Magnetic Maxi Service Pty Ltd. is now for sale. The business is located on the tourist island of Magnetic Island in North Queensland, about 10 kilometres off Townsville.
The business operates four vehicles as the primary personal transport on the island, in a similar role to that of a taxi or Uber business; however, the business operates under Queensland law as:
Business Entity Authorisation (BEA) and the vehicles are attached as: Booked Hire Service Licence's (BHSL) to the BEA.
As such, there are no fees payable to any outside taxi or Uber-like company, and all revenue is retained (except for some QLD government license fees, totaling about $2k per annum).
These are 24-hour licenses, and they can be expanded to other parts of QLD if desired.
There are three Toyota Commuter Vans and one five-seater SUV included in the sale of the business.
We operate with our own in-house telephone number, exclusive to the business.
Business hours are normally 6:30 through around 10pm, early in the week, and midnight to 1am, on the weekends.
We have about six drivers (who are happy to stay on and continue driving for the new owners), and they are independent contractors who operate under their own ABN and retain 50% of their takings per industry norms.
We have an excellent reputation on the island and serve locals and tourists alike. We also support tour companies and NDIS operatives on invoice agreements.
We are currently the only personal transport on the islands, and no taxis or Ubers compete.
We set our own fares, independent of outside entities. Thus, we are a good, strong, and profitable company. We take cash and also EFTPOS payments via terminals in each vehicle.
We are happy to provide figures upon request and request a simple confidentiality agreement, but you could, if current trends continue, expect turnover in excess of $400k and profit in the area of $200k, depending upon your tax position. These are obviously not to be taken as a guarantee.
The business carries no loans or debt.
The business currently operates from our home address, and as such, the new owners will need to find their own accommodations and parking. However, we are happy for the vehicles to remain based at ours until you are established.
We are a Pty Ltd. company, and this can be transferred, or you may wish to start your own preferred arrangement.
Magnetic Maxi Service is operating on the beautiful Magnetic Island, which has a balmy North Queensland climate, a population of 2500 people, and a constant influx of visitors and tourists.
Peak periods are school holidays, the winter months of April to October, and Christmas breaks.
The business is hands-on and would likely require the new owners to reside on the island; however, we have a staff member who could operate the business in their absence.
As the current owners, we show a strong connection to the business and Island, and although we wish to partially retire, we are happy to hand over over a lengthy period and also to continue on as part-time drivers if preferred.
We intend to remain permanently on the island and do not envisage leaving. We own property on the island. We do, however, have a wanderlust to come and go, as we are simply at that age now!
We are listing for a firm $300k price, and our accountant observes that this is particularly cheap against a yearly turnover comparison—a rating of probably 2 years or less!
It would suit a couple, group or family to operate it professionally. The business holds a strong social contract with the island and will only be sold to potential buyers who show an acumen to ensuring the success of the business moving forward.
The business will be available for transfer after August 2024.
Thank you,
Steve Lane
Sole Director
Do not text, as they will not be replied to, as we are busy operating the business and are frequently on the road.
If you cannot get through, please note that I will call you back when I am able.
Thank you very much!
