Protecting Your Car Wash Investment in New York or New Jersey
When buying a car wash in New York or New Jersey‚ there’s a couple of assets that you will be acquiring. These assets include:
- The business itself – that's the relationship with customers‚ the goodwill‚ the corporate accounts and recurring customers;
- Equipment – this is the tunnel and the car wash equipment; and
- Property Rights – Car washes are very dependent upon their location‚ so in your car wash transaction‚ there are two instances you need to be aware of:
- Buying the business and the property; or
- Are you just buying the business‚ in which case you're going to be leasing the property where your car wash is located. You need to be sure the rights you acquire in the underlying lease match your expectations and properly protect the investment you're making.
To learn more about buying a car wash‚ we recommend the following video:
By Charles Internicola June 24, 2013
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