Anybdy own (or ever own) a... - PeachParts Mercedes-Benz Forum

The Swede · #1 04-11-2007, 04:33 PM

Coin operated laundry biz?

I know of a few FS near me, all new eqpt., auto locking doors, ability to monitor via camera from home PC.

They pay a guy to come in a few times/week to clean. Other than that, the owner is basically absent. Of course, when something breaks, that's an issue. However, there a dozen plus washer/dryers that are still operable in the meantime....

engatwork · #2 04-11-2007, 04:37 PM

suggestion
buy one located in a college town and also serve beer

The Swede · #3 04-11-2007, 04:39 PM

Quote:

Originally Posted by engatwork

suggestion
buy one located in a college town and also serve beer

A guy did that when I lived in Madison. I'm afraid it's full of 'em near the U of MN campus. Plenty of apt living in the Minneapolis area, so they tend to stay busy.

Kuan · #4 04-11-2007, 04:41 PM

If you buy a restaurant I'll do all I can to make sure you earn money.

The Swede · #5 04-11-2007, 04:45 PM

Quote:

Originally Posted by Kuan

If you buy a restaurant I'll do all I can to make sure you earn money.

It's still in the running. No offers yet, so his price should come down soon. My agent doesn't appear to be in any hurry to help him sell it. However, his financials look good, and his books are clean.

It would be a helluva lot easier to run two coin op laundramats, granted the cash flow would be half. BUT, it would require very little of my time and would allow me to work pt doing what I really like. Then cash flow would be closer to that rest biz I mentioned to you.

Kuan · #6 04-11-2007, 04:50 PM

We should go look at that place.

Chas H · #7 04-11-2007, 04:56 PM

There's a coin operated laundry next to a bar right outside the Brainard Minn racetrack. I was there for a race and needed to do laundry so I had few 3.2s while the wash was doing. The bar had a back door that opened onto the track fence, so on race day we had a cheering section over on the back straight.

The Swede · #8 04-11-2007, 05:23 PM

Quote:

Originally Posted by Kuan

We should go look at that place.

I've got Friday and all weekend, plus Monday. Lemme know. Up for doing the Y as well.

John Doe · #9 04-11-2007, 05:23 PM

Down here if you don't have a full-time employee on premises, the liability insurance makes them cost prohibitive to own. I know a guy that owns about twenty of them and does real well, but I wouldn't know about how one or two would C/F.

The Swede · #10 04-11-2007, 05:34 PM

Quote:

Originally Posted by John Doe

Down here if you don't have a full-time employee on premises, the liability insurance makes them cost prohibitive to own. I know a guy that owns about twenty of them and does real well, but I wouldn't know about how one or two would C/F.

Cash flow for 2 isn't that great, but it pays more than a resp therapist, plus I can make $$ elsewhere which will help. I wouldn't be working more than 25 hrs/wk. No kids either.

Let the good times roll...

I can't afford 20, but two is a decent start. There's also the possibility of buying the commerical real estate down the road.

PaulC · #11 04-11-2007, 05:38 PM

Do the machines have a system that tallys the cash deposited? If the machines don't have this feature, you're going to have a lot of fun ensuring that whomever empties/counts the cash doesn't forget to deposit ALL of it at the bank. I know someone who operates a coin-operated vending machine business. Between that issue and ensuring that the employees don't stroll off with a case of Skittles from the inventory, it's never a dull moment.

John Doe · #12 04-11-2007, 05:40 PM

Sounds like you may be over your travelling days, but my god are they paying PAs, Resp. Th., PT, ect....sick amounts of money to go to areas of need to work contract for brief stints. Funny thing is, the areas of need are not ones you would expect-- a friend of mine who is a heart (mostly ultrasound, ekg, dept. manager expert) PA just got hired by a headhunter to go to ..... Charlotte, NC to work for 11 months. $116K+ housing allowance

That ain't bad bucks for a single 30 yo that is still out chasing tail and only had to put in 5 yrs. of higher learning total. He is going to keep his house here and rent it, then try to get a gig in florida, buy a house there, ect.....

PaulC · #13 04-11-2007, 05:41 PM

I deal with small businesses every day. If you don't plan to live at the restaurant, don't bother. It's an extremely difficult business if you can't continually monitor operations.

John Doe · #14 04-11-2007, 05:41 PM

Oh, and I know you are getting expert advice, but unless you already have money and are looking for a write-off, I wouldn't get too romantic about the restaurant biz.

The Swede · #15 04-11-2007, 05:42 PM

Quote:

Originally Posted by PaulC

Do the machines have a system that tallys the cash deposited? If the machines don't have this feature, you're going to have a lot of fun ensuring that whomever empties/counts the cash doesn't forget to deposit ALL of it at the bank. I know someone who operates a coin-operated vending machine business. Between that issue and ensuring that the employees don't stroll off with a case of Skittles, it's a lot of fun.

Haven't gotten that far yet. Just basic numbers. The eqp't it 4 yrs old, but from what I can tell, all the current owner does is collect money and check the machines. The other worker is there 4 days/week to clean and keep an eye on things. So, in essence, there's someone present most of the time.