Purchasing Resources for Laundromats

Laundromats

Change leads to profits when your business is laundromats
By Elizabeth Fox-Wise There are many advantages to choosing to buy a laundromat. One of the main advantages is most laundromats do not require heavy staffing. When you buy a new business, you often need to work full time hours in the business, to make the venture profitable. Providing labor yourself eases some payroll expenses. When you purchase a laundromat, however, which requires only one attendant on duty, this does not have to be the case.
 

Location is critical when buying a laundromat. A densely populated area with a large amount of apartment buildings is a great location for a coin operated laundromat. In addition to location, consider the following before you buy a laundromat:

1. Condition of the building and equipment.

2. Amount of competition in the area.

3. Reputation of the laundromat in the neighborhood.

Arm yourself with knowledge for your laundromat purchase

Before purchasing a laundromat, learn about the business. Find out what questions to ask the seller, and how to protect yourself during the buying process.
Try: Advantage Laundry offers a free Laundromat Success Newsletter you can sign up for at their website. California Coin Laundry Association sells DVD and VHS tapes on buying and running laundromats. Gary Ruff, Attorney at Law and Coin-Laundry Consultant, offers consulting and legal services for laundromat purchasers and owners.

Buy a laundromat through a broker

A business broker not only provides you with a database of laundromats but is also available to help you through the process of deciding which laundromat to purchase and to coach you through the buying process. A business broker functions much like a real estate agent.
Try: J. Vassiliades & Company provides business brokerage in the Chicago area and has a large selection of laundromats for sale. Business Broker offers nationwide brokerage of laundromats. Nationwide Business Brokerage also provides brokerage service throughout the United States. At their site you can enter your area and price range to see which laundromats are available to you.

Purchase a laundromat for sale by owner

Just as in real estate some people choose to use an agent and others choose to sell their house on their own, business owners have the same choice. Many business owners choose to use brokers to sell their business, but others decide to sell their laundromat on their own. In addition to checking your local classifieds, there are several sites on the Internet where business owners list their business for sale.
Try: BizBuySell is a well known online marketplace for selling businesses. They have several listings of laundromats for sale. BusinessMart also has a lot of listings for laundromats in the United States. Check out the global listings of laundromats for sale at Businesses for Sale.

• If you are assuming debts from the previous owner as part of your purchase terms, be sure to find out if the terms of the debts remain the same when the debt transfers hands.
• Before finalizing the conditions of the sale, it is important to examine the property, equipment, operations, employees, records, taxes, leases, contracts, cash flow, reputation, debts, financing and history to determine the actual value of the laundromat.