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Tell them Coinwash.com sent you....

Sudsy


Information for prospective Laundromat buyers.

You never pay more than 3 to3.5 X the net.

 

Always be ready to walk away.

 

How far are the closest Laundromats?

 

You must look at the Tax returns for the past 3 yrs.
No one would lie to the taxman and say they are making more.

 

Everyone tells everyone they take from the top.
This is wrong and should not even be taken into consideration.

 

To me that’s a RED flag!

 

Don’t go into this unless you are ready to work hard. This is not an easy job. You don’t just collect Quarters!

 

I tell people to go to the Laundromat they are looking to buy, with a bunch of towels to be washed and dried.

 

Don’t open your mouth. Sit and watch.
Plan on staying there a while. Be a FLY on the wall.

Watch, look, and listen. Remember, no matter how hard it is don’t talk to anyone there.

It’s not fair to the seller or to their employees.
Now I don’t mean for you to go just one time. I am telling you to do this for at least a week or two. (Maybe every third day).

 

If you do buy this Laundromat, believe me you will be spending more time there then a week or two.

You are spending your hard earned MONEY.

Try not to be an obvious neophyte

Good luck.

This is only my opinion. You do what you think is right; Follow your business instincts.

Coinwash.com

 

 

The Financials

 

Seller’s stated Profit and  Loss Statement
 Water Bills (last 12 months)
 Electric Bills (last 12 months)
Gas Bills (last 12 months)
 Parts? Receipts on repairs? Service Contracts?

Tax Filings?

The Assets

Washers and Dryers / Make,Model / Yr / PriceVend  Water Heater(s)  Condition of Floors Condition of Counters / Tables for Folding.Vending MachinesSoda MachineSoap MachineCandy (Gum/Bulk) MachinesPay Phone

Video Games

Changer Machines

# of Carts/ Baskets

Alarm System

Which Alarm Company is being used?

What type of service is in place?

Can I see the contracts?

Vending

Which machines are owned?Which machines are leased?Vending Lease Contracts/Agreements?

Service

Who has been providing equipment upkeep and service?Receipts?Any Contracts/Agreements?Who has been supplying vending goods? Soda?Who supplies the video games?contracts? Agreements? What’s the cut?

Insurance

Liability InsuranceHazard InsuranceCurrent Insurance Carrier? Any problems with insuring the place? Get the current insurance contract, check for clauses.

The Employees

# Of EmployeesHours and PayContract Personnel?  Salaried?  Hourly?  DutiesAre they willing to stay on after purchase?How long have they been contracted/employed?
The Legal and Corporate Issues
Accounting FeesCPA Costs Annual / Quarterly ReportsLegal Fees?Business License Cost

The Company’s Contracts and Leases

Vending Contracts/Agreements?Supplier Contracts/Agreements?Video Game Contracts/Agreements?Alarm/Security Company Contract/Agreements?Any Insurance Contracts/Agreements?Property Lease Contract/Agreements?Equipment Service Contracts/Agreements?

Property Lease

CAM Fees – cost / what is included in the CAM Feeshow are CAM fees divided amongst tenants?
Who determines CAM fees and items?   What percentage of fluctuations in CAM fees inthe past or foreseeable in the future?
Can I get a breakdown of the CAM/ RE Insurance / RE Tax?What is personal property tax?  Current Lease

Lease Increase Rate

Lease Expiration/Options

Lease Deposit

 

  The Suppliers
1. Vending Suppliers? Any Contracts?

 

 

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