April 7, 2021 at 8:55 am #5101
Hello, I am a newbie and don’t own a laundry mat yet but in my pursuit of getting ready I am also considering moving out of state after my kids finish high school. I live in IL and do see quite a few listings compared to some other states and many give reason for sale is owner is moving out of state.
So I am in the same boat as many other people in IL but I want to own a laundry mat! Perhaps this is too general of a question and obviously, timing is up to me and it would be better to move first and then buy a laundromat but this could be 5 years out for me. Maybe 3. I also would not purchase and work full time at the laundromat but would continue in my current occupation. If I were to move in 5 years, is that reasonable to purchase and build up a laundromat in IL and then sell? If a laundromat on average takes 12-18 months to sell, then maybe that isn’t such a good idea or I list to sell 3 1/2 years in.
Sounds like I could be investing quite a bit trying to increase the value of the business but chopping myself off in the legs by not allowing enough time for the business to reach its potential value from the investment? Lots of variables to consider but has anyone tried to make this transition?
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