Chuck Post a laundry consultant, specialty broker, buyer representative & due diligence advisor starts this discussion on why it's important to have an exit strategy in mind while buying a laundromat! He & others explain why this concept is so important for buyers especially in the laundry business.
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While my point of reference comes mostly from my experience in the vended laundry business, I believe it is also good practice for all entering a new business to have a well thought out exit strategy.
It's been my experience that the main reason why laundromats fail is because of poor management. Barring any problems in the future with the lease, which will kill a sale anyway, then $10,000 monthly cash flow is a good investment, and I would try to hold on to that, so if I really needed the money or something prevented me from running the business like it should (i.e., health), then possibly I would just sell a portion of the business to a partner. It's always important to have an exit strategy in mind, just in case, because in life, things can happen, but if you have a good healthy business, that can be run with minimal help, then that's a bull you want to keep riding.
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I am the Founder Of BizBen.com. I consult daily with intermediaries, business buyers, owner/sellers & advisors daily about buying and selling California small to mid-sized businesses. Contact me today about joining & utilizing BizBen, consultations, & advisory services.
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Chuck Post hosts these live FREE online webinars on Buying A Card or Coin Laundry. These webinars occur every Weds at Noon. Have your questions ready for an open and honest discussion about both the Pro & Cons of the Vended Laundry Business. RSVP or for more info phone Chuck at 619-227-5711 direct.
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Chuck Post, a leading laundry expert with over 37 years of developing laundries, retooling, and rebranding hundreds of existing laundries, tells investors how to search, find, evaluate, and do good laundry due diligence laundries for acquisition. A must read for new investors & current operators.
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How does the laundromat business look as we enter this changing environment? Is it still as easy to operate a laundry and be profitable? Is it still the American Dream Business that it has been known to be? Yes, but… Chuck Post, Laundry Advisor & Consultant initiates this BizBen Discussion post.
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Chuck Post a laundry consultant, specialty broker, buyer representative & due diligence advisor starts this discussion on why it's important to have an exit strategy in mind while buying a laundromat! He & others explain why this concept is so important for buyers especially in the laundry business.
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