An update of the status of companies offered for sale through Inc.'s The American Dream: Business For Sale.
A Business for Sale update
We first ran The American Dream: Business For Sale in November 1990. The company featured was a San Francisco restaurant/pub with an asking price of $750,000. Though the restaurant received 100 queries, it eventually was pulled off the market. That was true of about a third of the 61 companies featured through November 1995. One of those, a Wyoming dude ranch, received more than 500 queries, a record for the American Dream. Asking prices of companies pulled off the market ranged from $110,000 for a Michigan airplane brokerage to $5 million for a North Carolina golf resort.
Just over a third of the companies we featured were sold. (See chart, below.) The Nevada casino was on the market for the shortest length of time: two months. Thirteen of the 23 companies sold were on the market for a year or more. The only company that sold for its asking price, $40,000, was the Wisconsin chocolate shop.
Sales are pending for 2 of the American Dream companies; 4 are out of business.
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Twelve, listed below with the dates they appeared in the magazine, are still for sale.
Vermont Country Inn (January 1991)
Idaho Up-Country Ranch (June 1991)
Family-run Child-care Center (September 1991)
South Carolina Miniature Golf Course (May 1993)
Southern Short-line Railroad (January 1994)
Maine Homemade-Ice-cream Parlor (September 1994)
750-acre Theme Park (November 1994)
Nebraska Christmas-tree Farm (December 1994)
New England Country Store (May 1995)
Utah Natural- and Gourmet-foods Market and Cafe (July 1995)
Massachusetts Garden Center (October 1995)
California Architecture Firm (November 1995)
| Company (issue it was featured in) |
Asking price |
Selling price |
Real estate included? |
Asking price as a multiple of earnings |
Asking price as a % of sales |
# of inquiries |
How long on the market |
| California Vineyard/Winery (April 1991) |
$5.9 mil. |
$4 mil. |
Yes |
3.0 |
137% |
25-30 |
1.5 yrs. |
| Seattle Bookstore (August 1991) |
$62,000 |
$8,500 [a] |
No |
8.8 |
62% |
50 |
1.5 yrs. |
| Maine Model-Ship Maker (October 1991) |
$365,000 |
$331,000 |
No |
5.0 |
129% |
200+ |
5-6 mos. |
| Arizona AM-Radio Station (November 1991) |
$650,000 |
Unknown |
Yes |
7.7 |
192% |
50 |
2-3 yrs. |
| New Hampshire Country Store (December 1991) |
$325,000 [b] |
$345,000 c |
Yes |
6.5 |
79% |
30 |
1 year |
| Minor-League Baseball Franchise (January 1992) |
$3 mil. |
$2.5 mil. |
No |
Unk. |
208%- 250% |
60 |
6 mos. |
| Washington Ski Mountain (May 1992) |
Best offer |
Unknown |
Yes |
NA |
NA |
6 |
5 mos. |
| Texas Drag Strip (July 1992) |
$500,000 |
Unknown |
Yes |
3.5 |
161% |
24 |
9 mos. |
| Vintage Idaho Movie Theater (August 1992) |
$135,000 |
$100,000 |
Yes |
7.3 |
180% |
12 |
1 year |
| Island Crafts Cataloger (January 1993) |
$150,000 |
$127,500 |
No |
1.9 |
52% |
250+ |
1 year |
| Florida Billiards Room (March 1993) |
$190,000 |
$60,000 |
No |
3.5 |
74% |
100+ |
6 mos. |
| North Carolina Motorcycle Dealership |
$1.1 mil. |
$900,000 |
No |
3.7 |
41% |
4 |
14 mos. (April 1993) |
| Arizona Bowling Center (June 1993) |
$3.6 mil. |
$1.3 mil. |
Yes |
7.5 |
279% |
15-20 |
9 mos. |
| Florida Travel Agency (July 1993) |
$150,000 |
$105,000 |
No |
1.2 |
9% |
15-20 |
2-3 mos. |
| New England Rowing-Equipment Manufacturer |
$550,000 |
$440,000 [d] |
No |
Unk. |
65% |
200 |
6 mos. (August 1993) |
| Nevada Casino (November 1993) |
$2.3 mil. |
$1.5 mil. |
Yes |
6.4 |
126% |
35-40 |
2 mos. |
| Midwest Record-Store Chain (December 1993) |
$1.5 mil. |
$500,000 |
No |
3.8 |
41% |
15+ |
2 yrs. |
| Virginia French Bakery (February 1994) |
$275,000 |
Unknown |
No |
3.4 |
122% |
40 |
2 yrs. |
| Alaska Charter-Fishing Service (July 1994) |
$586,000 |
Unknown |
Yes |
5.9 |
64% |
12 |
1 year |
| California Diving Magazine (October 1994) |
$500,000 |
$110,000 [e] |
No |
10.0 |
154% |
50 |
2 yrs. |
| California Comedy Club (January 1995) |
$350,000 |
$110,000 |
No |
3.6 |
48% |
8 |
1 year |
| Wisconsin Chocolate Shop (February 1995) |
$40,000 |
$40,000 |
No |
2.7 |
75% |
200-300 |
8 mos. |
| Oklahoma Fitness Center (June 1995) |
$185,000 |
$92,500 |
No |
172.7 |
382% |
20 |
1 year |
[a]for a partial stake; [b]without inventory; [c]with inventory; [d]for an 80% stake; [e]for a 51% stake
-- Compiled by Christopher Caggiano and Robina A. Gangemi
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