Making the Right Offer with Mike Finger

The terms of your purchase deal can make or break your chances for a successful business - and it all starts with making the right offer! In this episode of The Laundromat Millionaire Show, Mike Finger of Exit Oasis returns to share his laundromat journey including tips for proper due diligence, improving the business, and reselling it for 2.5 times his cost!

Referenced Links:
Our Guest: Exit Oasis Website: https://exitoasis.com/
Mike's LinkedIn: https://www.linkedin.com/in/mike-finger
Our Sponsors: H-M Company Drain Troughs: https://www.draintroughs.com & LaundroBoost: https://laundroboostmarketing.com
Our Website: https://www.laundromatmillionaire.com
Our Online Course: https://dave-menz.mykajabi.com/sales-page
Our Youtube channel: https://youtube.com/c/LaundromatMillionaire
Our Podcast: https://laundromatmillionaire.com/podcast/
Our Facebook: https://www.facebook.com/laundromatmillionaire/
Our Facebook Group: https://www.facebook.com/groups/laundromatmillionaire
Our LinkedIn: https://www.linkedin.com/in/dave-laundromat-millionaire-menz/
Our Instagram: https://www.instagram.com/laundromatmillionaire/
Our laundromats: https://www.queencitylaundry.com
Our pick-up and delivery laundry services: https://www.queencitylaundry.com/delivery
Our WDF & Delivery Workshop: https://laundromatmillionaire.com/pick-up-delivery-workshop/
Suggested Services Page: https://www.laundromatmillionaire.com/services
WDF & Delivery Dynamics: A Complete Business Blueprint: https://laundromatmillionaire.com/wdf-delivery-dynamics-a-business-blueprint/
LM Episode on Due Diligence: https://youtu.be/Q0kIxMrmuwA
Previous Episode with Mike: https://youtu.be/35Od9WsLHD8
Form 8821: https://www.irs.gov/pub/irs-pdf/f8821.pdf

Timestamps
00:00 Episode 107 Intro – Mike Finger
03:42 Mike’s Background & Recap of Episode 81
06:18 Finding a Laundromat to Buy
08:51 Making an Offer
11:33 Doing the Due Diligence – First Attempt & Uncovering Lies
14:37 Looking for Other Options – Drop Note Strategy
15:16 Doing the Due Diligence – Second Attempt & Bypassing the Owner
21:05 Using Utility Bills to Estimate Revenue
24:51 Foreclosure, Final Offer & Purchase
25:54 Dave’s Thoughts on Due Diligence and the Timeline for Purchasing a Laundromat
28:28 The Importance of Patience
30:57 Difficulty in Financing Some Deals
34:23 Running Your Business to Maximize Its Value
37:00 Turning His Laundromat Around and Reselling at 2.5X His Cost
42:36 Learning to Delegate
43:54 Our Story of Creating a Sellable Business
48:22 Changing the Vocabulary Around “Sellability”
51:04 Most Important Concept Learned as a Business Owner
51:46 Impact of the Initial Deal
52:34 How Mike Increased the Value of His Laundromat
57:10 Final Thoughts – Contact Info for Mike Finger