Jensi Sanders:
The Wall Street Journal recently published an article titled Private Equity Wants to Wash Your Car. This article came on the heels of Miracle closing one of the largest car wash transactions in 2022 and forecasting more than $1 billion in sales during its first 12 months of operation. Thomas, please tell us a little bit about yourself and Miracle.
Thomas Coffman:
My name’s Thomas Coffman, I’m the CEO of Miracle Car Wash Advisors, where we focus in helping car wash operators, exclusively nationwide. And our main focus recently has been the express operators that are doing over a million dollars in express revenue, top-line sales, helping them achieve a double-digit, even in multiples, even sometimes in the 20 times. Those days are far and few between, but I think that we are in an incredible market right now, and it is definitely a time to consider selling your car wash.
Jensi Sanders:
Great. So some people have referred to you as Wall Street’s Axe since this article was published. Can you elaborate on that?
Thomas Coffman:
That’s a huge compliment. I think that’s a huge compliment to our team and the people that go through the data component and the data inputting and the data analytics, the data behind these sales and what drives them. The conveyor per population ratio is something that I really commend our team for. And I’m honored that anyone would call me that.
Jensi Sanders:
Excellent. So, Thomas, what advice do you have for a owner and operators as we begin to wrap up 2022?
Thomas Coffman:
I would say double down on greenfield development. I’ve never seen such an incredible time to build a car wash. The article from Wall Street kind of says it itself, but if you can, build to six times and sell to maybe even double that, why wouldn’t you?
Jensi Sanders
Absolutely. And can you tell me why would sellers choose to work with an advisor as opposed to going direct?
Thomas Coffman:
There’s a million ways to answer that question. I think that, first and foremost, having somebody that represents your fiduciary relationship in a mandate to get you the highest and best price for your car wash, I think, whether it’s me or someone else, I would encourage an owner-operator to go with an advisor before doing a deal direct.
Jensi Sanders:
Excellent. Thank you. And is there anything else you’d like to share?
Thomas Coffman:
I’m super thankful for the relationships we do have out there. I think we’d love to start bringing on some of our clients that have been super awesome to work with and get to know.
I’m happy to provide any references or my cell phone number, which is (512) 658-5670. If you want to discuss any of the proprietary nuances of hitting such high multiples or maximizing value for your car wash, please give me a call.