While house-flipping is an increasingly popular entrepreneurial endeavor, two local business partners are doing a different sort of flipping.
Champe Granger and Joey Henderson have purchased Forest Hill Garage, an eponymously named auto repair shop at 6912 Forest Hill Ave.
Granger, a self-described serial entrepreneur with an affinity for auto shops, said she and Henderson purchased the business for just over $500,000 in December 2016. The pair also owns Grease Monkey at 8509 Staples Mill Road and Cutshaw Automotive at 3105 Cutshaw Ave. in the Fan.
“We treat it as a turnaround,” Granger said. “The goal is to own five garages in the next few years.”
After seeing Forest Hill Garage listed for sale on Craigslist, Granger said she acted quickly in acquiring the business. With her master’s degree from UVA, Granger said it was never her dream to get into garage-flipping, but the opportunities were too good to turn down.
“We look for a mom-and-pop shop on good property,” Granger said. “So we can come in, put some lipstick on the pig and do some better marketing. Things that, typically, shops that’ve been around for a long time haven’t been doing.”
Granger said the pair’s exit strategy is to sell the garages to larger garage chains after about five years. She said they’re on pace to see a full return on their Forest Hill investment in just over a year.
Henderson said they’re also under contract to purchase the 37,000-square-foot parcel of land Forest Hill Garage sits on by the end of the year.
Granger formerly was CEO of online interior design startup MyDesignGuide, which folded in 2015.