The workman's comp insurance sure seems excessive to me. My broker tells me the rate is pretty much set by the state and there is nothing I can do about it. True or not? Can you shop for this insurance?
Just got a new quote from my insurance and it was a significant increase. It was LIG. They said that I had been "misquoted" the last two years and am now getting the "proper" quote. Just wondering who everyone currently uses so I can start calling around.
I know self serve coin laundry we do not pay taxes on sales. I know it is wishful thinking, but can we extend this include WDF sales? My accountant doesn't see how it's possible no matter how much I wish it to be true. Are we exempt with this service?
I am doing my taxes for 2013. Last year we installed new washers. The dealer took away the 5 old maytag TLs and on W124 to the junkyard and kept the money. Since we have owned the Laundromat only 2 years, these guys are only partially depreciated. How do I take them off of my balance sheet? what are the accounting entries?
I've only had my laundry for just on two years and I'd like you all to tell me if the return I'm getting is within the ball park range of what I should be expecting...
I have a small Matt with 14 dryer pockets and 12 washers.
This year has gone better than last and the turnover keeps growing as compared to the same month for the previous year.
For this current year I have had a gross turnover of just a couple of bucks short of 200k. The bottom line return (after everything including tax,deprecation and home office expenses etc) is just a touch over 50k.
We paid 230k for the business so that's around a 20% return, but it's not hands off as I do all my own money collections!and repairs! just not the daily cleaning.
We aren't 24hours and don't do WDF.
Is this inline with what you would expect...............?
A job applicant came in for an interview today. The FIRST thing she said is that she just got back on unemployment (benefits) and she will be moving out of the area soon so I might not want to hire her. Maybe it's just me but I got the distinct impression that she was not interested in working as long as she could sit at home and receive unemployment checks. I guess when the checks finally stop, she'll resume job-seeking again ... unless she starts receiving checks again.
Don't ya just love it? Anyone else have any good "Interview" stories to tell?
Mr Cucco, is a 34 year veteran of the office products industry. In 1985 (age 30) he founded CREATIVE BUSINESS SOLUTIONS which grew to $30,000,000 before selling it in 1991. In 1992 he founded IMAGE*TEC L.P. Through organic growth and several acquisitions IMAGE*TEC grew to $50,000,000 in sales by 2008. He was a finalist for the Ernst and Young Entrepreneur of the Year and twice recognized by the Better Business Bureau as winner of the Torch Award for Busi*ness Ethics (Chicago market) as well as receive numerous industry awards. During his career he has both leased and purchased dozens of commercial spaces for his various companies. At one time, he had as many as 12 locations comprising over 90,000 sq. ft.
5707 N. Central Ave, Chicago, IL 60646
So I'm in the process of negotiating another mat purchase but this purchase might need a little guidance from you guys. So the purchase is for 200k, with 130k down payment and the rest seller financing. The question is...
How does this seller financing work? The interest rate, payment terms, etc I get but logistically do I pay the seller directly or do we set up a account?
What if I pay it off early? and would I have to contact the seller for the note when I'm done with the payments?
Thanks for shedding some light
Hey everyone I'm Arthur new to the forum and new to the industry.
I've recently been in conversation with a broker about a mat for sale near me and was able to get a look at the last 2 tax returns for the place.
I know a laundromat is generally valued at 3 or 4 times the net.
And that the only net to take seriously is the one listed on the return.
The problem I'm having is that there is a 30k difference between what the seller says he makes vs. the tax return.
The broker also told me to take the return with a grain of salt. He's from Vested Business Brokers which also doesn't seem to have great reviews on this board.
I'd love to hear some of your thoughts on this one. Thanks
I received a cancellation notice from my health insurance co. today. The reason: due to Obamacare, you are no longer allowed to have your family only on your health plan without your employees being covered as well. Even if I offered to subsidize it, my employees couldn't afford it.
My insurance co. has a plan that is $300 more a month with much worse coverage! My health insurance has more than doubled in the last 4 years. Any suggestions?
My partners and I own about 1,000 apartment units in Metro Phoenix, AZ. All of the apartments are in "C" areas and they all have laundry rooms. I'm beginning to do the financial analysis for deciding whether we should keep Mac-Gray or own and operate our own machines. I'm looking for a spreadsheet that might provide give me a head start on building my own model of how the laundry operation should work. I'd be glad to share with whomever shares their work, the model that I develop.
Thanks in advance,
Serinova Financial, LLC
4757 East Greenway Road #103168
Phoenix, AZ 85032
Phone: 602.739.7060 www.serinova.net
We had a "security issue" with an manager recently and we aren't sure, but she may have somehow had a key to the coin vaults. Our software shows coin vault openings when there should not have been. Replacing the vaults is about $25/each (Alliance) and we have 40. I was wondering if anyone ever changes theirs? Thought about contacting a local laundry and doing a swap 40 for 40. Anyone have any thoughts?
13 States will raise their minimum wages next year. To me, $8 per hour is still affordable. I'm wondering how the minimum wage increase will affect the whole business environment. Will my employees request $0.75 more per hour since the minimum wage will be raised from $7.25 to $8? Last time I raised the vend price, I told a customer that the supermarkets, grocery stores, and restaurants had all raised the prices. Her response was priceless - "but that has nothing to do with the laundromats!" :D
Hey guys. When taking over an old store, how do you guys find out if there is a newer store being built? Calling the zoning officer? Distributors? I found a store that is in need of HUGE help, the area seems very promising. The biggest competition is very antiquated. I plan on doing next day drop off service only and driving the work down to my main location which is about 20-25 minutes away and bringing it bag every day. This new location will NOT be attended. I will set up surveillance. Few facts about it.
it does NOT have a public bathroom.
It is NOT 24 hours
it has no TV's or WiFi
It has no seating
it is not attended
it has no form of marketing or advertising
it's in a GREAT shopping center with plenty of parking
it's at the end of the center which means I also have a side entrance and street parking
4 channel surveillance
Here are some things I will change
only HALF of the location is being used for the Laundromat, the other half is the owners space where he has broken machines, keeps all of his WDF work, office space and just wasted space. I plan to empty that out, remove the plywood that separates it and make that the waiting area.
Include vending in the new waiting area
add timers to the lighting as well as the doors both front and side
add 2 TV's in the machine area and 2 TV's in the waiting area
make the side entrance EXIT ONLY to prevent people walking in to the waiting area. I want them to walk to the Laundromat to discourage loitering.
add 10 channel high definition survielence.
build a 10x10 office with a security door and 2x6 beams 12" on center.
re-open the bathroom to the public
replace all of the ceiling tiles (it's drop ceiling so adding TV's and Camera's should be a lot easier)
the place has a few machines down but I'm sure I can fix them.
any suggestions advice?
I also plan to begin an EDDM campaign in the area. the current prices are good so I will leave them alone as well as the hours. I will not go 24 hours with this mat.
Need your help. because of other business interests, I find myself not having enough time to run my Laundromat. I.E. pull the cash, load the vending machines, stock the bill to bill and make sure the equipment is up and running by calling the repair company, field calls from the manager.
I believe I need more than just a manager because of the tasks involved. Any thoughts on who or what type company I might hire to run my Laundromat?
It's a small area near Seattle's airport (SeaTac), but they have approved a $15 minimum wage. Now, I don't suspect it will gain traction throughout the state, as Seattle is uber-liberal, but many other areas in Washington are not. Still, what if? How would a $15 minimum wage impact your laundromat? I suspect for most, it's at least a $5/hour increase for basic employees. If you'll fully attended and open at least 12 hours a day, that's $420 a week if you have one person manning the store at all times, more if you have multiple employees. It could impact a store from $20-60K a year, easily the same impact -- or worse -- of a sales tax.
OK, this is a bit theoretical, but as of Jan. 1, it's happening in one area of the country. Who's to say it can't happen elsewhere?
We are looking to open our second mat. before I do another ground up build I thought I would look for a buy opportunity. What is the best way to learn about mats for sale in the area, before they become public? or to buy an existing mat?