How to Buy a Laundry Business

Laundry businesses are growing steadily each year.

Laundry businesses (laundromats) are typically steady businesses. Many people depend on them to wash their clothing and the need has yet to wane over time.

Write Out Your Plan

Write a business proposal including your mission statement and business objectives. Include market research and analysis, your target audience and financial statements showing financial options of buying a laundry business.

Find Laundry Businesses

Review local publications such as newspapers and websites that display laundry business listings. There are business brokers who specialize in selling laundromats.

Meet the Buyers

Arrange a meeting with the owners to review the business. Compare and contrast all pros and cons of the laundry businesses for sale including location, prices, revenues, expenses, leases, condition of equipment and hours of operation.

Evaluate the Business

Review the laundry businesses month to month sales and tax returns. Have an inspector evaluate the plumbing, the washers and dryers, electric circuits and wiring. If there are any difficulties, speak with the owner about when repairs will be take place before signing any papers.

Draft an Agreement

Write up a buyer's agreement. Make sure you perform a thorough check on the business. Be sure all key points in your contract meet the business guidelines and requirements in your state.

References

• Hub Pages: Essential Tips to Getting Your Own Laundry Started
• Buying a Laundromat: Buy a Laundromat Advice