If you own a laundromat that you have decided you want to sell so you can retire, then it is important you have an accurate valuation. An accurate business valuation is important because it allows you to set a reasonable price for the business and get it sold quickly. To ensure your laundromat's valuation is accurate and reasonable for the current market's sales prices, follow these tips:
Tip: Consider the Value of All of Your Washing and Drying Equipment
One of the biggest assets your laundromat owns is its washing and drying equipment. While the washing machines and dryers aren't worth what you originally paid for them, industrial laundry equipment does hold its value better than machines manufactured for residential use. You can determine the value of your equipment by conducting some online searches and comparing your items to those for sale on the open market. Even if you cannot find your exact makes and models of equipment for sale, you can get a basic idea of their value by looking at comparable options.
Tip: Consider the Laundromat's Location and Historical Sales
While some businesses are portable and their current location isn't as important, this is not the case for a laundromat. For this reason, the location of your business and its historical sales is very important when evaluating its current market value. Your laundromat has a standard customer base that uses it because of its convenient location to their homes and work locations, so this aspect plays a big part in its value when it comes time to sell.
Tip: Consider Value-Added Services Your Business Offers to Customers
In addition to your laundromat's washing machines and dryers, you should also consider the value of any additional services your business offers to customers. For example, does your laundromat have a gaming center, vending machines for snacks, or movie rental machines? Each of these value-added services adds to the overall price of your laundromat when you are selling it.
Tip: Perform Some Due Diligence Online
Finally, before you seek out a professional laundromat appraiser to value your business for sale, first, perform some online due diligence. There are many valuation tools and sales advice you can use to get a ballpark estimate of your laundromat's value before you hire a valuation professional. Use this information to ensure any valuation you are given is near what you have determined it to be from your own research.
Contact a company like PBI Laundry Consulting for more information and assistance.Share