Buy a Business Without Experience or Skills

Thinking about buying a business, but worried you don’t have the experience or technical background? You’re not alone—and you’re not out of options. In fact, many successful entrepreneurs I’ve worked with built thriving businesses in industries they’d never worked in before. What they had was the right mindset, the right support system, and the ability to value the opportunity—not just the skills.

In this article, I’m going to walk you through how to acquire businesses like laundromats, HVAC companies, and other service businesses even if you’ve never run one. You’ll learn how I and my clients successfully tackled the learning curve, why lenders still fund these deals, and how real-world factors like NOI, leases, and business valuation shape the path to a smart acquisition. Let’s dive in.

How I Got Into Buying Businesses Without a Technical Background

I started out like many first-time buyers—working a W-2 job, reading acquisition blogs late at night, and dreaming of becoming my own boss. But I had a problem: I didn’t know anything about fixing air conditioners, running commercial washers, or hiring technicians.

The first business I looked into was an older laundromat in a working-class neighborhood. The numbers looked strong: net operating income (NOI) north of $120,000, long-term lease in place, and decent-looking equipment in the back. But I had zero experience in the coin laundry industry. I asked myself: “Who am I to run this?”

What I learned—and what changed my outlook—was this: owning a small business doesn’t mean you have to do the work. It means you’re managing systems, people, and strategy. And if you do it right, you can own strong-performing service companies, even if you’ve never turned a wrench in your life.

Why You Don’t Need to Be an Expert to Buy the Right Business

Here’s the reality behind small service businesses like laundromats or HVAC companies: they’re built on repeatable processes and local customer demand, not cutting-edge technology or insider secrets. They’re resilient, cash-flowing, and often overlooked by other buyers who think they need to have a specialized skillset.

I’ve helped dozens of buyers step into unfamiliar businesses. Their success came from understanding a few fundamentals, not from being an expert.

1. Managers Run Businesses—Owners Lead Them

The day I bought my first business, I didn’t show up ready to load washers or fix HVAC units. I walked in prepared to manage a P&L, evaluate team performance, and execute on growth initiatives.

This shift—from operator to owner—is critical. If the business relies heavily on the owner personally doing all the work, then it’s either not set up properly or not scalable. The best businesses have systems, strong employees, and lead technicians already in place. If you’re buying a business where you have to “be the product,” you’re just buying yourself a job.

2. Proven Processes Can Be Learned or Hired

When I evaluated businesses, especially laundromats, I looked for operational systems that could be transferred. Were there schedules for machine maintenance? Was there an employee retained to handle wash-and-fold? Was revenue tracked consistently?

With HVAC businesses, I often recommend buyers retain the lead technician or hire a general manager, even on a part-time basis, during the transition window. Industry knowledge can be bought with payroll, not just time.

3. Lenders and Investors Back Good Operations—Not Just Operators

SBA lenders and private equity groups fund acquisition deals all the time where the buyer doesn’t have direct experience. Why? Because the business has a proven record of cash flow, team longevity, and sustainable systems.

As long as you demonstrate strong business acumen, willingness to learn, and a smart plan for post-sale transition, you can get funding and the seller’s cooperation during handoff.

How to Evaluate a Business When You’re Not an Industry Insider

Let’s talk about the nuts and bolts of buying a laundromat or service business when it’s outside your wheelhouse. The most critical piece? Valuation. You need to know what you’re buying, how to price it, and how to avoid paying for someone else’s problems.

Understanding Laundromat Valuation and NOI

When I guide buyers through a laundromat appraisal, we always begin with NOI—Net Operating Income. It’s the best measurement of the earning power of a laundry business, especially since these businesses are often operated with minimal direct labor beyond part-time attendants.

But what multiple should you use?

Latest market data (2023–2025) shows:

Revenue multiples range from 1.19x to 1.78x, with an average around 1.27x.
SDE multiples fall between 3.16x and 4.23x on average.
EBITDA multiples tend to sit between 3.44x and 4.85x, depending on size, location, and operational risk.

So, if a laundromat brings in $100,000 in annual EBITDA, you’re likely looking at a valuation between $300,000 and $500,000 depending on the lease, equipment age, and potential for services like pickup-and-delivery.

Why Lease Terms and Equipment Shape the Price

Many first-time buyers overlook the lease. Big mistake. A great lease can make a good laundromat worth a lot more—and a bad lease can kill the deal entirely.

In one deal I helped broker, the laundromat had strong numbers and brand-new equipment, but the lease only had three years left and the landlord wouldn’t guarantee a renewal. That alone knocked $80,000 off the price.

On the flip side, if you’ve got a 10-year lease with renewal options, below-market rent, and stable tenant history, you can command premium valuation multiples. Buyers and lenders love stability.

Same goes for equipment. If you’re looking at $150,000 in replacement costs over the next 18 months, you’re not going to pay top-dollar upfront. Make sure you inspect machine age, maintenance records, and any necessary upgrades before making an offer.

The Three Valuation Methods—and Why We Blend Them

In most of the service business sales I work on, including laundromats, I use a hybrid approach to valuation:

1. Income-Based Valuation: This uses NOI or EBITDA and applies an appropriate multiple. It’s the most accurate reflection of current performance and future potential.

2. Market-Based Valuation: Here, I look at recent sales (“comps”) in similar markets. If a laundromat across town sold for 1.5x revenue, that’s useful data.

3. Asset-Based Valuation: Rarely used alone in laundromat appraisals, but valuable when equipment or real estate makes up the bulk of value—especially in underperforming or turnaround scenarios.

Each method has strengths and blind spots, which is why we blend them. This ensures we’re not overpaying while making a compelling case to lenders or partners.

But What About Red Flags and Risk?

Owning a business without prior experience can lead to expensive mistakes—if you don’t do your homework.

There are a few signs I always warn my clients about during early due diligence:

Poor Equipment Maintenance: Rusting washers, broken dryers, or outdated HVAC systems can point to deeper operational neglect.
Unfavorable Lease Terms: Think short lease periods, frequent increases, or hard-to-renew contracts.
Declining Cash Flow: Some sellers will try to position a “downturn” as an anomaly, but buyers need year-over-year income statements to verify trends.

The good news? These risks are visible if you slow down and dig deep. When I bought my second service business, I discovered the owner had been underreporting walk-in revenue. By adjusting for this, I negotiated a better deal and got accurate financials post-closing.

How to Gain Control—Even Without Traditional Skills

Acquiring a business is about setting yourself up as the strategic leader, not as the technician or cashier.

Here’s how new owners I’ve worked with have taken control of their businesses without traditional know-how:

Invest in Operations Software

Technology transforms how these “low-tech” businesses operate. From remote monitoring of washing machines to dispatch software for HVAC technicians, web-based tools streamline operations.

In nearly every acquisition I’ve supported since 2023, we introduced a simple SaaS platform for scheduling, point-of-sale, or revenue tracking. It’s not just about convenience—these tools help boost margins, reduce labor headaches, and improve valuation long-term.

Build a Reliable Team Early

If you’re stepping in without industry experience, your team is your backbone. Invest time in hiring or retaining key people, especially those with technical or customer-facing experience. And keep turnover low by offering fair compensation, predictable schedules, and growth opportunities.

In my first laundromat, the part-time attendant had been there for eight years. I made her the store manager. Retention of that employee was worth more than any spreadsheet.