[kycarguy 935]

I had a friend that had a Cadillac repair shop in So. Cal. and the couple were getting a divorce and when they split it up the business was valued at $500k with a continuation on the lease on the building. The lease had about 15 years left on the lease and the building was greatly discounted to them for renting the whole building which had 4 rentals on the other side. The 4 rentals paid the rent for the whole building including theirs, so essentially rent was free for the shop. She wanted to keep the business and he didnt. His name was the name of the business and he was leaving the company. I know they were grossing over $500k a year in parts sales and service. 4 bays with 3 techs, 1 service manger/writer, 1 parts manager, 1 shop/delivery boy and the lady and her new husband worked a few hours a day. She paid him $250k for his half and a few years later she said she paid way too much. With the guy leaving {her ex} that started the business and with a local aerospace semi-closing because the contracts moved out of state the customer base dropped fast. I would guess the equipment would be worth about max. 10k and then somebody bought the building and said their existing lease was no longer valid. After a ongoing court battle they gave up and moved, more loss of customers. So that turned into a zero They are still in business today and make a decent living because they are honest and thats pretty rare today. She had the money to pay cash for her half and she didnt have to think as hard as somebody that would have to finance the business.

I would want think it over well and see where the business is headed and real estate value. Get some comps from a commercial real estate person and go from there.

Good luck on your endeavor.