Buzzie8
Member
After selling my wash last month, I agree with most of the posts above. You can make some $$ at this business but it is not as easy as it appears on the surface. You need to own multiple washes to achieve critical mass if you don't want to, or can't, do the day-to-day handy work. Building multiple washes takes deep pockets and a lot of time and IMO that's why most operators get burned out on the business. Too much maintenance that they need to perform themselves. My first litmus test would be to verify that the wash can cash flow positively after you factor in gross, expenses, and debt service (at it's current numbers). If it doesn't, it's a deal killer for me. If it does, factor in some conservative growth in gross from your improvements and how much $$$ the improvements will cost you. If there is enough left over (in your mind) when you are done running the numbers then go for it. New competition, is always a factor. Fortunately, there is a high cost of entry in this business. That doesn't mean some idiot will come in and try to steal your business away because of the "gold mine" he thinks you are running. Then you both suffer miserably. But that's the American way.
