Description of the business for sale
The business, in continuous operarion for more than 50 years, pioneered selling art and framing related fabrics in the Greater New York City area. Present management purchased the business in 1980 and moved from midtown Manhattan to expanded facilities on Long Island. The company'e innovations in the industry included the introduction of exclusive imported museum quality hand finished moldings and added industry specific supplies. Other initiatives included co-sponsored 'how to' training classes enabling custom framers to develop 'value added' designs and services. The company also crested 'chop/join/fabricate' for wholesale customers. Concentration on timely product innovation, inventory depth and quality service has enabled it to maintain consistently high gross margins (60%+). Between 2001 and 2002 ownership and management were assumed via a 'delayed buyout' to a former executive of a major financial services company. Unfortunately for the company and the seller, the new owner received an 'offer he couldn't refuse' to join a major New York financial institution. He then could not fulfill his obligations to the company and returned the business to its former (and present) owner in a somewhat distressed condition. Since 2004, after extensive financial and operational rehabilitation, the company has become an unusually attractive opportunity for a 'hands on' owner at a deep discount from replacement value of both current and fixed assets as well as invaluable intangible assets.
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Description of the facilities
Furniture, fixtures, and equipment = 18019
Furniture, fixtures, and equipment included: Y
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