Small Business Deal Advisors (“SBDA”) is pleased to announce that it served as the M&A advisor to Laundry Tyme of Douglas, MI in its sale to an individual investor.
Founded in 2005, the Saugatuck-Douglas area Laundry Tyme is a full-service laundromat featuring drop-off dry cleaning, commercial and personal drop-off laundry service, alterations/repairs, shoe repair, as well as self-service coin laundry. The Company provides a clean and bright space, speedy service, and competitive prices. The Company’s commitment to excellent service and customer satisfaction set it apart and contributed to Laundry Tyme’s success.
Jim Wiley, the founder of Laundry Tyme and former Douglas Mayor, decided to sell the business in order to focus on other business interests. Jim commented, “I’ve enjoyed starting and bringing Laundry Tyme to where it is today, but it was time to focus on other interests.”
As a Franchise Broker Association member, SBDA Associate Broker Doug Yntema, attended the 2018 Franchise Brokers Association Conference & Expo. While there, he met the Zoom Express Laundry franchise developer who explained there was an individual, Brian Gowen, who was opening franchise locations in the West Michigan area.
Doug met with Brian to determine his interest in acquiring an existing laundromat and dry cleaning company with the intention of converting it to a Zoom Express Laundry franchise. After reviewing Laundry Tyme’s facility, service offerings, and customer reviews, Brian determined it would be a great fit for his franchise. Purchasing Laundry Tyme allows Brian to open the franchise location without having to build the business from the ground up.
Brian commented, “When Doug told me about the Laundry Tyme opportunity, I was immediately interested. Props to Jim for owning and running a great small business.”
Brian believes Zoom Express Laundry franchises are the wave of the future. The franchise aims to offer customers a modernized and convenience-driven laundromat experience. Each franchise is equipped with high-tech washing machines that are card and Apple Pay operated, a lounge area with big screen TV’s, Wi-Fi, and smart charging stations.
“When you see the Zoom business model in action, you wonder why anyone would do it any other way,” Brian expressed. “Laundromats are not usually thought of as ‘high-tech,’ but modern technology can make the process easier, more enjoyable, and more efficient for the average customer.”
Doug Yntema, Associate Broker, added, “This deal was really a great fit for both parties involved and I’m excited to see what Brian will do with the business.”
The seller, Jim, concluded, “I’m thankful to SBDA and especially Doug Yntema, who went the extra mile to find the perfect buyer for my business. Through the transition experience, I’ve learned to trust the process Small Business Deal Advisors developed. Thanks again to Doug and the team.”
Brian noted that while ownership is changing, the business will remain largely the same for the foreseeable future. To minimize disruptions to the operations, the Laundry Tyme brand, systems, processes, equipment, and staff will all be retained. “Laundry Tyme is a uniquely wonderful business and we plan to keep it that way. Any changes we make will be done over the course of time when the business is slow and the opportunity arises to make changes without impacting customers.”
SBDA advised Laundry Tyme on the sale through the development of marketing materials, comprehensive marketing of the acquisition opportunity, and consulting through the negotiation, due diligence, and closing periods.
Terms of the transaction were not disclosed.