Two weeks ago, I officially completed my first business acquisition: a run-down, cash-flowing laundromat. It feels surreal to think about how much my world has changed overnight. Instantly, I committed to the next five years of business ownership in an industry I’ve never worked in. The challenge excites me—don’t get me wrong. But I’d be lying if I said I wasn’t also nervous. Yet, here I am, embracing the chaos with the confidence that if we do the work, we’ll see the fruits of our labor in the next year.
Cliffhanger
If you read my first article, you know that the lease negotiations were the tipping point for me to proceed with this purchase. Commercial lease negotiation was new to me, but I felt well-prepared thanks to Dr. Slater’s series on leases. If you’re going through a similar process, check it out here. Three key takeaways from my lease negotiations helped tip the scale in my favor:
- Square Footage Discrepancy: The seller had a hunch about the lease square footage being incorrect. After a third-party re-measurement, we confirmed that the space was 2,900 sq ft (not 3,600), saving me a significant amount in rent right off the bat.
- Buyout Clause: Initially, my lease was set to cost me over $300,000 over the next 5 years. I negotiated a buyout clause allowing me to exit after one year with a manageable liability— 6 months’ rent upfront. This cut my risk down to under $100,000.
- Construction Bonus: The landlord was concerned we would make promises we couldn’t keep, just like the previous owner had done. I negotiated a $20,000 construction bonus, reimbursable if we completed improvements within the first six months—this gave me both the incentive and financial support to follow through.
The Decision
The negotiations with the landlord went smoothly, but committing to a 5-year lease was tough. I had more reservations than I expected. For one, I was worried about managing the logistics, especially traveling 150 miles twice weekly to collect coins while balancing my full-time job and homeschooling schedule. And then there was the fear of committing to something I had never done before.
But in the end, I signed. I knew the lease had been structured in a way that even if things didn’t work out, it wouldn’t ruin my financial future. That’s a huge factor for me—I can stomach short-term challenges as long as I don’t risk everything. This gave me the confidence to take the plunge.
The Good: What’s Going Right
The first two weeks of business ownership have been a whirlwind. We spent the initial days staying in town to oversee the installation of maglocks and to get a cleaning service onboarded. But in between, we cleaned and opened and closed the laundromat every day.
What I didn’t expect to enjoy so much was the people. I’ve loved getting to know the regular customers and seeing their appreciation for our efforts. For the first time in at least two years, the laundromat has had an active owner, and it’s clear people have missed that. Some customers have told us that we’re the first signs of life this place has seen in a long time and that feedback makes all the hard work worth it.
Early Wins
- Safer Parking Lot: One of my first concerns was the poor lighting in the parking lot, especially at night. I didn’t want to be the person asking the landlord for lighting upgrades on day one, but they took our request seriously and had everything fixed within the first week. The parking lot is now brighter and safer, which has been a huge relief.
- Vending Machine Markup: The soap vending machine had a coin chute set at $1.00, but given the recent increase in product costs (thank you, inflation), I researched ways to adjust the pricing. I added extra coin slots to my coin chutes to raise the price to $1.50, giving me a 150% markup on the product. This small change will create an additional income stream with minimal upfront cost.
- Customer Service Enhancements: To improve the customer experience, we posted a local business number and a QR code for a Google form to report machine malfunctions. Since implementing this, the response has been overwhelmingly positive. The ability for customers to easily report issues makes them feel heard and ensures we’re not just counting quarters—we’re committed to providing a better service.
The Bad: Challenges I Didn’t Anticipate
The glamorous “I own a business” picture is one thing, but the reality has been complete chaos. In the first few weeks, I’ve juggled my full-time job, driving back and forth between my home and the laundromat, and even picking up extra shifts at a nearby clinic to make extra money. Our schedules have been turned upside down, and it feels like every day is something new.
I know this is temporary, especially with plans to add a card payment system soon to reduce coin collection. But right now, it’s a full-on time commitment.
One of the hardest things has been maintaining our homeschool schedule. We took a week off initially, which I justified because we homeschooled through spring break. Since then, we’ve had to adjust and be flexible. Some days, we read at the laundromat while testing machines; other days, we do schoolwork in the evening. Our routine is less strict than before, but I know this won’t last long—it’s a temporary phase.
Another challenge that might sound silly but totally threw me off was the difficulty of removing a commercial doorknob. I wanted to replace it with an automatic lock that I could control from my phone or use a passcode for the cleaning service and any maintenance people who need access to the back offices, especially since we need to regularly check the back of the dryers. Simple enough, right?
Well, it turns out I didn’t have the right tool to remove the doorknob. I was ready to just saw it off after about 2 hours of trying (at midnight by the way) when I finally watched the right video showing the trick. Finally, I got the old doorknob off and replaced it with the new one.
It sounds like a minor issue, but when you’re in the middle of a dozen other tasks and just want to make one slight improvement, something as simple as a doorknob can feel like a pile of frustration. It was one of those moments that reminded me: no matter how small, every task in a new business has its own set of surprises—and it will always take longer than you think.
The Ugly: Dealing with People
As much as I’ve enjoyed getting to know customers and being part of the community, we’ve also had our share of negative run-ins with people. Unfortunately, this is part of the reality of owning a business.
First, there was the repairman we hired to fix eight dryers on one wall, which was our first priority. We paid him $1,600 for the job, and since I was working, my parents agreed to oversee the laundromat while he worked. On the first day, he got through five machines and promised to return the next day with his partner to finish up the last three. We paid the entire invoice (rookie mistake, maybe?), and guess what? He never showed up.
Two of the ones he “fixed” stopped working the very next day—if they were even fixed in the first place. We haven’t heard a word from him since. Some people suck, man. To top it off, we’ve had two other repairmen also stand us up. No luck finding someone reliable yet. So, I ordered parts myself, and I will try and learn how to fix some more minor things myself. Thank you, YouTube.
Then, this week, we had another negative run-in. I got three calls in one day from customers complaining they lost money in a machine that wasn’t working. I was already on edge, but when I checked the machine numbers they gave me, they matched machines already marked as “out of service” on our list. These machines shouldn’t have even been used! So, I checked the cameras, and sure enough, some guy had gone through the laundromat, casually removed the “Out of Order” signs, and tossed them in the trash. Really?! It’s frustrating to deal with that from a distance, especially when I can’t just go in and take care of it myself. But it is what it is—just another thing I have to add to the list.
I’m learning the hard way that business ownership comes with more than just the fun stuff. Sometimes, it feels like the real work is just dealing with people who make everything 10 times harder.
Next Few Weeks Plan
Our initial 30-day plan with the landlord included cosmetic upgrades like painting and flooring. While we’ve decided to hold off on redoing the floors for now, we’ll be stripping and coating them this week, which should still make a noticeable improvement. A nightly cleaning service has already made a big difference in the overall cleanliness, and we’ve received lots of positive feedback.
Over the next two weeks, I’ll finish the painting, replace the old signage with fresh designs, upgrade the lighting to LED bulbs, and fix the broken shades. I’m also working on securing a reliable appliance repairman—fingers crossed that we find one who doesn’t screw us over this time.
Conclusion
I’ll be honest—this isn’t the picture-perfect story you’d see on social media. It’s not glamorous, and the reality of buying a run-down laundromat is messy. But these first few weeks have been an invaluable learning experience. From troubleshooting machines to adjusting our schedules, it’s been a whirlwind.
While the chaos will likely continue for a while, I’m excited to see how far we’ve come when I look back at this article a year from now. If anything, I hope this serves as a reminder that action is the first step to giving yourself a chance to succeed. This business might not end up being a home run, but it was a calculated risk with high potential, and I plan to repeat this process over and over. Tune in for more updates along the journey.