Laundry experience-in home!! Need help!!

[Anonymous]

I accidentally came across a mat for sale after inquiring about a job at the mat. My husband and I are considering purchasing it now. I started with the Entrepeneur "How to operate a coin-operated laundry" book. Still researching, but finding that not much exists in beautiful Western Washington for info. All resources researching are California and Eastern United States. Can someone please put me in the right direction for a possible consultant in my area?? Should I look to another mat owner for help or an attorney??
The owner is showing a loss every month for almost a year. He is an agent/broker/contractor himself and is selling for $135k. He says he has to show a loss for his taxes and stuff. It's nice and clean, the only issue I can see is parking. Don't know much about the machines yet or square footage. Only has 4 years on lease with possible 5 year renewal. Do I keep his lease, or renegotiate if I own it??
This isn't for any major income as I am a stay-at-home mom with a self-employed husband. That helps for experience in the employment/taxes/hours/issues/etc...but no mat experience!!!
This is an awesome site, and hoping for some good direction. I have already learned a lot searching the site, but don't have that many hours to spend on the computer reading everything, so I appreciate any and all help that comes my way!! Thanks in advance!! Christan = )

[IPSOTECH]

Do yourself a favor and run fast and furiously away from that laundry.

[Anonymous]

Any particular reason why to run?? The part of I don't know what I'm doing, or him being an agent, or the lease, or the profit loss?? Thanks for your reply!!

[Anonymous]

The Washington State Coin Laundry Association is having its annual meeting this Sat Oct 17th at SeaTac Red Lion. Would be a great opportunity to meet and talk to other owners.
Starts around noon with Brian Wallace from the National Association giving a talk on market trends.
After 7 years of lobbying Wash state revised/reduced the exise taxes on self sevice laundries.
So this meeting is also a celebration of sorts
We were at the last one and met some great people that we still keep in touch with.
Look forward to seeing you there.

[Anonymous]

Sorry That was Sat Oct 15th

My son's B-day is the 17th Monday
Same B-day as Evel Knevel

[Anonymous]

Do I have to have anything or pay anything to go?? Just show up and visit?? How long does it usually last?? I am interested. I think that I would learn a LOT!! Thanks.
My son's b-day was the 7th!! Close to Earnhardt Jr.'s!! = )

[Anonymous]

You'd have to get a much better handle on the numbers, i.e.

start with:
1. How much does he gross (or claim to gross) per month
2. what are his expenses - rent, utilities, cleaning, etc.

then 1-2 equals his stated profit.

If this number right off the bat shows a loss, well then nobody in their right mind would pay anything for the business, let alone 135k.

Heck I can sell you a work-at-home business with a guaranteed zero income, instead of a loss, for only $100k. There isn't even any work involved, you just send me the $100k :)

Seriously forget the 'tax purposes' angle, you have to get the real numbers. If it truly isn't making much of anything, put your 135k to much better use elsewhere.

- John

[Anonymous]

Registration is at noon
$30 per person includes dinner at 6pm
Cocktails at 5 at your expense of course

Last year there was about 20 people there including a competetior of mine
By being at that meeting and talking face to face we now share common concerns and problems

[Anonymous]

You'd have to get a much better handle on the numbers, i.e.

start with:
1. How much does he gross (or claim to gross) per month
2. what are his expenses - rent, utilities, cleaning, etc.

then 1-2 equals his stated profit.

If this number right off the bat shows a loss, .

- John

[Anonymous]

I reread your post and I agree with the other posters.
You need to do some serious research before you consider this mat.
Several bells are going off and you need to ask some real hard questions. My wife and I were members of CLA for 4 years before we got our mat. I cannot emphasize research enough.

[Anonymous]

I have only been researching for about 2 weeks. He does not have it up for sale yet (so he says) and we met with him casually to see if it would even be feasible. He brought a homemade expense report that he would not let me keep since he said that the numbers on it included money that he does not report. He took the depreciation already and saved himself $8000/month so he says it doesn't matter that its not making money because it is in his bottom line.
I live less than 3 minutes down the street from it and watched it being built. Our neighborhood is mostly apartments with single family (lower income and middle income) mixed in. We are borderline with some upperscale neighborhoods and business on the other side. A lot of changes going in down the street. I don't know how to find out what they are building for demographic wise. I'm learning that if it's upperscale, then the mat is a bad idea period.
I'm not as concerned with his numbers right now as I am with the demographics part and the rest of research. It's only a year old, and have seen NO advertising but a grand opening sign. It is borderline for profit making even if he is showing losses. We wouldn't have employees, (he has 5) the interest rate on his new machines is high, we could get a better rate. I'm worried about the 5 year lease w/renewal options. Have NO clue on those. Will start looking for a lease attorney person to decipher. Can I just request a copy of it??
I'm mainly looking for someone to point me in the right direction to get some of these questions answered. We are only a sub-contractor, so have no experience in a lot of these areas when it comes to researching and who to talk to. It also seems like there is not much in my state!! I will keep digging though.
I think that we will eventually have a mat even if we don't buy this one. I'm liking it already and am excited to broaden my horizons!!
Sorry these are so long!!!

[anonymous]

Look in the Phone book for an equipment salesperson! Ask them! Parking is a real concern. His numbers are a real concern. A salesperson can walk you through this and help you. They are a great source of info. Get the type of machine from the store and call the distributor. I am a distributor and deal with many people who have this same idea. We have tools to help you understand the financial side of the deal. Generally there is no cost for our help. I could answer all your questions if I were local.

[pete f]

There is certain info required to get a handle on this business. It is not to hard. Water bills, gas bills, rent/lease terms. Those are the main things to verify.
Here is a link that may answer one of your questions



CLICK HERE Please. ( http://coinwash.com/classifiedads/showcat.php?cat=7)

[Anonymous]

Any particular reason why to run??
Run because you would only have 4 years on the lease. If the store is busy or appears to be busy the landlord will make himself your partner by jacking the rent higher than you could imagine. At the worst he would hope you would walk away and leave the equipment. When I worked installing equipment, I had to do a repo. The landlord would not let us in to retrieve the equipment. Had to call the cops to get in and retrieve the stuff.