Hi. I am looking to a buy a running Dry Cleaners/Laundry. What should I be asking about/looking for? Never been in the dry cleaning business before.
Coin laundries and dry cleaners are very attractive opportunities to many people. While some can be run absentee, the majority truly need a hands-on, capable owner-operator to really succeed.
With a dry cleaner, you'll want to check out all potential environmental issues to be certain the current owner has been in full compliance with all waste disposal issues. This is crucial because some leases actually hold the current tenant liable regardless of who may have caused the problem.
From a business operations standpoint, you should consider locations that offer a variety of services such as: dry clean, alterations, leather/suede, wash and fold services, etc.
You need to know very clearly what drives the business. Most often, it is location. As such, if the business is located in a plaza investigate the anchor tenants to be certain they're planning on staying in their premises for many years. Also, investigate any possible road work that may be planned for the area. Typically, major streets undergo some work at least every ten years. The city hall can provide you with additional information. Lastly, you want to be sure that you have a long-tem lease in place.
A great resource for you is the Coin Laundry Association. You can visit their website at: http://www.coinlaundry.org/ and the Textile and Fabric Care Association at: http://www.ifi.org/industry/index.html.
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