Fully describe the business's activities?
Retail optical store with professional eye care and offering superior value on all eyewear needs.
How long has the business been established?
The franchise has been established for 30 years, and this store has been open for 4 years.
How long has the owner had the business?
How does the business operate on a daily basis?
The business operates by providing professional eyecare and uniquely styled eyewear. Clients with appointments and walk in clients are assisted by professional optometric staff providing fast and efficient service. All orders are placed at the end of the day. Admin is kept up to date on a daily basis.
How are the clients attracted to the business?
The store is located in a very favorable location, regular advertising, word of mouth and excellent service. Excellent promotions and special offers also attract new clients.
What Advertising/Marketing is carried out?
The franchisor advertises on TV. Advertisements are also placed in the local news paper.
Does the business have any contract work?
What competition exists?
There is another optomitrist inside the mall, but this franchise is more popular and located at the entrance of the mall.
What are the seasonal trends?
Summer months tend to be busier than winter months.
Is the business VAT Registered?
What VAT documentation is on file?
All documents are available from the accountant.
Are there up-to-date Management Accounts available?
What Balance Sheet and Income Statements are available?
Financial statements for the period ending 28 February 2016.
What percentage of the business is cash/credit?
80% Medical Aid 10% Cash 10% Credit
What is the age analysis of the debtors book?
How could the profitability of the business be improved?
If the owner is working in the business as a full time optometrist.
Is Seller finance available and for what amount?
What is the total staff complement?
Give a breakdown of staff/ functions/ length of service?
1x Optometrist 3 years. 3x Eyewear consultants 2 years; 3 months and 2 months respectively
Do any receive special perks or incentives?
Incentives are received when monthly targets are met.
Are they on contract?
Do any have management potential?
The optometrist is the manager.
How involved is the Owner in running the business?
When does the current lease end?
Is there an option of renewal & what period?
Yes, 3 years.
What is the annual escalation %?
What are the trading hours?
Mon-Thu 09:00-18:00 Fri 09:00-19:00 Sat 08:00-17:00 Sun/Public Holiday 09:00-14:00
What is the square meters of the business?
Is a copy of the lease available?
Do you require a licence?
Yes. B.Optom Degree
What are the main assets of the business?
A complete asset list is available on file. All assets are included in the sale and consists of all necessary optometric assets, fixtures and fittings and office equipment.
Are any items not included in the sale?
All is included.
What is their overall condition?
Do any require repairing?
Which assets are on lease/HP and with whom?
Are they presently insured?
Fantastic location and newly revamped in June 2015.
Optometrist is not full time.
Growth with a full time optometrist and a residential owner.
Another optometrist in the same mall, however, they are not nearly as well located or as popular as this one.
What is the reason for the sale?
Owner has another franchise closer to home and does not want to travel anymore. She now has a 5 month old child taking up most of her time.
Why is this a good business?
This is a very well known franchise that keeps growing and the store is located at the entrance of a very popular and busy mall. The store has maintained excellent customer service since opening 4 years ago.
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Annual Turnover Amount between R 500 thousand and R 6 million