The trajectory of what I think is going to happen here given the current climate, potential outcomes and promises that others have made gives this endeavor the potential to be one of the most incredible organic-ish things to be documented here in a long time. I've subscribed to watch with interest as it happens and also because I'm genuinely interested in the content as a self-employed person for more than 30 years. Happy to find this and you.
This is a random recommendation on my feed. I live in Bangladesh. Looks like your video has managed to what I like to call, 'jump on the algorithm train'! If you play your cards right you can use it to make this channel grow. Good luck!
I enjoy watching your videos and they come out very genuine and it feels like you’re really there to educate the folks here which is refreshing to be honest. I’m curious about your marketing efforts in the laundromat business. What kind of marketing did you do? Enter through the POS system did you have access to contact info so you can email them with offers and promotions to keep bringing more wash and fold clients?
Thank you! I'm so glad to hear you and enjoying the content. I used Cents as my POS, which allows for email and text marketing. I had a website, obviously, and did some Google ads, although it was difficult to tell how successful those were. I also did a little Instagram marketing and door to door flyers. I found that the #1 way people found us was through Yelp. I did everything I could to protect our positive reviews and found that was the most effective marketing!
Congratulations on adding value to your laundromat and selling it for a profit in only 16 months! I have looked at several laundromats (online) for sale, and many of them say no to SBA lending. I'm not overly familiar with the aspects of SBA, but I question why a seller would not allow a buyer to come in with lender funds as opposed to cash only. Is it because of the delays that SBA would create that would slow down the closing of the transaction?
Thank you!! I'm very excited about it :). That's a great question and the answer varies. A seller could be saying no to SBA financing because they want to move quickly and SBA can be a more lengthy process than other financing options. A cash offer is generally preferable because the buyer doesn't have to go through the approval/underwriting process, so it's most likely going to be a faster close and it's probably going to be less work on the seller's part overall. There are times when a borrower gets into the SBA underwriting process and then the deal falls apart for one reason or another. That means lost time for the seller in finding the right borrower. Generally, when a seller agrees to an offer they agree to a "no shop" period, meaning they won't entertain offers from other buyers. So if a borrower's financing falls through after a few weeks, the seller is now back at the beginning of a finding a new buyer. Obviously, I think SBA loans are great products. If you're working with the right lender who's pre-flighted the deal properly, then there should be a very low chance things go wrong in underwriting. But SBA financing still poses more of a risk to the seller than a straight cash offer. Many laundromats are sold for less than $500k, and at that price point there are a number of cash buyers out there, and sellers know this. Another reason a seller may not be accepting SBA financing is if they know their business won't qualify for it. Maybe they haven't been keeping up their books and know they wouldn't have the documentation needed to send to a lender. Maybe they've been under-reporting their cash income on their tax returns. Maybe they know the multiple they want to get to isn't going to work with SBA. You can always ask the broker/seller why they aren't accepting SBA financing, although if they've already stated they're only taking cash offers then they probably won't entertain a conversation with you if you're asking about SBA.
I’m a veteran that works at the VA. I work in medical coding that pays well but want to start my own business biding contracts. Maybe you can help me out getting started
Thanks for commenting! I focus more on financing for business acquisitions than I do start ups, although you can use an SBA loan for a startup. Feel free to stop by my office hours (link in show notes) or ask me a question here.
Hi Kaiera, recently i have stated veiwing your videos are it is really very informative. Need your some assistane as i am intrested to buy a small Laundromat business, if you can support in that.
The trajectory of what I think is going to happen here given the current climate, potential outcomes and promises that others have made gives this endeavor the potential to be one of the most incredible organic-ish things to be documented here in a long time. I've subscribed to watch with interest as it happens and also because I'm genuinely interested in the content as a self-employed person for more than 30 years. Happy to find this and you.
All the best to you ... Also was randomly recommended this video... May God Bless your journey 🙏.
This is a random recommendation on my feed. I live in Bangladesh.
Looks like your video has managed to what I like to call, 'jump on the algorithm train'! If you play your cards right you can use it to make this channel grow. Good luck!
Not sure who you are but it seems like you’re a small creator! So here’s my support to you as I am about to (re)embark on mine. Woohoo!
I don’t know why youtube recommended this channel to me. Im not even american lol. Anyway i wish you all the best kiera . On youtube and your ventures
I enjoy watching your videos and they come out very genuine and it feels like you’re really there to educate the folks here which is refreshing to be honest.
I’m curious about your marketing efforts in the laundromat business. What kind of marketing did you do? Enter through the POS system did you have access to contact info so you can email them with offers and promotions to keep bringing more wash and fold clients?
Thank you! I'm so glad to hear you and enjoying the content.
I used Cents as my POS, which allows for email and text marketing. I had a website, obviously, and did some Google ads, although it was difficult to tell how successful those were. I also did a little Instagram marketing and door to door flyers.
I found that the #1 way people found us was through Yelp. I did everything I could to protect our positive reviews and found that was the most effective marketing!
Congratulations on adding value to your laundromat and selling it for a profit in only 16 months! I have looked at several laundromats (online) for sale, and many of them say no to SBA lending. I'm not overly familiar with the aspects of SBA, but I question why a seller would not allow a buyer to come in with lender funds as opposed to cash only. Is it because of the delays that SBA would create that would slow down the closing of the transaction?
Thank you!! I'm very excited about it :).
That's a great question and the answer varies. A seller could be saying no to SBA financing because they want to move quickly and SBA can be a more lengthy process than other financing options. A cash offer is generally preferable because the buyer doesn't have to go through the approval/underwriting process, so it's most likely going to be a faster close and it's probably going to be less work on the seller's part overall. There are times when a borrower gets into the SBA underwriting process and then the deal falls apart for one reason or another. That means lost time for the seller in finding the right borrower. Generally, when a seller agrees to an offer they agree to a "no shop" period, meaning they won't entertain offers from other buyers. So if a borrower's financing falls through after a few weeks, the seller is now back at the beginning of a finding a new buyer.
Obviously, I think SBA loans are great products. If you're working with the right lender who's pre-flighted the deal properly, then there should be a very low chance things go wrong in underwriting. But SBA financing still poses more of a risk to the seller than a straight cash offer. Many laundromats are sold for less than $500k, and at that price point there are a number of cash buyers out there, and sellers know this.
Another reason a seller may not be accepting SBA financing is if they know their business won't qualify for it. Maybe they haven't been keeping up their books and know they wouldn't have the documentation needed to send to a lender. Maybe they've been under-reporting their cash income on their tax returns. Maybe they know the multiple they want to get to isn't going to work with SBA.
You can always ask the broker/seller why they aren't accepting SBA financing, although if they've already stated they're only taking cash offers then they probably won't entertain a conversation with you if you're asking about SBA.
@@Keira_Hamilton Many thanks for the detailed response!
I’m a veteran that works at the VA. I work in medical coding that pays well but want to start my own business biding contracts. Maybe you can help me out getting started
Thanks for commenting! I focus more on financing for business acquisitions than I do start ups, although you can use an SBA loan for a startup. Feel free to stop by my office hours (link in show notes) or ask me a question here.
Hi Kaiera, recently i have stated veiwing your videos are it is really very informative. Need your some assistane as i am intrested to buy a small Laundromat business, if you can support in that.