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Dr. Paul Borosky, DBA, MBAValuation and succession plans since 2012
Business Plan Writer for Cleveland, OH
Some owners do not start a business. They inherit the job of keeping one alive. A Cleveland woman was leaving a government career to take over her family’s laundromat. Before she gave notice, she wanted proof. A valuation and a $493,000 plan gave it to her.
- 1,000+clients
- $100M+funded
- 14+years
Taking Over the Family Business?
Get the help that fits your situation.
Business Consulting
Already running the family business and unsure about the numbers? Start with consulting.
Business Plan Writing
A succession plan with a valuation, so you know what you are taking on.
Business Plan Templates
Writing your own? The laundromat template comes with an Excel model.
Doctor Owl in Plain English
How Do You Plan to Take Over a Family Business?
Start with what it is worth and what it really earns. Family businesses often run on habits, not records. A valuation, clean financials and a plan for upgrades show whether the business can support you, and what a lender will fund to make the move.
“Love for a business is a reason to keep it. Numbers are the reason you can.”Doctor Owl, Dr. Paul’s Fabled Forest Business School
How this guide works: start with the laundromat succession story, then what Cleveland owners should check, then common succession questions.
Family Succession
How Did a Daughter Decide to Take Over Her Family’s Laundromat?
She had a secure government job and a family business that meant everything to her parents. She had not worked in the laundromat for years.
Before she left her career, she wanted to know if the numbers worked. Dr. Paul built a valuation from the cash flow, then a plan for new machines and an interior refresh.
The $493,000 plan covered the purchase from her family and the upgrades. It gave her a clear answer and gave the lender a clear case.
- Value it first. Cash flow tells you what it is worth.
- Plan the upgrades. New machines can raise revenue per square foot.
- Protect your income. Make sure the business can pay you.
Cleveland Neighborhoods
What Should a Cleveland Laundromat Plan Include?
Laundromats serve neighborhoods. Renters, families and small businesses all bring steady, repeat traffic.
Neighborhood demand
Count the apartments and renters nearby. They are your core customers.
Equipment age
Older machines break more and cost more to run. Plan replacements on a schedule.
Added services
Wash and fold, pickup and delivery can add margin. The laundromat plan guide covers the numbers.
Family successions fail when nobody talks about money until the paperwork arrives. Dr. Paul starts with a valuation everyone can see, which is the Organize step in Organize-Plan-Grow™. A fair number makes the family conversation easier, not harder.
Watch This
What Is in an Internal Use Business Plan?
Dr. Paul walks through a sample plan built for running a business, not just for raising money.
Planning elsewhere in Ohio? See the Ohio business plan writer page.
Questions
Cleveland Succession Questions
How do I value a family business?
Can I get a loan to buy my family’s business?
What if the business records are messy?
Who Writes Your Plan
Dr. Paul has helped families value, transfer and grow businesses they care about. He has written plans for more than 1,000 clients.
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