CHECK CASHING SERVICE IN LOS ANGELES FOR SALE DETAILS
This easy to run checking cashing business is located inside a large grocery store with a built in client base. As such, the business benefits from a built-in client base primarily comprised of a Hispanic, Korean and Filipino client base (while foreign language skills help, they are not essential), plenty of parking with excellent freeway access and a comfortable working environment. The store offers its clients check cashing, ATM service, Western Union, bill pay, money orders, limited phone cards, and payment processing. As the business does not do not do payday loans, prepaid credit cards, or mainstream phone cards, there is still plenty of room to grow.
This 150 square foot kiosk leases for $1,500 per month on a lease until 2014 with options to be negotiated with the landlord in the sale. The businesses assets include a safe, printers, and basic office equipment. An owner should have $50k in reserves to be deposited in the bank in order to obtain bond for check cashing, however, the cash that comes in for money orders and western union, etc. often suffices for the working capital necessary for cash distributions, so only an additional $15k - $20k is required to facilitate on-hand capital needs. Working capital is not included in the sale, however, $300 in inventory is.
Competition exists on several levels, however, this business has been in operation since 2003 and built a loyal client base within the neighborhood grocery store for these services. As such, competition risk is somewhat mitigated. Also, due to the variety of services, competition in any one section may not impact the other service offerings.
New owners may seek to extend the company hours, engage in payday loans, title loans, cash advances, etc. or prepaid credit cards, mainstream phone cards, or other complementary services that cater to the same client base.
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