Coin Laundromat For Sale

(Is this the right one for me?)

How to Find, Evaluate & Buy a Laundromat

Laundromat Book

Laundromat Spreadsheets

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Author: Jason Lombardo
Publisher: Julian John Publishing
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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 its 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 laundrymat 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 Laundromat.  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 outrages 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.

 

PAPERBACK BOOK

Author: Jason Lombardo
Publisher: Julian John Publishing
Binding: Paperback
Pages: 122

 

 

 

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The Offer & Due Diligence

When you find the right coin Laundromat and you will, just be patient.  There are some basic things that need to be in the offer.  Just imagine, the minute after you close the deal and head over to your coin laundry, you walk in the door and see all these out of order signs everywhere.  You quickly realize the seller hasn’t been maintaining the equipment while this process has been going on. Then you walk over to the changer and see the light on because it’s empty, all the quarters are gone.  Think this hasn’t happened, think again.  Some things need to be clear in the offer to purchase.  I cover these things.

 

Let’s take this scenario one step further.  A few months go by and you are beginning to realize that the Laundromat is underperforming.  What I mean is the seller supplied you with profit & loss statements and tax returns during the due diligence process after the offer was accepted.  The revenue they were claiming isn’t there.  They made up the numbers, they lied.  Sounds bad right?  Believe me this happens, it’s unfortunate, but it does happen.

 

What’s your recourse now?  Call your attorney and hang on, it’s going to be a rough ride.  I think you’re going to find out there is little you can do.

 

Water Analysis

Let’s concentrate on not getting into this situation in the first place.  You need to verify everything.  The water bill doesn’t lie.  In the book I show you how to get the water usage information for the washers and then use that to back into the revenue the seller is claiming.  This is no perfect science but it will get you close.  If there is a discrepancy it’s better to find it now in the due diligence process rather than after you are an owner.

 

Examples of how I do this are in the book and I also have a spreadsheet available on this website with tutorial videos that will make things much easier for you.

 

Income & Expenses

Pro formas and profit & loss statements are a vital part of evaluating a Laundromat that’s for sale.  We need the sellers past profit & loss statements and we need to do pro formas to project future income and expenses.  I have talked to several buyers throughout the years that don’t know how to do a pro forma.  They are looking at businesses for sale basically blind.

 

You need to know if the place cash flows monthly and annually.  I can’t stress the importance of the pro forma enough.  That’s where we find out if the laundromat is going to be profitable for us, with our debt situation.  I have example profit & loss statements and pro formas in the book and I cover typical income and expenses that a laundromat has.

 

New Competition

One unfortunate event was when a new Laundromat opened up down the road from me.  I went on a search for an ultimate survival guide.  I didn’t find one.  I was forced to come up with my own plan and it is still an ongoing plan.  In the book I explain in detail what I did to keep my head above water.  I show you surveys I used with my customers and I also share the results.  I made a plan and I worked it.  Everything from advertising to in store promotions, I share it all.

 

This book gives the tools needed to be a knowledgeable buyer.  Be confident in your negotiations with a seller by knowing what they know.  Learn the insider tips and tricks to the trade. Before you buy a laundromat you need to be 100% sure that you are making the right business decision.

 

 

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.

 

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.

 

 
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Laundromat Spreadsheets

 

Tools For Success

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Our Spreadsheets

Reading the book and learning how to find, evaluate and buy a laundromat is just the beginning.  You really need to put a lot of emphasis on the evaluation step.  After all, you don’t want to buy a laundrymat only to find out after the fact that you paid too much.  Maybe the seller wasn’t truthful and now you realize this place doesn’t cash flow well. 

 

Forecast by Turns & Water Usage

See this sheet in action on our video tutorial page.

 

This sheet in my opinion is the most valuable sheet for both owners and buyers.  This will help you compare water usage to see if the seller is being truthful, also known as water analysis.  Maybe you think that you can do more turns per day than the previous owner, projections are made simple with this sheet.  Do you want to see how much revenue you can make with time of day pricing?  This sheet can do that.  What if you want to raise your vending price on one or all of your equipment? Done with a few clicks of a mouse.

 

Pro-Forma or Profit & Loss Statement

See this sheet in action on our video tutorial page.

 

One of the most important tools when buying any business is the pro-forma.  You will need to do a full 12 month pro-forma to project income and expenses.  Then you can see what your net income is at different times of the year.  This sheet comes loaded with the most common expense types for attended and unattended Laundromats.

 

Month In Review

See this sheet in action on our video tutorial page.

 

When you’re an owner you will need to know how many turns you are doing.  This sheet makes that easy whether you are weighing your quarters or counting them with a counter.  This sheet will give you weekly and monthly turns per day information.  It also breaks down your utility percentage as it relates to your gross revenue, both individual percentages and as a whole.  Ever wonder if your water bill is correct?  This sheet, once setup, will project water usage in CCF’s, HCF’s and gallons.

 

Collection Sheet

See this sheet in action on our video tutorial page.

 

Collect on any day with this easy to use sheet.  Simply print it off and take it to the Laundromat on collection day.  Gather all the information you need to enter sales into your “Month In Review” sheet. This sheet is fully customizable to fit the equipment in your laundromat.

 

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Chapter 4

Totaling A Laundromat's Sales

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Testimonials

"I just finished reading "How to Find, Evaluate and Buy a Laundromat. This is a very informative book. I am now trying to purchase a Laundromat and am using many of your suggestions.

Thank you for taking the time to write this comprehensive guide."
-Marjorie

 

"This book is a must read for anyone interested in getting into the coin op laundry business. The knowledgeable insight is amazing. I highly recommend this book."
-Barney

 

"I recently became interested in the laundromat business. This was a newer book, with no reviews, but I gave it a shot...very satisfied, well thought out informative book. Author has some humor which is cool. I took about two pages of notes from the book that I intend to use in my business plan. Note I have spent 2-3 weeks of researching about business ideas, and this book seemed to just give me that extra little nugget I was looking for...A quick read and def worth the money... "
-Type A

 

 

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