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Franchise Building, Entrepreneurs, Business Leaders, & Innovators Discussions Are you interested in starting your own lawn care franchise or are you interested in buying into one? Let's talk about different franchise opportunities and how to build your own franchise. Also we discuss different entrepreneurs who inspire us!

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Franchise Building, Entrepreneurs, Business Leaders, & Innovators Discussions

Are you interested in starting your own lawn care franchise or are you interested in buying into one? Let's talk about different franchise opportunities and how to build your own franchise. Also we discuss different entrepreneurs who inspire us!
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  #21  
Old 07-27-2012, 11:14 AM
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Congratulations to you! Keep us posted on how the transition goes and how it feels to add all those new customers.
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  #22  
Old 08-21-2012, 05:05 PM
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Well after week 2 of doing all the new customers I met a lot of nice people that were happy to have a good service continue. The old company was doing the properties in 4 days with 2 people and we are knocking it out in 1.5 days with 3! So everything is definitely going right! Long hours and hard work will soon pay off. Equipment was a little bo bo, exmark pump went out.. But I wasnt really counting on the equipment that much.
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  #23  
Old 08-22-2012, 11:55 AM
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That is great news! Now with this experience you have had, what advice would you have for others considering doing this?
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  #24  
Old 08-23-2012, 03:05 PM
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So far my experience is going well. Customers are all nice and happy about the change going smoothly and I am happy that we are able to take care of the new properties in about 1.5 days each week instead of the 4 days it was taking the last 2 guys. Equipment we bought with the company is not in the best shape that I thought it was in, 2 weeks later and the hydro pump went out on the exmark 48. Sucks but the equipment was not really what I was interested in. Only problem I am having is one of the previous owners is calling behind me and checking to see if customers are happy. I had to call him and let him know that was not ok because it is not his business anymore.
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Old 02-26-2013, 07:26 PM
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A little update on the accounts I purchased. It was quite frustrating after the first month or two because I had people dropping for various reasons. Some were family members, some didnt pay and some just said they did not need service anymore. My biggest problem was not the people dropping because before buying I assumed at least 10% would drop. My problem was more that the people that did stay on did not match up to the amount of cuts the contract said the customers usually do. Like customers that they said continue every other week service throughout the winter have either cut back to once a month or completely dropped until warmer weather. Overall it was worth the purchase just a little headache at first. I paid the company off in 5 months and now its all about making the money now.
Fuel has gone up to $1200-1500 a month, that's probably my biggest problem but its part of the business.
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Old 02-27-2013, 11:14 AM
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That is a very interesting update!

Would you do it again? If so, what might you do differently about the process or the way you valued it etc?
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Old 01-29-2014, 08:48 AM
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I know this is an old thread, but just in case anyone else is in the same position.

The easiest way to evaluate a company is 3x their revenue from previous year. So if they pulled in $20,000 last year, their business should be worth $60,000. This is for all businesses, but I have noticed on CL, that everyone undervalues their lawn care business a lot. They say they make $60k a year revenue but ask $20k to sell. I am thinking that a lot of people value their business as capital investment (equipment), and they don't consider their client list and branding as an asset.
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Old 01-29-2014, 01:05 PM
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Quote:
The easiest way to evaluate a company is 3x their revenue from previous year.
What is your view on why it should be 3x revenue?
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