Pivot & Profit with Priscella Grant

“Buyer Beware”: Why Laundromats Are A Tough Business To Get Right

• Priscella Grant • Season 1 • Episode 4

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Back in 2020, my husband and I had some money set aside which we wanted to invest in a turnkey, light touch business that would make us money without too much effort from our end. So we did some research and got a seller financing deal on a local laundromat which we thought would meet our business goals and expectations. Big Mistake!  Tune into this episode of Pivot & Profit to find out what we did wrong when we bought a laundromat and how you can do it better. 

We talk you through how we set up our deal and the things we did research – and didn’t. You’ll hear us discuss how commercial leasing is different from residential leasing and where we should have done our sue diligence before signing the agreement. 

Then we get into the daily realities of running a laundromat, from managing employees to
performing maintenance, and installing upgrades. At the end, we also give a breakdown of how much profit we made from the laundromat on a good month and you’re definitely going to be surprised by that! We found that ultimately, a laundromat wasn’t the right business for us. But if you think you can do it better then please learn from our mistakes!

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