CLA Connect Open Forum

GODFATHER GOT UNSOLICITED OFFER TO SELL

  • 1.  GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-11-2018 14:36
    As you know I bought a mat- which was once the top mat income wise...BUT RAN TO THE GROUND. I bought it in 8/12-redid it to new.
    Sales went from $5/day to $21k/mo

    Fast forward fire NEXT DOOR on 6/25/18
    Re OPEN on 8/13/18 after 7 weeks

    Doing about $15k/mo now. You can say off by 25-30% pre fire but slowly growing. Will it reach pre fire level and when I dont know.

    Well got a guy come to wash last saturday. I noticed he was checking every washer then the mat.

    He came by today says will pay $200k cash.

    What you think ????

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    ORIGINAL GODFATHER
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  • 2.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-11-2018 14:50
    If I am not mistaken those machines are 3 years old. How many of each size washer do you have? How many 45 and 30 LB stacks? Not knowing those numbers I say that is too cheep and you would be better off keeping it. How bad to you want to part company with your landlord?

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    Curt Harrington

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  • 3.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-11-2018 15:46
    Curt,

    Machines are 6yrs old
    LL has me on very reduced rent now till 3/19 plus some cash after her Insurance pays her.
    I have 17stacks
    4-60
    5-40
    4-30
    10-20s
    20-tops...which plan was to take a row out leaving 10 tops and replacing 10-with 30s

    8tables 10carts Dual changer 4 takagis
    plus own vending plus get extra income from "Income Space"

    I checked on CL...some brokers for same income with 20+ yr machines want 300k+
    WHOOOAAAA

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    ORIGINAL GODFATHER
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  • 4.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-11-2018 15:58
    Idk Bob,

     How old are you, married? Kids? Investmemts or other income?

     Is your plan to just revert back to just one mat?  200k seems low especially if your doing anoit that much in 1 year.

     200k is not a whole.lot of money plus you'll them have some heavy taxes to pay on the gains.

     You obviously have some decisions to make.  Take some good time pondering your options & decision.

     Good luck

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    Juan
    Store Owner/ Employee
    Cocoa FL
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  • 5.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-11-2018 16:38
    A stranger offered you $200k just like that without checking your lease, utilities, taxes, payroll, income?

    Something sounds fishy here. I think either this post is BS, or that guy is BS.

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    Paulie B
    Multiple Mat Owner since 1976
    New York City, NY
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  • 6.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-11-2018 17:05
    I agree with Paulie, I don't trust any posts, reviews, or online information by anyone who is afraid to use their real name. No disrespect to you bob, I'm sure you have a valid reason for using a fake name.

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    Richard Heighington
    Potential Divestor
    B.C. Canada
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  • 7.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-11-2018 17:13
    Paulie,

    Yes, I agree ... this whole thread sounds fishy to me too.  Maybe the CLA should start charging $5 for each thread to discourage these "fake" threads posted by unnamed individuals who are very quick to condemn the thoughts and actions of others here.

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    Larry Adamski
    Muskegon Laundromat
    Spring Lake MI
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  • 8.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-11-2018 18:41
    The guys name is Mehul Patel and obviously he gonna check ALL PAPERWORK , he put 200k out there to check my reaction. He aint a fool. I was wondering why on a Saturday morning in heavy rain has a guy come to wash in a mint Mercedes Benz 500SL-i think.
    i am sure the guy who works next door sent him as after the fire he kept asking if I wanted to sell, he never thought I will reopen....

    And i did use my real name but after being banned so many times, i am confused too as what my real name was.
    You remember my previous names
    Don king
    Mat king
    Andy King
    Manuel Sarmiento
    Original Godfather
    A Jewlvr

    And NO the Godfather is Exempt due to Special Circumstances from paying the $5.....
    WHY IS THAT ,???
    Coz I am the Godfather.....
    Makes me feel like rapping,
    Coz if u aint rapping,
    U aint living,
    and dat just so Tripping
    U feel me Hom'es

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    ORIGINAL GODFATHER
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  • 9.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-11-2018 19:48
    Based on a SWAG based on selling those half used up machines (sorry this is not the old days)  I guess you have about $80,000 left in good faith after all the things you will need to deduct. Based on keeping those machines in place and continuing to empty the coin boxes I would say do not sell it that cheep. But what do I know? I have 160 washer loads in a small building.
    A few years ago when those companies were making equipment that would last for 35 years I would say...What the Hell are you thinking? That was then.

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    Curt Harrington

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  • 10.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-11-2018 20:37
    I feel u Curt,

    I have 50k note left.
    Hopefuly n Eventually god willing it will get to n more from pre-fire level

    Like Larry says, Thin the Herd.

    So I may just keep it.
    But the GODFATHER will NEVER pass up on a OFFER he cant REFUSE !!!!

    U feel me Curt !!!

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    ORIGINAL GODFATHER
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  • 11.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-12-2018 12:04
    How much is the store netting now and how much was it netting pre-fire?  Are you working there, if so what are you paying yourself and is that expense reflected in the net?  How many hours are your working there?  And finally, is your note payment considered an expense are included your net?

    It sounds like the guy is low-balling you, but I need more information to know that for sure.  I don't know Dallas market for business, but I'd guess your place is 3.5 to 4.0 net owners benefit.  I think you'll eventually get back to pre-fire levels, just not sure how long that will take.


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    Paul Kludt
    Multi Store Owner
    Lake Worth Coin Laundry
    West Palm Bch FL
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  • 12.  RE: GODFATHER GOT UNSOLICITED OFFER TO SELL

    Posted 10-12-2018 18:30
    200k after taxes doesn't go very far and once gone, then what? Keep it even if you net 2-4k/month, it's better than no income.  Maybe it's time to rethink your personal finances and live within your means.

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    Chris Mallam
    Norfolk VA
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