Pros and Cons of Buying and Retooling a Laundromat
July 23 @ 2:00 pm - 3:30 pm$49.00
There are two ways to jump into the self-service laundry industry: constructing a brand-new store or searching for existing laundries that are for sale in your area. This program will focus on the pros and cons of buying an existing laundry and what every prospective laundromat should know.
CLA will host successful store operators who will share their experiences in buying an existing laundromat and what they learned along the way. Attendees will learn why panelists chose to buy an existing store vs. build a new store, how they found the right location to purchase and the steps they took to retool the store. The program will allow plenty of time to ask your questions of the panelists.
- Steve Levine, Owner, Super Sudz Laundromat
- Michael Finkelstein, Multi-store owner, Associated Services Corporation
- Lisa Johnson, Multi-store owner, Giant Wash Laundry
- Facilitator Brian Wallace, President/CEO, Coin Laundry Association
Topics to be discussed during this expert panel will include:
- Finding the right location by analyzing demographics, competitors, lease terms, etc.
- Learning the right questions to ask of the seller.
- Determining the valuation of the store and calculating ROI.
- Verifying the income of an existing laundromat.
- Making the offer and closing the deal.
The cost to attend this program is $49. Each person who registers will receive a recording of the program.
Michael Finkelstein is a large multi-store owner that runs and operates laundromats and sells equipment in the mid-south. He recently served on both the CLA board of directors and the Laundry Cares Foundation board. He has been in the coin laundry business since January 2005, and prior to that was in the food business as a food broker.
Lisa Johnson and her husband Daryl currently own ten stores throughout Minnesota and Iowa. They bought their first store in 2007, and they helped get sales tax on laundry in the state of Iowa repealed. Lisa volunteers extensively with the Laundry Cares Foundation and has organized many Free Laundry Days nationwide. Before laundry, she owned rental properties and was a stay-at-home mom.