Not for sale, how to offer?

[Josh Kucker]

Hello all again!

Continuing my mental gymnastics about local vs distance businesses, how would you recommend approaching local stores to see if the current owner would be interested in selling?

Call? Letter of interest? Both? Finding a broker to initiate the process?

There are a number of stores in my area that are quite run-down and appear poorly managed, especially in comparison to some others nearby that are nearby. I’d love to buy and build up some zombie-mats into quality laundries.

Thanks again!

Josh

[Dave “Laundromat Millionaire” Menz]

Hi Josh, In my experience the best opportunities are the ones that are not advertised “for sale” so you have good instincts.
I recommend that you be patient, examine the local markets and competitors to see if there’s a need. If not, walk away.
If there’s a true need for modern and we’ll run laundries in your area that’s great! Next I recommend you evaluate all the laundromats in that market by location and size. Categorize them from best to worst. Then CALL the owner directly, briefly explain that you’re looking to purchase a mat in his market and you’d like to buy him a meal to see if there’s a match. Do not send a letter! I get these weekly and have yet to actually read any of them. That’s a fools errand imo. Be patient, build a relationship, and don’t be selfish. Ask about the owner and what he may be looking for. Then and only then, make him an offer in person after you’ve built a casual relationship and he knows your serious. Wayyy to many people waste business owners’ time and it gets very old. Be patient, it’s a process. Best wishes to you!

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