Posted on: 26 August 2017
If you are thinking about buying a laundromat, there are things that you need to do. One of those things is your due diligence.
Due diligence means that you spent the time looking at all the issues surrounding your potential purchase. Among other things, you do an honest appraisal of the business. All the things that you look at help you decide whether or not you should buy the business. There are several things that you should check while you are doing your due diligence.
One of the things you need to check into is what kind of lease the building has. Depending on where the laundromat is, there may be a complex lease that you will have to deal with. Ask the current business owner if you can look at their lease. You are looking at things like what could cause your business to be evicted, what things your business is responsible for, such as snow removal, waste disposal, and repair work, as well as how often your rent goes up. You may want to have your lawyer go over the lease as well, just to make sure that there is nothing that can trip you up after the sale goes through.
Although no one wants to think about it usually, if you are going to buy a laundromat, you want to check to see what kind of vandalism and theft you are going to have to deal with. Vandalism can be as simple someone putting something in the dryer that would stain clothes the next time it gets used to someone purposely destroying your equipment. Theft can also range in severity too. For example, someone could pull down your change machine and steal everything out of it. Or they could break into your washers and dryers to get all the quarters out. If that is a problem, you could look into changing things slightly when you buy the laundry. For example, there are washers and dryers that you can get that will accept debit cards, which mean that you turn your laundromat into one that only takes cards. Either the user can use their own card, or they can pay cash to the attendant who will be able to use a special card for the washers and dryers.
If you are thinking about buying a laundromat, you want to make sure that you take the time to do your due diligence so that you know what you are getting into. Contact a company like PBI Laundry Consulting for more information and assistance.Share