How to Buy a Dry Cleaning Business
Conduct market research., Find a location and a dry cleaning business that fits your vision of how you want to run your business., Draft a Letter of Intent ., Hire a lawyer.
Step-by-Step Guide
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Step 1: Conduct market research.
Getting to know the dry cleaning market in the region where you plan to buy will help you decide if you want to buy a local dry cleaning company or a franchise.
Prove you have a net worth of at least $300,000 and financing if you want to open a franchise.
They are often less flexible than an independent owner who will work with you to sell the business. -
Step 2: Find a location and a dry cleaning business that fits your vision of how you want to run your business.
You might ask current owners if they are willing to sell, or work with a broker who can find sellers for you. , This letter will give a written intention of your desire to buy the dry cleaning business and the owner's willingness to sell it to you.
Include a proposed purchase price in the LOI.
This might be negotiated later.
It should also disclose any assets or property that will transfer to you in the sale as well as provide a deadline or a window by which the sale must close. , Having a lawyer draw up the contract of sale will ensure you are protected during the buying process.
A contract lawyer can offer you the best advice in the purchase of a dry cleaning business.
Refrain from using one lawyer for both parties.
No matter how friendly you are with the seller, ensure that each party has its own lawyer. -
Step 3: Draft a Letter of Intent .
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Step 4: Hire a lawyer.
Detailed Guide
Getting to know the dry cleaning market in the region where you plan to buy will help you decide if you want to buy a local dry cleaning company or a franchise.
Prove you have a net worth of at least $300,000 and financing if you want to open a franchise.
They are often less flexible than an independent owner who will work with you to sell the business.
You might ask current owners if they are willing to sell, or work with a broker who can find sellers for you. , This letter will give a written intention of your desire to buy the dry cleaning business and the owner's willingness to sell it to you.
Include a proposed purchase price in the LOI.
This might be negotiated later.
It should also disclose any assets or property that will transfer to you in the sale as well as provide a deadline or a window by which the sale must close. , Having a lawyer draw up the contract of sale will ensure you are protected during the buying process.
A contract lawyer can offer you the best advice in the purchase of a dry cleaning business.
Refrain from using one lawyer for both parties.
No matter how friendly you are with the seller, ensure that each party has its own lawyer.
About the Author
Dennis Gordon
Writer and educator with a focus on practical lifestyle knowledge.
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