Korean Job Discussion Forums

[maverick]

Hogwan for Sale

My wife and I have owned and run this school for the past 3 years.
Located on the Western border of Seoul this school is the ideal starting point for any couple.
If you're looking to be your own boss than this is perfect for you. The students and parents have been super supportive and there
is absolutely no other hogwan in the area and nowhere for any new competition to move in. The building is in an ideal location
right in the middle of three villa's and an apartment complex providing safety from main roads and taking away the need for a bus.

After we heard the news that we are parents to be, we decided that the school couldn't be run easily with only myself at the helm.
We have priced the school to sell as we are looking to travel while my wife still can.

We occupy the 2nd and 3rd floor of the building. The deposit is 20 mil. plus 700,000 a month for rent.
We're looking for 20,000,000 for the school itself. So a total of 40,000,000 including the deposit.

Sorry no private messages for this sale.

Serious inquiries can be directed to maverickdvd at gmail.com

edit*** currently 70 students at hogwan. Reduced schedule because my wife can't teach a lot at the moment. Room for a lot more as we only work about 4 hours a day. Located near Onsu St.

[Informer]

how many students are enrolled at your hagwon?

I reckon u should have at least given us more info than ' we are selling a hagwon'..

little more details might help..

[maverick]

I posted the basics. This is the same information that is posted with the real estate agents. Those that are interested may contact me for more detailed answers on anything. drop me a line.

[Golem]

I am sure you told real estate agents how many pyeong it is.

[ChinaBoy]

I was a little concerned that your wife can't teach very much, but is ok to go traveling in her condition.

[goesslry]

location (what dong, gu, etc), pyeong, details of students (age/children only, adults, both?), Curriculum, pictures?

[crosbystillsstash]

yes...it sounds interesting, but I need more details.

[maverick]

Much of what you are asking for I am not prepared to put up here. Contact me for specifics if you like goesslry. Pictures,etc... are a little personal. The rest are small details that you can contact me for. As for the curriculum, that's something you could discuss with me in person.

The Hogwan is 30 pyung plus another 7 on the second floor for an office.

Thank you ChinaBoy for your concern. We will of course consult with a doctor first and won't be booking anything too difficult for her.

crosbystillsstash--> Drop me a line and I can give you more specifics. Better yet, come and check out the school for yourself.

Putting everything about the school up here would be writing a novel. I am more than willing to answer questions via email or in person. Just drop me a line.

[sungmin1982]

Pictures would definitely not be personal. You are selling a hagwon, not porn. You are looking for someone to invest 40,000 dollars, basically, into a hagwon... pictures will help you get more people interested. For all we know, it could be one of those hakwons in the small run down buildings that is scheduled to be demolished this year.

[frankhenry]

[maverick]

I am simply providing everyone with the same thing that the real estate agents have provided. If you want pics, contact me and I will show you the school. The real estate agent doesn't have any pics. He comes around two or three times a week to show people the school. I'm willing to do the same. I'm not putting pics up. Contact me if you like for more details.

Frankhenry, I can assure you it is a legal hogwan. Contact me if you want more information.

[frankhenry]

[maverick]

Frankhenry,

Thanks very much for the positive info. I can say that it is a similar situation, but not called a study room. I don't work weekends (actually I refuse to). Business license refers to it as a hogwan. Everything is according to size with the education office and each office has different rules (city, etc...). We do not pay our teacher anywhere near that much however, as they only work part time.

To all those who wrote emails thank you. One common question was about expenses. We have about 2.5 million in expenses but this can be cut down significantly as a second teacher is not really needed. You could run the school for under a million easily if you're willing to do some extra work such as cleaning and whatnot. Even less if you don't want the office.

Another was about income. An average month brings about 9.0 million. Room for a lot more if you are willing to teach more. We currently only teach an average of about 4 hours a day.

If I see more common questions (other than pics) I will be sure to post them.

[Golem]

The way I understand the OP is selling a Hagwon but the Hagwon is not big enough to sponsor E-2 visas. They would have to meet certain requirements to change their license. Two of the requirements I recall are a certain amount of pyeong (one poster said 50) and the other is a minimum amount of registered students (I was told once that the number was 100).
Whether one considers this a good deal or not would likely depend on their own situation. I know people who were working at an after school program and decided to open their own hagwon in the same area. It too is about 40 pyeong. Since they already knew many of the parents from the after school program they had 70 students within the first two months and were already operating at a profit. Obviously their situation was just about ideal and for them something like this would have been a bad deal.

If you don't have some kind of roots in a particular area of Korea or Seoul than I think this would probably be a good deal. You would essentially be paying that 20,000 mostly for their established customer base (presumably they are also including things like computers, furniture, office supplies etc). It would take some months to re-coop the cost but I imagine that wouldn't be much different than if one opened their own hagwon in an area where they don't really have strong personal connections.

Maybe this post isn't helpful at all but I have been thinking a lot about this lately as I know several people who own their own language academies, I also work for such an academy, and my wife and I plan to open our own academy.

Running an academy is a lot of work but if you put the effort in I think you will find you will also reap the rewards.

[huffdaddy]