The $16M Golf Cart Business That Refuses SBA Loans
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Mar 25, 2025
Explore the intriguing case of a $16M golf cart dealership in Virginia Beach, where the dream of owning a thriving business clashes with hidden challenges. The hosts uncover issues like ineligible SBA loans, unclear financials, and a seller juggling too many side gigs. They also highlight the allure of lifestyle businesses in resort towns and the complexities of valuing a venture with questionable cash flows. Tune in for cautionary insights on recognizing when a glamorous opportunity may not be what it seems.
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insights INSIGHT
SBA Loan Refusal
Refusing SBA loans suggests the financials might not be lender-ready.
This raises questions about the deal's viability for financing.
volunteer_activism ADVICE
Used Vehicle Business Concerns
Be cautious with used vehicle businesses due to potential financial inconsistencies.
Cash transactions may not be fully reported, impacting actual profitability.
question_answer ANECDOTE
The "Regular Guy" Owner
The owner, Tim, is described as a "regular guy" deeply involved in the community.
He embodies the owner-operator lifestyle often found in resort towns.
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A $16M golf cart and low-speed vehicle dealership in Virginia Beach sounds dreamy… until it’s not.
Business Listing - https://www.bizquest.com/business-for-sale/new-and-used-cars-and-golf-cart-product-lines/BW1924052/
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Episode Description: In this episode, Michael, Heather, and Mills dive into a fascinating but frustrating $16M revenue business based in Virginia Beach, Virginia. On paper, it’s a dream: an oceanfront golf cart and low-speed vehicle dealership with high rental income and exclusive distributorships. But as the hosts peel back the layers, they uncover red flags like no SBA eligibility, murky financials, and a seller with too many side hustles. They discuss the appeal of lifestyle businesses in resort towns, what exclusivity might be worth, and the dangers of unclear cash flows. A classic example of “looks great—until it doesn’t.”
Key Highlights:
$16M revenue dealership selling golf cart-adjacent vehicles and earning $30K/month in rentals
Located in prime tourist real estate in Virginia Beach
Multiple red flags including no SBA loan acceptance and lack of disclosed cash flow
Seller has several unrelated businesses, raising questions on financial transparency
Discussion around dealership models, exclusivity, and rental income value
Insight on how these types of lifestyle businesses can be great—for the right buyer
Why this deal gets a “thumbs down” despite some appealing elements
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