Feb 14, 2007, 2 comments
In other news... there was a big back log of comments I responded to recently - sorry for the delay - busy guy! Also the comment bot spam is becoming overwhelming. Any how, here are the top 5 in regards to traffic - all time. When I get time I'll add my personal favorite 5.
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8 comments:
Laundry Capitalist - I am close to pulling the trigger on purchasing a laundromat, but when I look at the utility bills associated with the laundromat, they seem impossibly low. In the range of 18% of revenue.
The equipment is Maytag - does this sound remotely possible? I had heard that utilities were supposed to be in the 27% - 30% range. And, the vend pricing on the machines is in line with others in the area, rouchly 10 cents per pound on washers.
Lane1114@gmail.com
trust your gut and get hard copies of the utility bills - don't rely on a spreadsheet or just provided numbers - if you're looking to buy you have the right to see hard copies of all utility bills
Got it. I've seen the hardcopies though, and they just seem almost impossibly low. I want to believe so badly, but 17.5% just seems to good to be true as my Utility Expense ratio. The machinery is Maytag, and I've heard they're efficient, but never dreamed they'd be this efficient.
Thanks very much for the response,
Lane
I was wondering if you had any tips for preventing laundry cart thefts. My parents have a 24 hr laundromat in 'not the greatest or most law-abiding' neighborhood and they deal with a loss of cart every 6 or so weeks. For 250+ dollars a cart, the costs are killing them.
get hard copies and double check everything - ask industry peers for their advice - in the end, all I can say is trust your gut whichever way it takes you - good luck ...
I don't have that laundry cart problem but I am creative... hmmm....
print a small sign and post near the door: "Our security cameras caught the last person who stole a laundry cart from our store. They were prosecuted and sent to jail for 3 months. Is it really worth the risk?" I just made that up but feel free to use it :) If they all get stolen I just wouldn't buy anymore.
I'm hoping to buy a laundromat but wonder how to trust financials. Since this is an all cash business, how do you know the seller isn't ginning up his numbers?
stake out the place like a spy for as long as possible to check out the crowd and foot traffic in the store - and request hard copies of all utility bills minimally to get started - this will give you a good start on the store's actual activity - trust your gut - if something just doesn't seem right - you're probably on to something
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