Evaluate existing mat!!!
I am newbie from Canada, please help me figure out.
I'm looking to purchase an existing laundromat, please review 2011 year revenue and expenses and let me know your thoughts and appreciate any inputs
2,800 sqf mat, 1 year left lease, the owner said can renew 5 years fixed lease
Revenue:166,633
Salaries:55,000
Rent:28,575
Utilities:24,817
Repair:1,136
Office:724
Telephone:2,617
Bank charge:571
Ad:781
License:162
Accounting:677
Insurance:2016
WCB:596
Alarm:419
Supplies:9272
Net :40,000
The owner do repair and his wife work 16 hours per week
Machines breakdown:
Washers:
2*w655 5years and 10year old.
3*w124 30years
5*w620 4years
7*w75 10years
12*w74 35years
8*we16. 4years
2*top
Dryers:
11*td30 30 4years
1*ADC double. 15years
1*Wascomat 30.30. 10years
5*huebsch 37a. 35years
Open hours: 8am. To 9pm weekday
8am. To 10pm. Weekend
Asking price:375,000
They do drop off service, 40% of revenue.
The repair was crazy, I will have to add around $10,000 to my expenses.
The mat has 40years history, current owner run this mat 15 years.
Please let me know your thoughts or questions you may have.
I want to give offer to owner, how much will be OK, I do not want let the owner think I am stupid.
Your inputs will be appreciated.
Thanks lot
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