We have put together some tips to get the most money possible for your laundromat. Business Brokers Plus has extensive experience buying and selling laundromats. Keep reading to learn some tips to get the most money when selling your laundromat.
Organize Your Documents
The first thing you and your broker will want to do is to decide how much your laundromat is worth. You will need to get all of your documents in order.
Items you need to gather include:
- Books and records
- Utility bills
- Tax returns
- Inventory (including machines and equipment)
- Cash flow, revenue, and profits
- Lease
Review Your Operations
Your second step will be to review all of your operations to make sure that everything is in good order for the new owner. The quality and condition of your coin laundry will also come into play before selling.
It is important that all of your machines and equipment are in good working order. In addition, make sure that the general condition of your laundromat, from the walls to the floor and ceiling is clean.
Our brokers will guide you in the right direction to prime your business for the highest dollar!
Sum Up Your Business
Next, we will work with you to create a summary of your business, or an “advertisement” of sorts. We will compile all those documents that we gathered earlier. Your primary goal is to give buyers an overview of your business so an interested party quickly knows if the company is right for them.
What to look for in a buyer
Our brokers will help you meet with prospective buyers. We advise all of our clients to keep an open mind and do not focus their marketing and advertising on one specific niche. We want to promote your business to be as broad as possible in the market.
Important considerations at this time include:
- Financing
- Proof of purchase
- Contract
- Confidentiality agreement
- Personal financial statement
We ask all potential buyers for the elements above so that we can vet all potential buyers to match you up with the best buyers. Contact us today to see how we can help.
