WHEN IS THE BEST TIME TO SELL MY BUSINESS?
The best time to sell is when a Laundromat is doing well and has good visual appeal. Although almost every Laundromat can be sold, if you wait until the lease is almost gone or you've let the equipment fall into disrepair, it will make a sale more difficult and the selling price will suffer.
WHY NOT SELL THE BUSINESS MYSELF?
Most owners find that dealing with
buyers and all their issues including
financial qualifications, financing
options, analysis of business records
and negotiating an offer to purchase
can be very frustrating. Working with
all of the telephone calls, questions,
forms, disclosures, escrow issues,
inspections, lease assignments and
income verification issues can be over-
whelming. If you choose to sell your
Laundromat yourself, you could be
joining a long list of owners who've
sold their Laundromat for
thousands
of dollars less than they could have
received by listing with a professional. Selling a Laundromat and avoiding mistakes leading to lawsuits is a specialized skill.
I HAVE PROBLEMS WITH MY LAUNDROMAT
Problems, such as landlord lease issues, partnership breakups, tax consequences, worn-out equipment, non-compliance with zoning, health, A.D.A. or other regulations can generally be resolved with proper professional help.
CAN WE GET TOGETHER AND TALK?
Yes. Even if you are not certain you want to sell at this time, spending an hour with me could give you a feel for the problems you will face in a sale. I am available for a free appointment to discuss any of the issues discussed above or to list your Laundromat.
WHY DO OWNERS SELL THEIR LAUNDROMATS?
Owners sell their Laundromats for reasons stemming from retirement, partnership disputes, personal relocation, family concerns, the desire for change, illness or to enter another business venture. The sale of your business is an important time in your life and you owe it to yourself to place the same type of energy into the selection of your broker as you do in operating your business.
Brokers with a history in the business and associated with an equipment or supply business tend to have the most contacts. They also have a high level of success in selling to existing Laundromat owners or to those buyers who feel more comfortable that the broker will remain active in the industry available for assistance after the seller is gone.
WHAT CAN LARRY LARSEN LAUNDROMAT BROKER DO FOR ME?
The function of Larry Larsen Laundromat Broker is to help Laundromat owners successfully sell their business. I have the knowledge, proven results and determination to exceed your hopes in this area. I am available at every point in the sales process and will help you to reach informed decisions. I will provide insight when you decide on setting the right price to market your business. I want the process of selling your Laundromat to be as free from stress as possible.
Once you have selected a price, I will expose your business to the largest group of potential buyers in Southern California. Larry Larsen Laundromat Broker brings the professional real estate sales world, together with a forty year history in the Laundromat business. I can bridge the gap and give you the best of both worlds with
my willingness to share commissions and co-operate with all other licensed real estate brokers, even those brokers unwilling to reciprocate.
I will also submit your Laundromat listing to my large client base of satisfied customers, many of whom are pre-screened buyers looking for additional Laundromat locations, expose your business in local newspapers, my own website, a regional industry magazine, bizben.com and bizbuysell.com. When you list your Laundromat with Larry Larsen Laundromat Broker the listing has more than ten thousand opportunities to be seen by a potential buyer each and every day.
I will save you a great deal of time and the frustration of finding a buyer. You should concentrate on the task of running your Laundromat. I earn a commission only when I provide a ready, willing and able buyer and my fee is based entirely on the price paid by that buyer.
TIPS FOR SELLERS
SELLING PRICE ISSUES
1. Location
2. Net income
3. The economy
4. Lease Length/terms
5. Option terms
6. Quality of records
7. Level of competition
8. Gross income
9. Age and overall condition of
equipment and assets
10. Cleanliness of store
11. Terms of the sale
12. Seller financing
13. Down payment
14. Growth potential
15. Brand recognition
16. Open vs. exclusive listing
PREPARING FOR A SALE
Keep your Laundromat clean, the equipment working and gather together these items:
1. Copy of your lease, with all addendums that are signed
2. Copy of your CAM or Net/Net/Net charges
3. Amount of lease deposit
4. Two years of income records
5. Two years records of expenses
6. Two years of utility bills
7. List of all equipment, including brands, ages & serial numbers
8. List of all other assets owned, including inventory
9. Your reason for sale
10. Digital pictures, (at least 15)
inside and outside
WHAT DO YOU WANT?
Most people want:
1. The highest price
2. A qualified buyer
3. A quick escrow
4. Low stress sale
5. No lawsuit in the future
QUESTIONS TO ASK
Here are some questions you might ask before selecting a broker:
1. Do you work full time in the selling of Laundromats?
2. How will you advertise and show my business to other sales professionals?
3. What is your success rate of selling Laundromats?
4. Can you list my Laundromat on the business websites?
5. Will you co-operate or share commissions with other brokers.
HOW TO SELL YOUR LAUNDROMAT
