Buying a laundromat business is a purchase where the ordinary diligence list needs three additions and one change of emphasis. The additions are the equipment schedule with ages, the utility bills that prove the volume, and the coin and card revenue by month; the change of emphasis is the lease, because the store cannot move. This page is that list, with what each item proves, and how the free checklist sheet on this site counts the chase against the closing date.
The ordinary list, still required
Three years of tax returns, profit and loss statements, twelve months of bank statements, the lease and its assignment clause, supplier and service contracts, licences, insurance and any claims or disputes. A cash business tempts sellers to describe earnings that never reached a return; the returns are what the lender will believe and what the buyer should too.
The laundromat additions
The equipment schedule with make, model, age and service history; two years of water, gas and electricity bills; and monthly coin and card revenue. Utility consumption tracks loads and loads track revenue, so the bills either support the takings or they do not. The register in Pro keeps each as a dated item so the bills arrive in week two and not the week before closing.
Counting the chase
On the checklist sheet's worked example 16 of 24 documents received by day 20 of 60 is 67% complete with 8 outstanding and 40 days left, roughly one item a week. Enter your own list and dates and the sheet says whether the closing date is still real; the funding stack for the store is then worked on the acquisition cost calculator from the earnings the documents proved.
Questions people ask about buying a laundromat business
How do I check cash takings?
Against the utility bills and the bank deposits. Where the seller's claimed revenue outruns both, the difference is the negotiation.
Should the equipment be inspected as well as listed?
Yes, by someone who services commercial laundry equipment. The list tells you the ages; the inspection tells you the next twelve months.
How much does Keysvo cost?
The sheets are free with no account. Pro, which keeps the store, the list and the dates, is $14 a month.