I don’t have an exact answer for you, but I can tell you exactly what I’m doing. I am in semi negotiations with a laundromat. To keep a long story short the vast majority of equipment is 20+ years old according to their pro forma. Ok, that wouldn’t be awful if they’re being well maintained.
I have been going to the LM everyday for the last month or so and on average 2 machines break a week and are fixed 2-3 days later. This tells me the machine are on their last legs or awfully close, so what do we do?
Look at the positives of course! Their unit mix is 80% top loaders with a few larger machines. We will already be renovating the store so why not switch up the unit mix with nice new machines that are more efficient, have card readers and wash better/faster. The math works out such that with the price increase and lowering of utilities the 200-250k in new equipment will pay for itself within 4 years.
Just be sure to do the math and be very conservative. Also see if the LM can support 10% financing on the machines like ours can.
With all that being said I plan on being a highly active owner the first year and learning how to maintain the new machines. I will then pass this information onto the employees/managers I plan on hiring.