Laundromat Resource Forums Laundromats Quitting full time job to buy an existing laundromat to run

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    • #18621
      Thomas Hong
      Participant

        Hello fellow laundromat resource folk. I am currently a very comfortable union job that pays great and has benefits. I wanted to see if anyone had a similar situation where you ended up leaving a very comfortable job to buy a laundromat that’s cash flowing enough to replace your job income. Any input would be much appreciated.

        Thanks,

        Thomas

      • #18682
        Jason Meinero
        Participant

          Same here , have a comfortable union job and interested in acquiring my first laundromat to replace my job.

        • #18908
          Divers Laundry
          Participant

            My suggestion would be too learn the business first by reading books and forums like this. Would it be possible to keep your full time job for a period time while owning the laundromat and then quitting once you have your footing.

          • #18928
            Nihan
            Participant

              I’d go with Diver’s laundry’s suggestion. As long as the job’s comfortable (not burning out or something else), I’d keep the job as I learn the business, buy my first laundromat and be making more money. Keeping your job helps with financing, too (so you don’t use your own money but OPM. And what if you started with one and bought several laundromats? Remember, you can always hire an operator and staff to run them.

              You’ll know when to quit your comfortable job. You don’t have to do it out of urgency, can use it to your advantage. Make sure you can take time off during your due diligence period/training period.

              Good luck! Let us know how it goes!

            • #18949
              Thomas Hong
              Participant

                Thanks for the insight guys. I think I would definitely keep the job at least until I can secure the financing needed, but then I’m really looking to jump in full force. I want to be able to devote everything to the business instead of having to split my focus between the job and the business. I think as long as the business cash flows enough to get by, I’d be okay, as long as I leave some cash reserves to be able to weather the bumps.

                I’m inquiring about a couple of laundromats in close proximity to me and am also reaching out to lenders to secure financing. I am also going through all the podcasts and running numbers whenever I can to increase my comfort level. I’ll keep you guys posted on how things progress. Thanks for all the help!

              • #18950
                Nihan
                Participant

                  You are an inspiration, Thomas! Trust what you know, keep going! Let us know when things unfold, here to celebrate with you!

                • #18962
                  Divers Laundry
                  Participant

                    I think that is a great start Thomas! Best of luck and keep us posted on how it goes.

                  • #19278
                    Juan
                    Participant

                      Hi Thomas,

                      Kudos to you for having a vision and a general plan for starters. I agree with Nihan and what other have stated in this thread. Like you, i have full time job. What might be a bit different perhaps is that I happen to still very much enjoy the job ~ 95% of the time. It used to be 100% of the time but things, time and people change.

                      I’ve been employed for going on 36 years. Owned my mat for ~ 16 years. It was a great choice and decision. I am here to tell you it is more than just possible to do both. The added benefit has been touched upon in this thread in that it will make the process a bit easier for you as you don’t have to use or (hopefully not) exhaust your savings as you are building your business.

                      Besides staying employed and owning a mat provides you with some unique leverage as it allows for you to continue to live off your salary while re-investing and solidly growing your business. I have the benefit of being employed with an excellent salary, a very nice pension, insurance, etc.. there is something to be said about that. For me as an example, it has made my small but efficient location a very strong, unplanned for extremely resilient competitor.

                      Good luck.

                    • #19279
                      Thomas Hong
                      Participant

                        Thanks for the pep talk Juan. Unfortunately, the burnout is getting more real for me with regards to my current job. In addition, working a job and running a business on the side would end up taking away more time from my family which is the sole purpose I want to run a business (to spend more time with family.)

                        I understand the risk is tremendously higher with me being the only one supplying a paycheck to my family of four, but I want them to see more of me, not less, especially with the kids being at a very impressionable age. That’s why I’m hoping that if I can find one cash flowing sufficiently enough to make ends meet, with very aggressive lifestyle changes with regards to money, it almost seems like it’d be worth it to ultimately have time with family. It’s definitely not going to be easy, but I’m almost leaning towards this at this point when looking at it from all angles.

                        Thanks again for all your support.

                      • #19290
                        Jay Gabat
                        Participant

                          Glad I came across this thread. I am in the same boat as Thomas. Been at my current job for 20 years now, working weekends and burnt out. Was actually thinking about leaving my job soon to take a break and spend time with family and recharge, then try to figure things out as far as what direction I’d like to go toward as far as career move or purchasing a laudromat. The goal is to achieve financial freedom and time with family. However, upon seeing this thread, I’m wondering if its best to stay until I am able to obtain financing and a laundromat. I do have cash saved up just waiting for an opportunity to invest in a laundromat but would prefer to use OPP. Wondering if its possible to still obtain financing without a job with cash in bank? The sooner I leave my current job, the better as I fear it is starting to affect my mental and physical health. Maybe I should speak to a lender first?

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                      Laundromat Resource Forums Laundromats Quitting full time job to buy an existing laundromat to run