There’s a particular business you can own and operate that will consistently turnquartersinto thousands of dollars. It’s a stable, profit churning business that only requires your presence on a part-time basis. A business rooted in taking care of one of life’s basic necessities, which safeguards it from even the worst of economic downturns. This is an industry where there are virtually no sales tactics or persuasion skills needed in order to get customers. In case you were wondering, the business that is being described is…The Laundromat.
The pro versus con list of owning a Laundromat heavily favors the pro side. This business is SAFE because it’s not influenced by the economy. The simple fact is people need to clean their clothes regardless of the country’s economic state. Then there’s the age-old adage of ‘location, location, location.’ Well, Laundromats can be successful and profitable in most communities. However, in neighborhoods with high rental occupancies, this business isexceptional. Typically, running a successful business can take a big chunk out of your personal time. Laundromats are different. As individuals who own Laundromats can attest, the beauty is the part-time hours. According to Brian Brunckhorst of www.buyalaundromat.com “if run properly, a Laundromat should only require 5 to 15 hours a week of your time. Don’t waste your time getting a second job, instead own a part-time business and a Launderette is truly one that can be run part-time.” More so, Laundromats do not require you to roll up your sleeves and sweat in order for you to earn your money. This is one of the few businesses where your customers are doing all of the labor and paying you! Your job is solely to provide and maintain competent washers and dryers. Finally, the most important reason to buy a Laundromat is that it is an ALL CASH BUSINESS. Customers pay in cash in order to use your machines. There are no checks, there are no debts, and there is no waiting.
Laundromats are an amazing business and investment vehicle. They don’t require experience or any special training and are simple to operate. It’s an industry that only continues to grow and can provide you with an amazing opportunity to make money.
When buying a business people often ask when is the right time to speak with the seller of the business. At Vested Business Brokers we believe that a potential business buyer should ALWAYS take advantage of the opportunity to speak to the owner of any business he is interested in…and to do it as soon in the business buying process as possible.
The process of buying a business is an education process. Not only should you, the potential buyer, learn all you can about the financial and operational details surrounding the business you’re interested in…you should also take every opportunity to learn all you can about the industry that the business you’re looking at is a part of.
Most business sellers will be more than happy to share their experience and insights with you before you buy their business. Let’s face it, they want you to be successful – especially when they are helping you finance the purchase of their business.
Before giving a buyer the chance to speak to the seller, our business brokers at Vested are trained to “qualify” each and every buyer to make sure they are not only ready, willing and able to buy the business in question, we also profile our buyers to make sure the business they are looking at is the “right fit” for what they are looking for.
By doing this we save time and effort for both our seller and our buyer clients.
To speak with a Vested Business Broker call us at (877) 735-5224.
When buying a business it is important to understand that some businesses for sale require the owner to be involved in the day to day operations while others can be run on what is called an “absentee” basis. In this video owner and CEO of Vested Business Brokers, Nathan Goldstein, explains the benefits of buying and owning and absentee run business…
Absentee owned businesses are great for a professional who wants to earn additional income by acquiring a business that will produce profit every single day while currently working their regular job, or traveling, etc.
Almost any business can be run absentee, however, you will find that most often absentee businesses for sale will be businesses like:
At Vested we happen to have an internet company that is a database management businesses. The person who owns it nets approximately $800,000 a year and it runs completely absentee. In fact, his only real activity connected to this business is transferring the money he earns through it from one account to another.
Now most absentee run businesses for sale are not as easy as that. In truth, with most of these types of business you wouldn’t physically have to be there, but you would be responsible for certain things that would require “work”. For example, some people who own absentee based businesses will do the following:
the ordering for the business,
managing the schedule for the business,
Other than those types of responsibilities, they are able to have the rest of their business run “absentee”.
If you want to learn more about absentee run businesses, don’t hesitate to call your Vested Broker. They’re there to help you. you can reach us at (877) 735-5224.
Is it better to buy an existing business or start a new one from scratch? This is a question entrepreneurs ask all time. In this video, Vested Business Brokers owner and CEO, Nathan Goldsteiin offers his opinion…
Buying a Business Vs. Starting a New One
The truth is that most businesses fail due to the following reasons:
The owners/managers don’t have the requisite knowledge base
The wrong location is chosen
When you start a new business you have no idea if it will be a success or a failure. There are just too many unknown variables in play to know for sure if your new venture will be a success.
In contrast, when you buy an existing business, you have the opportunity to “take a look under the hood” BEFORE buying. You can see whether or not the business you’re considering is a profitable one
When you start a new business you can’t do that – you just don’t have that luxury.
For this reason alone we at Vested Business Brokers strongly suggest that the smartest move is to buy an existing, profitable business.
Take Your Time When Buying a Business…
We encourage our buyer clients to take their time and do their due diligence before buying. Have your attorney and accountant analyze what you’re thinking of buying.
Letter of Intent…
Once you have done your due diligence and the business you’re looking at passes muster you need to move quickly. Lock up the business by doing a Letter of Intent (LOI). A Letter of Intent is a non binding document that will lock in the price and the terms of sale for your purchase of the business.
We want you to know that you don’t have to go through the business buying process on your own. We are experts in buying and selling businesses. It’s what we do…and have done more than 1000 times since 2001.
We wish you all the best and if you need help give us a call at (877) 735-5224.