The $16M Golf Cart Business That Refuses SBA Loans

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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