In this episode Jordan takes the mic to address some criticisms of the podcast and of Laundromat Resource in general. In addressing these criticism, he hopes to open up conversations about where the laundromat industry is right now, where it should be, and where it is going in terms of the availability of information, the cooperation of owners, and the unity of the industry.
Are the criticisms fair or unfounded? You decide! Leave a comment on this post and let’s have a conversation about it!
Watch The Podcast Here
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Episode Transcript
[Music]
you’re listening to the laundromat
resource podcast the show by laundromat
owners for laundromat owners with your
hosts Jordan Barry
[Music]
alright what’s up guys it’s Jordan from
laundromat resource and this is show
number four I hope that you’re excited
because I am today is gonna be a little
bit different than the previous three
episodes that we’ve had so far those
episodes if you haven’t listened to them
you need to go back and listen to them
there were interviews with other
laundromat owners and who were just kind
of sharing their experience their story
and out with it came a lot of wisdom
that I man I benefited from personally
it it helped help me grow and there’s
some things that I pulled out of there
that I’m implementing into my business
businesses right now so if you haven’t
listened to them make sure you go back
and download those episodes and while
you’re at it
listening to this episode and listen to
those other ones if you could just do us
a favor and go on your your favorite
platform podcast platform iTunes or
Apple podcasts or stitcher wherever you
are listening to this and just go leave
a rating for us and leave us a little
constructive review if you like the
podcast let people know if there are
things that we can improve let us know
because that helps us out not only just
to produce a better podcast for
everybody but also just to get the word
out there and that really helps us out
so make sure you go do that for us and
the other thing that I want to say is
the next few weeks we have some more
interviews coming up so be excited about
that because the people I’ve been
talking to for these next few episodes
are incredible they’re doing some
incredible things they’re all over the
country here in the United States and
they yeah they’re just they’re doing
some awesome stuff so don’t miss those
in and while I’m just talking about this
one more quick little plug is hey if
you’re interested if you’re a laundromat
owner and you’re interested in being on
the podcast we would love love love to
hear from you to talk to you to learn
from you and to hear your experience
because I think that that is very
very valuable stuff we’re gonna be
talking a little bit about that today
but I think that you will benefit from
it and I think that other people will
benefit from it so if that’s something
that you’re interested in or if it’s
something you’re interested in at least
exploring a little more about head over
to laundromat resource comm slash
podcast guest and if you’re listening
these are I’ll put that link down below
on YouTube there or in the show notes at
laundromat resource comm slash show for
and yeah just head right over there and
fill out that little form there’s also a
frequently asked questions thing there
that might answer some of your questions
and if you have other questions just let
me know you can reach out through the
contact page or one of those social
media platforms we’re on so yeah come be
a guest on the show it would be awesome
I think a lot of people would enjoy it
and it doesn’t really matter if you are
brand new and you own one or you’re a
veteran and you own a bunch we want to
hear from everybody everybody’s
experience is valuable and yeah so head
over there
lonna resource comm slash podcast guest
and fill out that little form and let’s
get you on the podcast let’s talk about
laundromats together to be great
all right enough of that today is like I
said gonna be a little bit different
than those previous three podcasts and
I’m mixing it in just because I want to
mix in a few different formats here
early on to figure out you know what’s
what’s working what are you guys liking
what do you finding value from and what
are you not finding value from and so
today I’m gonna talk a little bit about
a few different things and I would love
your feedback so the place to do that is
again lotterman resource comm slash show
for over there you’ll find all the
information about this podcast you can
listen to it over there you can watch it
on youtube over there and there’ll be
links to everything we talked about on
that page but also there’s a section
where you can leave comments and I think
that
be a great place for you to just let me
know what you think about this format if
you don’t like it you hate it if I just
am rambling too much not a problem just
let me know and you know we’re just
gonna try some different things to
figure out what works and so your
feedback is super valuable to me so the
other thing the other reason you might
want to go over to laundromat resource
comm slash show for is because today
we’re gonna talk about some criticisms
so that I have gotten here both here on
the podcast and through just what we’re
doing at laundromat resource in general
through the blog and the YouTube channel
and and just the site itself and I
wanted to address some of those
criticisms and kind of offer my
perspective on on what some of these
people have been saying and I would love
to hear your perspective on them too so
if you want to kind of let me know what
you think about some of these things
we’re talking about
then laundromat resource calm slash show
for is the place to go and leave a
comment let’s start a conversation there
not just between you and me but all
together all of us let’s have a
conversation over there about some of
these things and I would love to hear
what you guys think because maybe I’m
way off
maybe those criticisms are justified but
maybe they’re not so let’s talk about it
and before we get into it let’s take a
quick break for this little message
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we will weed out the bad and
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with the short list of the best 2 to 3
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working with a bad broker and leaving
money on the table so if you’re in the
market to buy or sell a laundromat go to
laundromat resource calm slash buy or
laundromat resource calm slash sell
today and let us help you find the best
team to work with alright so the first
criticism that I have been getting
probably the one I’ve been getting the
most is that I am sharing too much
information that I’ve I’ve heard that
multiple times in different venues and
yeah that just were given away too much
information we’re talking about too many
things that the industry you know has
traditionally not talked about you know
there is a lot of information about the
lot met industry out there but but
relatively speaking there’s there’s not
that much and I really found this to be
true when I was looking to get into the
industry I’m doing multiple coaching
calls a day now with people who are
struggling to find information about the
laundromat industry online and and I
think that that’s partly because it’s
been part of the culture of this
industry to be a little bit tight lipped
and a little bit kind of insider
friendly and outsider unfriendly and you
know if you saw the title of this
episode I it was a little bit
sensational but you know I I called it
the
that industry needs to grow up and the
reason I say that is because I think
that that mentality where you got to be
on the inside to have some of this
information I think that that is an
old-school way of doing business
I don’t think business is done this way
anymore and I think a lot of businesses
have moved past that I’m seeing all over
the place on the internet different
business there just aren’t industry
secrets anymore and that’s just not how
this is the information agent it’s not
how things operate and so you know the
the criticism might I definitely
understand and I understand why people
say that I think that there’s a fear in
this industry because you know we we
have to compete with other laundromats
for business I think that there’s a fear
that there’s you know if the information
is out there that either I’m not really
sure exactly what the fear is maybe the
fear is that there’s gonna be too many
people coming to the industry and it’s
gonna you know diminish everybody’s
returns or you know if competitors are
going to learn how to operate their
stores better I’m not really sure what
the fear is exactly but I think that
there is a fear in behind that criticism
and I just I don’t think that fear needs
to be there you know and I think that
the laundromat industry has been there’s
there’s a book by Carol Dweck called
mindset and maybe you’ve read it maybe
you haven’t there’s gonna be a link down
below so if you haven’t I highly
recommend you read it but one of the
main points of that book is that you
kind of have two options on the way that
you think about the world the way that
you look at the world in two different
kinds of mindsets and one is a scarcity
mindset and one is an abundant mindset
and I think the longer met industry has
been stuck in a scarcity mindset now
I say this and I I don’t want to I don’t
want anybody to hear that and hear me
criticizing you or I think there are a
ton of laundromat owners who have a
blend of mind sets you know the guests
we’ve had on the podcast so far
definitely abundant mindset owners and I
think there are a lot of people I think
the tide has been shifting that way in
this industry for a while now but I just
think it’s lagging behind you know
overall I think it’s lagging behind
other industries and so I wanted to read
a few of these differences between
scarcity and abundant mindset and and
you tell me what you think a scarcity
mindset says this there’s not enough to
go around I’m kind of that hey you know
if you give away information there’s
gonna be more people coming in and it’s
gonna take away from everybody an
abundant mindset in contrast says
there’s more than enough to go around
scarcity mindset I need to make sure I
look good if I am to succeed I mean I’m
in trouble if you listen to episode one
I’m in trouble on that one abundant
mindset says if I succeed and you
succeed we all succeed scarcity mindset
is reluctant to contribute and share
information resources and time an
abundant mindset is open to
collaborating and sharing what is
required a scarcity mindset is I have
all the answers an abundant mindset is
willing to learn from others scarcity
mindset promotes only self and
accomplishments abundant mindset
promotes others and their achievements
and you know I just I read through this
list and there’s some other things too
but I read through this list and I was
like man this just feels like the
laundromat industry as a whole to me
right now that there is such a scarcity
mindset you know I’ve walked into stores
into laundromats before and owners have
literally shooed me out of there
laundromats because I don’t they’re
worried I was spying on them or
something and I just wanted to come see
what they were doing and to meet them
and introduce myself these are these are
laundromats that are nowhere near my
laundromat even and I you know that that
mindset and that kind of behavior I
guess it’s just it’s very scarcity to me
and I I just you know I I think the
industry he said grew up a little bit
and have an abundant mindset be a little
more secure in who we are and you know
that again this that’s one of the
reasons why we’re doing what we’re doing
is because you know our whole tagline is
you know we want to you know help
everybody achieve financial freedom
through laundromat ownership who wants
to own laundromats and that’s the whole
goal behind it and you can’t have a
scarcity mindset if that’s your goal if
you know if our goal is that is to help
you and to help us all achieve financial
freedom through a lot of meta ownership
you can’t have a scarcity mindset and so
when these criticisms come through that
you know I’m sharing too much
information or you know there I need
I’ve been told that I need to stop yeah
and take some stuff off the blog and
stop giving away some of the information
I’ve been given away and I you know I
just
to me that just feels like what are you
worried about you know I’m not you know
I’m not I don’t think that what I’m
doing is taking food off of anybody’s
table if anything else I think it’s
putting more food on the table for more
people and but I’m open to being wrong
so if if you have a very different
opinion on that I would love to hear
about that
modern resource comm slash show for in
the comments section there let’s have a
conversation about it but that’s that’s
kind of where I’m coming from and that
criticism and it’s kind of why I say I
think the launderette industry needs to
grow up a little bit it feels a little
bit childish you know I have kids myself
and when they were younger you know they
had their toys and they didn’t want to
share their toys and they kind of
hoarded them and and it just feels
childish to me to do something similar
with the laundromat industry so that’s
one of the criticisms the the second
criticism that I wanted to just briefly
address is that I’ve heard I’ve heard
that I’ve been a little hard on on
brokers and you know I’m always talking
about how you got to watch out for
brokers you know you can’t put your
whole trust into somebody whose paycheck
depends on you buying a laundromat make
sure you have somebody else with you to
you know to just you know help you
navigate who’s whose income doesn’t
depend on whether you buy a laundromat
or not and I’ve talked about some of the
dishonesty that I’ve experienced and
that I’ve unfortunately coached in and
talked with a lot of other people who’ve
experienced similar things all over the
world really at this point now and so
but I’ve been I’ve been told that I’ve
been a little bit hard on brokers and
and that might be true however I you
know being being one myself and and
being in this industry I just I still
stand by I don’t you know the most
trustworthy honest you know integrity
filled broker out there I
think it would be wise for you to have
another professional opinion you know
whether it’s another owner or consultant
or somebody to just you know help you
navigate that because one anybody can be
tempted anybody can be caught in a weak
moment anybody can be caught in a
desperate moment and you know that can
be one situation but on the other hand
you know it’s just it’s good to have
it’s good business sense to have
multiple people helping you out on your
team ensuring that you succeed that you
find the financial freedom that you’re
looking for through the laundromat
ownership and don’t get caught in a
position where you know you didn’t you
get blindsided like I did you know and
you can listen to more about that and in
episode one if you’re interested in that
so yes I will I will say maybe I’ve been
harsh on brokers a little bit and
they’re not all bad and I should say
we’re not all bad and there are a lot of
really good ones out there business
brokers and laundromat brokers that can
really help you out and in fact we
believe that so much that’s why we we
offer a service it’s free for you you
know if you’re selling your laundromat
and you want help finding a trustworthy
knowledgeable broker to work with we
will help you do that for free to you
cost you nothing um a lot of my resource
calm slash sell or if you’re looking to
buy laundromat resource accomplished by
because there are great brokers out
there for you to work with so I I don’t
want you to hear that all brokers are
bad and I don’t want you to be fearful
again kind of that scarcity mindset but
I do want you to be prudent and wise and
I do want you to not rely on solely one
person for the success of your
investment
and I think that’s my main point a
broker who’s good or bad don’t rely on
just the one person for the success of
your business
so criticism acknowledged and accepted
however my advice still stands and there
are still a lot of brokers out there
who are not filled with integrity and
who are just looking to make a a buck so
I don’t that wasn’t really a retraction
of my a retraction of my my sentiment
towards brokers however I am
acknowledging there’s a there’s a bunch
of really great ones out there and I’d
love to hear from you guys too if you’re
a great broker out there hey on my
resource comm slash show for you know
let’s network I’d love to meet you
because I’d love I’m getting literally
I’m getting clients every single day
multiple clients who were looking to buy
or sell laundromats
through a lot of my resource calm slash
buy or slash sell and I’m always looking
for great brokers so come get to know me
and let me get to know you and be back
and refer you some business so that is
the second criticism that I’ve been
getting here’s the third one the third
was kind of related to the first one but
and it definitely is right up the alley
of that scarcity mindset and here’s
here’s what it is is I’ve been told that
personally that I’ll never succeed if if
I’m sharing hard numbers you know in our
in our podcast interviews we have a
little section called downed business
[Applause]
and that’s where we ask people like hey
what are the nuts and bolts what are the
hard numbers of your business you know
how many turns per day are you doing
you know what are your VIN prices stuff
like that and you know some people feel
very strongly that that information
should not be public and and I totally
understand why you know some people can
use that information nefariously I guess
somehow so I understand and again that’s
just a that’s just a choice that you get
to make however here’s the reason that
I’ve chosen to share that information
and to ask other people to share that
information is because
I think that you know especially those
people who were trying to get into the
industry you know it’s nice to have a
benchmark to know you know I got a pro
forma for my very first laundromat one
that was completely run down in the pro
forma you know gave me numbers four four
five seven and eight turns a day that
laundromat has never done more than like
3.2 turns a day and that was even on the
pro forma and I had no idea I was like
I’m gonna be rich he’s gonna be like
eight turns a day that would be so rich
and it’s just I mean now to come to find
out reality of it is the average
laundromat that I’ve talked to you and
I’ve talked to a lot of owners now is
doing somewhere around three to three
and a half from just anecdotally that’s
not a scientific study and you know
maybe coin laundry Association or
somebody has hard numbers out there for
that but from my experience like three
to three and a half is is average and
that was not even on the pro forma so it
helps those people I think it also helps
other owners to kind of judge where
they’re at you know if they’re doing two
and a half a day you know then they
should know they’re probably a little
below average and maybe they need to
change some things to pick up business
or to know that there’s more business to
be had out there there’s more capacity
for their laundromat so I think it’s
valuable information for everybody to
know and you know it’s it’s definitely a
personal choice whether you want to
share that information or not whether or
not I see I can succeed sharing that or
you can succeed sharing that information
I I mean I guess that remains to be seen
but you know so far so good I haven’t
had any detrimental impacts that I’m
aware of at this point and nor has any
of the podcast guests that have been on
yet to my knowledge so I will here’s my
commitment though I’ll let you know if
something happens to me or someone else
who shared their information
I promise y’all let you know and I’ll
stop immediately but
here’s to know whether you guys think
that there’s anything you know good or
bad about sharing those numbers but
that’s one of the criticisms you know I
firmly believe that it’s a good thing
it’s a net good and the risk reward is
is highly favored towards the reward
side but but I’m also open to being
wrong on that one and yeah I don’t think
I am but I but I’m open to it and it
just again it feels very scarcity
mindset to me and I want to have an
abundant mindset and I want you to have
an abundant mindset just like you know
Dave mins in Episode two and in Toby
dump bar in Episode three totally
abundant mindset guys and are doing
awesome stuff so
anyways those are the three big
criticisms that I’ve had at this point
you know I’m sure there’s other other
Chris’s my wife tells me I talk too slow
and yeah I do
so criticism accepted and I tried to
talk faster and I just I feel like I’m
gonna go in a million miles an hour and
then I listen back to it and it feels
like it’s molasses so I don’t know I’m
just a slow talker I guess so there’s
other criticisms I’m sure and I’m you
know if you wanna if you want to go just
rip on me launder my resource coms last
show for go leave a comment list off
some more criticisms so maybe I can do
another episode in the future on alright
well this I I still want to include even
though this is not an interview I still
want to include some of my favorite
sections that we’ve done so far so let’s
get into the secret sauce the secret
sauce
[Music]
[Applause]
[Music]
the secret sauce is this what’s one
thing that’s working in your business
right now that other owners can
implement into their business and help
them improve their business or
themselves and you know I’ve in answer
in episode one so you can go back and
listen to that or go on YouTube there’s
a secret sauce what do you call those
playlists a secret sauce playlist you
can go check out all the secret sauces
of the podcasts there but I wanted to
give another secret sauce and it’s it’s
definitely related to what we’re talking
about today and I man I’ve got to say
it’s been really helping my business a
lot and I’m hoping this podcast and some
of the stuff we’re doing online about
resource is right along these lines is
helping you guys out too but the secret
sauce is this you know it’s it’s three
C’s and the first the first C is
community is get involved in a community
of other laundromat owners whether
that’s here at laundromat resource calm
or on a Facebook group or a coin laundry
Association or something get in some
kind of community of other owners again
I think we’re all better together and
man just doing these interviews with
different owners and getting to know
people through the coaching calls it’s
it’s been transformative and it’s
definitely given me a ton of fresh ideas
and fresh energy so I really encourage
you to get involved in community and see
number two taking that a step further is
cooperation and just cooperating with
other owners and whether that be through
through sharing information or through
literally helping out I had a coaching
client who lives like an hour away from
from me and he’s like hey I want to just
come you I want to come like help you
clean your store and just come see how
you’re running things and you know and
you just cooperate that way and I
thought that was really a funny kind of
offer but also a very cool offer just to
kind of cooperate you know
want to come help you clean your store
you can kind of help me by sharing some
of your information with me and you know
walking me through some stuff and I was
like yeah that’s that’s awesome and
that’s awesome so that cooperation
he definitely secret sauce you don’t
have to go clean somebody else’s store
necessarily but just cooperating and
whether that’s even just hey let’s grab
coffee or let’s do a zoom I guess no no
coffee are you kidding me right now
stop gathering it’s we’re all social
distancing although I think some place
is starting to open back up so I don’t
know here in California you know we’re
we’re still isolated so lonely but jump
on a zoom call or or just a phone call
old-fashioned phone call or something
and yeah just cooperate with each other
and help each other out you know helping
someone else out does not necessarily
you know take away from from you so that
is the second see and and the third see
is this contribution and and what I mean
by that is a lot of what Dave Dave Mintz
talked about in episode 2 is you know
looking for ways to contribute to your
community and to your customers to
provide value for them I it’s easy for
me to get sucked into you know the nuts
and bolts of the business and how do i
you know decrease expenses how do i kind
of optimize my business and I just don’t
want to lose sight of how am i
contributing to the lives of others how
am i contributing to this community that
my laundromats are in and I yeah I I
just I don’t want to lose that
perspective and I want to encourage you
guys to keep that perspective too
because I honestly believe that you know
when we give that’s when we receive and
so you know improve your community and
prove your your neighbors and improve
your business at the same time so that
is my secret sauce for today I also have
some pro tips for you
[Applause]
what’s what’s one thing that
I feel like a new somebody’s trying to
get into the industry should know before
they get into the industry here’s here’s
my my pro tips for you for today again
there’s a playlist on YouTube on this if
you want to go listen to all the pro
tips they’re quick couple minute clips
most of them on YouTube it’s a
youtube.com slash laundromat resource
but here’s my here’s my pro tip for you
today is knowledge by itself is not it’s
not gonna improve a community it’s not
gonna put money in your pocket you know
I talked with a lot of coaching clients
who have said I’ve read every single one
of your blog posts I read your free
ebook I’ve watched all your YouTube
channels you know I’ve been consuming
all this information and if that’s you
here’s here’s my my pro tip for you is
that knowledge is awesome and you need
you know that knowledge but you only
need it to a certain point and at that
certain point you need to take action
because knowledge by itself it’s it’s
never gonna build your wealth it’s never
gonna make a difference in the life of a
community you know knowledge by itself
is is worth it it’s not power it’s it’s
worthless what’s power is having that
knowledge and then applying it taking
action on it so I just want to encourage
you today whether you’re in knew
somebody who’s trying to get into the
industry you know gain that knowledge
absorb it you know talk to people read
listen watch all of those things but at
some point you have to take action you
have to take the first step you have to
go talk to a broker you got a schedule a
coaching call you gotta make an offer on
a laundromat you’ve got to do some
action in order to improve your life and
improve the lives of other people too so
take some action and if you’re if you’re
already an owner and you want to improve
your business it’s not gonna improve on
its own so you gotta you gotta take some
action
– you know to improve or to change I
want to say it was the great gym room
but I am NOT positive on this but man I
really should look at that price should
have brought it up but I’m gonna say it
anyways cuz I’m already out there so he
said hey if you want you know if you
want something different in your life
you got to do something different so if
you’re not getting the results that that
you want in your life then you got to
change something you got to do something
different and and that entails taking
some action so whether that’s you know
getting started or whether that’s
improving your business take some action
that’s my pro tips for today the other
question that I have been asking
laundromat owners on the podcast is what
are one or two resources that you’d
recommend that would help other
laundromat owners either further their
business or grow themselves and I’m
gonna mention two here and again there’s
links down below or there’s links at
lotterman resource calm slash show for
to this but the first one is the book by
Carol Dweck a mindset if you haven’t
read it I highly recommend it you can
get it from a library or something if
you want to buy it which I think it
might be worth owning there’s a link
down below you can check that out but
the book and it talks a little bit about
how to shift your mindset from this
scarcity sort of fear driven mentality
to an abundance mentality that will not
only help you go further in your in life
and in business but we’ll just it’ll
you’ll be a happier person if you have
an abundant mindset so so that’s one and
then kind of going along with the pro
tips of taking some action a book that I
found really really helpful to help me
take action is called the four
disciplines of execution and again
there’s a link below or at lunderman
resource complex show for this book is
it’s incredible I cannot recommend it
enough I’m reading reading it again for
the second time right now and
it’s just so good so if you’re somebody
who has a hard time taking action if
you’re somebody who find yourself
procrastinating or find yourself just
absorbing knowledge but never putting it
into action or you find yourself getting
started taking action and not following
through the four disciplines of
execution is a must read in my opinion
and I cannot recommend it more and it’s
definitely one I mean you can rent it
from the library or audible or something
like that but I highly recommend you
just buy this one
keep it read it once a year and actually
do what it says and you’re gonna be
surprised at how much you can get done I
know I’m I’m surprised at how much I’m
getting done even right now with the
kids home you know all day and I’m I’m
home schooling them and you know running
my laundromats and doing all just
telling going on and I’m just man four
isciplines of execution is keeping me
on track so those are my recommended
resources and this is the end of the
show thank you guys for hanging in here
and man if you loved it let me know
laundromat resource coms last show for
if you hated it let me know automatic
resource comments last show for and this
is jordyn for the long about resource
podcast next week we’ll be back with an
interview from the laundromat owner a
couple actually and I do not miss it
make sure you subscribe to the podcast
and again if you if you have a chance
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looking forward to hanging out with you
again next week and we’ll see
[Music]
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