Professional & Clerical Staffing Services in Rhode Island
Well-established for over 17 years with long-term client relationships!
Well-established for over 17 years, this full-service staffing firm has several long-term client relationships in place! Providing staffing for temporary, temp-to-hire, and direct hire placements in the state of Rhode Island, clients include a variety of businesses and corporations, large and small. The team consists of 2 FT employees (the owner and 1 Staffing Specialist), as well as 1 on-call Staffing Coordinator and 55-60 temp employees on assignment as needed. Placements range from part-time, short-term positions to long-term opportunities. Several of their placements have remained in those positions for 10-15 years. Currently, they are receiving 5-10 new orders on a weekly basis. Their placement process can take anywhere from 2 weeks to 2 months, depending on the needs of the client. Well-respected in their community and known for providing exceptional service and always being accessible to their clients, this staffing firm is in a prime position for growth under new ownership.
Certified as a Rhode Island WBE/DBE, many national firms contact this company to partner with them; one such healthcare company was awarded a bid to set up a contact center in Rhode Island and develop the healthcare program for the state. Partnering with this staffing firm resulted in direct hire business for the VP of Human Resources, Business Analysts, Business Consultants, Instructional Designer, and recruiting personnel including skill assessments and language assessments.
Priced at $1,426,000 a 12.5% down payment of $178,250 returns $208,500 in the first year after debt payments – a 117% return on investment! This business already has a solid reputation in place and the majority of new business comes from word-of-mouth referrals. Creating an internet presence with a website and social media accounts would certainly expand the client base and increase revenue.
Year Established: 2004
Location: Providence, Rhode Island
Service Area: 100% within Rhode Island
Services: Full-service staffing for temporary, temp-to-hire, and direct hire placements, payrolling services
Clients: Diversified: small businesses to large corporations
Certifications: Rhode Island WBE/DBE
Lease: 1,100 sq. ft. leased building w/ reception area & 3 private offices: $1,200/month
Reason for Selling: Retirement planning
Personnel: 2 FT employees (1 Owner & 1 Staffing Specialist), 1 on-call Staffing Coordinator; plus 55-60 temp employees on assignment
Seller Training Period: 3-6 months
Growth Opportunities: Create internet presence with a website and social media accounts
Current Owners’ Responsibilities: Staffing, financials, payroll
Cash Flow Analysis
|Description of Financial Statement||P&L Statement|
|Net Income Shown on Financial Statement||$50,821||$236,595||$73,296||$33,591||$39,596|
|Compensation to Owner||$40,504||$119,583||$124,966||$97,396||$162,360|
|11% Tax on total W2 Salaries||$4,455||$13,154||$13,746||$10,714||$17,860|
|Meals & Entertainment||$0||$534||$577||$545||$609|
|Owner's Health Insurance||$0||$12,250||$0||$0||$0|
|Seller's Cash Flow = Total Addbacks + Net Income||$97,799||$390,861||$221,670||$152,062||$233,164|
|Profit Margin||10.52 %||12.27 %||9.19 %||7.44 %||9.48 %|
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