Duval County, FL
BUSINESS AT A GLANCE ? Monthly Cash Flow: 500% mark up, $4,000+ p/m revenue* ? Premium Locations: Data backed, high foot traffic locations in premium retail spaces ? Fully Managed & Automated: Minimal...
$30,000
Cash Flow: $54,000
Retail Established Businesses For Sale
Industry Info
Profitable Hands-Free Vending Biz: $1500-$3000pm NET Passive Income
Profitable Hands-Free Vending Biz: $1500-$3000pm NET Passive Income
San Diego County, CA
BUSINESS AT A GLANCE ? Monthly Cash Flow: 500% mark up, $4,000+ p/m revenue* ? Premium Locations: Data backed, high foot traffic locations in premium retail spaces ? Fully Managed & Automated: Minimal...
$30,000
Cash Flow: $54,000
Profitable Hands-Free Vending Biz: $1500-$3000pm NET Passive Income
DuPage County, IL
BUSINESS AT A GLANCE ? Monthly Cash Flow: 500% mark up, $4,000+ p/m revenue* ? Premium Locations: Data backed, high foot traffic locations in premium retail spaces ? Fully Managed & Automated: Minimal...
$30,000
Cash Flow: $54,000
Profitable Hands-Free Vending Biz: $1500-$3000pm NET Passive Income
Harris County, TX
BUSINESS AT A GLANCE ? Monthly Cash Flow: 500% mark up, $4,000+ p/m revenue* ? Premium Locations: Data backed, high foot traffic locations in premium retail spaces ? Fully Managed & Automated: Minimal...
$30,000
Cash Flow: $54,000
Profitable Hands-Free Vending Biz: $1500-$3000pm NET Passive Income
Hamilton County, IN
BUSINESS AT A GLANCE ? Monthly Cash Flow: 500% mark up, $4,000+ p/m revenue* ? Premium Locations: Data backed, high foot traffic locations in premium retail spaces ? Fully Managed & Automated: Minimal...
$30,000
Cash Flow: $54,000
Profitable Hands-Free Vending Biz: $1500-$3000pm NET Passive Income
Suffolk County, MA
BUSINESS AT A GLANCE ? Monthly Cash Flow: 500% mark up, $4,000+ p/m revenue* ? Premium Locations: Data backed, high foot traffic locations in premium retail spaces ? Fully Managed & Automated: Minimal...
$30,000
Cash Flow: $54,000
Gun Shop and Range
REAL ESTATE INCLUDED
Michigan
This is a rare opportunity to take over this gun shop and range! The seller has owned this since 2007 and is ready to pass this gem onto the next owner! This is located less than 2 hours North of...
$1,323,000
Profitable & Established Quilt Shop – Turnkey Business + Online Store
Cabarrus County, NC
Thriving quilt shop with physical retail, service, education, and e-commerce under one roof. This is a rare opportunity to acquire a long-standing and profitable quilt shop with a highly engaged...
$475,000
Turnkey Snooze Mattress Store with Growth Potential
Colorado Springs, CO
Business Description Own a growth-ready Snooze Mattress Company franchise in Colorado Springs, CO—a nationally expanding brand redefining how people experience sleep, health, and recovery. Located on...
$285,000
10
Retail Sporting Goods Store South Western Ontario
Ontario
This established sporting goods retailer has built a strong reputation as a trusted leader in the community. The business benefits from exclusive supplier agreements and long-term contracts that...
$2,500,000
EBITDA: $671,000
3
FranchiseScout and Molly's
Available Nationwide
TAKE YOUR FIRST STEP TOWARD A FUTURE IN FASHION FRANCHISING!
$100,000
Reputable Specialty Grocery Store – Prime DFW Location
Tarrant County, TX
An established specialty grocery store located in a prime, high-traffic retail area of the Dallas–Fort Worth metroplex is now available for acquisition. The business is well-known for offering...
$425,000
Cash Flow: $192,875
Established Sign Franchise in Growing Central Valley Market
San Joaquin County, CA
This 4-year-old sign business is a fully operational, turnkey opportunity with a prime location in a busy retail plaza next to major national brands. The business includes a highly skilled team of...
$240,000
Established Chinese Takeout with 40+ Years of Success
$50,000
Wood-Ridge, NJ
Liquor store for sale
Cook County, IL
Liquor store package doing 250,000 sales per month .Very profitable store. High margins . Store sells beer , wine , liquor etc . Absentee owner . High Margins . New owner can add lotto and gaming ....
$1,850,000
Profitable Sign & Print Business – Fully Equipped Facility
Wilmington, NC
This is a rare opportunity to acquire an established signage business backed by a trusted national brand and a solid foundation for long-term success. With a robust database of loyal customers,...
$200,000
Cash Flow: $75,000
Melissa Walsh
Zirbes Group at 1st Choice Business Brokers at Realty ONE Group Choice
Serving Scott County, MN
At the Zirbes Group, we believe selling your business is more than just a transaction. It's a major life transition, and it deserves the highest level of care, strategy, and integrity. As a full-service business brokerage firm, we specialize in guiding owners through the sale of their business with transparency, expertise, and unwavering support. Founded on a commitment to honesty and relationship-driven service, the Zirbes Group is a trusted name for business owners who want more than a broker, they want an advocate. We understand the emotions and complexities involved in parting with something you’ve built from the ground up. This is why we approach every sale with empathy, precision, and an ironclad commitment to doing what’s right, not just what’s easy. Our team is known for being exceptionally hands-on, handling every detail with professionalism and discretion. We take the time to understand your business, your goals, and your ideal exit. From there, we develop a tailored marketing strategy, confidentially presenting your business to the right buyers. We then manage negotiations with a fierce focus on value, alignment, and your long-term peace of mind. What sets the Zirbes Group apart isn’t just our track record, it’s the way we do business. We don’t overpromise. We don’t inflate valuations to win listings. And we never rush you through the process. Instead, we overdeliver! We educate, advise, and support you at every step of the process, ensuring you understand your options and feel fully confident in every decision. Our clients typically come to us through referrals, a testament to the trust we earn and the outcomes we deliver. When you choose the Zirbes Group, you're choosing a partner who treats your business with the same respect and care that you do. You’ve worked hard to build your business. Let us work just as hard to help you sell it, on your terms, with your legacy intact!
Contact me
Semi-Absentee Contract-Based Business with Multi-Unit Upside
Hudson County, NJ
• Recurring Revenue: Strong monthly membership base providing predictable, contract-driven cash flow • Semi-Absentee Model: Full-time General Manager and team in place for smooth, hands-off ownership...
$675,000
Cash Flow: $190,000
23 Year Established Sign Company in a Growing Market
Atlantic County, NJ
Established, profitable, turnkey sign and graphic business with a 5 year history in the South Jersey market. Great location with visibility on highly trafficked road. Sale includes everything...
$284,700
Cash Flow: $26,000
Thriving Sports FBA Business with High-Demand Products
Austin, TX
This Amazon FBA business, established in 2018, is a thriving operation specializing in high-demand sports equipment and fitness gear. Featuring 46 SKUs, the business caters to a diverse audience...
$257,500
Cash Flow: $93,600
Liquor store for sale !! Extremely low rent !! Busy area
Queens, NY
- BUSINESS ESTABLISHED IN 2015 - OWNER OPERATOR SINCE 10 YEARS - REASON FOR SELL- OWNER HAVE OTHER BIGGER STORES WHERE THEY WANT TO EXPAND - CURRENT INVENTORY IN STORE CLOSE TO $200K - STORE SIZE IS...
$249,000
High-Traffic Leisure Retail Icon, Semi-Absentee (Unbroker Exclusive)
Hillsborough County, NH
HIGHLIGHTS Unbroker FairVal™: $1,720,517 Established 45 Years $4,030,573 Gross Sales (2024) $379,145 SDE $400,000 Equipment Included Inventory (~$1.2M) Priced Separately 30,000 sf Facility with High...
$1,095,000
Cash Flow: $379,145
FranchiseBuddy's Home Furnishings
Available in Multiple Locations
Recession-resistant and great unit economics: On average, our top 25% of stores generate $1,467,253 in gross sales. 0% Royalties for the first 6 months, fast ramp up in just 4-6 months!
$200,000
Highly Profitable Online Women's Boutique/$17M Rev/3.8M SDE/635K CUST
Woonsocket, RI
Founded in 2019, this highly notable and well-established online boutique is a true highlight in the women’s fashion e-commerce space. With over $17M revenue generated in 2024 alone & 600K+ customers...
$10,000,000
Cash Flow: $3,830,430
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Palm Desert, CA
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Dominant tuxedo sales and rental store in the market
$711,000
Santa Clara County, CA
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Johnson City, TN
READY-TO-GO SITE WITH LEASE IN PLACE — QUICK LAUNCH GUARANTEED! BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT &...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Missoula, MT
READY-TO-GO SITE WITH LEASE IN PLACE — QUICK LAUNCH GUARANTEED! BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT &...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Bay Shore, NY
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Lubbock, TX
READY-TO-GO SITE WITH LEASE IN PLACE — QUICK LAUNCH GUARANTEED! BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT &...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Pittsburgh, PA
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
West Chester, OH
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Parkersburg, WV
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
FranchiseMinuteman Press Business Services
Available in Multiple Locations
Minuteman Press is the world's largest & #1 rated digital printing and graphics franchise. With our state of the art technology, proven marketing programs and over 25 regional support offices, we have been able to take quality people from all walks of life and provide them with the opportunity to secure their financial future.
$50,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Evansville, IN
READY-TO-GO SITE WITH LEASE IN PLACE — QUICK LAUNCH GUARANTEED! BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT &...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Coralville, IA
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Souvenir Decal Brand – Turnkey & Profitable
$350,000
Atascadero, CA
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Deptford, NJ
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Tulsa, OK
READY-TO-GO SITE WITH LEASE IN PLACE — QUICK LAUNCH GUARANTEED! BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT &...
$30,000
Cash Flow: $54,000
FranchisePlato's Closet
Available in Multiple Locations
Be a part of the #1 rated franchise in its category by Entrepreneur Magazine.
$90,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Jacksonville, FL
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Ashland, KY
READY-TO-GO SITE WITH LEASE IN PLACE — QUICK LAUNCH GUARANTEED! BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT &...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Vail, CO
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Richmond, VA
READY-TO-GO SITE WITH LEASE IN PLACE — QUICK LAUNCH GUARANTEED! BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT &...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Lynchburg, VA
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Jerry Stapel
Avanti Way
Serving Miami-Dade County, FL
Avanti Way has been in business for over 35 years, brokered over 15,000 transactions and closed over $600MM in sales. Our Business Brokerage department was established in 2012 and currently has professionals that have 50+ years of combined experienced. We specialize in Business Brokerage and Commercial Real Estate. Our team of experts are ready to help you buy or sell your business.
Contact me
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Virginia Beach, VA
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Asheville, NC
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Semi Absentee Owned Specialty Wine and Cigar Shop
$600,000
Jasper County, SC
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Peoria, IL
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Rockford, IL
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
FranchiseHealthy Smart Mart™
Available Nationwide
Micro markets are the future of break-rooms and these “automated convenience stores” are BOOMING! Key to your success is our growing brand recognition, training, and support. Not to mention that the Healthy Smart Mart™ proprietary payment kiosk and phone “app-based" payment system are cutting edge!
$23,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Key West, FL
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Strongsville, OH
READY-TO-GO SITE WITH LEASE IN PLACE — QUICK LAUNCH GUARANTEED! BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT &...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Costa Mesa, CA
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Collectible Toy Vending - A Passive Income Machine! $4.5K+ Per Month
Grand Junction, CO
BUSINESS AT A GLANCE MONTHLY CASH FLOW: $4,500+ - HIGH PROFIT MARGINS - LOCATIONS: Prime spots with high foot traffic - SUPPORT & TRAINING: Provided for a smooth transition ABOUT THE BUSINESS Want a...
$30,000
Cash Flow: $54,000
Profitable Hands-Free Vending Biz: $1500-$3000pm NET Passive Income
Fulton County, GA
BUSINESS AT A GLANCE ? Monthly Cash Flow: 500% mark up, $4,000+ p/m revenue* ? Premium Locations: Data backed, high foot traffic locations in premium retail spaces ? Fully Managed & Automated: Minimal...
$30,000
Cash Flow: $54,000
Profitable Hands-Free Vending Biz: $1500-$3000pm NET Passive Income
Clark County, NV
BUSINESS AT A GLANCE ? Monthly Cash Flow: 500% mark up, $4,000+ p/m revenue* ? Premium Locations: Data backed, high foot traffic locations in premium retail spaces ? Fully Managed & Automated: Minimal...
$30,000
Cash Flow: $54,000
Profitable Hands-Free Vending Biz: $1500-$3000pm NET Passive Income
Arlington County, VA
BUSINESS AT A GLANCE ? Monthly Cash Flow: 500% mark up, $4,000+ p/m revenue* ? Premium Locations: Data backed, high foot traffic locations in premium retail spaces ? Fully Managed & Automated: Minimal...
$30,000
Cash Flow: $54,000
Trusted Skincare Business
Austin, TX
Located in Austin, Texas, this established natural skincare business has been serving customers for over 17 years. The brand is recognized for its plant-based formulations that help soothe and nourish...
$150,000
Cash Flow: $72,000
Cellphone/Computer Repair/Device Sales Shop- Parkland, FL
Parkland, FL
A TECHY electronics repair franchise offers an exciting opportunity for aspiring entrepreneurs seeking a business venture with a proven track record. With a reputation for providing professional and...
$275,000
8
FranchiseMy Salon Suite
Available Nationwide
My Salon Suite offers a revolutionary business model that combines the stability of real estate with the profitability of the beauty industry. Our semi-absentee ownership model includes no on-site employees or inventory to manage so you can grow your portfolio without being tied down by day-to-day operations.
$500,000
Buy or Sell a Retail Business
Retail businesses are crucial to the local economy, offering a wide variety of goods, including bike shops, flower shops, convenience stores, liquor stores, and clothing stores, among others. They are an excellent opportunity for small, local business owners to establish profitable enterprises while contributing to the economic health of their communities. With the ability to serve as both profitable ventures and community cornerstones, retail businesses remain a vital component of local commerce.
If you are looking to buy or sell a retail business, it helps to have some context on the market, and to understand how they are valued. Below, we have aggregated financial data from current and recent listings to provide some benchmarks on valuation and financial performance of retail businesses. All data is based on broker and business owner provided financial information.
Market Overview
|
Number of Businesses Analyzed |
4,722 |
|
Median Asking Price |
$300,000 |
|
Median Reported Revenue |
$600,000 |
|
Median Reported Earnings |
$133,000 |
|
Financials based on businesses that listed an asking price, annual revenue, and seller's discretionary earnings. |
|
Retail Business Valuation Multiples
|
Range |
Revenue |
Earnings (SDE) |
|
Lower Quartile |
0.37 |
1.79 |
|
Median |
0.56 |
2.53 |
|
Upper Quartile |
0.85 |
3.50 |
|
Revenue and earnings multiples based on reported revenue, seller's discretionary earnings, and asking price. |
||
Read the Report:
Retail Business Industry Valuation Report
Popular Retail Business Categories
- Bike Shops
- Clothing and Accessory Stores
- Convenience Stores
- Dollar Stores
- Flower Shops
- Furniture and Furnishings Stores
- Grocery Stores and Supermarkets
- Health Food and Nutrition
- Jewelry Stores
- Liquor Stores
- Nursery and Garden Centers
- Pawn Shops
- Pharmacies
- Smoke Shops
- Vending Machines
FAQs
How much does it cost to buy a retail business?
The median asking price for a retail business is approximately $300,000. However, this can vary significantly depending on the size, location, and financial performance of the store or shop.
How much do local retail business owners earn?
On average, store owners report median annual sales of $600,000 and annual owner earnings of $133,000. These figures are based on businesses that have listed their annual revenue and seller's discretionary earnings.
How do I value a retail business?
Valuing a retail business involves considering several factors, including annual revenue, profit margins, location, real estate, and market conditions. Brokers, business owners, and business buyers will typically rely on valuation multiples to gauge business value relative to similar businesses in the market. Retail revenue multiples typically range from 0.37 to 0.85, with the median at 0.56. Earnings multiples range from 1.79 to 3.50, with the median at 2.53. These values suggest a typical local retail business will sell for around 0.56 times its annual revenue, and 2.53 times its annual owner’s earnings.
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