Laundromat Resource › Forums › Laundromats › Making an Offer during the pandemic › Reply To: Making an Offer during the pandemic
I made an offer and closed during the pandemic, and it was one of the best decisions I’ve ever made. Originally the owner wanted almost 4x net, I got him down to 3x net fairly easily. The uncertainty cut both ways for each of us. I did stipulate that the Mat had to have N revenue in the two months before closing. After two months of ownership when business should be dying it is still buzzing. As the pandemic has continued people kept traveling so revenue has been steady. In addition, now the business broker I used is slammed with people looking to buy a business in town as they look to leave the major metropolitan areas. Had I not taken the bold step and made an offer during the pandemic I would have missed out on a great opportunity.
