Just Starting to Look...

[Lifessimple]

I'm just starting to look for a Coin Laundry in the South Florida area.

At one time about 15 yrs ago I owned a Coin Laundry, but would like some advise as to what questions to ask, as well as how to tell if the numbers are real or not.

I have talked to a store for sale in my area and came up with this info:
Established 15 yrs,
Current owner 1 yr,
31 Washers,
20 Dryers,
Gr 160k,
Net 65k (not including Labor, says he only works 4 hrs/day),
Open 7am - 9pm,
Has Commercial accts (not sure what this means?),
8 yrs left on lease,
Rent: 3,500/mos,
Utilities: 15k/mos.

Where do I go from here?

Thanks for any and all help!

M Kuhn
So Florida

[azkid]

Well, if you had a laundry before I'm sure you're familiar with typical turns per day numbers (TPD)...if not you can spend a little time in the store and get a feel for what they would be for this location. Then it's just a math exercise to come up with a ballpark number for gross income. Regarding utilities, I am certain they are not 15K/month, you probably meant 1.5K...depending on what equipment the store has determines what % of gross you can estimate...but use 25% as a ballpark.

Commercial accounts would be doing laundry for a beauty salon for example.

Good luck - it's not really that hard, you just have to spend the time analyzing it.