|
Many car wash is skim money from the till each week and it is widely known in the industry. In fact, the Internal Revenue Service has a special booklet for and rolled agents which explains the types of things that car wash is due to cheat on their taxes. Many car wash owners when they try to find a business broker to sell their business discovered that the business broker is rather upset with them since they are keeping two sets of books. Tax returns work very well for selling a car wash because they show the Schedule C. However, if the schedule C. does not match the amount of cash flow that the business generates then the car wash owner is often called a liar by the potential buyer. This is when it gets tricky, as the car wash owner has to reveal a second set of books and admit to the buyer that he has been cheat on his taxes, skimming money and lying to his accountants. The buyer of the car wash has to decide if he trusts the car wash owner. After all, what else is he cheating on? Is he cheating customers? Is he cheating on his wife? Does the car wash owner have any integrity all? Having been in the car wash industry for about 27 years and now retired I would say that most car wash owners have zero integrity. Although there are quite a few that are very good upstanding gentleman in the community. Now then, when the car wash owner is trying to sell his business he has to sell his business to someone else that does not care that he is and lying and cheating, but is more concerned with the cash flow of the business. This means the car wash owner must find someone equally yoked with low integrity to sell to. If you own a car wash and you are such a scoundrel perhaps this article may help you sell your business since you have been cheating all your life. I never did have much respect for the competitors and my industry, as I think they are all crooks. But this is just my personal opinion after 27 years in the industry and reviewing over 3800 car washes so what do I know? Lance Winslow
|
