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Why a Laundromat Exit Strategy?

The Future is Now, Laundromat Exit Strategy

 

A laundromat exit strategy is just as important, and maybe more so than the original business plan. At some point in time, every business will change hands. And how you exit from that business is up to you. But whether you decide to pass it on to future generations or just close the doors you need to have a plan of action.

Every good business owner always prepares for the future in the best way possible. And just as there is a purpose for obtaining a business/investment, there is a purpose for a proper exit strategy. So whether passing the business on to a family member, selling the business as is, closing the doors or putting it on autopilot you need to have a plan of action.

When Should I Create The Strategy?

Future text on road against asphalt background in nature.

 

Now!

We advise that your exit strategy should even be a part of your initial business plan. That’s how important this plan is to your business. By creating this strategy as quickly as possible, you and your family, or business partners will be prepared no matter what life throws your way.

 

 

 

What Should Go Into The Strategy?

Going Out of Business

 

Ultimately your plan will contain a detailed plan of action so that when you or a partner decide to make an exit, there is not a mad scramble on anyone else’s part to make such big decisions.

  • Your lease information.
  • The purchase date for your equipment.
  • Equipment maintenance plan.
  • Business loan information and payoff schedule.
  • Employee provisions and preparation.
  • Whether you will be selling, transferring ownership etc…
    • Selling the business? Now’s the time to decide, does your brand and business name stay or go?
      • If it stays, you need a plan to make sure that your reputation will remain intact.
    • Are you are passing the business on to someone else? Then, you will want to include a plan for training that person to someday fill your shoes. Be sure to take this step seriously. Choosing the right person to fill your shoes could make or break your company’s reputation.
  • Customer care plan. Remember, that your business is a service to the community, and one that they depend on. So a well-planned exit strategy will need to take them into consideration and prepare them for the changes when they come. After all, the last thing that you want is to have your customers show up to a closed sign.

 

Who Can Help Me Prepare This?

Exit Strategy

Financial planners, accountants, attorneys, business partners, and family members. Each will play an important role in helping you set up a well thought out exit strategy.

But don’t despair, start by contacting your local laundry industry expert or distributor. Your industry expert will help facilitate, and guide you through the entire process.

 

Call us today to get your exit strategy started. 800-866-6905