12 Steps Before You Close the Deal with Dave & Carla Menz

The Laundromat Millionaire Show with Dave Menz

Confused about what "due diligence" is? Not sure what steps to take before you buy that laundromat? How do you make sure it's a good deal and you're protected? In this episode of The Laundromat Millionaire Show, Dave & Carla Menz reveal their 12 recommended steps to take before you close on that laundromat purchase.
Referenced Links:
Our Sponsors: H-M Company Drain Troughs: https://www.draintroughs.com
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Our Online Course: https://dave-menz.mykajabi.com/sales-page
Our Youtube channel: https://youtube.com/c/LaundromatMillionaire
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Our LinkedIn: https://www.linkedin.com/in/dave-laundromat-millionaire-menz/
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Our laundromats: https://www.queencitylaundry.com
Our pick-up and delivery laundry services: https://www.queencitylaundry.com/delivery
Our WDF & Delivery Workshop: https://laundromatmillionaire.com/pick-up-delivery-workshop/
Suggested Services Page: https://www.laundromatmillionaire.com/services
WDF & Delivery Dynamics: A Complete Business Blueprint: https://laundromatmillionaire.com/wdf-delivery-dynamics-a-business-blueprint/
LaundroBoost Marketing Company: https://laundroboostmarketing.com/
Clean Show Registration: https://the-clean-show.us.messefrankfurt.com/us/en.html
LM Show on Leases: https://www.youtube.com/watch?v=npSt0Kn6uuE
Laundroworks: https://laundroworks.com/
Timestamps
00:00 Episode 100 Intro on How to do Due Diligence before You Buy
03:52 What is Due Diligence?
05:57 Making the Offer: Writing a Letter of Intent
11:35 Step 1: Get the Support Behind Their Numbers
17:28 Red Flag Expenses
25:34 Step 2: Difficult to Escape a Bad Lease
32:26 Step 3: Assess the Equipment & Inventory
36:14 Step 4: Demographics & Value of the Location
38:42 Factoring in the Float of a Card Store
44:05 Step 5: Evaluating Current Operations
46:33 Step 6: Analyze the Competitive Landscape
48:57 Step 7: Regulatory Compliance
51:08 Step 8: Watch for Lawsuits and Contract Obligations
53:15 Step 9: What is the Status of their Brand?
55:19 Step 10: Proper Coverage from Day 1
57:50 Step 11: What About the People?
1:00:51 Step 12: But What Will the Future Hold??
1:04:35 Final Thoughts and Call to Action