is the time to get a real bargain, as things continue to normalize in the city. Please contact the listing broker, Jay Goldman, to make an appointment to meet with the seller and get a full tour of the facilities. Mr. Goldman can be reached at jaygoldman@vestedbb.com. If you are new to Vested Business Brokers, please go to www.vestedbb.com to become a free registered buyer. Should you want to obtain the name & address of this listing right away, then upgrade to premium membership instead.

Disclaimer: The financial information in this business listing has been provided by the Seller. Vested Business Brokers, Ltd. (VBB) has not independently verified this information. Therefore, we make no claims as to the accuracy of this financial summary. Vested recommends that you consult with an accountant, attorney and/or other professionals to represent and assist you in any business transaction. One of our associate brokers will arrange a meeting between you, your representatives, and the Seller, but they are not authorized to make any representations or warranties on behalf of the seller or VBB. You agree to hold Vested Business Brokers and its associated brokers harmless for any misrepresentations made by seller.