Hi everyone, looking for insight on this community as I'm about to enter into a LOI agreement for a laundromat.
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The laundromat is brand new (~3 years), all new machines, pricing at 5x EBITDA. This is on my first acquisition, and feels like seller is pushing us to move quickly and giving a few red flags (trying to skip LOI to PSA right away, wants due diligence to be less than 60 days, skip SBA / conventional financing because he believes laundromat financing will take too long and instead asking us to do an alternative home equity financing),

Would appreciate opportunity to connect with anyone familiar with laundromat (or similar business) acquisitions, I'm excited about this opportunity but don't want to make a mistake I'll regret down the line.