We heard that a bunch of you want to buy a laundromat!

Now, what’s the best way to get started you might ask? I love templates, and I know you love them too. They make it easier to never get emotional with a deal.

So here’s the most important thing you have to remember: he who keeps it stupid simple wins. With that in mind, let’s dive into the key documents you need for a deal.

How to Buy Laundromats

1) The Deal Calculator

This is how you figure out if a deal is good. You need to measure the business but not overcomplicate things so you don’t waste time.

You can try out our Free Deal Calculator on our site quickly determine your monthly revenue and expenses, your financing payments, your cash-on-cash return, as well as offer suggestions at different multiples depending on the state of the business and equipment.

2) The Letter of Intent (LOI)

This document is a fancy way of saying: “Hey Homie, I’d like to buy your business.” But this is not a marriage proposal. It’s just a date.

3) The Expenses Sheet

In laundry land, your most significant expenses are:

• The water droplet.
• The rent on the building.

It’s all about the 80/20 rule. If you control the 80%, you can handle some loss in the 20%.

4) The Laundromat Pre-Analysis

Before you buy a business, you need to do your due diligence. That means that you have to know the ins and outs of the business. This is how we (the private equity peeps) dig into deals to see if they will ROI well.

Here’s a sample of one of our sheets for analysis:

5) Verification of Collection

Sometimes business owners lie about their profits so that they can pocket more money from the deal. Shocking, right? If the tax returns don’t match the profits, you go count quarters.

6) Profit and Loss Statement

With a P&L statement, you’re answering the following questions:

• Are you getting what you paid for?
• Can you run the business?
• Can you profit from it?

All you need is a spreadsheet, and the math will answer these questions for you.

These are the most critical documents you need to buy a laundromat.

Remember – the first deal is the scariest. After you get it done, you’ll realize that deals at $100M or $100k rhyme. It won’t be easy, but it’s doable.

Yours Unconventionally,

Ryan Snow &Codie Sanchez

Co-founder, Unconventional Acquisitions

Learn How to Buy an Existing Laundromat with Industry Experts

We’re Teaching You Everything You Need To Buy And Manage A Successful Laundromat, Making Between $60-$120k A Year— All With Minimal Set Up And A Simple Management System. How Do We Know? We’ve Done This Again And Again. Now We’re Teaching You, How to Buy an Existing Laundromat that makes $60k-$100k per year!

You’ll Gain The Knowledge And Tools Necessary To Generate A Significant Monthly Income Without A Backbreaking Amount Of Work. Laundromats Offer A Steady And Recession-Proof Business Model, Remaining Open And Bringing In Revenue For Owners Even Through The Business Closures.

If you want to learn more about researching, analyzing and buying businesses, check out the articles below:

• Is Business Buying Right for You? How to 10X Your Dealflow – Uplevel Your Contacts
• Turn Your Skills Into a Cash Substitute