In your experience

[Anonymous]

Hi...brand new to coinwash and the industry.

Been reading a lot of post; went to CLA conference last month; bought all the CLA materials (Coin-ops today, Gold Book, and seven videos).

What I've done:

Started a business plan to meet SBA guidelines.

Developing a analysis plan of existing Mats to get very comfortable with operations, desing, equipment parameter, maintenance, market comp, demog's, and the numbers to make an offer.


Questions:

1) Planning on moving and buying a coin-op where I settle; anyone ever done this?......or have input.

Flying to my new market next week to look at six stores.

2)Would making $70,000/yr income before personal income taxes and after all business expenses be realistic in an average store (avg...obvisouly very subjective)?

3)If no could it be done owning two stores working in the businesses full time (estimate=40hrs/wk)?

4)Can you make more than $70,000 owning two stores working less than 40hrs/wk?

5) If you were starting to get into this industry again and it was your first time how would you start planning to do it.

Thanks in advance for any sage advice.

dirtbuster to be.

[Kitty]

Yes you can make more than 70K with a couple of stores, you could even make it with one store.......but then you could clear
-70K just as easy also.

It doesn't matter where you settle as long as you understand the market that you enter into. If you are looking at several stores in an area besure you look for the pertinent info and ask for the pertinent info. It is helpful if you sit in these businesses to see for your self what kind of traffic they see. You are better off doing all the homework yourself and not relying on the numbers of someone who is profiting off your purchase. Keep reading and great luck to you!
Kitty

[Jim]

DirtBuster...

Do not treat the mat business like anyother...it is a different beast altogether... I have owned many businesses and the mat business is just strange in comparison...

The best advice is take your time and do your due diligence carefully....

When I go into a mat I am considering buying, I do not believe anything the current owner is saying....more or less it's in one ear, out the other...I only believe what my numbers total in the end....

The mat I am in the process of purchasing I have been working on since November...(4 months so far)...Although this may seem slow, I do not rush things, I want to be sure of everything before I spend a dime.

As far as netting 70K a year, if that is your goal, be prepared to spend at least 350K or more on the purchase price...

Good Luck

[mike]

To answer some of your questions,

# 2.......no
# 3.......yes
# 4.......eventually
# 5.......buy the realestate