What's the best way to find a laundromat to buy?

[billmiller]

What is the best way to find a laundromat to buy? I am in the Southern California area. I am thinking about going from owner to owner in this area. Is this a waste of time?

[Fred50]

I spent about 1-1/2 years doing exactly what you are descriibing and came up empty in the end!

However, I wouldn't discourage you at all. I not only learned a tremendous amount about the business, but I have made some great contacts that are helping me out. I wouldn't be surprised if one of the owners that I met in the past approaches me in the future before they list their mat for sale.

Most small biz owners want to sell to someone who is driven and will pay back any notes owed promptly. If you have the guts to approach owners, that is a great start.

I also recommend attending as many distributor seminars and CLA events as you can. You should definitely read every post on this forum and ask any questions that you may have here.

My approach was to visit as many mats as possible (300+ - no kidding - I have detailed notes to prove it) and try to narrow them down to meet my criteria and then start approaching owners. I also found that as I learned more about the biz, the people I met magically became more approachable - go figure :-)


Good luck!

[Fred50]

Bill,

Sorry, I forgot that you were new here. I am in the late stages of building a new mat and I found the location through one of my contacts in the biz.

Note that my criteria were so tough that very few eventually met them and owners of my top-rated mats were not interested in selling. Don't get discouraged and do your homework!!

[pete f]

I bt my first may by calling the emergency number listed there.

I am trying to buy another now I contacted the same way.

I get calls also.

Knocking on doors can work. Many distribtutors, parts houses, know of mats for sale also. Business brokers have them listed to.

[Tini Bubbles]

I found my through my realtor, I looked enough to make my eyes bleed. Then this one was thrown at me. Charter contract, and I was in the door. Killer, Killer Location. LLL is a must.

way to TINI, Tini two way:D

[Tini Bubbles]

I got a bridge i will sell you,
It is on a Chris Craft Catalina. 12,000.00 and she is all yours.

[pete f]

Tini all that biz is going to your head? After a bigger boat? I bought 1 mat just to pay for the gas on a boat I had!!!

Enjoy