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Cash Advance Company For Legal Industry

Location  New York,United States
Asking Price Range  < $250K
Gross Revenues  $110000
Net Profit / Cash Flow  $107280
Cash Flow Type  Sellers Discretionary Cash
Seller Finance  No
Year Established  2002
Number of Employees  1 - 3
Relocatable  Not Disclosed
Number of Employees  1 - 3
Real Estate  Leased
Training  Seller will train
Reason for Sale  Personal
Description  Cash Advance Company for Legal Industry. One of the oldest in NY State. Run part-time. Virtually no overhead. Total 2012 operating expenses were only $2,720. Very unique business. This company offers a low cost solution to pre-settlement lawsuit funding and litigation financing, to both accident victims and law firms who are awaiting a pending insurance settlement or personal injury lawsuits. The key is that they only advance on pending insurance settlements where they know there will be a payoff. Advances are paid back through the attorneys bank account before the plaintiff receives a check. The receivables are almost 100% guaranteed. The longer it takes for a case to be resolved, the more the interest accrues. What the owner is selling is a website, 11 year reputation, attorney relationships and 75 active contracts that are almost 100% guaranteed. The open contracts total approx. $400K in receivables. That $400K grows at approx. 4% per month as new contracts are added and old ones are fulfilled. Individual advances range from $500 to $25,000. In 2012 alone the seller collected approx. $120k off a $40K investment. The business can be grown very easily by advancing more funds and taking on referral sources such as JG Wentworth. It all depends on how much time you can commit and how much cash you are willing to advance. We are looking for serious buyers with some financial aptitude and at least $500K - $600K in liquid capital for the business purchase, receivables purchase and working capital. PROOF OF FUNDS WILL BE REQUIRED. NO OWNER FINANCING. If you are serious and financially qualified, call or email Mel Vaz today at 631-909-1095.
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