Looking at something to get out of the corporate rat race, head numbing stuff

Have seen a small commercial laundry (freehold) property for sale. Where the current owners are looking for an overdue retirement.

Any pointers what to look out for. I will be looking over the accounts going back 5 years next week. Viewing the business on Sunday

It’s a commercial outfit servicing the catering, hotels etc industries. Has three staff (totalling 72 Hrs p/week) and all stock/machines etc in with the sale.

I will be looking at:
Machine service history and age
Boiler service history and age
Length of Service of the current staff
Opportunities (although the seller will include a business plan in with the sale)
Building structure
Fire safety

Thoughts and pointers welcome

One of my “mates” worked in a dry cleaner.

He was taking curtains and charging half price if they collected them the next day. Then pocketing the cash.

I’d be checking there wasn’t any way for anything similarly dishonest to happen easily.

I haven’t seen said “mate” for 20 years, I always wondered if he got prosecuted for it.

I believe there was someone on the gnarpoon thread who runs a launderette………….found them:

https://singletrackworld.com/members/rubber_buccaneer/

I suspect that if you have staff who know to do the laundry side of things that bit is largely irrelevent, it will more depend on things like your ability to find/retain customers, manage staff, deal with financial planning, etc, etc, same as running any other business. If you have those skills then I’m sure you can learn the laundry specific bits fairly quickly.
As an accountant I see a lot of it the other way around, people who are very good at whatever it is they do but are clueless about running a business.

My artworking partner works on Laundry and Cleaning Times or such. I’ll have a quick word with him about suggestions.

EDIT: no, its this one:

http://www.laundryandcleaningtoday.co.uk/

Will running a laundrette provide you with the escape from corporate life you’re looking for?

(Not being sarky – it seems like it has quite a high potential for stress to me…)

The laundrys in Weymouth do seem to be good businesses, if a bit seasonal…

As mentioned above I’ve ducked out of the regular office job and bought a launderette. A bit different for me as.i have bought a self service launderette where I can offer service washes when I like and just leave.people to use the facilities whilst I’m out doing other things like riding bikes😀

For me it is low stress and I can’t even call it work chatting to people for five half days a week. I don’t expect to get hugely rich but that isn’t what I was looking for and once the trade is rebuilt I should be pretty comfortable for a part timer. BUT my family already own a couple of launderettes so I very much knew what I was getting into and have a lot of experience to call on when I have a problem.

For what you are looking at do make sure you know the condition of the equipment and that it is all running correctly, e.g. just a short time without the water softener working correctly could give you big problems.

A commercial laundry is a bit different though and I can’t offer much advice. For me I just have to keep everything clean and operational so the customers keep coming but you will have much more of a sales job I think

Dry cleaners are a (very) poor risk from an insurance point of view – make sure you’ve got a quote from someone before you buy it.

Thanks all for your comments.

Any pointers what to look out for.

If the business is making profit then just go with that formula.

Location, location and location if you start from new.

So long as you actually turn up on time to collect/drop off the laundry. And clean it properly, not leaving any stains.
Seems most of the laundry services around here can’t manage that…

Anyone else here thinking about Breaking Bad?

Anyone else here thinking about Breaking Bad?

That was my first thought.

Anyone else here thinking about Breaking Bad?

I was thinking the OP has a few suitcases full of cash and needs to “clean” it.