How to buy a laundromat without buying a problem
Suds & Co is for sale with 12 months of verified receipts. Here is what a careful buyer checks, in order.
In 30 seconds
- Check the lease length before the price
- Ask for machine ages and repair bills, not just the brand
- Compare the asking price with what the owner actually earns
Start with the receipts, not the photos
A listing that shows twelve months of verified sales has already answered the first question: is the money real? Suds & Co’s sales come from Square and Open Banking.
Look at the shape as well as the total. A laundromat should be steady; a big summer spike is worth asking about.
The lease is the business
Rinse Bros closed after a 60% rent rise. Before you look at machines, find out how long the lease runs, when it renews, and whether you can assign it to yourself.
- Years left on the lease, and the renewal terms
- Who pays for repairs to the building
- Whether the landlord must agree to the sale
Machines age quietly
Ask for the age of every washer and dryer and the last two years of repair invoices. A room full of ten-year-old machines is a capital bill you are about to inherit.
Price against earnings
The useful number is not revenue but what the owner takes home. HumDays shows the asking price against owner earnings and against what similar businesses sold for, so you can see if the price is in the normal range.