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-fingerOur Sponsors: H-M Company Drain Troughs: https://www.draintroughs.com & LaundroBoost: https://laundroboostmarketing.comOur Website: https://www.laundromatmillionaire.comOur Online Course: https://dave-menz.mykajabi.com/sales-pageOur Youtube channel: https://youtube.com/c/LaundromatMillionaireOur Podcast: https://laundromatmillionaire.com/podcast/Our Facebook: https://www.facebook.com/laundromatmillionaire/Our Facebook Group: https://www.facebook.com/groups/laundromatmillionaireOur LinkedIn: https://www.linkedin.com/in/dave-laundromat-millionaire-menz/Our Instagram: https://www.instagram.com/laundromatmillionaire/Our laundromats: https://www.queencitylaundry.comOur pick-up and delivery laundry services: https://www.queencitylaundry.com/deliveryOur WDF & Delivery Workshop: https://laundromatmillionaire.com/pick-up-delivery-workshop/Suggested Services Page: https://www.laundromatmillionaire.com/servicesWDF & Delivery Dynamics: A Complete Business Blueprint: https://laundromatmillionaire.com/wdf-delivery-dynamics-a-business-blueprint/LM Episode on Due Diligence: https://youtu.be/Q0kIxMrmuwAPrevious Episode with Mike: https://youtu.be/35Od9WsLHD8Form 8821: https://www.irs.gov/pub/irs-pdf/f8821.pdfTimestamps00:00 Episode 107 Intro – Mike Finger03:42 Mike’s Background & Recap of Episode 8106:18 Finding a Laundromat to Buy08:51 Making an Offer11:33 Doing the Due Diligence – First Attempt & Uncovering Lies14:37 Looking for Other Options – Drop Note Strategy15:16 Doing the Due Diligence – Second Attempt & Bypassing the Owner21:05 Using Utility Bills to Estimate Revenue24:51 Foreclosure, Final Offer & Purchase25:54 Dave’s Thoughts on Due Diligence and the Timeline for Purchasing a Laundromat28:28 The Importance of Patience30:57 Difficulty in Financing Some Deals34:23 Running Your Business to Maximize Its Value37:00 Turning His Laundromat Around and Reselling at 2.5X His Cost42:36 Learning to Delegate43:54 Our Story of Creating a Sellable Business48:22 Changing the Vocabulary Around “Sellability”51:04 Most Important Concept Learned as a Business Owner51:46 Impact of the Initial Deal52:34 How Mike Increased the Value of His Laundromat57:10 Final Thoughts – Contact Info for Mike Finger