Time to sell my laundromat
You have owned a laundromat for a certain period of time and now you want to sell it. Maybe you are near retirement. Maybe you no longer have a passion for the business. Maybe you have attained the goal you had when you first bought. There are many reasons people sell. Assuming you are not selling due to death, divorce, or bankruptcy here are a few steps to take before you contact a broker or place an ad on-line.
First, if you lease your space do you have a right to assign the lease? If so how much time is left on the lease? The absolute minimum would be 5 years. Hopefully there are some options still in effect as well. If you are below the 5 year threshold get the lease renewed first.
Next, determine what your store is worth. The prospective buyer is purchasing the cash flow your store provides. So you will sell using some multiple of earnings. Depending on the age and condition of the store the multiples are in the 2 to 5 times earnings range. Get your accountant and attorney involved in this exercise as well.
Finally, spruce the store up a bit with a good cleaning, fresh paint, and no “out of order signs”. To get top dollar your prospective buyer is interested in a vibrant, ongoing business not a reclamation project.
Three easy , essential steps and you are on your way to a successful sale and ready to take on your next adventure. Best of luck