How To Find, Evaluate and Buy a Laundromat
The Book
Educated Buyers Profit Faster
That statement is common sense, right? It's amazing how many people go into business without doing the proper research on that given industry. An educated buyer won't overpay for the business in the first place. They know what it's worth, they know who their customers are and they now how they are going to grow the business before they even own the place. Before you buy a coin laundromat you need to be 100% sure you are making the right business decision. The only way to know for sure is by learning as much as you can about that specific business and doing the proper due diligence.
What's In The Book?
You should read this book if you want to know how to put a price on a Coin Laundry. I’m a real numbers guy and I over analyze everything. When you find the right location you need to be able to make an offer that puts you in a good financial position. I get sellers all the time with some outrageous asking price on their coin laundry. It’s almost as if they just pulled a number out of thin air. If you’re a cash buyer it may work, but you are going to get a low return on your investment. Even if you have enough cash to buy a particular location I advise to spread the risk and finance a portion of the business. Let the bank or the seller carry some risk also. Don’t take it all on yourself.
A Laundromat For Sale
I just looked at a Laundromat for sale that a seller called me on, yes he called me, it’s in the book. After a seller interview and the initial drive by I quickly realized that the seller was way over priced. It did not take long at all to figure that out. How do I know he is so over priced you ask? Simple, I use a multiple of the net income.
If a seller is asking six times their net income as a sale price and the demographics are horrible, the location needs equipment and the place needs a serious cosmetic overhaul, then it’s overpriced. Don’t pay for what a location could be. Pay for what it is now. Then when you turn it around you will reap the financial rewards for your hard work, not the seller for running a poor business all these years. I run into this all to often, this location will be for sale for a long time. Either the seller will eventually get educated or some sucker will come along. Don’t become the sucker.
Amazon Best Selling Laundromat Book
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Jason Lombardo
About The Author
When I bought my first Laundromat I paid too much. I didn’t know it at the time. Everything turned out great and we are profitable but the road could of have been much easier. I just didn’t know what I know now.
At the time I was recently unemployed, I had been in management for many years and I was fired. I knew this was coming and I had been planning an escape for a while. I was buying rental properties hoping to supplement my income to the point that I wouldn’t need this crumby job anymore. I wasn’t quite there yet and the day after a job interview I was fired.
I went down this road that lead me to where I am today. I started by looking at businesses for sale, everything from online businesses to franchises. Then I stumbled upon some Laundromats for sale. I always wanted a Laundromat, it’s a cash business, few to no employees and it seemed to be a good fit for me. But how do I start a coin laundry? How do I research a coin laundromat business? Is a Washeteria right for me? Do Laundrymats have any profit margin? These are all questions I had.
In this process I started where a lot of you are now, looking for information on the web, searching for laundromat books or anything that I can get my hands on to give me some insight or guidance. I purchased a couple coin laundry books and I got some takeaways from them but they didn’t go into any real detail.
So when I started writing this book I decided I am going to give everyone an inside look at the business. If I would have had a successful owner operator talk me through the process and show me what to look for then I wouldn’t have paid so much for my Laundromat.
I am that guy and I am here for you. My name is Jason Lombardo and I am the author of How to Find, Evaluate and Buy a Laundromat. I am a successful laundromat owner-operator who has developed some techniques throughout the years to help others become owners themselves.
In this book I give you the knowledge you need to help guide you through the whole process from start to finish. I want everyone to have the tools and knowledge that I didn’t have then.
After all, you need to know what you’re getting into before you’re in it!
Author Jason Lombardo, How to Find, Evaluate and Buy a Laundromat