How to Properly Sell Your Laundromat

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Laundromat Sales in South Florida

Coin laundromats typically make very good investments and are highly sought after by many buyers. Typically, coin laundromats can be run relatively absentee, provide highly stable sources of income, and provides a very important needed service for its customers. Nobody wants to use a laundromat but many must because they lack their own washer and dryer.

How Owners of Coin Laundromats Can Obtain Best Sales Price Possible

  • Contact a reputable and local business broker; see https://fivestarbusinessbrokers.com/why-hire-a-business-broker/ to understand why this is so important!
  • Sellers of coin laundromats should spend some time thinking about what sort of financial documents they are able or willing to give a prospective buyer. Many laundromat deals with tax returns or even bank statements do not reflect the economic reality of the laundromat.
  • In order to get the best price possible, owners of coin laundromats should report as much of the ‘cash’ income as possible and have the income reflected in their financials documents.
  • Buyers will be able to more easily evaluate the actual income of the business.
  • It is true that utility bills (particularly the water bill) may also show a savvy buyer what income the laundromat generates, but it is far better to also have financials which show the actual sales and income.
  • Sellers can increase the value of their coin laundromats by simply cleaning up the facility so that it ‘shows’ better to a buyer.
  • Many buyers wish to purchase coin laundromats, but they specify that they do not want a ‘dump.’ Unfortunately, many owners of coin laundromats (especially absentee owners) do not put in the requisite time and expenditures necessary to refurbish and clean the facility.
  • Dirty bathrooms, unclean floors, non-functioning A/C units, and a dilapidated exterior all give buyers a very poor impression. At minimum, such buyers will demand a price concession in order to account for the poor state of the facility, or they will simply not want to make an offer at all.
  • Sellers of laundromats can maximize their selling price by ensuring that all of the washers and dryers are in good working order.
  • Every prospective buyer of a coin laundromat should be provided with an ‘asset list’ of the washers and dryers included in the sale.  When a buyer subsequently inspects the facility, they will invariable check to see if the list they are given matches what is actually in the facility.
  • Many buyers will base their offer on the condition of the machines and how many are actually functioning. It is far less expensive to make the repairs before the selling process begins rather than accept a price concession due to non-functioning machines.

Give Martin at Five Star Business Brokers of Palm Beach County a call today for a free evaluation for your coin laundromat, drop-off store, or dry cleaning plant.

 

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