How do you verify the information the seller of a laundromat provides? What are some ways people who want to buy a laundromat have been taken? How to spot the difference between a good deal and a bad deal?
Welcome to state of the laundry industry with laundry mat episode 28, how to buy a laundromat , do your own due diligence. I got some feedback on the last episode about what can you do to not get conned? Right ? What do you mean trust, but verify, how do you verify let's go back to the story about the person who bought the laundromat and paid way too much, because all the information he saw was fake. This person got tricked by two ways. One was the utility bill. He thought that was incontestable, but it's not too hard to fake a utility bill for a month. You just run the water. So that's why you need to see historical stuff. The second thing that tricked this person was that non-res settable counts on the machines themselves. He went in, checked the machines, saw the number of counts or the quarters being put into the washers. Then he came back in later on and saw the numbers were much higher. It turns out those weren't customers putting the quarters into the machines. All of the information you see is just that information, but what does it actually mean? This person looked at that data that he was presented by the seller and said, okay, this makes sense. And he paid what he paid this exact same laundromat, a more experienced laundry owner who already was the LA owner, went by there during supposedly busy times and saw the place was dead. He would always drive by take counts and see how many people were coming in or were in the laundromat at any given time. And he just saw just by his own eyes that it just wasn't working. He also stayed inside the parking lot and just watched for like an hour or two during different times and saw that it just wasn't making sense that there's no way the numbers that the sellers were presenting matched reality. You could also tell on the wash and fold . We know that the average order size is about 20 pounds in store. You could do counts. How much washing full do they have stored stored at any given time. If they're doing sizeable, washing fold , there should be something there's no replacement for doing your own due diligence. So you receive the information from the owner. The longer that information goes back and it's substantiated and is harder to fake, the more legitimate, the more credibility it has, but you can't just rely on that. When you're looking at data, you need to always ask yourself, can this be faked and how hard would it be to fake? And does this data match what I see with my own eyes? And if you can't be at the laundromat, then get some eyes over there, you know, have friends or , you know, do counts or driving through, or get the digital camera to, to stake the place out. But you need to make sure that the numbers that you are given match reality. One of the nice parts with curbside laundry software is we've been able to help out a whole bunch of different sellers and buyers. So we've even had with the seller's permission, the buyers call in and say, Hey, how do I verify this information? And we've been able to do a walkthrough and , and just show them, there's no way this information could be fake. Everything is time
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Stamped and it would have to be a long game of years and years in the making. There's just no, no way I could feasibly see somebody faking their information with curbside laundries. So that goes two ways. If you wanna fake the information, don't get curbside laundry software, but if you want to validate what you're doing, and hopefully you're doing very, very well. That's where having software that has a tracking system that benefits you. So when it comes time to sell, you're able to get top dollar because you can verify the information. Thanks for watching. Don't forget to click like or subscribe. And if you'd like to learn more about the curbside laies washer forward point of sell and pick up and delivery solution, go to curbside laundries.com. See you next time.