We were fortunate to have a listing for sale designated as an essential business. Community Coin Wash is located in the Korea-town neighborhood of Los Angeles and been in business for 25 years. A buyer’s offer was accepted and we opened escrow the middle of March, just as California’s concern over the virus became a reality. Because of this, most of the activity during escrow between buyer, seller and agents has taken place via email. However, anyone familiar with coin laundry sales knows that coin counts are necessary to the due diligence process and require physical activity at the site emptying coin boxes. It has been very strange to be at the store with the buyer, store manager, agents and customers all wearing face masks and everyone doing their best to practice social distancing.
In accordance with city and state ordinances, the owner put in place certain guidelines to ensure the safety of the customers and employees; whenever possible, load the laundry in the washers and dryers, then exit and wait in your vehicle. The equipment, surfaces and floor are being cleaned and sanitized at 30 minute intervals. Also, the customers are encouraged to take their clean laundry home to fold and hang.
The good news is this week will be the last of three collections and closing escrow to follow. We are happy to be supporting an essential business and contributing to the local economy.
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Business brokerage in the time of COVID 19
