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Help - anyone have experience/stories with coin laundries?

I'm interested in buying one but wanted to get people's opinions (preferably people who have owned and operated) on whether or not it is a good business? Truly owner absentee? Profitable?

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Answers (3)
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It is a great business depending on location. I have one in a small town , there are total of two. Mine happens to be a nicer one and is located next door to a convenient store and tavern. I don't worry about having bums or idiots destroying anything in my business. I clean it very often. It is a nice business

Dec 16, 2010
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Biz2Credit LLC
New York County, NY


Coin laundry can be a good business to buy depending on where it is located. Areas like Bronx , Brooklyn in NYC makes them a great business to own. The key challenge financing this kind of business is lack of nos. reported on tax returns so difficult to arrive at an accurate valuation. Biz2Credit (www.biz2credit.com0 has financed a few of them but overall I would put it a more difficult to finance if income is not reported on tax returns. A franchise laundrymat is a better bet.

Aug 17, 2010
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Corporate Financiers

The truth is in the numbers. Get the tax returns of the existing owners, verify with a form 4506, and adjust the financials where appropriate; i.e., addback seller discretionary items. As a former banker at Merrill Lynch with an Accountancy background from the U. of MI and Northwestern I can help you with this and the financing. I can also provide references. Todd 312-488-3505

Aug 16, 2010