Handy Wash Laundromat

Handy Wash Laundromat Business for Sale

Background Information

This business has been in existence since 1994, under a few different owners. The current owner, who created the business in 1994, has recently taken the business back from the previous owner who defaulted on financial contract terms. It operates as a Subchapter "S" Corporation. The real estate, a commercial condominium, is owned by the owners of the business personally. The business, including its furniture, fixtures and equipment is owned by an entity called Handywash Laundromat, Inc. The laundromat is housed in a 1500 square foot space, divided into a retail, coin operated front section and a rear section set up with commercial washers and dryers, folding room and storage facilities.

Handywash Laundromat is the only facility of its kind in Woodstock and one of only two facilities in a 10 mile radius. There is consistent demand for the retail coin operated service from the community, especially from the 40 condominium units in the Alpine Lodge and the 210 adjacent townhomes in Alpine Village. There are commercial accounts as well, including Alpine Village Properties rental program and Three Rivers House inn.

The Industry

Handywash Laundromat relies on a local customer base for the majority of its retail coin operated business; however, like all other industries in the Lincoln-Woodstock community, it still relies on its tourism base to survive. When the tourists are here (June through October and December through March, roughly), the laundromat is busier with its commercial accounts and with the variable of rental guests, hikers, and campground guests using the coin operated facilities.

With the great amount of condominium rental programs, small motels and inns, and individual housekeeping companies in the area, the potential for attracting and servicing commercial accounts is great. Although once representing the majority of revenues earned, commercial revenues have tailed off over the last few years due to an ownership priority shift. Commercial business is definitely an area of substantial potential growth.

For further information on the state of the business in general in Lincoln-Woodstock and New Hampshire, contact the following entities:

Lincoln-Woodstock Chamber of Commerce
P.O. Box 358
Kancamagus Highway
Lincoln, NH 03251
603-745-6621
www.lincolnwoodstock.com
New Hampshire Lodging and Restaurant Association
P.O. Box 1175
14 Dixon Avenue, Suite 208
Concord, NH 03302
603-228-9585
www.nhlra.com
New Hampshire Division of Travel and Tourism
P.O. Box 1856
172 Pembroke Road
Concord, NH 03302-1856
603-271-2665
travel@dred.state.nh.us

Location

Handywash Laundromat is located on the northern end of the village of North Woodstock, a quaint New England community which sits at the intersection of the only two designated scenic highways in New Hampshire: the Kancamagus Highway and Daniel Webster Highway. It sits in the Alpine Lodge building, sharing 9 other commercial condominium units and 40 residential condominium units. Many shops, restaurants, and attractions are a short walk from the laundromat, and over 350 condominium units and motel and inn rooms. Loon Mountain, the area's premier winter attraction is only 3 miles from the laundromat, and Clark's Trading Post, its premier summer attraction is only 3/4 of a mile away. The area is also a popular destination year round for its hiking, biking, swimming, winter activities, foliage, and other attractions, both man-made and natural, that the White Mountain National Forest has to offer.

Physical Condition

The laundromat is housed in a well maintained commercial/residential condominium building. Condo fees in the Alpine Lodge are the lowest in the valley and reserve account funding is a priority, resulting in a fiscally strong association with ample reserves. All furniture, fixtures, and equipment are in good to excellent shape. The public areas of the laundromat are clean, well maintained, comfortable, and appealing to customers.

Reason for Selling & Other Facts

Owner also has an accounting business that she would like to run full time. She was not expecting to get the laundromat back from the previous owners, so she is motivated to sell the business to a buyer who has the capabilities of running this business up to its potential.

The current owner is willing to stay on and train for four weeks after the transfer of the business at no charge.

Inventory of Furniture, Fixtures & Equipment

  • 12 Speed Queen Commercial Washing Machines
  • 5 Speed Queen Heavy Duty/High Speed Washing Machines
  • Bases for Heavy Duty Washing Machines
  • 1 Wascomat Sr. W124 Triple Loader Washing Machine
  • 1 Maytag Commercial Washing Machine
  • 1 Maytag Atlantis Washing Machine
  • 9 Kenmore Power Miser Dryers
  • 6 ADC Commercial Dryers
  • 1 Speed Queen 50 lb. Commercial Dryer
  • 4 Folding Tables
  • 4 Plastic Chairs
  • 4 Rolling Metal Laundry Carts
  • 5 Rolling Fabric Laundry Carts
  • 1 Coin Operated Laundry Bag Dispenser
  • 1 Coin Operated Snack Machine
  • 1 Coin Operated Soda Machine
  • 1 Coin Operated Soap Dispenser
  • 1 Ticketing Scale
  • 1 Regular Scale
  • 2 Money Changing Machines
  • 1 Security System
  • 12 Plastic 3 Tier Shelving Units
  • 3 Metal 3 Tier Shelving Units
  • 1 Rolling Metal 3 Tier Shelf
  • 2 Stainless Folding Tables
  • 1 Microwave
  • 1 Radio

Inventory

The approximate total fair market value of snacks, soda, detergent, and laundry bags for sale in the coin operated dispensers is $700 and operating inventory value is $300, for a total of $1000. An inventory of all items should be taken at the time of closing and the value adjusted (up or down) depending upon its results.

Hours of Operation/Employees

The coin operated portion of the laundromat is open 24 hours a day, 7 days a week. The commercial section is open more limited hours based upon demand and seasonality needs. There are currently 3 part-time employees. The owner does not cover any shifts, so the employee base would be adjusted downward to accommodate an owner-operated situation.

Size of Facility

The entire building is plus or minus 1500 square feet, all on one level. There is ample parking in the parking lot in front of the Laundromat.

Annual Sales Volume

Available upon completing a Confidentiality Agreement.

Gross Profit Margin

Available upon completing a Confidentiality Agreement.

Expenses

Available upon completing a Confidentiality Agreement.

2000-2006 YTD Profit and Loss Statements

Available upon completing a Confidentiality Agreement.

Ways to Improve the Business

Positive revenue results could be immediately realized with increased commercial accounts and more aggressive awareness marketing of all services available at the Laundromat, to both commercial entities and local residents. The profitability of the business can also be positively impacted by an owner-operator absorbing much of the payroll that exists now because of an absentee owner. Greater promotion and advertising of the coin operated aspect of the business is also critical in increasing potential revenues with little impact on relative expenses.

Recommended Listing Price (RLP)

The RLP justification for this business is as follows:

The business has Gross Revenues of: *
The business has COGS of: *
The business has a Gross Profit of: *
The business has Sellers Discretionary Earnings of: *
Salable Inventory at Cost: $1,000
Furniture, Fixtures and Equipment: $38,000
Real Estate: $100,000
TOTAL RLP: $139,900

*Available upon completing a Confidentiality Agreement.

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