Are you considering (or in the process of) selling your New Jersey laundromat? Maybe your laundromat is up for sale by owner here in NJ? Now is the perfect time to get help with the process of putting your laundromat up for sale in NJ. The selling process is rarely easy, but the experts at NJ Broker Plus are here to help you make the process of buying and selling your business a smooth one. Keep reading for up to date information on how to sell your laundromat in NJ.
Buyer and Market Due Diligence
Just as we mentioned in How To Prepare For Selling Your Restaurant, it’s important to begin a sale by doing some research on your potential buyers. This includes possible buying options. There are 3 different types of buyers, who fall into the following categories:
- Cash: those with the cash available to spend
- Bank Financing: those who will be financing through a bank. If the buyer is looking to purchase with a bank loan, they will be relying heavily on your business tax return and financials presented by your business
- Seller Financing: those that will require some seller financing
It’s also important to conduct market research; this includes gathering information about the performance of other laundromats or similar services in your area. Researching other business purchases and sales, especially businesses similar to your laundromat, is a great way to prepare for your potential sale. The experts at NJ Broker Plus will perform this research for you.
Timing Is Everything
You spent years building your business, and most likely you have invested a significant amount of money into your laundromat. You want to make sure you receive the highest possible sale price when putting up your business for sale. The experts at NJ Broker Plus will work hard to see that you realize that goal. To discover the correct value of your business, a business valuation will need to be performed. This should be conducted by a business broker who can draw from market research and experience.
Once the value of your business has been assessed you should decide on the best time to sell? This can be based on a number of factors:
1. Strong sales: increased year over year sales showing growth will yield top dollar. The best time to sell your laundromat is when business is performing at its highest level.
2. Equipment condition is another factor when deciding on a good time to sell your laundromat. Is your equipment in good, working condition? Older, run-down equipment has the potential to yield a lower sale price and sway a buyer in the wrong direction.
Gather and Review Important Documents
You’ve done your research and have gained as much information as you can surrounding the future sale of your laundromat. The next order of business would be to gather and review all of the important documents associated with your business performance and your own personal finances. Having these documents and good records easily accessible will make your selling process run smoothly when this information needs to be obtained.
Hire a Team of Professionals to Market You Laundromat! Now that you understand what’s involved in getting your laundromat ready to be sold, Contact the experts at NJ Broker Plus for a no-obligation meeting.
We are also here during the buying and selling process of any business. Be sure to check out our other blogs or contact us today for a free business valuation.