How To Do Laundromat Due Diligence
Answer these 4 questions when doing due diligence on your laundromat purchase to ensure you buy a profitable laundromat:
- Is the laundromat making what the seller says it is making?
- Is the laundromat spending what the seller says it is spending?
- Does the laundromat have a profitable future?
- Are there ways to increase the value of this laundromat?
The Crucial Questions
By answering those four questions during the due diligence phase you can ensure that you purchase a laundromat that will provide you with the returns that you are expecting. Failing to answer these four questions could land you stuck with a laundromat that does not perform as advertised.
It can be tricky to do proper due diligence on a laundromat. Sticking to answering these four questions will get you on the right path. However, we highly recommend that you utilize the services of a knowledgeable, trustworthy third party to help you do proper due diligence on your laundromat purchase. It is critical that you have a neutral third party, whose income does not depend on you purchasing the laundromat, to point out any red flags and potential issues.
Of course, we at Laundromat Resource offer this service. It is our mission to help people find financial freedom through laundromat ownership, and one way we do that is by ensuring that they buy their laundromats right. However, you don’t have to use us. Any consultant who is knowledgeable about the business and trustworthy will be a benefit to you. Just don’t buy your laundromats alone, or depending solely on the broker you are working with.
If you want a more in-depth explanation of the due diligence process, join our community at Laundromat Resource and you will receive a free e-book called, The Keys to Buying Your First Laundromat. In it I go into depth on how to do proper due diligence on a laundromat purchase. Click the button below to join now!
Before You Buy (or Sell) a Laundromat
If you are considering buying a laundromat, or selling a laundromat, take advantage of our FREE Broker Vetting service. I, Jordan, the founder of Laundromat Resource, worked with untrustworthy brokers when first entering the laundromat industry. They took advantage of my naive foray into the industry and it literally cost me tens of thousands of dollars.
I don’t say this to scare you. I tell you this to let you know that I learned a lot of lessons the hard way and I am committed to ensuring that you don’t have to learn those lessons the same way I did. That is why we offer to work with you, wherever you live, to help you find a knowledgeable and trustworthy broker to work with.
We understand what makes a good broker and we will help you pinpoint the good ones to work with and weed out the bad ones. We will also be available to you throughout the purchase or sale process to answer any questions that may come up. This is all at no cost to you and no obligation to work with our recommendations!
