Turn-Key Hearing Center Near Crystal Lake and Frankfurt, MI

Business Opportunity for Sale
Catylist Listing ID: 30504435
Property Subtypes: Health and Medical
Building Size (RSF): 525 SF
Sale Price: $135,000
Name of Establishment: Advanced Hearing Center
Year Business Established: 1993
Gross Revenue: $147,000 (Annual)
Cash Flow: $57,349 (Annual)
Cash Flow Type: Sellers Discretionary Earnings
Relocatable Business: Yes
Sale Terms: Cash to seller. Seller note negotiable.
Last Updated: 6/9/2020

Overview / Comments

In business for more than 40 years, Advanced Hearing Center offers hearing screenings and the fitting, sale, and service of hearing aid devices. Located near beautiful Crystal Lake and Frankfurt MI, this business is the only service center for many miles.

Most Medicare plans now cover hearing aids. This established center is a provider for UAW, MPSERS, and Retired State employees. Up to 80% of the local hearing population have purchased hearing aids from Advanced Hearing Center.

This community is home to many long-term and retired residents in addition to summer visitors. On average about 8800 vehicles per day travel this main thoroughfare. Nearby businesses include restaurants, street retail, a car dealership, grocery, and offices; the downtown area is just a few blocks away.

-Established and profitable
-Buyer will need to have or work under someone with a Hearing Aid Dealer license issued by the State of Michigan.
-Ideally the buyer would be board certified with the International Hearing Society or is an audiologist with at minimum a Bachelor's Degree.
-According to MarkeTrak10, studies indicate that about 1 in 10 individuals have a hearing loss that interferes with their communication (Credit: Powers & Rogin, The Hearing Review, Vol 26 No 8 August 2019.)
-A surveys show that 56% of current non-owners of hearing aids would probably or definitely purchase from a hearing care professional rather than buy online. (Credit: Powers & Rogin, The Hearing Review, Vol 26 No 8 August 2019.)
Customer experience is key to success
-Hearing aid sales increased 3.8% in first half of 2019 according to the Hearing Industries Association, of Washington DC.

Additional Details

Nearest MSA: Traverse City
County: Benzie
Industry Segment: Other Health and Medical
Reason for Selling: Seller is pursuing retirement
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $25,000
Real Estate Status: Leased
Value of Real Estate Included ($): $0
Real Estate Lease Description: No real estate is included in the sale. Buyer to negotiate lease with landlord.
Employee/Labor Description: 1 to 2 employees
Mgmt/Training Support Description: Seller will train for two weeks after closing at no charge
Competition/Market Description: Rural area with few service options for audiology screenings, hearing aid fittings, and hearing aid repair.
Growth/Expansion Opportunities: Buyer could expand office hours to five days per week. Currently, appointments are limited to three days per week.
Seller Financing Description: Negotiable

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Demographic Statistics

Proximity: 5 miles
Total Population: 4,746
Median Age: 49.06
Households: 1,971

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