Southeast Laundry Service Sold for $220K, 47% Over First Offer
Rachel Horner
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2 min read
About the Business
Industry: Specialty Services – Seasonal Textile Cleaning, Waterproofing & Repair
Location: Southeast
Size: $200K–$250K in annual revenue, $100K–$150K in cash flow
Sale price: $220,000 (asking price: $290,000)
Listing to signed LOI: 74 days
Signed LOI to close: 81 days
The Challenge: Passing On a Seasonal Business
Since buying the business, the owner had streamlined its operations and grown its customer list.
“I simply want to go do other things now and would like to pass it off to someone more interested in a seasonal business.”
74 Days to a Signed LOI: Turning a $150K Offer Into a $220K Deal
What happened at every stage
Valuation: Baton valued the business at about 2.4 times cash flow and notified more than 450 matched buyers at launch.
Buyer Outreach: 53 buyers viewed the listing and 9 opened the data room, and a local entrepreneur who found it through Baton's syndication met with the owner.
Offer Selection and Negotiation Support: The buyer's first offer of $150,000 was framed as best and final, so the Baton advisor dug into her valuation model while the owner prepared a counter. Twelve days later, the buyer submitted an LOI at $220,000, 47% above her first offer.
Diligence and Closing Support: Baton set up a diligence checklist and weekly three-way check-ins through closing. The deal closed on schedule at the end of July, 81 days after the LOI.
The Results
The buyer, a local entrepreneur with a full-time job, took over with plans to run the business semi-absentee. Through Baton's process, the business:
Sold for $220,000, 47% more than the first offer
Closed on the target date, 81 days after the signed LOI
Closed with cash at closing plus a seller note
What's next for the owner?
The owner is moving on to other ventures after about six weeks of hands-on transition.
Advice and Lessons for Future Sellers
A "best and final" offer isn't always final. Understanding how the buyer valued the business opened the door to a 47% higher offer.
Counter with a plan. The owner's detailed counter kept talks moving after a "best and final" offer.
Keep diligence on a schedule. Weekly check-ins kept the deal on track for its target date.