Dry cleaning deal – cash earnings + industry durability question

Curious to get some perspective from the group on a deal I’m looking at. Dry cleaning business doing about $1M revenue ~$400k cash flow based on broker materials. Fully staffed, plant + drop store, seems operationally stable. Two areas I’m trying to pressure test: 1) Financials / process Broker is saying: - Business is heavily cash - Tax returns + full financials only shared post-LOI Their materials suggest this is their standard process (full docs during diligence after an offer), but curious how people think about this in practice for cash-heavy businesses. How do you typically get comfortable enough to submit an LOI in situations like this? 2) Dry cleaning demand long-term More importantly, I’m trying to get conviction on the category itself. My intuition: - Shift to WFH + more casual dress has structurally reduced baseline demand - AI / white-collar disruption could further compress the core customer base over time - Personally, I’ve gone from weekly dry cleaning to almost none But at the same time: - Still a local, recurring service - Sticky customers in dense areas - Potential upside via pickup/delivery, B2B accounts (restaurants, hotels, uniforms), alterations For those who’ve spent time in the space: - Are you seeing decline, stabilization, or pockets of growth? - What actually drives performance now (location, routes, B2B mix)? - Would you underwrite this as a melting ice cube or a stable cash-flow business with the right positioning? Appreciate any real-world perspectives here.