If he owns a Chickfila as well as other income streams, he should be a millionaire.
No kidding. Most Millionaires don't live like we thing a millionaire would live....My uncle is a multi millionare several times over- he doesn't buy new cars- gently pre-owed with remaining factory warranty, pays cash
I saw an ice box for sale and for the life of me can't remember where. It was $75k + cost of land/lot and moving it. Even at $75k, I wonder what the ROI would be??
I'm glad you mentioned this for the very simple reason I had had interest.... that is, I previously had interest before I looked at one very carefully over a two year period.
Since I did business at the thing, and often saw other people putting change into it as well, it seemed like a natural moneymaker, and I was curious about the start-up cost.
Well, over time I began to see the negatives. Regularly vandalized for the coins. Both the actual vending as well as the dollar changer were out of service, sometimes for weeks.
A liquor store shares the same parking lot, and large trucks often park next to it, thereby leaving no space for customers.
The vending units even when supposedly working ok, would tend to steal money from me in the process of getting ice or water. I wouldn't call the number posted for just a quarter or a dollar, but after many such experiences, I did call. Nobody ever bothered to return my call or refund my monies (I left my number and address on their voicemail). That kinda ticked me off. Enough customers get ticked off, and they return to the HEB across the street for their ice and water.
As someone else mentioned, the IRS now looks very closely at cash businesses so that's another negative.
I still believe one could be a good investment, but first I'd place more security devices around it than the one in Elgin has. And try to reach accommodation with the liquor store.
But like I originally said (as a former franchise seller), it's tough to offer much in the way of handholding for under $100k (maybe 2-4 hundred K these days).
Not a franchise, but one of the great money makers depending on where you live is running a note lot. If you live in a blue collar city, you can make a ton of money doing that. Have a client that runs one, keeps 10-15 cars on his lot a time, and sells 30-40 a month. He carries all his notes and pulls down 150k-200k a month before cost of buying new inventory (which isn't much). Down payment usually covers what it cost him, then $100 a week is their payment for 2 years. Worst salesman I have ever met too, all about the location.
For my franchise system the licensing fee is $7900, but to actually get launched its 30-40k additional in the form of travel/lodging for training, uniforms, software licensing, computer (if applicable), marketing materials, special equipment & product.
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