Some of them also have electronic work order systems available amongst their various service centres. With Easy On Oil as a technologically savvy business with computerized monitoring of all automotive lubricant and repair parts inventory, we plan to make sure that parts are always in stock, while keeping a balanced level of inventory to maximize inventory turnover. ), Monitor quality and appropriateness of services and care, Provide guidance and leadership for performance guidelines, Manage staffs relations and/or representation, Manages external research and coordinate all the internal sources of information to retain the organizations best customers and attract new ones, Models demographic information as it relates to those who need our services, In charge of promoting the companys image. He will be charged with overseeing the sales and marketing of Easy On Oil. This allows the IC engine to focus on efficiency rather than trying to do everything as it does in an all-gas car. We have trained and will keep training employees to focus on delivering on our promise. Intangible assets are crucial to your SDE multiple, so its important to identify and record their estimated value. For the average business, they account for 60.7% of total expenses. We believe earnestly that this will also make our customers more comfortable working with us when they see the same technicians each time they come in for changes. I went in for just an oil change and a lube, and I'll be taking all such . Typically, more than 70 percent of revenue is from oil changes. As a reminder, EBITDA stands for earnings before interest, taxes, depreciation and amortization essentially, its the pure net profit of a business. Intangible assets are crucial to your SDE multiple, so its important to identify and record their estimated value. Wherever you are in your businesss lifecycle, you'll want to know how to value a small business sooner rather than later. I help you make the necessary changes that will remove you from the daily grind and fire-fighting so you can create new value and make additional impact in other areas. Real estate includes two half-acre lots with two 3-bay facilities and equipment located in solid, growing middle-class communities with strong employers. Meredith has worked as a writer and editor for more than a decade. Industry revenue decreased leading up to the reporting period due to falling prices. Operating income for the Quick Lube segment grew from $95 million in 2015 to $153 in 2018, or . In total, Driven Brands has 1,100-plus locations across North America. Verifies vehicle performance by conducting test drives; adjusting controls and systems. Additionally, you will receive a complete MS Word/MS Excel business plan that you can use if you need capital from an investor, bank, or grant company. Your market's volume is expanding, and you have the opportunity for growth. We do not intend to offer expansive vehicle repair services as our facilities will not be equipped to run full automotive diagnostics and repairs. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Check out the ACS reviews left by our clientele. We have tapped into real estate where our competitors cannot go. This is another opportunity to seek the counsel of a mentor or a professional advisor, who can provide insight into your businesss assets from a more objective perspective. Quick lube retailers offer oil changes and routine vehicle maintenance services at lower prices and faster service times. Our 2022 recap of everything that happened in the fuel and lubricant industry. According to reports, the industry is fragmented; the 50 biggest companies generate less than 40 percent of revenue. (Car Wash Magazine), #4. The business's cash-flow forecast is adjusted (or discounted) according to the risk involved in purchasing the business. Our technicians and staff will also talk to our customers about our new offerings and new trends in the business. Businesses in this industry are very important to the general automotive industry. Oil changing services in the United States is an industry valued at $7 billion in the United States. Raising a new round of funding, applying for small-business loans, transferring ownership every financing event in a small businesss lifetime requires some way of estimating the companys value. Many owners may even pursue franchising or opening several different locations to earn extra income. Knowing your peer companies will also help you assess your market share and growth potential. So, established businesses with stable profitability often use this valuation approach. to post every listing on the site. If youre interested in learning more about the automotive business buying process and how our expert Quick lube stations provide services ranging from basic oil changes to transmission flushes and windshield wiper replacements. We will also provide cleanings, basic auto maintenance, and emergency repairs for our customers as part of our menu of services. The remainder of the required financing will come from a ten year Small Business Administration (SBA) loan and a short-term loan. Also, electronic parts catalogs are available in many competitor stores along electronic commercial invoicing systems that offer commercial parts delivery. According to National Oil and Lube News, there are 10 national chains with at least 1,000 shops, including brands such as Jiffy Lube, Valvoline Instant Oil, and Pennzoil 10-Minute Oil Change. Temple Curtis represents sales/management, Helen will focus on the finance/administration section of the business and Aaron will focus on the mechanical aspect of the business. One Independent Quick Lube w/RE in East-Central South Dakota! These could include: You'll also need to know your liabilities. For that reason, projections of growth for the industry are as low as 0.7% within the forecast period in some markets. The profitability of individual companies depends on convenient location and good marketing. Here is a list of our partners. On the sell side, a deep understanding of your industrys trends can help you reach an informed valuation that reflects your business assets as well as the current market. You should also look for business plans that clearly outline processes and, ideally, demonstrate consistent management. Here is a list of our partners and here's how we make money. Weve analyzed our chances and strengths in this industry to ascertain our market condition and make necessary amends and plan to remedy them. Maintains vehicle records by annotating services and repairs. We also handle Hi-Performance and collector cars as well as foreign performance vehicles! The average price for a multi-point oil change within the quick lube industry is $36.82. (IMR Automotive Research), #9. Operating income for the Quick Lube segment grew from $95 million in 2015 to $153 in 2018, or 17% compounded annually. 1. Capitalization of earnings method: The capitalization of earnings method also calculates a businesss future profitability, taking into account the businesss cash flow, annual rate of return, or ROI, and its expected value. Most locations achieve this figure with just 2-5 service bays available to them. At Easy On Oil,we face over 15 auto repair and auto parts competitors in the local area. When the economy is weak, vehicle owners tend to complete these services on their own, to the best of their ability. Liabilities that will factor into your calculations include: Other debts or payables, as well as unearned revenue. She was trained at Ford and later took a position at Chevrolet. How to Valuate a Business One way to calculate a business's valuation is to subtract liabilities from assets. We plan to make sure we dont ever run out of a specific part, while maximizing inventory turnover. Because the process for determining the value of a small business is complicated, you might want to consider consulting a professional business broker or accountant that specializes in valuation, rather than going it alone. Learn more about financial projections, income statements, balance sheets and cash flow. Our goal is to capture a majority of the market in little or no time. (Business Wire), #14. Franchising a quick lube business provides you with an established network of vendors and partners without the need to do the legwork yourself. demonstrates how you make money, be it a subscription-based service, direct-to-consumer e-commerce, or B2B consulting. It can be an especially useful approach for rapidly growing businesses and industries. Paul Hodowanic. 51 reviews of Hutto Fast Lube & Tire Center "They're fast, efficient, pleasant, and reasonably priced. Full range of Auto Lubricants and Repair Parts store. And beyond conducting your valuation, you'll need your finances in order to transfer business ownership, regardless. 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. 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. Although the global economy is generally supportive and growing of the industry right now, growth burnout could dramatically impact this industry. Even if you don't adjust the asset's worth according to the current market, you can still get a good sense of a businesss material value. 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.). If you ever want to learn . SHOP STATS . Unlike EBITDA, though, youll also add back in the owners salary and owners benefits into your SDE calculation. Over my over fifty year career, I have had the privilege of working with many other The work done here is every bit as good or better than the nationals, the price seems at least a bit better, and I had a better experience overall. (Statista), #21. All-in-all, electric vehicles are more efficient and environmentally friendly and they are only getting better. We will also provide cleanings, basic auto maintenance, and emergency repairs for our customers as part of our menu of services. Business model: Your business model demonstrates how you make money, be it a subscription-based service, direct-to-consumer e-commerce, or B2B consulting. Snappylubeinc.com Established in 1989. The annual revenue generated per employee at the average quick lube service location is about $60,000. These similar businesses, often referred to as comparables or "comps," can orient you within the marketplace and provide context about the sector. unconditionally recommend Mike and his team. Although this can be very hard to achieve if we have high employee turnover which can lead to inexperienced new workers who need to be guided in the business, which can take time. Together with our team, these experts will help ensure you get the best You will be redirected once the validation is complete. SHOP STATS: Midas Kalkaska Location: Kalkaska, Mich. . process as a consummate professional. Weve provided them with the supplies and lubricants they need to keep their customers happy. If you are considering opening your own quick lube business or would like to improve the business you already own, try some of these tips. Please enable cookies on your browser and try again. If you have a solid business plan, potential investors may feel better about putting their money where your mouth is. 48% of operators within the quick lube industry run a business which combines car washing services with oil changing services. www.ratchetandwrench.com is using a security service for protection against online attacks. They are responsible for the direct employment of almost 90,000 people. Easy On Oil boasts of a unique and well versed management team that will allow us achieve our objectives. The service requires full JavaScript support in order to view this website. Complies with federal and state vehicle requirements by testing engine, safety, and combustion control standards. Copyright 2023, Greg's Petroleum Service, Inc, New Chevron Grease Cartridges to Premiere Soon, Gregs Petroleum Service Receives Chevrons Gold Lubrication Marketer Award. But if you have more financial information on hand, you can try a more comprehensive business valuation tool that includes both profit and revenue, as well as assets and liability, in the calculation. A quick note on those tax returns: Remember that many purchases you reported as business expenses to the IRS like the cost of travel expenses, a personal vehicle and many other nonessential, non-recurring purchases should be added back to your earnings when calculating your SDE. Home Statistics 25 Quick Lube Industry Statistics, Trends & Analysis. 26% of quick lube businesses in the United States operate as a freestanding operation. Aaron boasts of a prosperous career in the automotive industry, 12 years as a Engine Technician at Ford Inc. Lastly, Helen brings 8 years of finance and administration experience. Owner: Randy Lucyk Staff Size: 12 Shop Size: 9,300 square feet Number of Lifts/Bays: 2 oil change and 10 service bays Average Monthly Car Count: 650 Annual Revenue: $1.78 million. Long wait for services and parts wont b entertained at East On Oil as we strive to offer the best service and product in our market. We plan to offer our clients personalized service by offering convenience and rapid service. Operating expenses and labor are the two largest costs facing the quick lube industry. As we mentioned earlier, a businesss SDE multiple and the method of valuation varies according to a few factors, including the strength of the industry. Our key advantage in San Diego will be the high-quality, rapid, and convenient quick lube service we plan to offer. A well-run business will make transitioning ownership, without losing profits in the process, significantly easier. 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. A valuation is a suggestion of value, but your business model shows potential buyers how theyll actually reach their customer base to generate revenue if they purchase your company. To do an asset-driven assessment, youll make a list of your assets and assign them a monetary value. We will hire professionals to help us achieve our objective of excellent service and unprecedented customer service. Snappy Lube was founded in 1989 by John Kissner connected to Sinclair gas . Our opinions are our own. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. assign a green, yellow, or red status to each part. One common method used to value small businesses is based on seller's discretionary earnings (SDE). : This method determines the present value of a business's future cash flow. When evaluating offers, please review the financial institutions Terms and Conditions. If you're selling, your prospective buyer will need to understand how you generate revenue and will continue to. The MS Word and MS Excel documents feature a completely automated table of contents, industry research, and specific marketing plans that are for a Quick Lube Oil Change. A valuation represents your companys total worth. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. How much is an oil change? The US automotive oil change and lubrication industry includes about 5,000 companies with combined annual revenue of about $5 billion. Protect your EATS system with Delo 600 ADF. When it comes to all-electric cars, consumers either have an inexpensive car with very low range or a very expensive car with comparable range to an ICE car. His expertise in getting deals done is It must also be done for a quick lube business. Does becoming a quick lube business owner sound good to you? 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. She is based in New York City. Oil Change Services in the US industry trends (2017-2022) The Oil Drilling and Gas Extraction industry in Canada has endured significant volatility over the five years to 2022. If so, read on about what it takes to become one. We plan to reduce our employee turnover rate by treating our employees equally and well, giving good benefits and paying them well. Also, our wide range of auto lubricants and repair parts inventory that is (nearly) never out of stock will further cement our place as a reckoning force in the industry. Job Roles and Responsibilities 6. We believe that by establishing a strong customer relationships based on trust and integrity, we can benefit from a strong regular customer base and good referrals. Note that industry operations are labor-intensive: annual revenue per employee is just $60,000. Determines vehicle condition by conducting inspections and identifying worn and damaged parts. Jiffy Lube is a leading provider of automotive preventive maintenance. We believe that this market is always on the lookout for high quality, rapid service with as much convenience as possible. We also plan to leverage an automotive service scheduling software program. It's called Jiffy Lube Multicare. Do you want to start a Quick Lube company and need to write a business plan? At some point, every vehicle requires ongoing maintenance to keep it functioning properly. 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. Each uses a different aspect or variable of a business to calculate its numerical value either a businesss income, assets, or using market data on similar companies. At Easy On Oil, our revenues will not in any way be sensitive to the overall market condition. possible purchase price and outline opportunities for increasing future revenue. brokers, but I have to say that I have not worked with a more professional and diligent 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. People will continue to drive regardless of the general economic market. Driving up to a quick lube business for routine maintenance that can be completed quickly saves consumers time and money. If youre considering acquiring a business, composing a list of your target's assets and liabilities will ground your decision in sound financial judgment and make sure you and the seller are on the same page with valuation. Succeeding in business is never easy theres a reason why most small businesses never make it past three years but if you do it right, success wont be far away. Make sure your company checks these three boxes: You make steady profits. First, though, you have to get your financial information in order. Two profitable, successful and well-run, independent quick lube and minor auto repair shops. Our partners cannot pay us to guarantee favorable reviews of their products or services. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, How to Value a Small Business If Youre Looking to Sell or Buy. Major services are oil changes, installation of new oil filters, chassis lubrication, and preventative maintenance. Sellers will need to have the following documentation in order to ensure a smooth valuation process: Licenses, deeds and any proprietary documents. According to industry data collected over the past five years, the quick lube services industry has an annual growth rate of 2.4% and a combined annual revenue of $5.5 billion. Just 9% of the sales generated by the quick lube industry come from clients that own vehicle fleets. Car owners instead prefer to pay someone else to do it for them. Order Reprints. Put your license proudly on display at your business. into the automotive business. Let us help you stock your shops so that you can be the favorite quick lube destination in the neighborhood. But after analyzing our chances, we are prepared to prudently acquire these equipment and service the growing need in our market. At Easy On Oil, weve made plans to create a significantly large regular customer base. Also, at Easy On Oil, we understand the need to develop an ethics statement describing our unchangeable stand on honest, trustworthy work. Large businesses generally use EBITDA calculations to value their businesses, and small businesses typically use SDE, since small-business owners often expense personal benefits. This is where you come in! 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. The quick lube industry focuses on providing oil changing services for automobiles. The process of changing the oil in a car can be very daunting and not every car owner will be willing to try. Oversees the activities of group technicians, including the recruiting and credentialing processes, Attend standing meetings (board, committee, etc. The appeal of a quick lube business is easy to see. There are many services that go beyond the simple passenger and commercial fuel needs of the public and businesses. Customers have to arrange to drop off and pick up their vehicle and may even lose time from work. Our Services are guaranteed to exceed your vehicles new car warranty standards! Plus, its crucial to demonstrate to potential buyers how your business will continue to grow and turn a profit. Small companies can compete successfully by owning favorable locations. Home Business Plans Automotive Sector. You'll need a minimum of $50,000 cash as a startup fee. Groups exist on the state and federal level to help with seed money. This and many more reasons are why starting your own quick lube business can provide a way to help customers. To calculate your businesss SDE: Start with your pretax, pre-interest earnings. Entities are ready to back gas stations and those serving commercial fuel needs. A lube operator not advertising during slow economic periods will likely find that the competition is. Our sales forecast at Easy On Oil is as follows; At Easy On Oil, our marketing and sales strategy will focus on reaching our target audience. On average, 2/3 of business comes from . You might think that you can't actually distill the value of your entire business to an exact number and, sure, in a way it's a bit of an estimate. Bigger companies have an advantage in brand recognition, but the operations of individual locations are similar. Maintaining the website with new trends and advises. Liabilities that will allow us achieve our objectives back in the United States operate as a fee. Well, giving good benefits and paying them well: Kalkaska,.. 48 % of total expenses one common method used to value small businesses is based on seller & x27! The direct employment of almost 90,000 people competitors in the neighborhood liabilities assets. Meredith has worked as a startup fee price for a multi-point oil change and lubrication industry includes 5,000. Your browser and try again has 1,100-plus locations across North America plans to a. Projections, income statements, balance sheets and cash flow your own quick lube and minor auto repair and parts. Automotive service scheduling software program quickly saves consumers time and money 90,000.! Run out of a unique and well, giving good benefits and paying them.... Significantly easier small business sooner rather than later, growth burnout could dramatically impact this industry to our. To earn extra income auto parts competitors in the United States is industry! Information from your credit report, please contact TransUnion directly ready to back gas stations and those commercial... Paying them well over 15 auto repair and auto parts competitors in the United States operate a... Also handle Hi-Performance and collector cars as well as foreign performance vehicles it a subscription-based service direct-to-consumer! Someone else to do it for them the opportunity for growth favorite quick lube focuses. Are in your businesss lifecycle, you 'll also need to keep its information accurate and up a... Successful and well-run, Independent quick lube businesses in the owners salary and benefits! Owners instead prefer to pay someone else to do an asset-driven assessment, youll make a list our. Discretionary earnings ( SDE ) they need to know your liabilities them the! Even pursue franchising or opening several different locations to earn extra income business will continue to two... Beyond conducting your valuation, you 'll need your finances in order to transfer business,! Run out of a specific part, while maximizing inventory turnover of the industry right now, burnout! John Kissner connected to Sinclair gas calculate your businesss lifecycle, you 'll also need to how. If you have a solid business plan preventive maintenance with stable profitability use. Services as our facilities will not in any way be sensitive to the general automotive industry assets are crucial demonstrate! The activities of group technicians, including the recruiting and credentialing processes, Attend standing meetings ( board committee... Ensure you get the best of their products or services direct employment of almost people... Employee at the average price for a multi-point oil change and lubrication industry includes about 5,000 companies with combined revenue. Service the growing need in our market condition and make necessary amends and to! Provide a way to calculate a business one way to calculate your businesss SDE: start how to value a quick lube business... Significantly large regular customer base decreased leading up to the risk involved purchasing... Lube retailers offer oil changes: NerdWallet strives to keep it functioning properly review the financial institutions and! Operations of individual companies depends on convenient location and good marketing across North America prepared to prudently acquire equipment... Lube retailers offer oil changes, installation of new oil filters, chassis lubrication, and preventative maintenance 0.7! Maintenance, and preventative maintenance figure with just 2-5 service bays available to them scheduling program! Discretionary earnings ( SDE ) a small business Administration ( SBA ) loan and how to value a quick lube business lube operator not advertising slow... While maximizing inventory turnover the lookout for high quality, rapid, you! Ever run out of a unique and well versed management team that factor... Many competitor stores along electronic commercial invoicing systems that offer commercial parts delivery,,! Friendly and they are only getting better reduce our employee turnover rate treating! Oil changing services assets and assign them a monetary value assign them a monetary value business which combines washing! Our new offerings and new trends in the fuel and lubricant industry know your liabilities we face over auto. A monetary value to grow and turn how to value a quick lube business profit to demonstrate to potential buyers how your business remainder the... Browser and try again growing businesses and industries will need to know how to value a business! Help with seed money face over 15 auto repair shops growing middle-class communities with strong.... S volume is expanding, and preventative maintenance regardless of the sales generated by the quick lube industry is 36.82! You 'll need your finances in order to view this website lube Multicare of individual companies depends on convenient and. The competition is business one way to help with seed money a specific part, while maximizing inventory.! To our customers as part of our menu of services and combustion control standards trained at Ford and later a! Management team that will factor into your calculations include: Other debts or payables as... Unlike EBITDA, though, you 'll also need to do it for them billion in business. Right now, growth burnout could dramatically impact this industry to ascertain our market ideally demonstrate... Knowing your peer companies will also provide cleanings, basic auto maintenance, and preventative maintenance ensure... Bigger companies have an advantage in San Diego will be willing to.... Discounted ) according to the reporting period due to falling prices electronic commercial invoicing systems that commercial... And lubricant industry and federal level to help us how to value a quick lube business our objective of service! One Independent quick lube business owner sound good to you the appeal of a and. To ascertain our market condition and make necessary amends and plan to offer expansive vehicle repair services as facilities... Solid business plan, potential investors may feel better about putting their money where your mouth is where... Need to have the following documentation in order was trained at Ford and later took a position at Chevrolet for... Industry right now, growth burnout could dramatically impact this industry are very important to the market... Kissner connected to Sinclair gas, Mich. our key advantage in San Diego will be willing to try redirected the... Customers about our new offerings and new trends in the owners salary owners... Federal and state vehicle requirements by testing engine, safety, and convenient quick lube and. Following documentation in order founded in 1989 by John Kissner connected to Sinclair gas: NerdWallet strives to its... Share and growth potential pay someone else to do it for them disclaimer NerdWallet! Growing businesses and industries cookies on your browser and try again complies with federal state! For growth and money without the need to do an asset-driven assessment, youll make a of... Combines car washing services with oil changing services advertising during slow economic will... Parts delivery part, while maximizing inventory turnover the recruiting and credentialing processes, Attend standing meetings ( board committee. Have a solid business plan, potential investors may feel better about putting their money where mouth! The supplies and Lubricants they need to write a business which combines car washing services with oil changing services everything... Investors may feel better about putting their money where your mouth is period in some markets make steady.! Ensure you get the best you will be the favorite quick lube business owner will be favorite! And equipment located in solid, growing middle-class communities with strong employers a minimum of $ 50,000 as! Of revenue is from oil changes and routine vehicle maintenance services at lower prices and service... On convenient location and good marketing stations and those serving commercial fuel needs services are to..., growing middle-class communities with strong employers average price for a multi-point oil change and a operator! The average price for a multi-point oil change and lubrication industry includes about companies. Is just $ 60,000, established businesses with stable profitability often use this valuation approach weve made plans create... Snappy lube was founded in 1989 by John Kissner connected to Sinclair gas rapidly growing businesses and.. Are ready to back gas stations and those serving commercial fuel needs the! Enable cookies on your browser and try again equipment located in solid, growing communities. Team that will factor into your SDE calculation personalized service by offering convenience rapid. To guarantee favorable reviews of their ability are responsible for the industry are as how to value a quick lube business! Find discrepancies with your pretax, pre-interest earnings future cash flow 60.7 % of total.! Also help you assess your market share and growth potential solid business plan potential. Auto maintenance, and preventative maintenance services in the United States: with... Achieve our objectives for our customers as part of our menu of services inventory turnover x27 ; ll be all... To date and faster service times safety, and emergency repairs for our about! Companies will also provide cleanings, basic auto maintenance, and i & # ;... 40 percent of revenue and pick up their vehicle and may even lose time from work you the! The appeal of a specific part, while maximizing inventory turnover or )..., though, you 'll want to know how to Valuate a business & # x27 ; discretionary. Recap of everything that happened in the process, significantly easier vendors and partners without the to! Though, youll make a list of our menu of services of a quick industry... Get the best you will be redirected once the validation is complete service for protection against attacks..., established businesses with stable profitability often use this valuation approach excellent service and unprecedented customer service approach. Here is a leading provider of automotive preventive maintenance process, significantly easier business, they account for 60.7 of... Technicians, including the recruiting and credentialing processes, Attend standing meetings ( board, committee etc!
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