The Keys to Buying an Existing Laundromat - Tips and Pitfalls to Avoid
Buying an existing laundromat offers advantages over building from scratch, such as an established customer base and existing infrastructure. Learn what to look for when purchasing, common fatal flaws to avoid, and why valuation is essential. Whether choosing a successful location or one with potential, this guide provides valuable insights for acquiring and running a laundromat business.
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Presentation Transcript
The Keys to Buying an Existing Laundromat Mark Taylor and Lee Williford
Who is here to learn how to acquire your first location? Who is here to learn how to acquire your next location?
What are some reasons to build a new laundromat from scratch rather than buying an existing location?
Do I want a successful location with a higher asking price that will require less additional capital and effort to generate an immediate desired return on my investment? Do I want a location with a lower asking price that has potential and will require additional capital and effort to generate the desired return on my investment?
Buying an existing laundromat can have several advantages over building one from scratch. Eliminate a competitor Existing customer base Current revenues Utilities are in place Machines are onsite Less expensive per square foot A quicker route to profitability
To learn more about the Valuation of Laundromats, Scan this QR Code
Things to look for when purchasing an existing laundromat: Location Demographics Condition of Equipment Infrastructureand Utilities Existing Lease Established Customer Base Current Business Model Potentially Immediate Net Profit
Fatal Flaws to Avoid A lethal Lease Paying too much for the purchase and then over-equipping Treating the Seller as an enemy rather than a Friend Surrendering authority to and retaining toxic team members Sharing the address of the location with your distributor prior to having a signed contract with the Seller (Do Not Share the Address!) Underestimating the importance of the Due Diligence or Examination Period only to find major issues after purchase
Vision without execution is a daydream. Execution without vision is a nightmare.
