thinking of buying a garage

boroholmes

I am considering purchasing a garage for up to 300k.
From what I can see turnover is around 3-400k and 50%gp. I am seeking advice from the excellent knowledge base on here please.
Do these figures sound right? What is net profit like?
How easy is business to attract and how easy are good mechanics found to employ.
Any advice gratefully welcomed. Thank you

arcon5

If you have to ask what gross profit is then buying a business of this size isn't for you!

s_b

50%gp sounds good can you name them:rotfl:

bigjl

You could buy lots of Yaris for that money. Maybe even an M3

Geodark

boroholmes wrote: »

I am considering purchasing a garage for up to 300k.
From what I can see turnover is around 3-400k and 50%gp. I am seeking advice from the excellent knowledge base on here please.
Do these figures sound right? What is net profit like?
How easy is business to attract and how easy are good mechanics found to employ.
Any advice gratefully welcomed. Thank you

So have you got a business plan with projected figures etc? surely that should tell you what the profit should be?

mcpitman

arcon5 wrote: »

If you have to ask what gross profit is then buying a business of this size isn't for you!

Exactly this......

dogshome

If you dont have previous experience of the motor trade, particularly on the Servicing & Repair side, you will be pushing £300k down the drain.
Best bet is find a partner who is experienced - Perhaps a foreman presently working for a large dealership who wants the chance to go it alone - and offer them a share of the business

forgotmyname

How many bays does it have? 50% profit on parts or labour? cherry picked figure?

How much money are they losing daily? What does it cost to open up and put the lights on? What equipment is rented and not owned?

AdrianC

What does your accountant say?
What do the years of motor trade experience which you'll need to maintain those figures say?

foxy-stoat

boroholmes wrote: »

I am considering purchasing a garage for up to 300k.
From what I can see turnover is around 3-400k and 50%gp. I am seeking advice from the excellent knowledge base on here please.
Do these figures sound right? What is net profit like?
How easy is business to attract and how easy are good mechanics found to employ.
Any advice gratefully welcomed. Thank you

Go back to school/college/university before spending 300K cash - and before you ask on the loans board, how do I get a 300K business loan - you will not get one.

londonTiger

OP most on UKBF, most MSErs are complete idiots when it comes to this.

UKBF = ukbusinessforums.co.uk