Buying a Car Wash in New York or New Jersey: How to Protect Your Investment
In this video Charles Internicola discusses one important topic that you need to be aware of when buying a car wash in New York or New Jersey. This topic relates to understanding the car wash assets that you are buying and ensuring that you protect yourself in your purchase agreement. So, when buying a car wash you need to understand that the assets you are purchasing, include:
- The "Intangible Business Assets". The "business" represents the customers and goodwill of the car wash. These customers include corporate customer accounts, relationships with existing customers and the general goodwill and reputation of the car wash.
- The "Tangible Equipment". This includes the car wash tunnel, the equipment used to wash cars and the equipment used within the store / register area; and
- The "Property Rights". The location of the car wash is an important asset. When purchasing a car wash you must differentiate between leasing the underlying property or purchasing it. Either way you must be certain that you have properly secured your property rights. Consider also that if you do lease the underlying property you must ensure that your lease agreement is well prepared and will preserve your right to maintain the leased location.
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