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Hello All,
I have an accepted LOI on a laundromat and am about to get the contract signed. Based on the info available at the time the contract was drawn up I believe the price was good. However, on a recent due diligence trip I was driving around the area and found a brand new laundromat being built 1 mile away.This is a suburban area and one of the things I liked about the location was lack of direct competition. The nearest laundromats previously was 5.3 miles in that direction and 8 miles in the other direction. The laundromat I’m buying is in good condition but not new. Also, there are some layout issues like lack of folding tables etc. I can see a brand new buildout with new machines etc affecting the store’s revenue. Any suggestions on what to do in this situation?
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