View Full Version : Need to hear successful purchase story
mtbenham
05-10-2004, 10:18 PM
I need to hear some encouraging words. Does anyone have a story of successfully purchasing a mat that was not advertised for sale?
I am closing on a mat that I found out by call a local equipment distributor. I just started calling distributors in the area and one of told me about a mat that he thought the owners would want to sell. Turns out he was right, I made a fair offer and it was accepted. I also found out about another one, but it was a new one that had a negative cash flow of ~1000/week. Neither of these were listed yet with a broker.
Keep looking.
If you find a laundromat the is not avertised for sale and the owner is willing to sell, check around at the other laundromats. Check to see if those owners are also wanting to sell.
My husband and I had been looking for laundromats in the Fort Launderdatle area. We were just going in and talking to laundromat owners and finding out if they knew of anything for sale. We were very encouraged when the first two owners we talked to said they were looking to sell. But then we noticed that EVERYONE that we talked to wanted to sell.
We came across some beautiful stores in our price range. But after realizing that everyone was wanting to sell we started asked the question Why?
The area was saturated and many laundromats running at a loss (true loss).
So if you find too many owners that are wanting to sell, look at another area.
But jsut ask around. There are many people that do not advertise. There are also many poeple that are not sure if they really want to sell, but will if the right offer comes along.
Buying a business with out the middle man can be very good. you can usually get the business for a loweer cost. They have to sell for higher just to cover the broker costs. When we bought ours the owner used a broker and had to pay them a flat fee of 36K.
mtbenham
05-25-2004, 02:19 AM
Thank you very much for this reply. It really helps to hear from people who've done it.
mtbenham
05-25-2004, 02:20 AM
Thank you. THis really helps.
-- mtbenham
Ronald
05-28-2004, 12:05 AM
When I started looking for a mat I found one that was just right. Could not find out who owned it so one moring I showed up as he was opening he said it was not for sale 5 min. later he said he would sell it if he could get what he wanted for it. we made a deal and was to close in about a month well things did not go thru for 6 months at that time he went down 10,000 on it. 3 months later now I have the place painted all machines working and some new dryers in and gas bill droped 250.00 per month and I am doing about 300.00 more a week than he was..
I am very happy with my deal..
mtbenham
06-01-2004, 06:16 PM
Thank you so much! I am in negotiation now for a laundromat!
== mtb in Houston
newbie
06-27-2004, 05:12 AM
I need some help valuing a coin laundry in the fort lauderdale area. If anyone can offer advise, please contact me at 954-701-1229. I have been interested in purchasing a laundry for a while and have worked with a broker. I am not sure what to believe from the broker since I know they have a vested interest in seeing the laundry sold.
thanks,
Michael
JamesWash
06-28-2004, 05:26 PM
Broker cannot give you all the answer. Ask the seller for the raw data. And then analyse those data and find out how much the store is doing. Additionally, you may need to be at the store you are interested all day for a certain period of time just to double check the data is in line with what you observe. Good luck.