LL Notes from the Editor eNL - Nov 16th, 2022
LL Notes from the Editor eNL | View online
November 16, 2022
A Unique Exit Plan...And An Entry Opportunity

Longtime locksmith and ALOA life member Jon Payne, CML, has come up with a unique pathway to retirement – giving away his successful lockshop in Elberton, Georgia, to an up-and-coming locksmith.

Payne, whose storied career includes owning two locksmith businesses and a locksmith software company, plus being one of the five founders of the hotel lock company now known as Onity, says he’s looking for a way to give back. “This industry has been really, really good to me,” he says. “Maybe I can give someone else the opportunity to prosper.”

His shop, LockPro Locksmith, serves a 10-county area in semi-rural Georgia, far enough away from Athens and Atlanta for a slower pace but close enough for day trips. The area has one other locksmith, in a neighboring town 32 miles away, so there’s no competition in this growing area.

Payne says his business is nearly an even mix among commercial, residential and automotive. Commercial customers include granite yards and factories (the main industry in Elberton) and retail and service businesses. Residential work includes rekeys and lock installations along with some gated entries to farms and larger properties.

He says the new owner could expect gross sales between $150,000 and $200,000, with the potential to expand.

His ideal candidate would have 5–10 years of experience and be ready to answer calls, quote projects and complete them from Day One, but Payne is willing to consult and help get the new owner up and running, including personal introductions to his VIP customers.

The business would be ideal for a two-person operation, one in the shop and one on the road, Payne says. Since the pandemic, Payne has run the business by himself.

The offer includes the company name, phone number and RingCentral phone system, website domain and state and county business registration all transferred to the new owner. In addition, the new owner will take over the shop’s reasonably priced lease.

Also included is the Jobber customer scheduling program and the knowledge database and detailed customer technical records kept in Evernote. (The software has low annual fees.)

Business assets may be purchased if the new owner doesn’t have their own equipment; otherwise, Payne will sell them individually. Payne’s 2014 Nissan NV 2500 service vehicle has a Laser Key Products 3D Xtreme, an HPC 1200 and a duplicator on board, all run by a 3,000-watt pure sine wave inverter. The 3D is run via Genericode by using a mini workstation that runs Windows. The shop has a Laser Key Products 3D Elite also run by Genericode through a mini workstation that runs Windows. Programmers include a SmartBox, APP and IM608 PRO. There are two duplicators and about $20,000 of inventory, mostly in car keys.

Payne is accepting applications through the end of November, along with some specific requirements that include locksmithing experience and a background check (waived for ALOA members).

After the new owner takes over, Payne is looking forward to continuing his work in the industry as a locksmithing teacher and mentor.

Read the full information here.

 – Emily Pike


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