Craigslist: Find Laundromats for Sale
When you begin to invest in the Coin Laundry Industry there are many places to find stores. One of the most common places to look is Craigslist.
Craigslist: Search for Laundromats for Sale
When you search on Craigslist type in Coin Laundry, Laundromat, Washeteria, and even Lavanderia. Depending on your area they are called different names.
Once you have a list of laundromats for sale you’ll need to contact the person who posted the listing – either call (if a phone number is given) or email to request more information.
What to Do with the Listing
The first thing you’ll need to do is find out if the posting is listed by the owner or a business broker. Many brokers will want to pre-qualify you before disclosing the location and providing details.
If the owner is listing the business for sale, then you may have a chance at a great deal because owners typically will be easier to work with and negotiate directly with than a business broker. This is not to say you can’t find a good deal through a business broker, just that your strategy will be different.
Keep in mind that you can use your own consultant during the process. The amount you spend will seem insignificant after a successful negotiation, you will probably cover it in your first month of income or maybe your first few days. Negotiating a bad deal on your own could cost you tens of thousands of dollars.
What Results Should You Expect
You will find that most laundromats are listed for a price that doesn’t work because the return on investment (net annual cash flow divided by purchase price) will be too low – you should target ROI in the 20-30% range.
You’ll also find that business brokers have many of the listings. Keep in mind that the broker is NOT working for you the buyer. They work for the seller and most of them just want a closed transaction so they can get paid. You’ll need to look out for your own interests.
You also have the option of working with a Distributor that has experience in building and renovating Laundromats. Many times they know of locations that may not be listed or owners that are considering selling and are open to offers.
As I have mentioned before work with someone that owns Laundromats. Many brokers will sell you a flower shop, coin laundry or a restaurant. It makes no difference to them they are in the sales business not the Laundromat or Restaurant business.
Feel free to contact me for more information, consulting services, or equipment supply. It may be in your best interest to build a new store instead.
If you have any comments, please post them below.
Ken Barrett
800-792-1941 ext 2
Ken@WashinCoinLaundry.com
P.S. If you would like information on Blog system and how to use it in your business CLICK HERE
Ken
love to get ur blog
looking to invest but nothings on the market here in MA
It’s time for another approach.
– Determine the areas that would would like to own a Laundromat. Factors will include distance to the store, demographic area, and other personal considerations.
– Locate every Laundromat in those areas.(Web search, Google Maps, yellow pages).
-Drive past them all or take a load of laundry and use everyone of them. Spend some time as a customer and see what you like and what you don’t like. Check vend prices and other services they offer.
– Now you have a choice of looking for the “gaps: between the existing laundromats. Chances are at one point there was already one that has since closed. If the area looks good you can run some demographics and see if the numbers work.
-Or you can approach one of the existing owners and see if they are interested in selling.