The Bureau of Labor Statistics expects the dry cleaning business to grow by at least 3 percent by 2018. The industry expects to be around $ 2.3 billion gross in combined phases. [Citation needed] This is a growing service industry, and more dry cleaning. Companies are appearing in cities and towns throughout the United States. If you are interested in owning and operating a dry cleaning business, you will find it a challenging and rewarding business. Buy a dry cleaning business by finding a successful business and location with an owner who is ready to sell.
Finding a Dry Cleaning Business To Buy
Conduct market research. Knowing the area in which you are planning to buy, knowing the dry cleaning market will help you decide whether you want to buy a local dry cleaning company or franchisee.
If you want to open a franchise, get at least $ 300,000 and get the value of financing. They are often less flexible than an independent owner who will work with you to sell business.
Find a place and a dry cleaning business that fits your vision of how you want to run your business. You can ask the current owners whether they are ready to sell, or work with a broker who can find the seller for you.
Draft of Letter. This letter is your desire to buy a dry cleaning business and the owner wishes you can sell it.
Include the proposed purchase price at LOI. This can be discussed later. It should disclose any property or property which will move you into the sale, as well as provide a time limit or a window by which the sale should stop.
Rent an attorney. To ensure that you are secure during the procurement process to the attorney of sales contract. A contract lawyer can give you the best advice on buying a dry cleaning business.
Both sides should avoid using a lawyer. No matter how friendly you are with the seller, make sure that each party has its own lawyer.
Making a Formal Offer on a Dry Cleaning Business
Evaluate the property that resides in dry cleaning business. Gather information about property taxes and what they have till date. Look for the lie against the property and determine where the limitations of the property are.
Compromise involving any vehicle. Some dry cleaning businesses load and drop clothes for their customers, so sales or van may include trucks that are used for this purpose.
Check the position of the devices to move with the sale. Find warrants, and find out which vendors do service and repair equipment in the dry cleaning business.
Check employee records. When you buy a dry cleaning business, you will want to know how many workers are currently employed and what their conditions of employment are.
Go through financial records. Check cash flow, loans and insurance payments.
Find out what you can do about the reputation of the dry cleaner. Before buying, you want to make sure that this is a reputable shop which is a great thing for dry cleaning customers and other business owners.
If any of your research has purchased unexpected information such as property liability, outstanding debt or malfunctioning equipment, then discuss the purchase price.
Closing the Deal on a Dry Cleaning Business Purchase
Make sure your financing is in order. Whether you are financing the purchase with your own funds, investing in investors, getting business loans or working with alternative funding methods, money will be required before the deal is closed.
Set an end date. Your lawyer can set a date to finalize the sale with the seller’s lawyer.
Make the seller pay for a dry cleaning business, either through the person or his lawyer.
Once the money is changed, get the key and all necessary permits, locks and other information.
Announce the new ownership of your dry cleaning business and whenever you decide to buy it, start any changes made in it.
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