A laundromat is the ideal absentee business, but what you pay will be the basis for calculating your return on investment – so you must avoid expensive mistakes. Maximize your chances for success by empowering yourself to understand all of the issues associated with laundromats (many more than meet the eye).
Why Gary Ruff?
Your author, Gary Ruff, is a BBB accredited coin-laundry appraiser, financial analyst, consultant, and legal representative with thirty years experience in the laundromat industry, including: coin-laundry construction; laundry equipment modification and improvement; ownership of six coin-laundries in the N.Y. Metro area; wide experience as an analyst and appraiser; expert witness as to valuations; and as an Attorney at Law specializing in commercial laundries.
HERE’S WHAT I CAN OFFER YOU:
If you are seriously considering buying a coin laundry business, it’s where I come in, for the key to success is to secure impartial expert advice. This is exactly what I offer. My loyalty is solely to my client. I do not broker coin laundries. I do not benefit from the sale of laundry equipment. I offer no links to any other sites. I even forbid advertising on this site (thereby giving up considerable income). Moreover, I am BBB accredited. (You would do well to note the absence of such accreditation among the self anointed laundromat “experts” on the web.) My sole source of income is the fees I receive from my clients. Therefore, my economic survival depends upon my reputation, which in turn depends upon appraisals that are both honest and accurate.
For a very reasonable fee, I will empower you with information you must have in order to screen-out the many inferior deals (many of which are cleverly disguised as a “pot of gold”), and I will “walk through” the first coin-laundry with you to make sure you understand all of the important issues (there is very much more to a laundromat than meets the eye). Moreover, you should improve your coin-laundry knowledge before initial meetings with either sellers or brokers.
Why an expert?
Who can you trust?
What I offer.
“Price is what you pay…Value is what you get”… Warren Buffett
You must buy value; which means you need to understand exactly what you are buying, being very careful not to pay too much. One of several major keys to price is gross sales. In fact, it is fair to say that a 10% misrepresentation as to gross sales can impact the overall value of a coin-laundry business by some 20%, and maybe considerably more; therefore, you must ask the right questions, and be able to assess the accuracy of the answers.
Of all the small business models one might consider, coin-laundries are probably the most alluring. Being deceptively simple looking, they are also among the most beguiling.
Although they may appear straight-forward (part of their appeal to investors) laundromats are not transparent – they lend themselves well to fraud and significant omission. Therefore, seller representations – especially those as to gross revenue must be verified by independent means. “Financial Statements” are representations of the seller – they are not independent means.