I have had meetings with those reviewing the possible purchase or those already owning of turn-key business.
One thing I have found is that the idea of a turn-key business pivots on the manager hired to run that business.
If the manager is a great success, the business can succeed, if not it is doomed to failure. The business itself does not seem to matter. Poor leadership will kill any business.
The Manager is hired and handle every and all problems of running the business are dumped upon them. Employees don’t show up the manager needs to step in. the customers are unruly the manager must address. The business is losing money the manager must answer to the owner.
The owners expect and demand a lot from these managers, but none really want to pay a great deal for them. It has always baffled me, these turn-key businesses need lots of hands-on supervision to succeed. Also, the profit on these types of business are never as large as it was expected to be.