Road Map to 10+ Laundromats and More with Andrew Cunningham

Jordan Berry [00:00:00]:
The one, the only, Andrew Cunningham back on the podcast. We’ve done a bunch of q and a’s lately, but we have not done a podcast episode in a while. How you doing, man?

Andrew Cunningham [00:00:11]:
Good. How are you?

Jordan Berry [00:00:12]:
I am excited. I’m excited. I like that. Any Monday morning I wake up and I get to just jump on a call with you and talk laundromats, it’s just that’s a good week waiting to happen.

Andrew Cunningham [00:00:22]:
Thanks. I appreciate that. It’s,

Jordan Berry [00:00:26]:
it it’s a lot of fun, which Yes. You wouldn’t really expect because it’s you know, we’re talking about longer mats. But you know what? It’s a good time. It’s always a good time with you.

Andrew Cunningham [00:00:34]:
Yeah. Thanks.

Jordan Berry [00:00:35]:
Dude, what catch me up just a little bit here before we jump into it. What’s what’s been going on in your world?

Andrew Cunningham [00:00:42]:
Really busy. Really busy. It’s, interesting market out there. There’s some, topics we’ll probably cover. There’s some, there’s some natural barriers or stumbling blocks that I’m encountering, that I’m talking with other brokers about or other buyers and sellers. And, you know, there’s some there’s some impediments that are preventing us from moving forward a little bit quicker than we can. We’ll probably clear up a few things today on on a couple of those topics. But all in all, it’s, I’m really busy, and I’m enjoying it.

Andrew Cunningham [00:01:10]:
And, wouldn’t have it any other way.

Jordan Berry [00:01:13]:
It’s good stuff. I like to hear that. Yeah. Well, let’s let’s spend just a few minutes here talking about kind of the market right now. You know, there’s a lot of buyers trying to buy right now. What’s what, what do you I mean, I’ll tell you what I’m seeing in the market. But what are you seeing in the market, you know, around the country and

Andrew Cunningham [00:01:30]:
Well, yeah. Right now. What’s that?

Jordan Berry [00:01:34]:
What’s the prognosis for buyers right now?

Andrew Cunningham [00:01:35]:
I think that they have to reset their their, expectations. I think that a majority of the buyers that I’m in, engaging and having conversations with feel that they should be able to come into this market and have a set of valuations that for the most part are they can be pretty much spot on, but the multiples that they wanna buy at, they’re looking at buying at a 3 x or 4 x, and I haven’t seen any 3 x’s and certainly not many 4 x’s. And so they get this they get they just get they lose focus and they say, oh, maybe it’s not for me. And the reality of it is that a lot of 5 x’s can become 4 x’s if you know how to operate a laundromat shave expenses, and what have not. You can turn that bottom number down and get more cash flow out of it. And, you know, some tweaks you can make in operationally that you can go from a, you know, a, like I said, a 5 x or 4 x, which isn’t far. It’s 20 to 25%. And, it’s doable, but they lose somehow they lose focus, and they think they should be able to buy at, a 4 x.

Andrew Cunningham [00:02:37]:
And I don’t believe that the market is a 4 x right now. I still think the market’s a 5 x. Now you may be lucky and find a couple of 3 x’s or a guy trying to liquidate it, but you also have to consideration a lot of other variables in your calculation of 4x and 5x are they properly allocating for replacement of equipment? Are they are they willing to go halfway? Or are they willing to say, you know what? What’s that?

Jordan Berry [00:03:01]:
I said nobody does that.

Andrew Cunningham [00:03:03]:
Well, but that’s the point.

Jordan Berry [00:03:04]:
Yeah.

Andrew Cunningham [00:03:05]:
So there is a an educational process that has to happen not only with the buyer, but with the seller. That you’ve got a really nice laundromat here and you got a decent lease and all those other things work, but you’ve got, you know, setting aside dryers because I think dryers fall under a different category when it comes to age. Your average front loaders can last you 12 to 15 years depending upon the brand and what have not. And then it becomes economically unfeasible to have it. You need to replace it, and then you get depreciation and you get to start your, you know, tax, all the stuff all over again. But you actually need to allocate for that equipment, and equipment is not cheap in today’s market. It’s new stores.

Jordan Berry [00:03:45]:
Oh. Yeah.

Andrew Cunningham [00:03:46]:
Most new stores, most 25 100 square foot new stores are clicking along at a1000000 to a10000002.

Jordan Berry [00:03:53]:
Big numbers. Big numbers that we’re

Andrew Cunningham [00:03:55]:
not really used to No.

Jordan Berry [00:03:57]:
In this market, which is, you know and and not only that, but money is more expensive than it has been for a while too Right. In terms of interest rates are higher. I know they’re they keep trying to tell us that they’re coming down, but until I see some significant droppage, I’m you know, just color me skeptical.

Andrew Cunningham [00:04:17]:
Right. So we’re still at what? 107?

Jordan Berry [00:04:19]:
Somewhere in the ballpark of there. Yeah. Yeah. September 2024 in case you listen to this later down the line.

Andrew Cunningham [00:04:28]:
Maybe 8.

Jordan Berry [00:04:29]:
Yeah.

Andrew Cunningham [00:04:30]:
8 years, but 7 is about the the litmus test for that.

Jordan Berry [00:04:36]:
Yeah. Yeah. So yeah. I mean, I I see the same thing. Right? Like, the the traditional and I still see it on, like, the Facebook groups and stuff where people are like, don’t buy for more than 3 x and and all that stuff. And I think there’s probably some maybe rural small town markets where you can get them the 3 to 4x build, but they’re gonna need work and all that stuff. And there’s a lot of questions around that. And in fact, whenever I do consulting calls where somebody brings me a laundromat that’s in the 3 to 4 range right now, I’m immediately looking for, is that lease too short? Is the lease too high? How much is it gonna cost to replace that equipment? You know, all like, there’s something wrong.

Jordan Berry [00:05:18]:
Something’s wrong.

Andrew Cunningham [00:05:19]:
Right.

Jordan Berry [00:05:20]:
And the thing that may be wrong, maybe if you’re very lucky that the seller is not informed about current prices. But more likely, there’s something going on that’s making that price lower out there. But I agree with you completely that we’re at a period where we’re resetting expectations here in terms of multiples and in terms of returns and in terms of how these things are operated, even. You know, I mean, listen, until recently, it’s been a very, like, hey, this is a hands off business. I think more and more, it’s becoming a more and more hands on business for more owners. Not that you can’t run it as an unattended laundromat on the side. You still can do that. But more and more, I see more hands on owners coming in too, which I think is another expectation that should be shifting.

Jordan Berry [00:06:14]:
I

Andrew Cunningham [00:06:14]:
don’t know.

Jordan Berry [00:06:15]:
Do you agree with that or you disagree with that?

Andrew Cunningham [00:06:16]:
No. I just I I agree with that. I I think that, you know, it’s it’s truly the action. You get in you get out of it what you put in it. Mhmm. And, there are some people that that get into it thinking that it’s gonna be a part time business, and, you know, it’s just an investment and what have not. And, you know, they will languish around the 20%, 18% ROI.

Jordan Berry [00:06:38]:
Mhmm. And then

Andrew Cunningham [00:06:39]:
there’s a guy that gets in there and rolls up his sleeves and says, I’m gonna dedicate some time, effort, and energy to it. He’s clicking along at 23 to 27% ROI without even breathing. And then the next thing is I get the phone call. Hey. What do I do about social media? What do I do about Yelp? What do I do about, you know, Instagram? How do I do this? How do I get this? I’m looking at wash, dry, and fold. I’m not interested in so much in in, pickup and delivery, but I wanna do drop off. And how do I you know? So all of a sudden, it opens up that avenue of how do I generate more revenue. And you still have the guys that just say, yeah.

Andrew Cunningham [00:07:09]:
I’m happy with what I have.

Jordan Berry [00:07:11]:
Yeah.

Andrew Cunningham [00:07:12]:
You know? And so it’s probably probably somewhere around actually, it’s around 5050 at this stage that I can tell based on my clients.

Jordan Berry [00:07:22]:
Yeah. And I think that, I I mean, I think it’s shifting. I think I just see more and more owners coming in a little more ambitious and with a little more sophistication. I mean, I’ve I’ve I’ve said that a lot, but I just see more and more people coming in. And here’s what’s interesting. Right? So, I mean, it kinda leads into this thing we’re talking about before we hit record here. But, you know, I did a poll a little while ago and I said, hey, how many laundromats do you wanna own? You know, 1 to 2, 3 to 5

Andrew Cunningham [00:07:52]:
Right.

Jordan Berry [00:07:52]:
10 plus. And 92% of the people responded to that survey said, I bet you could guess if you’re out there. Take a guess if you’re out there. 10 plus. Right? 92% of the people said 10 plus laundromats was their goal. Right? And I do see, a consolidation happening. I think more and more owners own more of the laundromat. Or less owners own more of the laundromats.

Jordan Berry [00:08:20]:
More owners own multiple laundromats, I think, than used to be the case. And, you know, now with the tools and resources that are available to us and people like you coming on podcasts and doing q and a’s and stuff, I I think it’s more and more possible to get there. But the road map to 10 plus laundromats is I mean,

Andrew Cunningham [00:08:42]:
it’s a beast.

Jordan Berry [00:08:43]:
It’s a beast. It’s it’s not it’s not it’s not a passive thing we’re looking at here. No. Trying to get the 10 plus laundromats.

Andrew Cunningham [00:08:49]:
And you you run into, you might find an owner that has 2 or 3. And so and I’m I’m talking regional.

Jordan Berry [00:08:58]:
Mhmm.

Andrew Cunningham [00:08:59]:
National, you can find guys that have chains of 8, 10 stores that you can pick up that they’re willing to sell and what have not. You can do evaluation on that. But for the most part, here in Southern California and in California, you know, your multiple store owners may have 2 or 3 stores. Mhmm. And they’ll sell them off 1 at a time or they’ll sell them off as a package. But you’re only gonna pick up 2 or 3. You know, it’s

Jordan Berry [00:09:21]:
I’ve been trying to buy portfolios lately, and it is hard to find them.

Andrew Cunningham [00:09:26]:
Very hard. And hard to

Jordan Berry [00:09:28]:
hard to lock them out. So if you’re out there and you wanna sell portfolio, [email protected].

Andrew Cunningham [00:09:32]:
Yeah. So so it’s difficult it’s difficult to to one find out, an owner with multi stores who wanna sell chain. And then you have to go through the same process, only it’s whatever the number of stores times that for the effort and the work that you need from the seller. And then what are you getting from the seller, and what are you relying on as information for income, which you we could probably do a whole podcast on just what does it really mean to get a listing or to have a store that’s salable? What are you supposed to get? So we’re getting back to it. So you’re gonna end up probably in your lifetime. If you want 10 stores, you’re probably gonna have at least 5 escrows. You’re gonna have to you’re gonna end up getting being in 5. 1 to 3 maybe 2 over here 11101, but that’s really you know the way it is and then for for those in a market area that is more rural more expansive and you know, your furthest one away is 2 hours, which is normal in the, you know, Midwest and what have not.

Andrew Cunningham [00:10:28]:
And then it’s how many employees do I need? Mhmm. Employees, how many how many managers do I? I had the privilege of working with John Gorman who was one of the founders of Taco Bell when we did Lucy’s and he said 5 is a magic number. 5 is what a manager can handle 5 Taco Bells. That’s it once you get to 6, you gotta have another manager and then what’s their role? What are they primarily responsible for you know? And there’s all you know as well as I do. There’s there’s maintenance. There’s collections. There’s wash, dry and fold employees supplies accounting the list goes on and on who’s gonna be responsible for it with how do you gonna wear what app do you have to to get rid of in order to run more efficient?

Jordan Berry [00:11:08]:
Yeah. Well and, I mean, it brings up a really interesting point because, you know, I somebody said this and it stuck with me. Actually, I think it was somebody from KiaSoft said this, And it this really stuck with me. He’s like, really? What because I was telling we were talking about this exact thing. And really, what he was saying is, at that point, you’re turning your small business into a small company. Right? And Correct. How it starts out when you buy 1, 2, 3 laundromats, for the most part, you might have attendants and you might have laundry processors and stuff. But other than that, for the most part, you’re running all the other roles.

Jordan Berry [00:11:43]:
And you may even be doing some of those roles too, like the wash, dry, fold, all that stuff. Right? You’re doing everything. You’re wearing all the hats. You’re doing, you know, all the all the management stuff. You’re hiring, you’re firing, you’re managing your employees. Maybe you’re doing marketing. You’re, you know, all the things. And as you start to grow, you can’t do all the things anymore.

Jordan Berry [00:12:04]:
Right? So you as a person actually have to evolve and change and grow in order to go from somebody who’s on no no laundromats to 1, 2, 3. And then, again, you have to evolve and change and grow to get to that bigger portfolio. Maybe it’s 10 or, you know, 5 or 10 or whatever it is. And your organization is gonna have to evolve and grow and change each of those phases also. And it’s it’s a little bit of a a process here. And I would contend that it’s very difficult and probably very rare that somebody who’s owned no businesses before or no laundromats before I think it’d be very rare to just hand that person 10 laundromats, a portfolio of 10 laundromats, and for them to thrive there. Because there’s there’s a growth and a change that has to happen through going some of the the the growing pains, the learning pains of of owning multiple. Right.

Jordan Berry [00:13:06]:
Kinda interesting. But, I mean, okay. Listen. Let’s just say my goal is 10 plus. Number 1, how feasible is that in this market for most people? And then number 2, if it’s at all feasible, if I was saying, hey, Andrew, point me in the right direction. What’s the path to 10 plus eleven, Matt? What advice you got there?

Andrew Cunningham [00:13:25]:
Wow. Well, right now, I see I see other mark mark some markets are better than other markets. I think I think the Southern California market is saturated with potential locations that are overpriced and that all need new equipment. So there’s a retooling going on here that’s probably they’ve never seen before. I’m sure that the manufacturers would like to get a bite of that.

Jordan Berry [00:13:48]:
Yeah.

Andrew Cunningham [00:13:50]:
Sell it. Owners are not replacing equipment. They’re going out there and selling their store on a multiple of a 5th without allocating any reduction purchase price for the lack of equipment or the lack of equipment or the the equipment that they’re using, or they’re not allocating the proper refunds or or sources in their p and l to compensate for the fact that those machines who need to be repaired all the time. So for how to get there, it’s it it it is a it’s a struggle here in Southern California. I think you can do it. It’s just gonna take you a lot longer than you would anticipate. I think in other states, Texas, for example, Florida, for another example, there are a lot of good longer mats, solid ones that have 7 year old equipment, 8 year old equipment that have been retooled that the seller’s willing to sell his chain. I think you’ll find more chain operators outside California, as an example, that are willing to sell their chain for 3, 4, 5 stores than here in Southern California.

Andrew Cunningham [00:14:47]:
I don’t think that there’s I think there’s more single proprietor stores in Southern California than there are in most of the place else. They get more multiple stores in other states. And so, you know, what I’d be looking for is I I would search to find out if there is a multiple whatever multiple store you can find owner, and I would start to pick on that and start to learn the things that you need to learn in order to buy a multiple store chain. Because there’s a lot of different things that you do. They’re all the same, but they’re now they’re 3 times or 4 times more than what you would anticipate if it was just a single offer.

Jordan Berry [00:15:19]:
Yeah. But one one thing I I like that advice because one thing that’s interesting is that when you go that route, if you can buy a small portfolio of laundromats, yes, you’re buying those assets. You’re buying the laundromats. You’re buying the cash flow. Hopefully, they’re cash flowing. And but you’re also buying the systems that are in place to run that small portfolio. So that can give you a little bit of a head start. That can give you that can shorten that learning curve a little bit if there are people in place that know how to how this owner at least has been operating, this system.

Jordan Berry [00:15:54]:
And then from there, like you were mentioning earlier, you can look for efficiencies within that and begin to evolve the business to accomplish whatever your next one. Increase your cash flow or scale bigger or both or whatever. At least you have, like, a starting platform of those systems that you can learn from, from that from that previous owner. Now that may be a good thing or a bad thing depending on the previous owner and their systems, but could be could be a good advantage.

Andrew Cunningham [00:16:24]:
It could be. It could very much be a good advantage on that. You know, there are I have a I have a couple of things that I look for in a laundry. You know, lease, financials, equipment, location, growth, and opportunity. And a lot of times, you know, I put a lot of the first three are really heavy. Lease is primary for me, financials and that equipment. And after those other 3 are there, but of the other 3, the opportunity, there’s there’s what I call opportunity cost that some people don’t realize that and that is you’ve been looking for a year, which is not hard, which is not hard to do you’ll be looking for 6 months a year and one comes up when the seller’s adamant that he wants 50,000 more And in some cases, it may be worth the overpaying the 50,000 to take that laundry off the market to get your 1st store and to get you in the business. It’s not something that happens all the time, but sometimes you have to realize if I wanna get in, I’m gonna have to make some sacrifices to get in and one of those is what I call opportunity because you know they don’t come that often.

Andrew Cunningham [00:17:30]:
I’ve got you you and I both have clients that we’ve been working with for over a year and they have probably brought us 3 or 4 laundromats that we both looked at and we said, yeah the valuation, but you know he’s gotta he’s gotta come down $100 because the equipment’s not there And at that point in time, I have a I have a saying. You’re buying a payment. You’re not buying a purchase price. So you have to get that out of your mentality. You’re buying a payment. What is that extra equipment going to cost you on a monthly basis? And then you add in utilities to that because everything else is fixed in your store. Utility is the only variable. And you look at that and if your payments, let’s see, $1660 for a 100,000 at 10% for 7 years.

Andrew Cunningham [00:18:13]:
So you add 20% to that, 25, you get you’re up to so now you’re at 2 grand. So it’s gonna cost you 2 grand a month to put new equipment in your store. Mhmm. You need to generate that much to pay the utilities in order to pay that payment. And, you you you know, you look at it, you go 1660, and you go 2,000, and you go, so I need 30 new customers to come into my longer manner in order for me to justify that payment. You look at it and you go, that’s not a lot. Can I achieve that? Yes, you can achieve it. And how do we go about it? And then you said about your marketing program.

Andrew Cunningham [00:18:48]:
And this is what you and I talked about earlier, which is here comes the hat. Now you’re the marketing guy. And then and then you’re the ops guy. And then you’re the repair guy. And do you really wanna be a repair guy? Do you really have the time to be a repair guy? Oh, sure. I’ll jam a coin slot or I’ll fix this and I’ll re hook up this for the, reader system. But for the most part, you don’t wanna be a mechanic. You want a mechanic to handle mechanic duties.

Andrew Cunningham [00:19:10]:
You wanna pass off some of those responsibilities to other people so you could stay at high level to look for your next acquisition. And your job now is to oversee all of it and just tweak. Another rule. I have a rule. I don’t do anything in a laundromat for the 1st 30 to 60 days. I run it exactly as they had it. Now unless you have a conflict of employees or if there’s an issue in there, I keep everybody in place for 30 to 60 days. Number 1, to see if it was what they said it was, if it was represented truly, because you’re gonna see it in the 1st 30 to 60 days.

Andrew Cunningham [00:19:44]:
And then the next thing is if you wanna change, you can make your changes after that. You won’t know you won’t know if the seller was telling the truth or not if you get rid of everybody on day 1 and put all your new people in there. And then you’re like, well, geez, this isn’t working. Well, that’s not working. Well, they’re not trained either. So now you’re gonna have to train them.

Jordan Berry [00:20:03]:
Mhmm.

Andrew Cunningham [00:20:04]:
And you you set yourself behind the 8 ball. Don’t leave leave it alone for 30 to 60 days. Give yourself a little breathing room that you’re gonna get into this comfortable seat. Well, I don’t know if it’s gonna be comfortable, but you’re gonna get into this this saddle and ride this bronco, and you’re gonna go, okay. Well, let me fire the stable hands. Only fuck everybody. No. No.

Andrew Cunningham [00:20:25]:
No. No. Keep it keep it leave it alone. Work for 30 to 60 days, even 90 days until you understand, like, the back of your hand, and then go ahead and make your tweaks.

Jordan Berry [00:20:35]:
Let me ask you a question. I mean, because it’s like that, but I’m curious what you would say about this. Let’s say I own 3 laundromats already. Okay. And I buy another one. Are you still doing that? Or are you saying I have the playbook with my other 3 that are Oh,

Andrew Cunningham [00:20:49]:
I’m still doing that. I’m Correct. Absolutely. Absolutely. Now it doesn’t mean I won’t bring a lead over to watch the play, but I’m not I’m that that synergism is still gonna work out. Absolutely. Because I wanna see if what I bought is what the seller represented. And I can’t do that honestly without everything to remain in place.

Andrew Cunningham [00:21:14]:
The only thing that got replaced is the name on the wall and money. I don’t wanna change anything. That doesn’t mean I won’t, and that doesn’t mean that there are circumstances where you have to make a change. I’m just saying if you don’t don’t mess with it, it did fine. He sold it to you just exactly what he said now, let’s prove that they’re telling the truth.

Jordan Berry [00:21:35]:
I’m gonna I’m gonna question you.

Andrew Cunningham [00:21:36]:
I was advocating. Go ahead.

Jordan Berry [00:21:38]:
Yeah. I know because I mean this is interesting because I would say, does it matter? Or to rephrase the question, like, does it does it matter if what the seller at this point, you own it. Right? So so then the natural question is, well, what happens because I think this is a huge fear that people have that keeps them from acting on buying their 1st laundromat in particular. Right? Which is what happens let’s say they take your advice. They buy a laundromat. In 30 or 60 days later, they find out it’s not what the seller said. What now?

Andrew Cunningham [00:22:11]:
Well, good question. Good question. What is

Jordan Berry [00:22:14]:
Thank you.

Andrew Cunningham [00:22:15]:
Did you buy it through a broker, or did you buy it directly from the seller? Did you have somebody that was coaching you on the sidelines to help you understand the pitfalls? Or did you figure that after your first purchase of the first three stores that you bought that you didn’t need any help what and everybody’s gonna

Jordan Berry [00:22:30]:
have us helping. I’ll tell you because we would not have allowed this.

Andrew Cunningham [00:22:32]:
They didn’t at least pick up the phone to make a phone call. So so the question is is that yeah, I mean the truth of the matter is everybody’s afraid to pull the trigger everybody’s afraid to pull the trigger until they pull the trigger and then once they pull the trigger, they’re going to go. Oh my god. How do I know it’s what they say it is well if you have someone that you can talk to and walk you through it an owner a previous owner or a buddy who owns stores or you know a broker or a consultant or whatever that can kind of help you walk through it. But if it’s bad in 30 to 60 days, you’re gonna know it. But how does it look if you were to argue that, if you were to fight that and someone were to say to you, what’d you do when you found out about it? Well, I fired everybody. Woah. Woah.

Andrew Cunningham [00:23:16]:
Woah. Time out. You fired everybody before you found out that you had a problem? How how does that stand up to any scrutiny? Well, no. No. No. I ran it exactly as they ran it for 30 to 60 days, and it didn’t do the right thing. Okay. Now you have an argument.

Andrew Cunningham [00:23:33]:
You have a good case. Mhmm. But if you mess with it and go off reservation, then they turn around and go, well, you went off the reservation, and that’s why it happened. At least that’s a plausible answer. So I kinda like to keep things clean as possible in the beginning, and I recommend to to my clients, hey. If you can avoid changing anything for now, avoid it. You have enough on your plate with returns, understanding collections, when to collect, when that system needs to be online, whether it’s a car store or a coin store, you need to you need to monitor the employees on pickup and delivery or drop off. You wanna make sure that’s the first thing.

Andrew Cunningham [00:24:12]:
You wanna make sure they’re doing it right. Well, how do you know they’re doing it right? Well, you don’t know that you’re doing it right. You need to find somebody who will help you to tell you what is right. You need to look at your podcast. I’m sure you’ve got at least I don’t know. I think your number’s up to 130. What are you at now?

Jordan Berry [00:24:29]:
Like, almost, like, 160.

Andrew Cunningham [00:24:32]:
Okay. And and of those, you’ve gotta have at least 30%, 40% wash, dry, and fold.

Jordan Berry [00:24:40]:
Oh, yeah. Tons of Okay.

Andrew Cunningham [00:24:41]:
So just so start going down your list of there and listen and watch. But but most of them don’t. And and and they go, well, I missed that one or I didn’t understand. But so for me, it’s it’s steady eddy. It’s it it is the it is the tortoise does win the race truly does and it’s a methodical step process that if you follow through with it, you may be able to jump some steps if you’re methodical about what you’re doing. But if you take the shotgun approach, you’re gonna be scrambling no matter what, and it’s gonna be very trying for you.

Jordan Berry [00:25:14]:
Yeah.

Andrew Cunningham [00:25:14]:
So I I recommend you have a you have a game plan. You go in there to acquire it. And you acquire 3 stores, You require you do the same thing on store 1 as you do for store 23.

Jordan Berry [00:25:25]:
Yep.

Andrew Cunningham [00:25:25]:
You have a process. When’s collections? Now you’re altering your collection days. Now you’ve got so you’ve got this whole schedule. Now you’re gonna pick up. And you’re gonna pick up on a 3 store chain. If you bought a 3 store chain and you’re an individual guy, you’re gonna want one more person. You’re gonna pick somebody in those 3 stores to be your lead.

Jordan Berry [00:25:42]:
Yeah. I mean, I think that’s great. And I you know, the way I like to phrase it is, hey, work the system and then the system works. Right? Like you can’t. And success does not happen on accident. Right? Success in this business or really any business, it does not happen on accident. I think it’s one of the big lessons I learned when I bought my first laundromat and everything went south on me so fast. And I was like, what is happening here? Is you know, I I followed the playbook that was sold to me which was buy a laundromat and collect coins once a week.

Jordan Berry [00:26:11]:
And you will grow incredibly wealthy and Right. You know, everybody will fawn over you and you’ll have all the time in the world people to feed you grapes or whatever. Right? Sure. And, you know, didn’t work out like that. And and it was because that that requires that does happen for people sometimes. It does. But if you count on that happening, you’re setting yourself up for a world of hurt like I did inadvertently, because success does not typically happen on accident. You have to have a system, work the system, and then the system works for you and and works in your in your direction.

Jordan Berry [00:26:51]:
So I think that that is super solid advice, especially for anybody who’s looking to buy a lawn mower, but also for anybody who’s looking to scale their portfolio or their their service side, their pick up and delivery and drop off. I think it’s applicable for all, of those. Agree. Yeah.

Andrew Cunningham [00:27:11]:
Let’s flip the tables.

Jordan Berry [00:27:12]:
Okay. Yeah.

Andrew Cunningham [00:27:13]:
Let’s flip the tables.

Jordan Berry [00:27:14]:
You wanna talk sellers or what?

Andrew Cunningham [00:27:16]:
Yes. Let’s flip the tables. So now you’re a seller. Now you got the chain of stars, and your eye on the prize at the end of the of the rainbow going, you know? I’ve been doing this for 9 years. I’m tired. I’m out. I want out. What do you need to do? Well, you need to you need to assess each store individually unto themselves.

Andrew Cunningham [00:27:36]:
And I’m not gonna buy the argument that you don’t have tax returns. You got a k one for each location. I know how that works. And by the way, I only want the page 1 of your k one. I don’t care for the rest of stuff. I don’t care that you pay for your daughter’s orthodontist or whatever it is. It doesn’t matter to me. I just wanna see what you’re I just wanna see that page 1 of that k

Jordan Berry [00:27:56]:
marketing expense so that she can be your poster

Andrew Cunningham [00:27:59]:
What do you but but we everybody all always does that. That’s what it’s for. But but the seller needs to actually start to prepare. For the eventual sale and so by doing so and it will probably awaken them to some things that they were or were not aware of. And when was the last time you looked at a really good p and l and and saw what your your business was really doing and how much fat was there if there is any fat? And could you cut some like, I’m dropping DIRECTV because it costs too much, and I can stream what I want. I don’t need the extra channels anyways. But but but those that that’s okay. But that’s the same thing in laundromat.

Andrew Cunningham [00:28:38]:
You look at it and you go, do I need that? Do I need that? Is that too expensive? Is there a return on that investment that I’m doing there? And you start to to build your reservoir of data in order for you to be able to sell your chain. And so let’s use a 3 store chain for as example. I would recommend somebody. I wanna see 18 months utility bills. So start collecting the utility bills. Start making copies of them. Put 3 different piles, 3 different files so that when you’re finished and you call up a broker, which I would recommend using a broker on a multi store chain, because you’re gonna maximize your profits. You’re gonna maximize your exposure to the public.

Andrew Cunningham [00:29:21]:
You’re gonna be able to screen out the looky loos, the ones who cannot afford it, but they’re time wasters. And you wanna streamline this, that you should have a broker in your corner. And, basically, you’re gonna hand your broker 3 files that are probably 2 inches thick and say, store 1, store 2, store 3. And it’s gonna have all the data in that that that he that he or she will need a copy of the lease, a copy of the utility bills, copy of the business license, a copy of your P and L for the next 14 last 14 months. What’s it look like? Is it trending up? Is it trending down? You may not even know that. You might not know that until you start to look at it and go, I didn’t know my store was trending up 6 times 6.9%. Yes. It is.

Andrew Cunningham [00:30:07]:
Or, jeez, I didn’t know it dropped 12% last year. I just I just collect the money and deposit it. Okay. Because that’s the standard applied for most sellers. So you’re gonna hand them 3 books, 3 files to this individual that you have chosen to help you sell this asset. And they’re gonna sit down and they’re gonna do their valuation. And then there you you and that person’s gonna get together and you’re gonna talk about each store individually. But that’s the way it should be done.

Andrew Cunningham [00:30:34]:
Not some willy nilly, I wanna sell my laundromats and, oh, they they net, you know, combined net 200,000. And so, you know, I’d like to get $1,600,000,000 for it. Okay. But I got 30 year old washers. No. So but that’s where it starts. It starts with an idea that I wanna sell my chain to how do I put together books and records and information that will help me sell it? How do I make it as true and correct as possible? And then who do I talk to about a correct valuation for this in order for me to sell it because I think you’ve experienced this. I know I have in southern California As you look at a listing and you go, god, that looks like a great listing in Downey.

Andrew Cunningham [00:31:15]:
And you go, great. I’ll go take a look at it. And you look at it and you pull it up, you do all the stuff and you go, this is really good. If the numbers are true, this will be really good. Well, then you go to the store and you find out the equipment isn’t what they say it was. And, you know, they’ve they’ve they’ve got, you know, 20 year old washers throughout and 20 year old dryers, and I can live with dryers. Dryers will last you a little while longer. It’s not the end of the world.

Andrew Cunningham [00:31:38]:
But the top the the front the front loaders and top loaders are your problem. And then you look at them and they haven’t allocated anything for a reduction in the purchase price order to sell it. So it becomes a stale listing. And then all of a sudden that listings there for 30 60 90 days. Well, the reason why your longer amount hasn’t sold, it was never priced right. Because if it was sold if it was for a dollar, it would have sold instantly. So now it’s between a dollar of what you’ve listed it for or what you think it’s worth. And it just sits there and languishes, and then you get irritated with the broker.

Andrew Cunningham [00:32:09]:
You get irritated with the industry. You get irritated with everybody because your expectations were completely out of whack because someone didn’t sit you down and say, you have to allocate for these things. So that’s where it goes sideways. And they need and most sellers are first time sellers. No different than being a first time buyer. It’s all the same. If you wanna sell it and it’s worth selling and you’re gonna get some good money, then have the right files, have the right expenses, have the right paperwork so that when you talk with somebody, it’s a slam dunk. If your store is properly properly priced, you will sell it in less than 30 days, and you will close the transaction in 60 to 70 days.

Andrew Cunningham [00:32:54]:
Just like that. No questions asked.

Jordan Berry [00:32:56]:
And if you don’t, shoot us an email or a call, and we’ll tell you exactly why you’re not.

Andrew Cunningham [00:33:02]:
Yeah. We’ll we’ll we’ll help point out we’ll help point it out. But Yeah. I mean, that’s really true.

Jordan Berry [00:33:07]:
Yeah. And I I I mean, I think you nailed everything except for one thing. Number 1

Andrew Cunningham [00:33:12]:
What’d I miss?

Jordan Berry [00:33:13]:
2 things.

Andrew Cunningham [00:33:14]:
Yes.

Jordan Berry [00:33:15]:
Very, very important things here. Yeah. Number 1, never make any photocopies of anything utility bills or anything. And number 2, don’t put any physical files on my desk or any other broker’s desk. Make 3 digital files of all of these things. Nice. So that I don’t have to scan them all in. So that was the only thing that you missed.

Andrew Cunningham [00:33:33]:
I appreciate I appreciate that.

Jordan Berry [00:33:34]:
Bringing you to the 2020s here. Old

Andrew Cunningham [00:33:36]:
school. Sorry.

Jordan Berry [00:33:37]:
Yeah. That’s right. So, you know, I mean, I think all that stuff is great. So right, if you’re a seller, your goal is to sell for the most money possible. There’s 2 ways that I see sellers going about this. 1, I would consider the right way and one I would consider the wrong way. The wrong way, which I see more often, unfortunately, and I’m sure you do as well, is not reporting some expenses or downplaying the conditioning equipment or saying, you know, not not having the the an accurate picture to provide to buyers. And I think that’s what you’re saying is, like, those are the ones yes.

Jordan Berry [00:34:13]:
Sometimes they sell. But a lot of times, if there’s somebody knowledgeable involved here, it’s not gonna sell or it’s not gonna sell for the price that they’re wanting. Because that’s not the right way to go about maximizing your return on your sale, here. The right way of doing it is exactly what you’re saying, which is, you know, make it as sure a bet as possible. I you can ask for more money if there’s more certainty about your business. And I think it’s a huge, huge point that nobody else is saying. I’ve never heard anybody else say that. But if you have 2 laundromats, both of them are netting, you know, $200,000, a year, and both of them are asking $1,000,000 at a 5 x multiple for it.

Jordan Berry [00:35:02]:
And one of them has bad books saying they don’t have tax returns, you know, yada yada yada. And the other one is, like, here’s exactly what you’re getting. You know, I’m paying people above the table or I’m not or whatever. But here’s here’s the outline. This is exactly the business. Which one are you gonna go for? You’re gonna go for the sure bet. Well, guess what? If the if the not sure bet is asking for a $1,000,000 and the sure bet is asking for 1.1 or maybe even 1,200,000, guess what? That Surebet is probably still gonna sell faster than that cheaper, laundromat that’s netting the same, but there’s more uncertainty about that business. So if you’re really trying to maximize, I mean, getting those books in line, getting all the documents that you need for your, buyer potential buyers, to have everything they need, to have the full picture, and to have confidence that the laundromat that you’re saying is netting 200 is actually netting 200 and is gonna continue to net 200 or more, you’re you’re gonna maximize the price of the sale price of that laundromat, I think.

Andrew Cunningham [00:36:11]:
Do you

Jordan Berry [00:36:11]:
agree with that?

Andrew Cunningham [00:36:11]:
You do. I I agree. No. I agree. I I have a a saying that the the first day you own a laundromat is the first day you’re selling it.

Jordan Berry [00:36:18]:
I like that.

Andrew Cunningham [00:36:19]:
You are collecting all the data for you to eventually sell that business. And for every scrap of paper you save, every collection you save, every little thing that you save, and you put it in a book, and you just keep notes of it, and you keep track of it, it will aid in a bet in you selling that business down the line. And it will be a lot easier for you than you scrambling around with your head cut off trying to find what people are looking for. And that you may or may not wanna give up. You know?

Jordan Berry [00:36:45]:
Yeah. Well, I I mean, listen. I’ve done over a 1,000 consulting calls now. You’ve probably done even more than that. And I will tell you that when I do a call with somebody who says, Hey, I’m looking at this laundromat, and they send me the digital file not the physical file

Andrew Cunningham [00:37:02]:
Yes.

Jordan Berry [00:37:02]:
They send me the digital file with with the information for us to look over together, have this sense of euphoria when it’s everything is just clean books and everything’s matching and there’s no immediate red flags. And you can tell the owner has pride of ownership and they’ve kept good, accurate records. And I just I feel so good. And I and I always comment this, like, to these consulting clients. Like, hey, this is one we need to really take a look at. Because this is, you know, somebody who’s, you know, who’s taking care of their business. And that’s the kind of business you wanna take over. Right.

Jordan Berry [00:37:38]:
If your goal is cash flow. Now, if you’re just trying to do a fixer upper, maybe different. But if your goal is cash flow, like, you want to take over a business that has some pride of ownership. And the owner has shown that through clean records and giving you confidence that you’re gonna get exactly what they’re selling.

Andrew Cunningham [00:37:57]:
I I agree with you. I I tell everybody that I talk to when if you find the unicorn, don’t pass go. Don’t collect 200. Offer on it right now. Tie the darn thing up. And then let’s go to work.

Jordan Berry [00:38:09]:
Yep. Yep.

Andrew Cunningham [00:38:11]:
To prove it out. Yep. Because Yeah. If it if it’s if it’s good to you and it’s good to me, I promise you it’s good to a lot of other people, and it would be in your interest to tie that up as soon as possible. And tie it up, I basically mean you get to do your due diligence first. I’m not a proponent of opening escrow right away, putting up a deposit, and then letting it rely on the seller and the buyer to to work it out whether or not the seller is telling the truth. So I try to, as much as possible, get some the mathematical the financial due diligence done prior to going into escrow. Escrow, I think, is just for financing and for a lease assignment.

Andrew Cunningham [00:38:47]:
At least that’s what I try to do.

Jordan Berry [00:38:49]:
Yeah. That’s an admirable goal. Yeah. Easier said than done sometimes.

Andrew Cunningham [00:38:54]:
What’s that?

Jordan Berry [00:38:55]:
I said easier said than done sometimes.

Andrew Cunningham [00:38:57]:
Easier said than done, but still, if you can. The the main point here is that if you find something that that looks too good to be true, tie it up. And then go out and determine if it is too good to be true or it’s real.

Jordan Berry [00:39:11]:
Yeah. And and and, again, going back to what you were saying, like, most people buying a laundromat, it’s their first time doing it. That is super scary for a lot of people. So the way that we navigate that is we add in proper contingencies.

Andrew Cunningham [00:39:27]:
Yes.

Jordan Berry [00:39:27]:
Make sure that if the story the seller is selling you proves to not be true, you can get out of that or renegotiate or whatever you need to do Right. At that point. But that that does get scary for people where you’re like, I have to act this quickly to get this laundromat and I’m scared to death to do it. Number 1, don’t do it alone. And number 2, have good contingencies in there, to make sure that you’re covered if things are not as advertised.

Andrew Cunningham [00:39:55]:
Absolutely. Absolutely.

Jordan Berry [00:39:59]:
Awesome. I mean, listen. I know we could talk all day about laundromats and Right. Pretty much go nonstop, which I’m sure people maybe we should do, like, an 8 hour just marathon one one of these days where we just get on all day when

Andrew Cunningham [00:40:14]:
Well, we’d have to have a couch and some coffee. We could just sit there, put our feet up, and have a couple cups of coffee.

Jordan Berry [00:40:20]:
I would legitimately, I would do that with you. I would come out to your place, and we would set up some mics and the camera, and I would just do that with you. So if you ever wanna do

Andrew Cunningham [00:40:28]:
that I truth truthfully, wouldn’t mind adding 1 or 2 other guests and just have a round table of

Jordan Berry [00:40:34]:
You don’t wanna talk to me for 8

Andrew Cunningham [00:40:36]:
open topics.

Jordan Berry [00:40:37]:
I’m just kidding. That would be a lot of fun. We should do that.

Andrew Cunningham [00:40:40]:
Would be because you because you get number 1 you get to draw on other people’s experiences and what they’re familiar with in their region and and I would do like West mid and and east and and mix it up and then you’re going to grab bag And then this one’s talking about this, and he he he queues up a thought for the other guy. He goes, oh, I gotta tell you. I got a story about that. And then you start to hear some real stories about, you know, what what’s going on and how it goes on. The other thing is, for all you history buffs out there, it wouldn’t hurt if we started to actually gather data on, you know, the history of this industry from all different perspectives. I know here, it started in about 55, and it was all top loaders and it was dryers like you have in your house and it was a nickel. And there were a half a dozen. And then it just grew from that.

Andrew Cunningham [00:41:33]:
And there’s there’s players, there’s characters, there’s other things. And I’m not sure that we have enough history or we know enough history about this industry and it might not hurt to just start to build it a library of knowledge on that and and kinda start to build. Where did it go in the Midwest? Where was the 1st laundromat? Who did the 1st laundromat? East Coast, West and just start to see how this thing blew up.

Jordan Berry [00:41:59]:
I like that. Any historians out there that are interested in that, shoot an email. [email protected]. Connect you up with Andrew, and we can put together a game plan to make that happen.

Andrew Cunningham [00:42:11]:
Yeah. I wonder

Jordan Berry [00:42:12]:
I wonder if there was it just what you were making what you’re saying made me think. I wonder you know how, like, there’s all this I I think it’s less and less so, but over the last, like, 4 or 5 years, I’ve just seen a lot of, like, debate about payments, right, and quarters versus dollar coins versus, going to digital payment stuff. Right? There’s just like, it just feels like a lot of angst. Less so now, but still a little bit of angst in that. I wonder if the similar thing happened going from nickels to quarters.

Andrew Cunningham [00:42:45]:
You know

Jordan Berry [00:42:45]:
what I mean?

Andrew Cunningham [00:42:45]:
Remember, you had the coin splice. You had the coin splice.

Jordan Berry [00:42:48]:
Yeah. It’s a pretty big jump going from nickels to quarters, and I wonder if there was, like, turmoil going on. We need a historian to

Andrew Cunningham [00:42:54]:
I I’m sure there was. That would be a good conversation to have.

Jordan Berry [00:42:57]:
Yeah. That’d be interesting.

Andrew Cunningham [00:42:58]:
Yeah.

Jordan Berry [00:42:59]:
Yeah. I like that idea. We do need a historian.

Andrew Cunningham [00:43:02]:
Right. There’s gotta be some older guys out there that that remember the past or that their dad was in it and they followed up underneath their dad and what have, but I’m I’m sure that there’s a bunch of them, but, you know, it would be interesting to follow the history of where it is today.

Jordan Berry [00:43:16]:
Yeah. That’s kinda cool. I’m like Yeah. Yeah, man. Alright. Listen. Any anything else you feel like we need to hit before we wrap this thing up?

Andrew Cunningham [00:43:23]:
No. I pretty much covered we covered the valuations. We covered, what the seller needs to do. We talked about 3x, 4x, and 5x. That was the other thing. In the overall thing was is that the new buyers into the industry, I think, have a distorted view of what the right return should be. They’re coming out of real estate. They have a lot of money, and they start to go in and you start to help them out with the digital information they give you.

Andrew Cunningham [00:43:49]:
And you get back to them when you make your comments, and then they say, well, we were hoping to be able to pay x. And I’m like, yeah, not in today’s market. And so the stores I put the I paid the value at about 3.80. So I wanna start around 3.20, and they’re in 2.80. And I go, you guys, you you you’re not gonna buy it for a 3 x or a 4 x. It’s just not gonna sell. You can get it. I I if you get it for 4x, I hope you get to a 5x.

Andrew Cunningham [00:44:13]:
Or if you buy it for 5, I hope you get to a 4. You can’t just out the gate go out there because those sellers are educated in what the market will bear and they’re not gonna sell it for that. Then they get disgruntled and they say, well, I think we’ll look for something else. They go, I can’t help you.

Jordan Berry [00:44:29]:
Yeah. Yeah. Yeah. And I you know, it’s it’s interesting because, I mean, I think the part of the reason those are those those multiples are driving up is because there are more kind of real estate investors, entrepreneurs digging into our space, which is good. I think it’s a good thing for our industry. But it kinda reminds me of, you know, like, you know how everybody hates Californians because we sell our super high priced houses over here and then we go move to Texas or Tennessee or Idaho or whatever. And then it drives their house prices up. Right? It’s like, it’s kinda similar thing where there’s just people got money from other places and then they come into our industry and it drives things up.

Jordan Berry [00:45:07]:
And, I think, you know, a lot of people are seeing that and are adjusting. But I think also a lot of people are not not accepting that. They’re they’re not, you know, they’re they’re not seeing that change and acknowledging sort of that shift in our in our industry. So I would be interested to hear from anybody who, you know, is is has a different opinion on this. You know, kinda your and and it probably there probably is some market depend I know there’s some market dependent, stuff, that plays into that. But also, you know, I think the old hey. 3 to 5 x, I think it’s more like 4 to 5a half or 4a half to 6 now, is more of what I’m seeing. 4a half to 5

Andrew Cunningham [00:45:57]:
6 would have to be really super for me. 6 would have to be

Jordan Berry [00:46:00]:
But I see them.

Andrew Cunningham [00:46:01]:
Have to be freestanding in an area where I didn’t have any competition in most cities of of 5 miles, and I’m doing really well. And it’s the only game in town. And there’s that opportunity, the last one I talked to you about, that said, yeah. I’ll overpay for it because I’m gonna get some nice cash flow. And it’s not likely that someone’s gonna come in and spend a 1,005 to 2,000,000 and put another laundromat in there to compete with me. And so, yeah, I’m gonna overpay a little bit for it, but it’s worth paying for.

Jordan Berry [00:46:29]:
Yeah. Yeah. But I do see them.

Andrew Cunningham [00:46:32]:
I don’t know.

Jordan Berry [00:46:33]:
I think not I don’t I don’t think that’s an average deal, but I think 4a half to 5a half is kind of the new 3 to 5. Yep. And, you know, and a lot, you know, here in Southern California, New York. So, I you know, I they they’re starting at 5, really. Yeah. Like, I don’t hardly see anything below. At least on the asking,

Andrew Cunningham [00:46:56]:
you know,

Jordan Berry [00:46:56]:
you may be able to get them a little bit lower, but it’s interesting times right now. Interesting times. But I still think well, let me ask you before I give my opinion on this because I’m here’s what you think. Laundromats. I mean, is it still a good asset class? Is it still a good way to go? Or did we miss the boat? Like, if if if I don’t have a laundromat yet, did I miss the boat on laundromats? Is it not a good investment anymore? Or

Andrew Cunningham [00:47:19]:
would No. I think it’s I think it’s a great investment. I don’t think the investment has changed. I think it’s still a very solid investment. You still have a a high percentage of renters with the housing the way it is until the housing comes down. You’re still gonna have renters. And, you know, I don’t care if you’ve got a PhD and and you teach at, Caltech. If you’re a renter, you’re my customer, period.

Andrew Cunningham [00:47:41]:
End of story. And so renters are growing, and renters are gonna here to stay. They’re a part of the fabric. So I think you’ll see some longer amount starting to close. I think that, the forecast from what I understand on the rumor mill is that DWP, which handles probably 60% of the market in Los Angeles. LA County know that’s probably west or east of the 110 freeway.

Jordan Berry [00:48:10]:
It’s Department of Water and Power.

Andrew Cunningham [00:48:11]:
Just What’s that? Everybody. Department of Water and Power.

Jordan Berry [00:48:13]:
Department of Water and Power. Yeah.

Andrew Cunningham [00:48:14]:
They’re gonna start to double their sewer fees. So right now, the sewer fees are exactly what the water fees are. So $4 per 100 cubic feet of water to buy $4 to dump it in in the sewer. That’s gonna go to $8, and that’s really gonna put the utilities at around a 34 to 35%, whereas a lot of people are enjoying 20 20%, 22% utility usage. So I think some of the smaller stores are gonna take a hit. And if you don’t re equip and get it going right now, you’re gonna be stuck behind the

Jordan Berry [00:48:46]:
Well, okay. And this is where I kinda wanna leave us here because I wanna I wanna push a little bit harder on you still saying laundromats are a good asset, which, you

Andrew Cunningham [00:48:54]:
know They are.

Jordan Berry [00:48:56]:
Spoiler alert, I agree. But I wanna push you on that a little bit because this is gonna feel overwhelming here for a second. Equipment prices have gone through the roof. Interest rates are higher than ever. Utilities are higher than ever. Labor costs are higher than ever. Taxes don’t look like they’re going down. They’re going up.

Jordan Berry [00:49:16]:
Rents are going up. Landlords are I’ve seen more and more landlords not wanting to sign long, long term leases. And and have been a little more difficult to work with than in the past. All these things start stacking up. Our laundromats, despite all that, still a good asset class for people to consider? Because that’s a lot that stacks up on us there.

Andrew Cunningham [00:49:39]:
Absolutely. If if you added one factor in and said that the renter classification is being reduced annually, I would say, now you have a you know the definition of a catastrophe is. Definition of a catastrophe in my book is a series of cataclysmic changes individually are not the problem. When combined, they become a catastrophe. It’s like Mount Everest. I was tired. I didn’t eat. Now I have lack of oxygen.

Andrew Cunningham [00:50:06]:
I’m gonna start to I got okay. Same thing here. When when our renter base starts to fade, we will have a problem. Until then, laundromats are still gonna be a main fabric here. You’re gonna raise your prices. You’re gonna meet the demand. There’s gonna be fewer laundromats in the marketplace in 5 years than there are today. And those volumes are just gonna go up, and you’re gonna be able to afford

Jordan Berry [00:50:29]:
it. Yeah.

Andrew Cunningham [00:50:29]:
We’ve been we’ve been faced with this for quite some time, more aggressively now than before. But it’s still here, and there’s still a good viable way to make money and a good return.

Jordan Berry [00:50:40]:
Yeah. And, I mean, I guess, fortunately, but also kinda unfortunately. I mean, it looks like that random demographic is not going anywhere. And if anything, it’s gonna probably grow

Andrew Cunningham [00:50:50]:
Right.

Jordan Berry [00:50:51]:
Quicker than it has in the past. So awesome, man. Well, this has been good.

Andrew Cunningham [00:50:56]:
Thank you.

Jordan Berry [00:50:57]:
You know, this has been great as always. I always love chatting. Thanks for, thanks for jumping on today and talking laundromats, and let’s do it again.

Andrew Cunningham [00:51:05]:
My pleasure. Hey. I’m ask the audience what do they wanna talk about, and I’ll be happy to sit down and chat with them about it no matter what. So

Jordan Berry [00:51:14]:
Hey, audience.

Andrew Cunningham [00:51:15]:
Ask Andy.

Jordan Berry [00:51:15]:
Talk about. Shoot me an email, [email protected], and Andrew and I will talk about something, or maybe we’ll bring on some other people. Maybe we’ll do an 8 hour tell me if you wanna do an 8 hour one. And,

Andrew Cunningham [00:51:26]:
we can start with a 2 hour.

Jordan Berry [00:51:28]:
That’d be great. Alright. We’ll start with the 2 hour. I’m not, like, a start small

Andrew Cunningham [00:51:31]:
and work up kinda guy. I’m just like Well

Jordan Berry [00:51:33]:
Hey, well, let’s just go If

Andrew Cunningham [00:51:34]:
you’ve got if you’ve got some people that wanna kill time, listen, We’ll be happy to do one in the afternoon. I’ll maybe even pour myself a scotch. Oh.

Jordan Berry [00:51:41]:
Have you ever seen the show drunk history, which I think is hilarious, by the way? It’s people who just get drunk and then they talk about history stories. Maybe we do drunk laundromat.

Andrew Cunningham [00:51:49]:
There you go. Alright, Jordan.

Jordan Berry [00:51:51]:
Awesome, man. Appreciate it. I know you gotta go to a yoga class over there. I don’t I’m assuming it’s not goat yoga. You should try if you haven’t yet. That’d be great.

Andrew Cunningham [00:52:01]:
I appreciate that. Thank you.

Jordan Berry [00:52:03]:
Appreciate it, man.

Andrew Cunningham [00:52:04]:
Alright, buddy. Take care.

Jordan Berry [00:52:05]:
You too.