Found a laundromat... wohooo. Am highly considering it. Here’s the deal, I have some concerns but I think it could be a steal.
Asking 100k Gross rev 140k Net income 66k
Current owners: husband +wife. They don’t have any employees (husband and wife run it) and husband does all the repairs on the machines, so expenses do not count for that either.
Pros: in a neighborhood with lots of buildings
1) there’s about 5 laundromats less then 5 minutes alway. The one 1/2 a block away is 3 yrs old, way more modern and has more services- same day wash and fold, organic detergents, professional dry cleaning, good marketing of their WiFi, free soap Wednesday’s and I believe longer hours. 2) the place I’m interested In has barely any services outside of dry cleaning, that is done off premises by a third party that we would have to drop off. 3) cost of repair for machines is unknown
Here are my concerns 1) cost of machine repairs/maintenance unknown (this would by my first laundromat) 2) hiring new employees 3) marketing new services 4) Random, but I’d like to have the business in a nice flow by next September
Dryers are 7 years old , Washers 10 years old
Please share any helpful tips/ POV thanks!
Do you think this is a solid investment?