If they used a third-party valuation service like a business broker, then it’s probably a fair assessment of the business’ worth. Last but not least, find out how the current owner arrived at their asking price. What is the asking price for the laundry business?.What is the cost of operating the laundromat?Īs you get closer to making an offer, you’ll want to take a look at financial documents to get a sense of taxes, utility bills, and employee costs associated with the laundromat.Some laundromat owners are even incorporating live music, snack bars, and children’s play areas. To stay competitive, look for established laundromats that are offering the convenience of food and drink vending machines, change machines, specialty cycles, and more.Īdditionally, make sure that the space is warm and inviting, and consider whether or not you’re able to offer time-saving options such as wash-and-fold, pick-up, or dry cleaning services. As more people purchase home washing machines, the customer base for laundromat businesses has dwindled. ![]() The laundromat business is highly competitive. Determine whether or not commercial washing machines and dryers will need to be replaced soon, and factor these into your investment costs. Just like the dry cleaning industry, the equipment required to operate a laundromat adds up quickly. Is the laundry equipment in good condition?.In an urban area like New York City, you will likely have more consumer volume and, consequently, profits. Before making a business investment in an existing laundromat, take stock of how many apartment complexes are in the area. As a result, the location and foot traffic of the business is critical. There’s only so much you can do to set your laundromat apart in terms of pricing and service options. While you may be able to turn the laundromat around as a new owner, you must address these concerns before you sign any paperwork. However, there may also be financial reasons that they are exiting the business. Why is the laundromat owner selling the business?īusiness owners may sell their laundromat because they’re nearing retirement, interested in a new business venture, or burnt out.Once you’ve found an existing laundromat that you’re interested in, you should address the following questions with the current owner. Alternatively, some businesses own and maintain the laundry machines within apartment complexes.īefore you start looking at local laundromats for sale, familiarize yourself with the industry to ensure you’re making the right business decision for you. Most laundromats are coin laundry businesses that offer self-service laundry. The laundry business can provide steady income and doesn’t necessarily have to become your full-time job. If you’re considering buying a laundromat, make these considerations first. People will always need clean clothes, which has helped the laundry industry remain a fairly steady business. ![]() ![]() Instead, most laundry businesses are coin-operated, also known as self-service. The laundry industry is unique in that most laundromats have no receivables or inventory.
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