This is a sponsored post by Cents. Find out what Cents can do for your laundry business here. All reviews and opinions expressed in this post are based on my personal view.
Have you ever browsed on Zillow at houses for sale? If so, you may have seen some listings that wowed you. Maybe they stirred something inside of you and made you want that house. You’ve probably also seen some listings that made you wonder what the seller and agent were even doing. The house is a mess. The pictures are awful and don’t show you what you need to see. And unless you’re a flipper looking for a bargain, you probably weren’t drooling over those houses.
Your business listing will be looked at similarly. And although buying a house and buying a business are different processes, the concepts do overlap. In addition to preparing the documentation a buyer will need to see, you should also prepare the rest of your business to wow potential buyers. This article is about how to do that.
If you’re thinking about selling your laundromat, you definitely want to watch the replay of a webinar on how to sell your laundromat for the most money with Andrew Cunningham. (It’s usually only for pro members with the other webinar replays, but I won’t tell if you don’t tell!) See below to watch it!
Back to preparing your laundromat to sell. I’m going to break this preparation up into two categories. The first category is preparing the business. The second category is preparing the aesthetics.
While we at Laundromat Resource believe and preach that the value of a laundromat is based on the performance of the business, I also must acknowledge that aesthetics do play a role in the perception of your business, both by potential buyers and by your customers.
Laundromats are valued based on a multiple of the net income they produce. Net income is the amount of money that is left after paying off all business expenses. As a seller, then, your laundromat is most valuable when you can maximize your net income. There are two sides to net income and as you prepare your laundromat to sell you should look at both sides.
Obviously, increasing the income of your laundromat will help increase its value. There are a few different ways you can do this, especially if you have a little bit of runway before you sell. Let’s talk about a few options.
The other side of net income is the expense side. While you can potentially increase your net income by increasing your overall income, you can also increase your net income by decreasing your expenses. Here are a few categories to consider that could decrease your expenses on your way to maximizing your net income.
It’s not supposed to be the case, but the feeling a buyer gets when they look at your laundromat will play a factor in their interest in your laundromat. It will also play a factor in how much they are willing to pay for your laundromat.
When I talk about preparing the aesthetics, what I am really saying is that we need to evoke a positive feeling in buyers when they encounter our laundromat. There are a few things we can do to help make that happen.
Selling your laundromat can be a big deal, but following these principles outlined above, you’ll be well on your way to selling your laundromat for the most money.
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