The terms of your purchase deal can make or break your chances for a successful business – and it all starts with making the right offer! In this episode of The Laundromat Millionaire Show, Mike Finger of Exit Oasis returns to share his laundromat journey including tips for proper due diligence, improving the business, and reselling it for 2.5 times his cost!
Referenced Links:
Our Guest: Exit Oasis Website: https://exitoasis.com/ Mike’s LinkedIn: https://www.linkedin.com/in/mike-finger Our Sponsors: H-M Company Drain Troughs: https://www.draintroughs.com & LaundroBoost: https://laundroboostmarketing.com Our Website: https://www.laundromatmillionaire.com Our Online Course: https://dave-menz.mykajabi.com/sales-page Our Youtube channel: https://youtube.com/c/LaundromatMillionaire Our Podcast: https://staging3.laundromatmillionaire.com/podcast/ Our Facebook: https://www.facebook.com/laundromatmillionaire/ Our Facebook Group: https://www.facebook.com/groups/laundromatmillionaire Our LinkedIn: https://www.linkedin.com/in/dave-laundromat-millionaire-menz/ Our Instagram: https://www.instagram.com/laundromatmillionaire/ Our laundromats: https://www.queencitylaundry.com Our pick-up and delivery laundry services: https://www.queencitylaundry.com/delivery Our WDF & Delivery Workshop: https://staging3.laundromatmillionaire.com/pick-up-delivery-workshop/ Suggested Services Page: https://staging3.laundromatmillionaire.com/services WDF & Delivery Dynamics: A Complete Business Blueprint: https://staging3.laundromatmillionaire.com/wdf-delivery-dynamics-a-business-blueprint/ LM Episode on Due Diligence: https://youtu.be/Q0kIxMrmuwA Previous Episode with Mike: https://youtu.be/35Od9WsLHD8 Form 8821: https://www.irs.gov/pub/irs-pdf/f8821.pdf
Timestamps
00:00 Episode 107 Intro – Mike Finger 03:42 Mike’s Background & Recap of Episode 81 06:18 Finding a Laundromat to Buy 08:51 Making an Offer 11:33 Doing the Due Diligence – First Attempt & Uncovering Lies 14:37 Looking for Other Options – Drop Note Strategy 15:16 Doing the Due Diligence – Second Attempt & Bypassing the Owner 21:05 Using Utility Bills to Estimate Revenue 24:51 Foreclosure, Final Offer & Purchase 25:54 Dave’s Thoughts on Due Diligence and the Timeline for Purchasing a Laundromat 28:28 The Importance of Patience 30:57 Difficulty in Financing Some Deals 34:23 Running Your Business to Maximize Its Value 37:00 Turning His Laundromat Around and Reselling at 2.5X His Cost 42:36 Learning to Delegate 43:54 Our Story of Creating a Sellable Business 48:22 Changing the Vocabulary Around “Sellability” 51:04 Most Important Concept Learned as a Business Owner 51:46 Impact of the Initial Deal 52:34 How Mike Increased the Value of His Laundromat 57:10 Final Thoughts – Contact Info for Mike Finger
