Asset Sale included Inventory, Customer List and FF&E. The business is a wholesale distributor of fine contemporary art and decorative oil paintings serving the home-furnishing industry. With more than five decades working in the design trade, this business is exceedingly well known and boasts and outstanding reputation as a leading fine art source. Products are high-end decorative art and collectable art - all original oil paintings. They represent countless exceptional artists, carefully selected from both established and emerging talents across the United States and abroad. Much of the exclusive fine art from renowned artists is on consignment, thus eases the capital requirement for the business. The present customer mix is high-end furniture stores 95% and art galleries 5%.
Key Selling Point
• The business is easily relocatable
• NO retail trade clients
• Business is NOT dependent on owner; could be absentee owner operated
Potential for Growth
There exists an immediate potential to multiply revenues by:
• Using multi-line representatives to sell art from their I-Pads. This is the norm in the home-furnishings industry. The business has always used four dedicated reps to sell the product from custom-designed gallery trucks. With the I-pads, one could hire 10-20 reps across the country to sell the product
• Seeking architectural firms and more commercial design firms for add on business
• Retailing to the end-users that view the webpage
• Expand products offered to accommodate hotels, motels, restaurants etc.
Historical Financial Summary:
2018: Revenue $1,460,054 Owners Discretionary Earnings $40K
2017: Revenue $1,767,676 Owners Discretionary Earnings $120K
2016: Revenue $1,973,093 Owners Discretionary Earnings $184K
Note: The slowdown in revenue is due to the inability to locate qualified sales people that will travel (multi-state territories as an independent contractor - commission only, no benefits, but (a plus) no caps on earnings either). The current owner (age 74 that is satisfied with his earnings) feels a new owner would have better success hiring the "correct fit" or perhaps could pay new reps a small salary and/or some benefits.
The business is operated from two locations:
• Showroom in High Point, NC containing 6,000 square feet that is open during April-October market dates only (20% of revenues come from this location; field reps sell the balance)
• A home office and showroom in metro Atlanta containing 23,000 square feet. This location is owned and available for purchase at fair market value or new owner could relocate the business to a smaller space (half the size of current location). The business could be operated from a much smaller place (~12,000 square feet)