need Advise

[newbie]

I am looking to purchase an existing laundry and I have so many questions I almost do not know where to start. I need to know how to evaluate a store in order to provide a fair purchase price. I have come across some methods and the best one so far seems to be a multiple of the gross income with adjustments made for certain items such as the lease and equipment. I have been working with a broker, not sure how much of what he says I can count on. however not having experience in the business I am looking to him for his advise and business knowledge. I also need to understand how to verify the income and expenses of a business.
I currently have a laundry that was presented to me by the broker that is being taken over by the finance company. (turns out the owner is going to a difficult divorce) and I can get in for very little down.
I would appreciate any and all advise. You may contact me by phone at 954-701-1229
Thanks.
Michael

[Howard]

FORGET MULTIPLES OF GROSS!!!!!

What you want to look at is multiples of net, with adjustments. Gross means nothing, its not what you make its what you keep. A business that grosses $100K but nets $5K is worth less than one that grosses $50K but nets $20K !!!

[azkid]

My best advice to you is to do research. You are in a good spot to start from here, now just do some through review of previous posts and learn about the business. When you have more specific questions, we can help.