Prime Capital’s Chris Michalek delves deep into the world of laundromat financing in today’s show. Chris answers a ton of questions about financing a laundromat purchase and laundry equipment retools. He holds nothing back.

Chris Money, as he’s also known, highlights some of your main questions about laundromat financing, including the following, and more:

  • What do lenders need from you to start the lending process?
  • How do you create a winning business plan to ensure your business will succeed?
  • What is the entire loan process, step-by-step?
  • How has the recent pandemic changed the lending atmosphere?
  • How can sellers best prep their laundromat in a way that buyers can get financing?
  • What states does Prime Capital lend in?
  • And so many more!

Chris truly comes with the laundry owner’s best interest first in this no holds barred interview. He answers every question he is asked and answers with an obvious expertise and passion for helping laundromat owners and investors find financial freedom through laundromat ownership!

Grab a pen and paper or note-taking device because you’re going to want to take good notes on this one!

Listen To The Podcast Here

Watch The Podcast Here

Today's Sponsor

Laundromat Resource Marketing If you need help building or managing a website for your laundromats, let the experts at Laundromat Resource Marketing help you design and build a custom, professional website for you! As experts in the laundromat industry AND in web design and online marketing, we at Laundromat Resource Marketing are able to provide you with a professional website at an affordable price. We’re always transparent so there are no hidden fees. What we quote you is what you pay. Satisfaction and performance guaranteed! With no contracts to sign and guarantees like that, why not let us take care of your online presence while you focus on welcoming all of your new laundry customers? Click the logo or link above to find out more information. 

Join The Laundromat Resource Community!

    Upload
    Remove
    Facebook
    Twitter
    Google
    I want to buy my first laundromat
    I own 1 laundromat
    I own multiple laundromats

    Episode Transcript

    hey hey what’s up guys it’s jordan with
    the laundromat resource podcast this is
    show number
    24 i believe 24 and i
    am pumped today but before i tell you
    about today because today is an
    incredible
    incredible show i just for those of you
    guys who may
    follow along with us and might be
    listening to this real time as they come
    out
    you may have noticed that we didn’t have
    an episode last week and i just want to
    give you a little heads up as to why
    that was that will not be a regular
    occurrence
    i’m very committed to getting these
    things out on time however
    right now i’m running this whole show
    off my laptop and i dropped it
    and i could not get an episode out i
    tried a bunch of different things to
    scramble to get it out and it just
    wasn’t going to happen
    and i contemplated putting out a shorter
    episode from my phone or something like
    that and you know what i just decided
    i’m just going to wait i don’t want to
    have a rushed last minute podcast
    episode
    waste your time um and so
    i just decided to not do it so that’s
    why there wasn’t an episode don’t get
    used to it because we’ll be out here in
    fact
    we already have a couple a few of them
    lined up here
    um ready to go and i don’t plan on
    dropping this
    laptop anymore um but
    i would love to line up even more and
    get even more
    ahead that way we can just crank these
    suckers out uh
    on time every week just so you know it’s
    like clockwork the way it’s been
    up until this last week um and again not
    plan on letting that happen again
    but if you’re interested in being on the
    podcast this is an awesome opportunity
    for you
    laundromat resource dot com slash
    podcast
    guest laundromat resource dot com slash
    podcast
    guest the link for that will be in the
    show notes
    um and in the description if you’re
    watching this on youtube down below
    um uh show notes you can find at
    laundromat resource dot com slash show
    24
    um that’ll have links to everything we
    talk about in the show
    today and uh just some extra goodies uh
    from today’s show so make sure you check
    that out
    um but yeah lottomyresource.com podcast
    guest if you want to come be a
    guest on the podcast tell us a little
    bit about your story
    of owning laundromats we want to hear it
    we want to hear how you got into the
    business what it’s been like for you
    what lessons you’ve learned what wisdom
    you have to share with us
    and uh man i get a lot of people who are
    like i’m not sure if my story it’s not a
    big deal
    we still want to hear it because you
    know what it’s always a big deal
    if you’ve gone out and you’ve bought a
    laundromat it’s a big deal
    and there’s uh something really cool
    about that so
    get over there aladdin resource.com
    podcast guest let’s get you on
    my goal is to let you have a great time
    telling your story
    we have a lot of fun on here and i hope
    that comes through
    uh in the episodes um today’s by the way
    is incredible i do a lot of coaching
    and consulting for people who own
    laundromats
    and people who want to buy their first
    laundromat i do a ton of that stuff
    every week
    almost every day i’m doing at least one
    or two coaching calls
    a day which is at londonmyresource.com
    coaching if you’re interested
    there’s a free call you can sign up for
    um if you’re looking for something a
    little more in-depth there’s some
    options for that too
    but one of the biggest questions i get
    on these coaching calls both from
    existing owners
    and from uh newbies who are trying to
    get into the business
    is about financing and that is
    huge because one of the biggest barriers
    to entry in this industry
    is the money the cost to get in so
    i thought man let’s get this thing
    answered i’m gonna bring in
    somebody who just knows his stuff and so
    i brought
    chris maholick also known as chris money
    he’ll tell you
    and the reason for that is he’s with
    he’s with prime capital if you haven’t
    heard
    of him or of prime capital before they
    finance laundromats that’s what he does
    and so i wanted to bring somebody in who
    knows financing and
    in particular knows laundromat financing
    chris was the man to do it
    he came on he is killer he did some
    amazing amazing uh stuff in this episode
    he’s sharing
    great information so if you have
    questions about financing
    this is the show for you whether you’re
    buying a new location
    whether you are buying new equipment
    this this show is going to have a ton of
    value so make sure you go get a notepad
    a pencil of paper uh if that is even
    like a thing anymore
    or you know open up evernote or your
    notes app or whatever
    some way to take some notes if you’re in
    the car you’re exercising take some good
    mental notes or listen to this again
    when you can write some stuff down
    because
    chris just really brings a ton of good
    information
    and what i love about chris’s business
    model is he really tries to align
    his interests with our interests as as
    business owners
    and he knows that if we make money
    buying laundromats he’s gonna make money
    too
    and we’re all gonna win um and i love
    that and that comes through
    crystal clear in this episode so make
    sure you stay tuned
    because we’re about to jump into that
    but before we do real quick i gotta say
    a huge
    welcome to uh brian daniel and glenn
    and all the rest who are brand new to
    uh to this community the laundromat
    resource community
    these guys came in introduced themselves
    in the introductions forum
    and are just excited to be here so if
    you haven’t done that yet
    go to laundromat resource.com forums
    again all the links are in the
    description
    or the show notes laundromat
    resource.com forums
    click on the introductions forum and let
    people know who you are
    tell them where you’re at in your in
    your uh
    laundromat journey do you own one are
    you looking to own one do you own
    you know 37 and you’re rivaling luke
    williford
    um show number 10 check that one out if
    you haven’t yet
    but wherever you’re at in the journey go
    introduce yourself because that’s where
    you’re going to start to build the
    community
    and once you are part of this community
    you start building your network
    that’s where success is really going to
    ramp up get that hockey stick growth
    where
    you know things are just going to get a
    lot better for you when we’re working
    together so
    man go do that introductions forum and
    real quick while we’re talking about the
    forums i’m not going to highlight any
    new forum posts because there’s
    always new forum posts kind of going in
    over there
    about laundromats about financing about
    commercial real estate
    go check those out learnmyresource.com
    forums but i just wanted to highlight
    there’s some really cool discussions
    going right now
    on pos systems on whether
    or not you should add tokens because of
    this coin shortage
    debacle that’s happening right now um
    and
    so the the token question for all you
    coin store owners
    that’s happening over there at base
    payment stuff
    is uh that conversation is happening and
    i think that’s a huge one right now as a
    lot of people are considering going
    that direction um and also uh
    ronald’s asked me anything is still
    cruising man people have questions for
    ronald and
    ronald dude you’re doing some awesome
    stuff i love that ask me anything
    uh posts that you made and i want to see
    some more of those from some more of you
    guys so go check those out
    go jump into those conversations again
    it’s in the midst of those conversations
    that we’re gonna find growth so
    go over there a lot of my resource dot
    com forums jump in every week
    i want you asking a question and i want
    you uh
    answering a question or contributing to
    a discussion uh
    over there because again that is where
    we’re all gonna grow more
    doesn’t just benefit you although it
    will benefit you but it’s going to
    benefit the whole community
    so head over to the forums ask a
    question
    answer a question every single week and
    you know if
    if if you’re not doing it then i’m going
    to have to like
    record a rap song about
    asking a question and answering the
    question i’m gonna make you listen to it
    on the podcast and it will not be pretty
    so
    i didn’t want to have to go there but
    that’s a threat that’s a direct threat
    all right nevermind okay um hey you know
    what i i’m just so excited about this
    episode chris
    money bringing it about laundromat
    financing
    after this let’s jump right into it
    in today’s world if your laundromat is
    not online you’re losing
    business customers increasingly decide
    who to trust
    with their laundry by the quality of
    your web presence
    but creating a professional logo and
    website that instills trust in potential
    customers
    and can be found on page one of google
    can be difficult to create on your own
    and expensive to purchase through a
    traditional marketing company
    as part of our mission to help
    laundromat owners succeed
    and find financial freedom through
    laundromat ownership we are launching
    our done for you marketing
    service tailored specifically for
    laundromats
    after ranking number one on google with
    our own laundromat website
    and consulting with many others to help
    them do the same
    we guarantee that we can build you a
    professional website that ranks
    on page one of google within six months
    our joint expertise in the laundry
    industry and over 15 combined years
    in website design and online marketing
    allow us to offer
    affordable transparent pricing for a
    high quality web presence
    for your laundromats you invest so much
    into providing your customers a quality
    laundry experience
    don’t let anyone miss out on what you
    have to offer simply because they can’t
    find you online
    let laundromat resource marketing take
    care of your online presence
    so you can take care of your customers
    visit laundromat resource dot com
    slash get online today for more
    information that’s laundromat resource
    dot com
    slash get online or click on the link in
    the description
    [Music]
    chris thank you for coming on i am super
    excited you’re here i appreciate it man
    thank you jordan me too yeah i mean i
    get
    asked all the time i do like a lot of
    coaching and i talk to a lot of owners
    and a lot of people who want to be
    owners and i get asked
    all the time about financing and
    met you ran into you and was like i
    gotta have this guy on
    uh we had one phone conversation
    supposed to be like five minutes and
    we talked forever and we did so i’m yeah
    so i’m pretty excited
    you are chock full of wisdom and uh i
    think you got a lot to offer
    uh these guys but but but before we get
    there um because we will get there
    tell us a little bit about yourself
    where are you located and what’s your
    background and some relevant facts about
    you
    sure sure i went to uh university of
    illinois got a
    bachelor’s degree in management
    information systems so my background
    originally was technology
    right so of course when i walk into
    these locations i love looking at the
    technology the card systems everything
    else
    but morphed into finance i had uh not
    necessarily a minor in economics in
    college but i took all the classes to be
    able to
    get a secondary degree so that morphed
    into
    getting into the financing industry
    ultimately and
    laundry was one of those things that at
    a previous organization i got
    introduced to and ultimately over the
    past
    15 years i’ve been doing laundry
    financing for entrepreneurs
    more or less specializing in consulting
    and helping these folks uh
    start out in the business right because
    if they start out in the business and
    they don’t hit a home run with the first
    location but done it’s over
    so my background really is uh helping
    folks
    uh with money getting them money from
    our investor
    and also one of our niches at prime is
    that we use our own money as well
    to help these entrepreneurs put
    transactions together especially in the
    more challenging scenarios
    so it is in my best interest to make
    sure these people succeed
    so i have been only doing on the
    financing front
    laundry financing uh for the last 15
    years so it’s uh it’s really a nice
    niche uh reception resistant type of a
    business
    and if done you know you do all your due
    diligence up front i mean really it’s
    we visit the locations and we do
    everything we can to make sure that
    these folks hit a home run in the first
    and then obviously the goal is to
    continuously expand with multiple
    locations
    um so you know like i said in addition
    to getting the money for these folks to
    be able to get into the business
    it’s really consultative guidance as
    well and did you think of this type of
    scenario
    so that’s where we are so prime capital
    was formed in 2014
    uh i am the 100 owner of the business so
    i have a vested interest to make sure
    that it succeeds and all of our
    customers succeed
    yeah you do yeah you do well i love that
    and i i love the
    uh consulting angle to it and i tell
    people all the time like
    hey if you find a good lender who
    knows the industry they’re actually
    going to be a really good
    set of eyes on your deals because
    they have their interests are aligned
    with yours and so finding somebody like
    you
    who knows the industry who um but is
    coming from a consulting angle
    is i mean that’s like gold that’s like
    finding gold when i first got into the
    industry
    i did not hit a home run i struck out
    real bad
    and it’s it’s tough man i tell people
    all the time like hey
    you get in get in right because if you
    get in right
    your options are limitless you’re going
    to the moon but if you get in wrong it’s
    really really hard to recover
    from that so having somebody on your
    team like you
    to come in and not only help with the
    financing aspect of it but also
    somebody who knows the industry who’s
    seen lots of deals who knows how to
    um you know make sure these things are
    successful is
    invaluable so yeah no and one of the
    individuals that was on your second
    podcast
    is dave menz who is out there as the
    laundromat millionaire out there you
    know and right
    and we were one of the folks that helped
    dave originally trying to get him into
    the business and uh you know multiple
    store owner now
    looking to help people out he’s one of
    the advocates for the business and can’t
    say enough good things about dave
    but if dave didn’t start out on the
    right foot with the right location up
    front
    it wouldn’t happen so um you know also
    too it’s kind of funny like
    we were talking earlier jordan about
    names you know my name is chris maholick
    one of the things like dave calls
    himself the laundromat millionaire out
    there and markets himself as that
    there are some folks that call me chris
    money too so if the name is too too
    challenging
    just say let’s touch base with chris
    money chris money i like that
    here’s what it needs to be it needs to
    be chris money with prime
    capital making millionaires there you go
    baby man that’s what you’re doing trying
    our darndest you know trying our darkest
    yeah i love that i love that yeah man i
    mean
    if you first of all if you haven’t
    listened to dave’s episode
    uh you got you need to go
    laudermatresource.com
    show to you have to go listen to it it
    is
    one of if not the most loved episodes
    of uh you know of everything and then go
    check out his youtube you got a youtube
    channel
    uh and just search laundromat
    millionaire and you’ll check him out
    there
    he’s got a ton of great content he is
    doing some awesome awesome things and
    he’s an awesome guy to boot yep make
    sure you check him out
    um and let’s i mean let’s talk to the
    man who made dave i mean the laundromat
    millionaire
    you’re the man who made them so i’m
    giving you all the credit
    i’ll tell you what dave dave work hard
    for everything he has right we just
    assisted him along the way and we
    believe in what he was i mean guys
    former lineman right for years and and
    all of a sudden says he wants to get
    into this business and
    and that’s the passion that somebody
    like dave has i would say to your
    listeners out here
    that’s what we’re looking for okay if
    you’re somebody that says hey i want to
    get into the business because i’ve heard
    a lot of good things about laundry
    that’s a great start
    right but dave’s passion when you meet
    with him and you see him and the way he
    talks on the forums and the way he talks
    about people that he’s met
    and his ideas maybe he doesn’t hit a
    home run every single time but his ideas
    he’s just
    he’s a wealth of ideas right so as an
    investor you want to see that right you
    don’t want somebody that just thinks
    that they’re just going to get into the
    business and sit back and make money
    right it’s all about growing and
    crushing the competition
    right and that’s that’s dave and there’s
    a lot of other folks like that that are
    out there in the business as well that
    are just like him so it’s
    he’s just one example but but that’s
    what we really like we love the passion
    we love the ambition
    yeah i i love that too and i
    uh well hey okay enough would date i
    mean dave
    yeah awesome so let’s yeah he’s gonna
    get a big head
    because i know
    all right well let’s talk financing
    right okay
    so i get asked all the time you know all
    kinds of questions about financing so
    let’s
    let’s talk about it a little bit um what
    do what do people need to know if
    they’re looking for
    financing for a laundromat i know that
    there can be
    a lot of challenges in financing
    laundromats for various reasons
    so what do people need to know upfront
    about financing a laundromat
    sure i think one of the biggest
    misperceptions about financing in the
    laundry industry is that if somebody has
    good credit if they have a 700 credit
    score or an 800 credit score they think
    they can just get right in and they
    qualify for financing
    well anybody that gets into the business
    is going to understand right away
    that yes that is a very important part
    okay
    bringing cash to the table is also
    another very important part because as
    an investor
    you don’t want to see somebody say hey
    how can i get the most amount of
    financing possible
    right if you believe in the project and
    we collectively say hey it’s a great
    idea
    we want to see at least some level of
    skin in the game okay so liquid assets
    are very important
    need to be brought to the table
    additionally
    the financing process is holistically
    a package of the credit of the
    individuals
    as well as the project itself so for
    example if you’re going to buy a
    location
    that is a major part of the overall
    financing package it’s just not a
    i have good credit i have some money
    i’ve heard that this is a good
    investment
    it’s hey let’s dive into this location
    or locations
    and see what the pros and the cons are
    of these locations right
    so you know there’s there’s a lot of
    things that go along with that as well
    when we
    when we go with entrepreneurs and we’re
    working with them to
    to dive into this whole credit process
    right
    it’s very important that we understand
    all of the financials that have come in
    from the
    existing owners and too many times i’ve
    heard that the owners are selling
    because they want to spend more time
    with their grandkids
    okay that’s normally not the case
    um you know it could be it could be a
    contributing factor
    but there’s something else going on so
    what is the big unknown so that’s our
    job so
    i i think you know from an investor that
    comes into the business it’s not just
    let me send you some bank statements let
    me send you some tax returns let me send
    you
    you know a personal financial statement
    an application it’s
    hey chris i’ve got a possibility in a
    location here
    that really does very well here are the
    numbers it’s making x number of dollars
    per year
    let’s get into it and that’s the
    beginning of the process
    jordan okay that is not the the end like
    all sounds great let’s go ahead and get
    you some money
    all right um i would also suggest to
    investors one of the biggest challenges
    is when you think you want to get into
    the business is that you want to fall in
    love with the first location
    that you see right away and most times
    the first location
    uh you’re going to learn the most about
    your due diligence and you’re going to
    learn
    so much about the business as a whole
    just through going through that due
    diligence process
    um so again it’s it’s sometimes
    challenging for investors that get in
    because they really think that they you
    know they want to fall in love with
    something
    but i’ll give you a perfect example of
    that right there with kovid i mean
    we’ve had a lot of customers that you
    would think
    would never have slowed down on payments
    right
    you know college town laundromats for
    examples i mean look what happened that
    that
    fully changed everything you know and
    you would think oh my gosh i mean
    colleges are gold mines um i mean that’s
    just one example jordan but i think that
    the
    the perception that you’re just gonna
    send in some financial information
    that’s really the start of the process
    really we dive in with you with the
    investors with the entrepreneurs to say
    hey
    let’s educate you on this let’s look at
    the numbers
    let’s ask the seller some serious
    questions and let’s see if we can make
    it happen
    so uh so i would say that those are a
    couple of things off the bat that uh you
    know should be known to any investor
    that wants to get in and again
    we have the same level of passion to
    make sure they’re successful
    we don’t want to say no we don’t want to
    say no because if we say no there’s no
    money for us to be made
    right we want to say yes so i think
    those are a couple of things that stick
    out right off the top of my head
    yeah but you want to say yes to the
    right deal right you want to say yes to
    something that’s going to do
    you know that’s going to be a positive
    for the owner because
    again you want to make money so if you
    say yes to the wrong deal
    then you’re not making money the owner’s
    not making money nobody wins
    and it’s just not a good situation and
    that’s what i like about it that you’re
    you’re you’re aligned in what you’re
    looking for
    in that way yep so you have not
    particularly our partners
    yeah appreciate that that’s exactly what
    we’re looking for we’re looking to make
    you know laundromat millionaires out
    there i mean that’s really what we’re
    trying to do i mean we’re
    trying to get people so they can grow
    their businesses that’s it
    yeah yeah well let me ask you this
    question i need to take you back just
    for a second because i get asked this
    all the time you know people start
    looking for uh laundromats to buy
    and i mean i really like what you said
    about uh
    not necessarily jumping on the first
    deal because man i
    i can’t tell you how many people get
    emotionally invested
    in that first deal it’s exciting it’s a
    little bit scary
    but they’re all wrapped up in it and and
    it can cause you to make a really bad
    decision
    and so don’t get wrapped up in it i love
    what you said there
    but when’s a good point in the process
    for somebody to reach out and talk to
    you uh about financing do they need to
    have
    a location in mind do you
    tell tell me about that when should they
    return to you right away
    again we’re partners here and if they’re
    going to establish a long-term
    relationship with us
    and or others you know that are
    financiers in the business you know they
    want to do so right away
    so we can talk to them and look at their
    level of work that they have you know on
    paper in terms of dollars and cents
    talk about their business mindset talk
    about are they going to be super engaged
    in the business meaning do they plan to
    keep their existing full-time jobs if
    they have them or not
    um you know and come up with some level
    of a high-level business plan of what
    they’re looking to do
    but absolutely i mean we want them to
    get engaged with us right away
    we want to understand their mindset and
    we can obviously look at some of these
    locations which some are attended some
    are
    not attended and cater some of these
    locations and understand what they’re
    looking for
    to the different people that are looking
    for them right
    so not every location i mean a location
    that may be for sale may not be for
    everybody regardless of whether the
    numbers make sense or not right
    and that’s something i think that’s
    that’s uh to be understood as well
    but we’d like to get them engaged right
    away understand what their long-term
    vision is for sustainability in the
    business
    understand whether they want multiple
    stores one store five store what
    are they looking for right why they want
    to get in right i don’t want to hear
    that they’re sitting back and
    let’s just collect collect the cash
    right why do you really want to get in
    and what do you what is going to be your
    differentiator so
    helping craft those ideas with the
    entrepreneurs that are thinking about
    getting into the business even before
    they approach a business broker to look
    at a location
    i think it’s very important yeah i think
    that’s
    huge and i think i think you’re like
    absolutely right about
    that why question right that why
    question is key
    not just for you as a lender because you
    want to see that they’re going to be
    you know investing in their business in
    the way that you’re investing not just
    financially but also
    you know with their time and their
    energy but it’s also important for them
    to understand
    why i mean because it’s a big commitment
    right like laundromats are not cheap
    even the cheap ones are not
    cheap you know and um so
    having that why pinned down is
    i mean that’s huge i like well
    especially in california jordan i mean
    the the multipliers
    and what i mean for the new investors
    that are listening to this
    you know the multipliers on like a net
    income scenario in california
    you know can be five six times if not
    even more um
    you know because it’s so challenging to
    try to build new locations out in
    california right
    yeah um so it’s it’s understanding these
    locations too and helping these folks
    out right off the bat
    um so that’s what we’re looking to do
    just be partners moving forward
    good well i mean let me ask you this do
    you
    do you okay say somebody’s wanting to
    get
    into their first laundromat i mean it
    can be kind of intimidating to
    come to a lender and say i’ve never done
    this before
    i mean do you work with new
    new business owners people absolutely
    don’t have any experience
    absolutely absolutely that’s we’ve given
    some uh you know presentations to
    various cla investment groups
    over the years we’re actually sponsoring
    a couple cla seminars between now
    and the end of the year so uh we’re a
    manufactured member the coin laundry
    association have been like i said since
    prime’s incorporation in 2014
    but yeah we’re absolutely all about
    helping folks out so
    if folks have questions contact us talk
    to us
    run locations past us um you know we we
    love going through the scenarios and
    again for the for the business brokers
    too that may be listening out there
    we’re looking to try to make a deal
    happen
    right we don’t want to try to say no but
    sometimes some of the brokers in the
    business don’t get all the information
    from the sellers
    right so so we ask some of those
    questions that maybe are not brought out
    up front so something in a business
    broker package that may not be there
    up front is how old is the roof right
    you know something that may not be
    documented is hey it’s a 20 year lease
    remaining or 20 years of options
    remaining
    it’s important that we uh you know have
    or try to avoid a triple net lease even
    though it’s very challenging to do in
    some scenarios right so but but
    even if they’re going to get into a
    triple note piece explain to them what
    that means right
    and understand the cash flows before
    they get into that so uh hvac units as
    well you know in california i mean it’s
    super expensive especially the bigger
    stores
    yeah um you know when we walk into these
    locations you got to look up the ceiling
    you know even if it looks brand new
    you know ask the questions so that’s
    what we help these folks out with the
    unexpected expenditures up front or
    things that may not be on those original
    packages that are put together
    and we’re just asking for them just
    because we like to do the due diligence
    right
    but we say get get with us new investors
    absolutely we educate you on the
    business
    from our point of view right um you know
    there’s always multiple points of view
    but we love educating you because again
    it’s all about developing partnerships
    yeah i i mean that’s awesome i i like
    i like your philosophy about how you’re
    approaching
    lending uh you know because it can be
    such a cold industry it can be you know
    just looking at hard numbers
    and not it you know that personal touch
    can be left out of it so often
    right um but but bringing that personal
    touch back in
    and you know and doing it in such a way
    where you’re
    you know you’re looking out for these
    laundry owners
    um not only benefits them but it’s gonna
    benefit you and your company in the long
    term so
    100 and i think that is the biggest
    thing here right and
    there’s other lenders that are in the
    business just like us right it’s
    you have to find who you work best with
    right
    and you know i’m not out there trying to
    like i said
    not make deals happen but again i’m the
    advocate
    for the seller i’m the advocate for the
    buyer we’re trying to figure something
    out here
    sometimes i’ll look at the numbers and
    i’ll say this is what i think the the
    for sale price should be at the location
    based on the sizes of the equipment
    uh based on the ages of the equipment
    based on the overall package again
    and these are just some of the things
    that we just talked with these these
    owners looking to get into the business
    about right
    um so again just building that rapport
    with folks um
    and that’s that’s it yeah well
    okay so let’s go back to that new newbie
    here
    and who’s wanting to get into the
    industry um
    who wants to give you caller or any
    lender right a call
    and um and kind of start that
    conversation
    is is there anything that they should be
    doing
    or anything they should have kind of in
    front of them or have ready for you
    that would kind of help give you a good
    idea of how you can help them
    any any prep work that they should be
    doing
    well it’s always important to uh you
    know look
    look at why you want to get into the
    laundromat business right and understand
    what what are you really looking to do i
    mean there’s certain people that get
    into the business that really want to
    focus on the vending locations right
    what i mean by the vend they want to
    focus on the on-site experience right
    so you know thinking about the business
    plan and how you’re going to make money
    and differentiate
    based on your experiences in other
    laundromats i think is the number one
    issue
    right you know up a delivery especially
    with covent
    that is massive right spacing in
    laundromat locations is going to be a
    big thing that we’re going to be talking
    about in 20 you know 2021 here because
    these tight spots you’re not going to be
    having people that are going to pack
    these laundromats anymore like they have
    in the past it’s not going to happen
    yeah right so so you know what what are
    you going to bring to the table
    uh like i said maybe maybe drop off
    service okay that that is not in this
    particular area what have you studied in
    these areas that you think you could
    bring
    to the table pick up and delivery
    spacing in locations i i think that that
    entrepreneurs should be thinking about
    hey i’ve observed this in other
    laundromat locations okay
    and i think that this is something that
    if we did this a little bit differently
    i could make you know a an argument to
    have these folks come over to my
    location
    right because the idea jordan really is
    to crush the competition okay i mean
    when you go into the business
    you want to put everybody around you out
    of business right so how are you going
    to do that so
    you may get a sheet from a business
    broker and look at it and you may say
    hey this looks like a great deal
    right but what you may not know is
    there’s a you know 10 000 square foot
    laundromat that’s getting ready to be
    built across the street from you when
    you buy that location
    right and that’s yeah that’s that’s
    that’s a big thing
    right where were you no no no no i
    needed you on my team
    i’m not tarnac but that’s no jordan
    that’s where we’re going right
    it’s it’s these smaller locations that
    are getting
    crushed right i mean you get the big
    spacious locations that go and
    especially out in california
    um and there are slews of laundromats i
    mean there’s
    the same thing like in in florida right
    i mean there’s a lot there’s sometimes
    in like southeast florida i mean there’s
    a laundromat and
    three of the four intersections right so
    if so
    and say they’re each fifteen hundred two
    thousand square foot you put the eight
    thousand square foot location in
    you know right around the corner it’s
    over so
    i would just think that you know for
    folks that want to get in
    yes compile your your personal
    information your financial information
    together
    but also think of a plan what are you
    going to
    do to put others out of business
    i mean it sounds cutthroat but that is
    the game here
    um you know and covet introduces so many
    different things you know into the new
    equation here that uh
    um some of the things we haven’t even
    thought of yet so
    just think through your business plan
    and what really makes you happy and what
    you think you’re going to do to be able
    to put others out of business
    i love that i mean i love coming in with
    with a plan and
    you know obviously you don’t have to
    have that plan perfectly formulated you
    know before you give a lender a call but
    beginning that conversation uh
    you know with yourself or business
    partners or you know whoever kind you’re
    working with
    um it’s gonna go a long way to help you
    and
    uh you know we
    uh we you know we put out a little
    resource and there’s tons of stuff out
    there like this but just like
    we call it a value-add checklist but
    basically like how can you
    improve that business in a way that it’s
    going to attract more customers
    and expand your business whether that be
    adding like a pickup and delivery or a
    drop-off service
    or uh or smaller things or bigger things
    that
    um don’t necessarily drive the bottom
    line directly
    but you know as in like improving your
    store
    you know getting new machines in there
    getting new
    flooring in there even the flooring you
    know it’s funny jordan it’s funny you
    say that so
    one of my pet peeves going into a
    laundromat okay that’s
    again because we’re investing our own
    money into these transactions okay
    we walk into these locations and the
    first thing i try to do is open the door
    and the door doesn’t open the way that i
    want to
    so i’m standing there watching folks
    trying to butt up into the door with
    their laundry carts and the door doesn’t
    open the right way okay i got to pull it
    open
    you know having the door that swings
    both ways is something simple
    okay that people aren’t at the sliders
    like you talk about the intangibles too
    like the sliders
    i mean sliders are expensive there’s no
    doubt about it
    um but hugely you know beneficial
    potentially
    um you know we even talk about locations
    that don’t have air conditioning right i
    mean there’s plenty of locations that
    don’t have it you know have the doors
    open
    simple things like air conditioning make
    all the difference so again to your
    point it’s not necessarily thinking
    through this
    holistic business plan up front but the
    little things that could potentially
    make the difference
    in getting people to come into your
    locations i mean we go in too i mean we
    have some
    some entrepreneurs that have contests
    okay um
    you know free bike giveaways every week
    so they put the bikes on the top of the
    washers and the dryers right
    um you know the the loyalty on the uh on
    the card systems right
    um especially with coven something else
    for your listeners to think through we
    thought dollar coin was going to be this
    massive hit
    dollar coin’s still good right but we’re
    seeing a major push over to card systems
    because of covid now
    right yeah uh and especially with the
    change shortages that are happening
    throughout the us so i mean geez
    little things like how are you gonna
    make the experience fun in the location
    and to your point jordan it’s not
    necessarily in our opinion about the
    bigger machines or the
    uh you know smaller machines or whatever
    it might be not maybe not necessarily
    the big things
    but it’s about how do you create the
    experience for the customers that
    they’re not getting in the other
    locations right now
    yeah and i think that’s the key right
    put yourself in the in the shoes
    of the mom with three kids who has to do
    you know laundry while they’re i don’t
    know if you’ve ever tried to go to a
    laundromat with kids man i
    i bring my kids a little under mats
    sometimes and even
    oh my gosh even me i’m like jeez you
    know but thinking through okay what’s
    that experience like for that mom
    or you know if you’re in a college town
    what’s it like for that that kid who has
    midterms coming up who you know has got
    to do their laundry but
    it’s also got a study or you know
    whatever the situation might be putting
    yourself in the customer’s shoes
    and and really going through that whole
    process yourself as that customer what
    is it like to open the door what is it
    like to find a parking spot
    you know what is it like to transport
    clothes from the car to
    to the lawn going through all of that
    and those little
    tiny tweaks will make a big difference
    yup and especially from a financing
    standpoint too since this really is all
    about financing and educating your
    listeners about the financing process
    a big part of it really is the location
    itself
    that is in what we think about it
    collectively after we collectively do
    due diligence on it
    does the project make sense so i think
    that the focus
    in my opinion as it relates to the
    financing process for new
    entrepreneurs that get into the business
    is really is this going to be a success
    for you let’s do
    everything we possibly can to help
    ensure that it is
    up front otherwise you walk away and you
    don’t do it you go to the next one
    again getting back to the hole don’t
    fall in love with the project right off
    the you know the first one out of the
    gate
    but but the due diligence on the
    location jordan i can’t stress it enough
    there’s a major part of the financing
    process it’s also a fun part
    right because sometimes you’re gonna
    find hey man this really this really is
    a great deal you know let’s do it this
    really makes sense for me um and then
    again sometimes it may not work out
    right
    yeah yeah well are there i mean you’ve
    already mentioned like a bunch of things
    um are there you know as as people start
    looking for
    laundromats to buy are there things that
    you’re going to be looking for in a
    location that they should be looking for
    in a location in particular i mean i
    know there’s a lot of
    things are there any big ones maybe that
    can that can help a location well i love
    size
    i love size right i mean clearly we you
    know as investors we want
    the bigger locations right because they
    are barriers to entry
    right and especially out in a state like
    california and florida
    trying to put together a large project
    six seven
    eight thousand square foot location
    uh and thinking you’re gonna charge a
    dollar fifty vend and a bunch of twenty
    pounders it’s just
    it’s gonna be challenging to try to do
    right so um
    we like bigger stores right we also do
    like smaller stores though too because
    in some of these areas you’re just not
    going to be able to put
    any locations in at all okay so what
    should they be thinking about really i
    mean the love for laundry is the first
    thing the second thing is just thinking
    to themselves hey
    who could possibly move into this
    location right
    so so rather than getting like a a
    checklist of information from a
    a business broker that has a location
    for sale you have to go visit the
    locations right
    so if somebody’s thinking about getting
    in and saying hey what are the big
    things
    go to the actual location right observe
    the customers
    ask questions right go in and ask the
    customers how they like the experience
    then go into the other locations that
    are the direct competitors for these
    stores
    and ask them what they think about you
    know what would they like to see what do
    they like what do they don’t like
    um you know and ask the questions of the
    customers
    they’ll answer you know and and if
    you’re hesitant to want to do that
    then maybe this isn’t the right business
    for you because again it has to do with
    the engagement and how engaged you are
    in the business
    that’s in my opinion going to determine
    a lot of the success
    so so having a willingness to go ask
    those maybe tougher questions of folks
    when you walk in locations i think i
    think that’s really key
    especially uh uh for a location you’re
    thinking about buying i think that’s
    that’s
    very important yeah that’s good advice
    that’s good advice
    well can you can you talk me through i
    mean i know there’s a lot of
    little things that go through so maybe
    you know broad strokes but can you talk
    me through
    um the process of kind of what it looks
    like
    going through from initial conversation
    with you
    through you know funding funding alone
    closing
    closing the deal sure so let’s just talk
    about a straight up
    yeah let’s just talk a straight up
    acquisition for a new
    entrepreneur thinking about getting into
    the business right so we have an initial
    contribution and the first thing that
    we’re going to talk to them about is
    we’re going to say we need full
    financial disclosure
    okay and what i mean by that is we’d
    like a credit application
    a personal financial statement last two
    years of personal tax returns
    we also want to understand if they’re a
    previous business owner maybe in this
    particular business maybe not
    okay we love entrepreneurs that want to
    get into business that have some level
    of
    accounting expertise right so they know
    the numbers a little bit or have some
    kind of an idea of the numbers
    of what they’re looking for um but we’ll
    just talk to them up too about a cash
    contribution
    into the business and it varies right so
    there’s sba lending that exists out
    there
    for startups it’s certainly challenging
    to try to get an sba type of a lending
    scenario
    it does require the least amount of
    money in to the business
    uh some of these sba lenders that exist
    out there
    are looking at 10 to 15 in okay
    on a startup scenario certainly
    challenging because the sba lending
    they’re most concerned with the building
    so if you’re looking for
    a laundromat with a standalone building
    you know i would actually suggest that
    sba financing through us through
    somebody else
    would be a way that that you could get
    something done like i said the sba is
    most concerned with the building and the
    build-outs of the building or
    leasehold improvements but we’ll talk
    about their financial scenario
    uh we’ll explain to them if they’re a
    new owner we’re looking
    especially after coving because kova did
    change things
    off the bat new owners that want to get
    in straight up with traditional
    financing are looking at some level of a
    30
    to 40 percent contribution into the
    project
    up front right so if they’re willing to
    put
    you know a level of money into the
    project up front they’re a candidate
    to talk to us right um again we’re going
    to guide them through
    help them understand the different
    locations that they’re going to bring to
    the table
    and do our best to make sure that
    they’re success right
    so we have these conversations with them
    we also try to educate them as much as
    possible so
    our entrepreneurs that come to us jordan
    you know they may come to us with
    five six seven eight different locations
    as possibilities before
    we pull the trigger on one or we may
    never pull the trigger on one or they
    think about getting into a different
    business
    because they’re discouraged because they
    haven’t found a location yet
    and yeah that can be frustrating but the
    process really at that point is we’re
    getting all the
    the financial information from the
    customers we’re getting all the
    financial information from the sellers
    we’re compiling the package as a whole
    and what we’re doing is we’re putting a
    value
    in our opinion based on the competition
    in the business
    or in that particular location the age
    of the machines
    the ability of it to make money if
    there’s any improvements in terms of
    additional new equipment that’s going to
    be going in
    leaseholds that are going in we’ll put a
    value of what we think is
    fair on that store based on what our
    evaluation is based on the information
    submitted right
    at that point we go into our loan
    committee we go into underwriting
    ultimately and we say
    here’s what we have here’s why we think
    this is a winner type of a transaction
    we suggest that this thing move forward
    and then we get to a yes or no answer
    at that point we can go back to the
    business broker or the owner that has a
    location for sale
    and solidify the purchase agreement and
    ultimately work toward
    finalizing uh you know funding you know
    where there’s money put into an escrow
    account
    and the owner gets paid uh to get out of
    that particular location so
    it’s not a very complex process i should
    say
    i don’t want to make it seem complex but
    the most complex portion of it
    really is the due diligence that’s done
    on the actual locations themselves to
    try to make sure that we’re hitting a
    home run
    yeah thank you for walking through that
    i think for a lot of people it’s
    intimidating because they don’t really
    know the process up front and you’re
    kind of
    taking one step at a time but it can
    feel very overwhelming because
    of course if you don’t know the big
    picture of where you’re going how you’re
    going to get there and
    so i think it’s super helpful to kind of
    have a have a general understanding of
    what’s going to happen when i apply for
    this loan
    um because there’s something else
    there’s something else to talk about too
    jordan about credit
    right and we’ve had some folks that have
    approached us in the past that think
    that they may not qualify
    just because they don’t think their
    credit score is high enough right
    well we’ve seen it where there’s a 200
    medical collection on a credit bureau
    that could cause a score to go down 50
    points right i mean there’s a perfectly
    legitimate explanation for that right
    i can say to inter you know
    entrepreneurs unless you’ve been late on
    a mortgage payment or
    a home equity you know payment or filed
    bankruptcy in the last 10 years
    there’s really no barriers to get into
    this business and for somebody like a
    prime capital to want to help you out
    so just because you may run your
    personal credit score through experian
    transunion or equifax those are the
    three credit bureaus
    and it may not be a high enough score in
    your mind
    don’t think that you can’t approach us
    and talk to us about it
    oh i mean that’s huge because i i do
    think that some people get intimidated
    by that credit score
    and the credit the credit thing is so
    mysterious to so many people right like
    they’re not
    really up front about what exactly is
    all going into that and so
    being able to talk to somebody who has a
    little bit better understanding of it
    who can say hey actually you just pay
    this small bill
    or you do these steps you know it it
    won’t take very long for you to get that
    credit score up
    so sure 100 huge huge
    well uh man that’s that’s big but you
    mentioned um one of the things that came
    up you mentioned
    and i’m curious about you know the world
    has changed now
    and particularly the business world has
    changed a lot
    so i’m curious how has you know 2020 and
    everything that that’s brought how has
    that
    changed the lending environment
    particularly for laundromats
    um is are there things that you guys are
    doing differently
    uh is is it harder to get lending is it
    easier to get lending
    you know all all that stuff what’s
    what’s this year brought for
    questions great question so with our
    investor
    uh there was a direct correlation when
    covet hit there was a direct correlation
    with money that individuals brought to
    the table and put in as it relates to
    the holistic project
    as a whole and delinquency rates and
    because of that it has tightened
    slightly and what i mean by that is that
    up front
    jordan we’re looking for a little bit
    more of a cash contribution into the
    project as a whole
    than we did pre-covet credit scoring has
    not changed meaning that you know if you
    still have a credit score in the 600s
    you can still qualify to be able to do
    this
    even if you have a credit score in the
    500s and like i said there’s you know
    you don’t have any credit and you have a
    200
    medical collection or whatever it might
    be in your bureau talk to us
    right um but but certainly certainly
    the willingness of investors to bring
    more liquid money to the table as it
    relates holistically
    as the overall project has changed
    rates interest rates have gone down
    significantly
    since covet hit we’re seeing the 10-year
    treasury at nearly an all-time low
    um you know right now our best financing
    rates we’re advertising out there a 4.99
    fixed financing rate for 84 months fixed
    right
    we could go lower if we had to um you
    know for challenging scenarios
    uh for the stellar credits that are
    going through the local banks
    uh for seasoned owners um but but that
    is what has really changed jordan that
    from a credit standpoint and i’m not
    just talking credit score when i say
    credit standpoint
    i’m saying from uh from a project
    standpoint when you’re looking to build
    a new store when you’re looking to
    acquire a store we’re looking for a
    little bit more money in on the front
    end
    just to mitigate perceived risk and the
    loan portfolio
    as it was uh you know during the kova
    times but i can tell you though what’s
    awesome is even for the stores that
    we’re doing due diligence on that are
    that are for sale right now
    um and for our existing owners things
    have definitely turned a corner there’s
    no doubt about it they’re getting back
    in in some cases uh more than uh
    pre-coveted levels
    uh but it was scary there for a period
    of time i’m not going to lie to you so
    we’re seeing some very positive things
    out there we still have a lot of our
    existing owners calling us up right now
    asking advice on things
    for those owners that are maybe
    listening to this podcast that have
    you know received ppp money for their
    businesses eidl money
    economic development funds from their
    local uh you know counties
    you know we’re suggesting they do not
    use that money to
    buy equipment that they still go through
    an entity like a prime capital to uh
    to get a loan for equipment to help
    expand their businesses and just hold on
    to that cash
    um and use lending to help them
    yeah yeah and i think that’s
    i’m glad you brought those up because
    that has been um
    it’s been just difficult to kind of
    navigate that whole stuff and to know
    exactly
    okay what what’s this money used for
    what’s the best way to deploy
    it you know how you know how can i
    maximize
    you know this opportunity really that it
    is and so i’m glad that you brought that
    up because i think
    having somebody to to kind of talk you
    through that
    and help explain that
    process a little bit i think would be
    huge
    yeah and i think too jordan you know you
    asked earlier you know what are some of
    the things that
    entrepreneurs should think to themselves
    as well that it’s looking to get into
    the business
    uh and the question really is how much
    money are they willing to bring into the
    project
    up front you know to make something
    happen and then we can tell them
    based on you know their credit scenario
    what we think would be
    you know a store price that they should
    be looking at you know
    i mean some some individuals it’s a two
    hundred thousand dollars
    store price some individuals it’s
    multi-millions right
    um but having those direct conversations
    up front haven’t haven’t touched face
    with us i mean
    absolutely talk to us uh whether it’s us
    or anybody else
    we’re looking to help them out right we
    want to see them hit a home run up front
    and cash really is king to your point
    too and we’re still suggesting to these
    entrepreneurs
    keep the monies you’re getting from ppp
    set aside eidl
    local funds keep it aside use folks like
    us to do your financing if you’re going
    to expand your businesses
    so you guys landing on equipment only or
    acquisitions on acquisition portions of
    things we’re looking at the equipment
    valuations that are
    are in the locations but to your point
    or to my point earlier about five and
    six time
    valuations and entrepreneurs that are
    listening to this right now happy to
    explain all of this to you in terms of
    where we’re going to value locations
    when we’re looking at them with you
    we do lend primarily on equipment on the
    acquisition side of the fence there will
    be an all-asset lien that’s filed
    against that location we will be in
    first position
    another thing to consider too jordan for
    entrepreneurs that say hey maybe i don’t
    have enough cash to bring to the table
    to make this
    work it’s always okay to ask the sellers
    if they’d be willing to hold
    a portion of the note themselves so they
    would be in second position
    behind us ultimately but that’s okay
    you know the sellers a seller that is
    that’s another thing too that’s really
    important for your listeners
    a seller that’s willing to hold a
    portion of the note say
    if it’s a two 200 000 store for example
    and we say hey can you hold back
    25 or 50 000. we’ll pay you 150 now and
    then
    the entrepreneur that buys the store
    will pay the remaining you know 50 000
    over a period of time on your terms that
    you work out with them up to us that’s a
    good thing
    because if they’re if the sellers are
    willing to put some skin into the
    to the transaction as well jordan
    that’s a positive thing right um so
    so for those business brokers out there
    that do have on their you know sell
    sheets
    seller financing available that’s a very
    important line item for us okay so
    that’s that’s lucrative
    um so hopefully that helps out the
    listeners here too
    yeah well i’m really glad that you
    brought that up because i get asked
    about seller financing
    a lot and uh and and people want to know
    you know do do lenders you know work
    with
    you know seller financing also because i
    think um
    you know the the question is you know so
    like if you’re buying a house right you
    have to have a certain
    debt to income ratio and if you borrow
    other money to help you know buy your
    house that’s going to go against it
    and you know there’s all those kind of
    complicating factors so
    um so i get the question all the time
    you know
    can i take out a loan for say 150 grand
    and get seller financing for
    30 40 50 grand for the rest of it um
    and come with a smaller amount or even
    you know very little
    that that’s a great question jordan okay
    so for your listeners in the old days
    uh it used to be okay to borrow against
    your home equity line
    to use that as a down payment into a
    project to personally purchase a
    laundromat right
    those days are kind of no longer here
    anymore you know because you’re
    ultimately
    you’re going to have a payment now uh
    your debt to income ratio certainly it’s
    going to be
    it’s going to be higher right so what
    we’re looking for really is liquid
    assets that can be brought to the table
    you know for the contribution into the
    project
    coupled with seller financing right i
    think what’s really important though
    is on the seller financing side of the
    fence sellers need to understand
    that they are going to be in second
    position behind
    us right so god forbid there’s a
    challenge with the transaction and a
    default scenario
    the seller is not going to get paid
    before you know we have to make it
    ultimately get paid but when those
    things have happened you know our our
    goal is to try to continue to keep the
    locations running
    you know we don’t want them to shut down
    we want the cash to continue to keep
    going there so we’re going to do
    everything we can to try to make sure
    that happens as well
    yeah yeah and just in case somebody’s
    not clear second position just means
    you know if they have to liquidate the
    asset or anything like that
    you know the first position is going to
    get paid first
    and then from whatever’s left second
    position will get paid
    right yeah correct i’ll i’ll correlate
    it to the mortgage industry right so for
    those
    entrepreneurs that have a mortgage on
    their home that mortgage you know your
    lender for the mortgage is in first
    position
    okay so if the you know there’s a
    default on the home
    that lender gets paid first if you then
    take a home equity line out
    with a different lender what they’re
    doing is they’re basically lending
    on the equity value of that home so
    they’re giving you that money
    they are in second position so they will
    get paid out
    after that primary lender should
    something happen yeah
    perfect thank you for explaining that
    just want to make sure everybody’s on
    the same page i’m sure everybody knew
    that already but
    um can can you talk to me very briefly
    and
    this is not your area of expertise but i
    think that you do touch on this
    and you have touched on this already
    actually um can you talk to me about
    equipment and when you’re recommending
    you know say you’re looking at a
    location and you’re looking at equipment
    how you know how do you determine you
    know
    should i buy a new equipment that kind
    of that is such a great question jordan
    i love it okay
    so on these sell sheets typically what
    we’re going to see is we’re going to see
    the year the equipment was made
    okay and there’s nothing wrong with used
    equipment
    but one of the things that usually is is
    not clearly put on some of these sell
    sheets
    is the amount of maintenance costs that
    these
    older machines take up okay so it’s very
    important when we’re doing our due
    diligence we’re putting a number in our
    own minds to say okay
    these pieces of equipment are from 1995
    right
    and there’s 50 of them right the
    maintenance costs
    are a thousand dollars a month that’s
    not the truth
    okay that cannot be the case so what
    we’ll find is that some of these
    uh sellers will do their maintenance
    themselves right
    so they’re not actually charging or
    they’re not putting down
    on their own p l’s maintenance costs
    right so
    so if you’re a do-it-yourselfer you may
    be more inclined to want to go into a
    location that has
    older equipment reliable equipment where
    you can do your own
    maintenance but we’re finding that
    that’s more challenging nowadays to try
    to do
    and it takes up so much time to do
    you know if you’ve been in the business
    and you’ve worked in stores before
    you’ve done maintenance
    and you now want to be an owner of a
    store that’s great
    okay get in do your own maintenance but
    you know obviously some of these older
    machines are just like cars uh
    in general you know where there’s a
    little bit more maintenance as they age
    so there’s not necessarily jordan a
    recommended
    year you know where you want to upgrade
    but that certainly is taken into when i
    talked earlier about the holistic
    financing process that certainly is
    something that we do talk about
    you know with the entrepreneurs that are
    interested in stores because if
    if you know like i said earlier you may
    look at a sell sheet and say man this
    sounds like a fantastic deal
    right you may have to upgrade that
    equipment because maybe one of the
    competitors not necessarily because you
    don’t know how to work on the machines
    but maybe a competitor down the street
    is already going through an equipment
    upgrade
    right and you need to be marketable to
    that to those individuals that are going
    to go to that store
    so that absolutely is part of the due
    diligence when we work with the owners
    we look at the maintenance costs we come
    up with our own reasonable maintenance
    costs
    uh if they’re not on the sell sheets
    that we think is you know
    for the machine mix that’s in a location
    right now but certainly
    if if you’re talking you know i don’t
    want to give an age because i don’t want
    to offend anybody out there
    but but it definitely is something to
    consider um and with the competition too
    like i talked earlier
    you definitely need to go into these
    competitive locations
    and see what they have see what they’re
    charging and know how you’re going to
    compete against them so
    if there’s a location down the street
    from you that has brand new equipment in
    it
    and yes you may have older equipment and
    reliable
    you know you may want to think about as
    part of the acquisition
    let’s go ahead and throw some new
    equipment in there as well or
    refurbished equipment
    that may have lower maintenance costs on
    it yeah i mean people like shiny
    new things so i mean it’s a huge deal
    and the other the other factor i’ll just
    throw this in uh because related
    the other factor you have to consider if
    you’re if you’re considering a store
    with older equipment and you’re
    considering
    not you know upgrading it because you
    maybe you want to do
    you know maintenance yourself or you the
    store can afford
    you know that higher cost of maintenance
    that’s fine but you also need to
    kind of factor in it can’t last like
    that forever
    so you need to factor in you will most
    likely be replacing that equipment
    especially if it’s
    20 25 years old already you’re not gonna
    be able to sell that store
    with equipment you know that old plus if
    you run it for another
    five years you know it’s getting up
    there um so
    all that you know to say something to
    consider
    you know when you’re looking at a store
    older equipment
    uh you know not just the immediate
    benefit
    of you know putting in new equipment but
    also
    you know you got to think long term
    about your business
    uh you know so just something to
    consider want to throw yeah jordan
    totally agree with you there
    and one other thing i’d like to throw
    out there too for some of these
    investors that are listening is
    if i see a sell sheet and the equipment
    mix is you know one or two years old
    i’m thinking to myself well why is the
    seller selling right i mean what
    what are the what’s the deal that’s
    where you may have to think to yourself
    huh is there somebody going in across
    the street
    down the street somebody else retooling
    around the corner
    bigger location again that’s all part of
    the due diligence process and you may
    not catch everything
    right you may not but that’s where we we
    go in and we try to make something
    happen but you have to try to think
    about the
    unknown constantly for long-term
    sustainability
    yeah and i think that’s a great point
    and it’s one of the reasons that i
    always recommend
    you know make sure that you’re talking
    with people that know
    the business because there’s so many
    gotchas and like we’ve been talking
    about this whole time
    if you get in right the sky’s the limit
    for you you know
    laundromat millionaire is going to have
    lots of company right um but
    if you get in wrong if you get one of
    those gotchas
    and and it takes you down early it’s
    really hard to recover from that
    either within the business or if you end
    up having to
    dump the business it’s hard to recover
    that financially jordan you’re still
    right
    i i cannot stress that enough just like
    you right i mean
    it is going to be frustrating
    potentially for new investors that get
    in right away
    there’s no doubt right you fall in love
    with this you think it’s a great deal
    and you just want to get in so bad
    because your heart’s set maybe you’ve
    already thought through your business
    plan
    but it may not be the right thing for
    you right again in our opinion
    or somebody else’s opinion so again
    we’re just trying to do
    everything we can to make sure these
    entrepreneurs hit a home run on the
    first location they have to
    yeah yeah and i mean it’s one of the
    reasons i love
    the idea of working with a lender who
    you know specializes in the industry who
    knows the industry in and out who
    is aligned with you if when you succeed
    they succeed
    when you grow they grow and uh it’s just
    another set of eyes
    and watching for those gotchas helping
    you develop that plan helping you crush
    that competition
    um and ultimately helping you succeed so
    yep
    yeah and then like i said i’m out in
    locations pre-covered
    i was out in locations all the time with
    new investors
    with seasoned investors that we already
    had multiple stores with
    and you know i love going i love looking
    at the competitive stores too i mean
    that’s what we do
    post covet it’s been certainly
    challenging to try to get out as much as
    we did in the past
    um so it’s it’s a little new now but uh
    but i would say these folks have to
    visit these stores and check them out
    yeah um okay well i have uh
    i have one or two more questions and
    then we have a couple little segments
    that we like to do
    that i’m really curious to get your take
    on um
    but before that is there anything else
    that we need
    to be talking about right now you know
    you’re you’re kind of the expert i’ve
    been
    i’ve been taking notes i have been
    learning a lot i really appreciate you
    coming on
    and sharing so much already but is what
    else do we need to be talking about here
    what else do people need to know
    entrepreneurs need to know well i’ll
    tell you what about the lending process
    it’s it’s sometimes not as easy as one
    may think
    because originally when i said you know
    you’re going to send over all your
    financial information
    okay even if somebody’s willing to come
    to the table and say i you know i’d be
    willing to pay cash for this location
    okay which i’ve heard before right
    that’s fantastic that’s great
    hold your cash all right um what they
    need to understand too it’s not just
    their personal
    credit experience and it’s not just
    their previous business ownership
    experience should that be
    you know part of it it’s not if they
    have an existing full-time job
    it’s not if they make a lot of money
    currently right now
    every single store is its own
    project okay so the most frustrating
    thing sometimes for folks that come to
    the table is they have their heart dead
    set on getting in
    and you know they have a great credit
    scenario
    but the project may not be the best one
    for them in our opinion
    um so sometimes i would say and and
    recently okay especially post covid when
    we’re looking at some of these numbers
    from these locations
    you know sellers some sellers are not
    you know coming forward quickly with you
    know updated numbers
    from postcovid not everybody uh
    just a handful of scenarios um but you
    know we want
    as much information as possible to make
    a rational decision on our end
    uh just understand that the lending
    process may take a little bit longer
    uh than what it did take you know
    precove it there’s certainly some things
    that
    we were able to do that we certainly
    can’t do postcovid
    and what i mean by that is you know cash
    contributions in the project were
    a little bit less than where they are
    now um but also we’re looking at some of
    these stores to your point earlier
    jordan about the older equipment um
    you know looking more at the competitive
    environment out there with these stores
    um it’s not going to be a you know week
    two week long process it may be a four
    week long process
    once you start doing doing due diligence
    on
    on these locations so um you know again
    great personal credit doesn’t
    necessarily mean
    uh you know a week-long financing
    process and i know that’s frustrating
    for folks out there
    yeah it i mean i get that and and it is
    and i
    i think there’s always whenever there’s
    financing involved there’s always
    you know you got to go through the red
    tape you got to jump through the hurdles
    and you know you get you get picked over
    a little bit you know because people are
    looking at
    your scenario your financial scenario
    and the business scenario
    absolutely um a question that just
    popped into my head that i think would
    be really
    relevant uh actually is kind of on the
    flip side of everything we’ve been
    talking about
    what about those uh what about those
    owners who are thinking about selling
    here in the next year
    two years what can they be doing to make
    it more likely
    that you or somebody is going to be able
    to finance
    a buyer for their laundromat yeah i
    think that is such a great question
    um you know really what we’re looking
    for is when we’re doing due diligence
    we’re looking for
    as much information as we possibly can
    get on these locations i mean
    the seller’s handwritten notes about
    their you know drop-offs
    uh you know love those okay um but
    really like
    if if you’re an owner and you’re right
    now a hands-on owner and you’re not
    paying yourself a salary
    you’re doing all of your maintenance
    yourself these are things that we
    consider
    when we’re looking at a location okay
    because these are owner benefits
    obviously
    and some of the folks that may be
    looking to buy these locations may not
    be the ones that are going to be doing
    that
    okay so having your financials in line
    being willing to come up with all of the
    utility bills for the last 12 months i
    think that’s certainly important
    um uh the another thing that’s really
    important to us as well is the actual
    age of the machinery
    the models the then prices on the
    machine basically trying to back into
    the profit and loss that that the
    sellers are providing
    so if you’re a seller out there looking
    to put your store up
    you know we’re looking for consistency
    year over year right
    we’re looking for not necessarily the
    most detailed records
    but we’re looking for uh the standard
    things that you would see on a p
    l right and like i said the owner
    benefits have to be added back in
    if they’re not on the p l’s right now
    we’re not necessarily looking for a
    balance sheet
    okay i don’t need to have any balance
    sheet uh quickbooks pl is just fine
    right utility bills we have the ability
    to back in
    we know how much water these machines
    are using
    we have had in the old days although i
    thankfully
    we have not had this recently but folks
    would go in that think
    they’re going to sell their stores and
    they run their water meters all night
    right and they or they run the machines
    and you know they’re trying to make it
    seem as though they’re doing more
    business than they have
    uh we’re we don’t see that uh as much
    anymore now than we did in the past but
    um
    uh but we’re just looking for the
    information that uh
    that we’re asking for right we’re
    looking for uh
    the last two years of profit and loss
    statements for the locations
    we’re looking for the last 12 months of
    utility bills
    we want to know if there’s any ownership
    benefits that are not listed on your p
    l hand written notes of drop-off and
    delivery services great love those
    um we want to know the age of the
    machine the models of the machines and
    the bend prices on the machines
    and you know that pretty much covers it
    but but i can tell you jordan sometimes
    it’s it’s challenging
    to try to get the ages of the machines
    because the owners say well i don’t know
    how old it is
    just give us the model numbers and
    approximate right um
    you know so but but just getting to that
    point sometimes it’s challenging for
    for owners i mean there’s locations too
    that some sellers say oh my gosh my
    dryers are 30 years old
    i mean i don’t i can’t tell them their
    dryers are 30 years old yeah you can
    it’s okay
    you know but but full disclosure right
    no secrets that’s
    that’s the big thing and that goes for
    the new investors that come in the
    business as well
    just be just be frank with us about what
    you’re thinking about doing if you want
    to get into laundry and you’re thinking
    about something else too
    great right um but but for
    being willing to to do full financial
    disclosure on the seller side of the
    fence is
    is something that i i’m trying to make
    the transaction happen i’m not trying to
    not make it happen again because
    there’s no money to be made for anybody
    unless it happens so
    i’m trying to get to a yes with the
    information i’m asking for
    yeah so so work with you so i’m hearing
    you know have as much information as
    as possible and keep good records as
    much as you can
    we do have some free tools a lot of
    myresource.com
    resources i’ll put a link in the
    description uh
    you know that you can go check out
    there’s a worksheet there where you can
    go
    and write in all the model and serial
    numbers just keep everything neat tidy
    organized
    it’d be easy one sheet to just hand a
    lender or a broker or
    you know a buyer of your laundromat um
    some other tools there so go check those
    out
    um man i mean that’s that’s super
    helpful because i think that
    that side of it gets left off a lot
    you know in terms of how to sell your
    laundromat and a lot of times when
    you’re
    when you’re buying it’s your first time
    buying but when you’re selling it’s also
    a lot of times your first time selling
    and you know there’s obviously things
    that you can do to
    you know improve the value of your
    laundromat and to make sure you have a
    smooth transaction and to make sure you
    can find a buyer who can actually
    purchase your laundromat
    you know jordan something else to to
    talk about with the sellers too is that
    if
    if there’s a location that’s for sale
    for you know 200 000
    for example right and we disagree right
    we are more than willing to talk to the
    sellers and the sellers may not be happy
    okay we may come up and say it’s we
    think it’s worth 180 right
    and sometimes the sellers are not too
    happy and what we do is we talk to them
    about our rationale for it they may want
    to look for somebody else to buy the
    location and that’s completely okay
    but see i’m an open book i have no
    qualms about holding anything back
    i i want to get to a yes constantly and
    my
    my deal with a business broker with a
    seller
    is not to try to get to know ever right
    it’s just
    let’s try to get the information that we
    can to make the best decision for this
    particular entrepreneur
    that’s coming to the table that wants to
    buy it right now and sometimes
    i’ll tell you what jordan sometimes
    they’ll sell for 200 and we’re saying oh
    wow this is we think it’s worth 250
    right which is great so it does work
    both ways but but getting
    the information from a seller and if we
    ask questions
    don’t don’t get mad at us right we’re
    not trying to get to a no we’re really
    trying to make something happen for you
    yeah yeah don’t yeah don’t be offended
    it’s just
    that’s that’s how businesses are valued
    right you got to have the numbers
    and you know our industry traditionally
    has been
    very difficult to get accurate numbers
    so if you’re really looking to sell your
    laundromat one of the best things that
    you can do
    is give accurate information accurate
    transparent information
    because that gives you a ton of
    credibility it makes buyers feel at ease
    it makes lenders abilities
    everybody feels good about it because
    you have accurate numbers and you can
    sleep well at night too because you
    you know you’re just you’re being honest
    you’re being you’re having integrity and
    that’s what it’s all about right you
    don’t need to step on anybody or
    you don’t burn anybody in order to get
    ahead you know look at dave men’s
    laundry millionaire
    right so absolutely great guy um
    awesome one quick question about
    your company in particular uh where do
    you guys land
    do you guys land all over certain states
    what do you sure
    we are nationwide so prime capital lends
    uh in all 50 states
    uh we i know you’re in california we are
    registered with the department of
    business oversight as a lender out in
    california so
    uh you know that’s a big thing out there
    right you have to be registered
    in that particular state to be able to
    lend money yeah um
    but yeah we like to do that in all the
    industries
    you know i’ll tell you what once you get
    signed up out there with them it was not
    a big deal once we once we got it taken
    care of but
    uh yeah that was that was fun i’ll leave
    it at that
    um but yeah all 50 states and you know
    we we do acquisitions we do refinancings
    we do
    uh straight up uh financing for
    replacement equipment retools
    and you asked earlier jordan what do we
    finance really anything with a serial
    number that goes into a location is
    something that can’t be financed
    awesome tables and shares obviously too
    right but we typically want to have
    those financed with serialized assets
    right right as a as a part of a package
    correct um correct yeah well i love
    hearing that you do in all 50 states
    you know for the listeners because we
    got people all over
    uh listening which is really cool but
    more selfishly one of my goals is to buy
    a laundromat in hawaii
    so i will be calling you when i find
    that because i really want to i love
    my trips out there i’d love it i’m going
    to be traveling out there too then
    yeah that’s right that’s right we’ll all
    just benefit
    write those expenses off heading out to
    hawaii to check out thousands of mats
    and it’d be great
    absolutely absolutely oh that’s another
    thing too jordan really quick uh you
    know you asked about the sellers too
    what we find sometimes too
    is you know all of us don’t want to pay
    taxes okay or pay the least amount of
    taxes possible
    we see that sometimes sellers put
    personal expenditures
    in their numbers okay so the numbers may
    not look as good as they do
    that’s okay okay even if they’re looking
    to sell just disclose to us
    if there are some personalized
    expenditures in there one thing i do
    want to make clear is i am not an irs
    agent
    okay so anything that is told to me uh
    is not going any further than going to
    me
    all right and it’s not going to the irs
    so uh
    you know as far as disclosure uh don’t
    hesitate to let us know if some of that
    stuff does exist out there
    yeah awesome i think that’s good that’s
    good input and sometimes that line can
    be a little blurry with businesses
    too so better better to
    you know let let the lender know and you
    know let them kind of help you decide
    what’s what’s what so oh absolutely yeah
    i think that’s a good
    that’s a good word um all right well
    i mean i still have a couple questions
    for you so don’t go anywhere yet but
    anything else that you feel like you
    need to address
    we’ll we’ll get to how people can get a
    hold of you kind of at the end
    but in terms of lending anything else
    you feel like you need to address
    i think those are some of the big things
    you know i mean i did mention earlier
    about
    some of the intangibles for the
    locations when you’re doing due
    diligence you know
    take a look uh don’t hesitate with the
    landlords when you’re doing due
    diligence to say hey i want to go up on
    the roof
    uh don’t hesitate to have a you know an
    hvac professional go with you and check
    out the hvac units on the roof
    uh don’t hesitate to have structural
    engineers come if there’s a building
    involved and check out the building and
    check out the integrity of the building
    don’t hold back don’t don’t assume
    throughout the process
    right trust but verify and again it may
    not be a seller that’s holding anything
    back it may be something that they don’t
    even know about
    right uh i mean i’ve had sellers that
    have tried to
    uh you know they’ve said hey the hvac
    unit was replaced
    you know four years ago you go up there
    it’s a 25 year old unit
    right and again not their fault they
    were told uh
    that that it was replaced right so again
    you have to really look at some of these
    intangibles when you’re going into a
    location
    uh doing the due diligence on it and uh
    and with the least two i didn’t mention
    the lease enough earlier
    understanding what everything on the
    lease means um i’ll mention this jordan
    that
    i think is another important point
    before we go on here
    that um some of these leases have
    clauses in them
    that state that within 90 days should an
    entity such as a walmart
    come in and purchase a strip center for
    example
    the lessee has 90 days to evacuate the
    premises
    well you can’t just move a laundromat
    across the street right
    you’re done so i think these are some of
    the things when you’re in
    in i mentioned triple net lease this
    morning
    certainly not a deal breaker by any
    means um but
    really understand what the lease means
    and some of these clauses that are in
    the leases
    ask questions about them because that in
    that particular case
    you could be completely out of business
    especially if the uh you know strip
    center is
    to be sold or capacity of the strip
    center is currently at 50
    and has been consistently at 50 percent
    um just
    really just do your own due diligence
    with us and we’ll do it with you
    um but just some of these things that
    you’re maybe not even thinking about
    you’re thinking ah the
    the rent not too bad you know it’s
    pretty good you know we’re making
    you know we’re gonna make a lot of money
    a year it’s all about trying to make
    more money
    right yeah yeah that’s a huge
    i mean that’s that’s so wise and you
    know
    we get fixated on the the number a lot
    of times uh but you got
    you know your price and you got your
    terms your lease
    your your rent amount and you got your
    terms of the lease and both
    are equally important if not terms being
    more important
    even absolutely so and those are the
    things that can easily get glossed over
    or you know you know explained away
    or any of those things so it’s really
    important that you do understand that
    piece
    yeah and something too jordan is that
    the existing owner the
    or the person that’s selling they may
    not even know that some of those things
    are even
    in the lease you know it’s been assigned
    over to them they didn’t do their full
    due diligence so when you bring it to
    their attention
    they may not even know about it you know
    you’ll send over a lease that’s or
    they’ll send you a lease that’s 30 pages
    they’re just again looking at the number
    the monthly payment they may not even
    know about some of these things so
    that’s that’s okay too
    right yep yep all good but you got to
    know i mean it’s
    the name of the game is you know getting
    as much information as you can
    before you get in before you close on
    that thing it becomes yours
    because you want to know what you’re
    getting into as much as possible and
    like you mentioned earlier
    you might not catch everything but you
    want to catch the big things for sure
    and you want to catch as much as you can
    for sure yes sir awesome well i’m
    excited about this we have a little
    section called
    secret sauce listen up it’s the secret
    sauce
    [Music]
    and i’m excited because you have a very
    unique perspective
    you know you’re you’re looking at all
    kinds of laundromat deals you’re helping
    all kinds of laundromat owners and
    would-be owners
    but secret sauce is directed towards
    current owners who own laundromats and
    you know the question is it
    you know is there one thing that maybe
    you could point to
    that really helps laundromat owners
    succeed thrive you know do well in the
    business grow
    that they can you know a lot of my
    owners can implement into their
    businesses or their lives or their
    mindset or anything like that
    right now postcovid there’s certainly a
    lot of things
    right spacing and laundromats that has
    to be taken under consideration
    card systems i was not a proponent
    especially in california
    florida a year or two ago jordan i’m
    like i don’t believe these card systems
    are going to work in these locations it
    just wasn’t
    right now more and more i’m seeing just
    card system transactions coming across
    right people want to do card right and
    loyalty programs and build the brands
    i think those are things to consider i
    think the passion uh
    is is a big thing that continues to uh
    uh be big you know for laundromat owners
    that are most successful
    another thing is the pickup and delivery
    drop-off services i think that’s
    something too
    that is uh more prevalent folks that
    aren’t even thinking about it now should
    be thinking about it
    but really the secret sauce is
    understanding thinking ahead okay
    thinking what could be um you know for
    those owners right now that are
    complacent
    in their existing locations okay
    uh you have to be thinking about
    upgrading all right especially if you
    have a 1500 square foot facility
    um and you know there’s not much around
    you somebody may come in
    and take you out right so even though
    you’re doing great right now in the
    locations that you’re in
    always thinking ahead and having you
    know your sales reps your distributor
    partners
    working with you um you know folks like
    jordan like myself
    in the business talk to us talk to
    others uh talk to
    your peers on you know on the cla forums
    talk to the individuals that are in the
    business right now
    see what they’re seeing listen to what
    they’re talking about
    that’s the secret sauce jordan you know
    trying to stay that one step ahead
    because
    somebody out there is trying to put you
    out of business
    right now right or thinking how they can
    or a distributor
    that’s not in a particular territory
    right now is saying i’d love to get in
    here
    right let’s find an entrepreneur to come
    in and put this in
    so the secret sauce is again not being
    complacent
    thinking about the things that post
    covid are certainly extremely important
    to customers
    visiting the locations visiting your
    competitors you may not even know that
    your competitors have upgraded their
    equipment
    a month ago or two months ago right some
    of these equipment
    you know uh retools are happening
    literally in days now
    uh staying ahead of the game from that
    standpoint and just understand the
    competitors is
    really important too man well that
    that was more than just secret sauce
    that was secret sauces
    there’s a whole host of them and i loved
    it um because i think you’re right i
    think
    you know all those things are just so
    important and particularly the thinking
    ahead
    because i think laundromat i mean it’s
    just
    it’s so easy to put it on autopilot so
    easy to put it on
    you know coast mode and to keep doing
    the things that you’ve always done that
    have always worked
    and you know the world’s just changing
    so fast right especially this year
    oh no doubt you do need to be thinking
    about you know
    the future and what’s ahead and how
    you’re going to adapt and evolve and
    change with it
    yep no doubt about it 100 cool
    well we have another section that we
    like to call pro tips
    pro tips and pro tips is directed more
    towards the people who are looking to
    buy their first laundromat
    and i mean you’re given a ton of tips
    already
    you know is there maybe one that stands
    out um
    for the new investor the new
    entrepreneur who is wanting to buy their
    first laundromat that’ll help them get
    started
    in the right direction okay so
    pro tip in my opinion is and i’ve said
    this earlier jordan
    do not fall in love with the location
    you think you want first
    all right case in point entrepreneur
    comes to the table they live
    two miles down the street it’s so easy
    for them to say oh my gosh this
    location’s up for sale i used to go here
    as a child
    you know i used to work at this
    laundromat ten years ago
    that may be the one that’s going to be
    out of business ultimately because
    something else is going to come in and
    take it out
    okay so i think that it’s really
    important not to fall
    in love with a location let the numbers
    do themselves
    let the numbers speak for themselves
    after you do the due diligence
    and understand that you may not get into
    the first location the first three
    locations the first five locations the
    first 10 locations that you do
    due diligence on it may be a longer
    process than that so
    so don’t be discouraged if you don’t
    find what you’re looking for or hear
    what you think you want to hear
    right away we’re here to help you
    there’s a lot of resources out there
    that are here to help you
    and just if you really feel passionate
    about getting in wait for the right
    opportunity don’t fear don’t try to push
    an opportunity that
    could potentially be a challenge for you
    down the road
    yeah excellent pro tip i probably have
    that exact
    coaching call at least one time a week i
    had that coaching call yesterday
    somebody was like there was a you know
    there’s a laundromat down the street
    from me
    and you know it seems like a good deal
    and it does seem like a good deal
    but it seemed there’s something going on
    with it right i don’t know what it was
    but i said hey look we got to get more
    information on this deal because hey
    it might be an awesome deal but
    there’s just something that’s not quite
    right about it but it was a mile down
    the street from his house
    you know you can easily paint that
    picture paint that vision of
    man i can just swing by on my way to
    work and then i can absolutely
    home and that’s awesome and if it works
    out that’s nice
    but it’s not worth buying the wrong deal
    you know because
    again i’ve done that and it
    it’s a lot more painful to buy the wrong
    deal than
    to wait it out and do the work to find
    the right deal
    jordan 100 i mean it is crazy i hear the
    same thing all the time too
    and it’s so discouraging right when you
    say hey we need to get more
    information totally get it but it’s a
    business decision so you have to treat
    it
    as such yeah huge huge huge
    pro tip heed that advice if you’re
    looking to buy a laundromat
    heat it please it’ll save you a lot of
    trouble and pain and money
    take my word for it um the last section
    that we have is called uh just
    recommended resources and
    and you know do you have any resources
    that you recommend
    uh to owners to
    you know future owners um you know it
    could be
    a book or a youtube channel or
    whatever yeah well i’ll tell you what
    there’s a podcast individual jordanberry
    does it’s
    laundromat resource.com so obviously
    that’s one resource
    right somebody just booked their trip
    right back on the show later
    [Laughter]
    no excellent resource right i mean you
    know having a podcast
    beautiful right uh but really the coin
    laundry association’s a great place to
    start for the entrepreneurs like i said
    i’ve i’ve done
    workshop presentations for the cla in
    the past
    you know the cla is is the advocate of
    the business they have white papers they
    have gold papers they have
    a lot of things you can study to try to
    learn the business
    um you know they have a forum section i
    always suggest i know you do too jordan
    you know the forums uh are a great place
    to learn from other owners
    a developer poor with some of those
    other owners i think i think that’s
    really the best place you’re going to
    understand
    how people think right understand what
    it’s like to be a laundry owner so
    to our point a minute ago about the pro
    tip
    you know you may think that you’re going
    to buy a location down the street you’re
    going to go to it in the morning then
    you’re going to go to in the afternoon
    that necessarily isn’t going to be
    enough to differentiate you and make
    sure that there’s
    uh you know barriers to entry for for
    your competitors right
    so understand what some of the other
    owners out there
    in various parts of the country are
    seeing
    uh and be engaged with your peers um
    you know i think that’s a really good
    place to start
    uh if you’re thinking about getting in
    and understanding what they’re seeing
    and you can browse these forums
    and see what these other owners are
    talking about yeah
    awesome awesome recommendation for
    resources
    man i got one more question for you but
    before i ask it to you
    it’s been awesome having you on i think
    this is going to be super helpful for so
    many people
    because that you know the financing is
    sort of this mysterious thing that a lot
    of people just don’t understand and are
    intimidated by
    and you know it’s it’s hard to open up
    your financial situation to
    someone and so having it you know having
    an idea of
    who you are for one i think is huge um
    and how you want to do your business
    which i love you know as you know
    positioning yourself as
    on the same side uh interest aligned and
    you know and having that kind of
    consulting uh cons
    consultative yeah i’m gonna go with
    consultative
    approach to uh lending is
    it’s just it’s so helpful and it kind of
    puts people at ease i think so
    thank you so much for coming on my last
    question for you is
    i know for a fact that people are going
    to want to reach out to you to get a
    hold of you
    to find out more information and
    hopefully to work with you
    so what’s the best way for people to get
    in contact with you well that’s a great
    question so we’re all over facebook
    we’re all over twitter
    goprimecap.com so go primecap.com
    they can call us 630-884-8900
    select the financing option and
    ultimately try to do business with chris
    money i mean we’re in the business to
    try to make you money
    so uh you know we have a lot of a lot of
    fun times
    we’ve got a lot of great customers over
    the years and again
    all i do all chris money does is finance
    laundromats that’s
    my that’s my job so i’m your advocate
    so touch base with us give us a holler
    yeah definitely do that
    and uh man chris again thank you so so
    much for coming on for sharing your
    wisdom for sharing your insight
    you came with a ton of value that i know
    is going to help a lot of people
    really appreciate it and uh looking
    forward to having you back on since you
    uh
    you know you buttered me up a little bit
    so ah we’re gonna go to that just trip
    to hawaii soon
    oh i can’t wait i’m gonna have lots of
    consulting needs out there too
    so what a month out there yeah all right
    we will talk to you
    soon all right thanks jordan all right
    guys i mean
    jeez chris really really came with some
    amazing amazing detail about laundromat
    financing
    things i hope you learned something new
    i know that i learned a ton you i was
    taking notes during that whole interview
    he really really broke things down
    really well and you can tell he’s
    excited about what he does
    you can tell he really really wants us
    as laundromat owners to succeed
    and i love that and i can you know just
    i can just tell he knows his stuff and
    he
    and he wants to put it to use so i just
    want to encourage you
    whether or not you’re in the market for
    some financing right now if you have
    financing questions
    man just shoot him a a message an email
    whatever hit him up on social media all
    his links
    um he shared them at the end there but
    i’ll put them all in the show notes and
    in the description if you’re on youtube
    um so that you can get in contact with
    him and ask him about financing
    uh again he came with a ton a ton of
    free information i thought it was great
    and super big thanks to chris uh for for
    all that you shared
    guys as always i want to encourage you
    to not just uh
    put something into action like we do
    every single week
    make sure you’re you’re finding one
    actionable thing that you can do
    whether that’s pursuing some financing
    or whether that’s
    you know we talked a lot about even just
    preparing your laundromat to sell maybe
    you can start doing that now even if
    you’re not in the market to sell
    there’s just so much stuff in there that
    you can pull out one thing
    and put it into action so not just that
    but also the other thing that i want you
    to do
    is go to the forums and ask a question
    and answer a question all right i’m done
    trying to brainwash you for this episode
    but don’t make me write a rap song and
    rap for you
    about this because i will do it if i
    have to all right
    uh that wouldn’t be good for any of us
    okay guys thank you so much this has
    been
    awesome i have been thoroughly enjoying
    this entire process
    i love love love making the podcast and
    i just can’t wait to keep doing it for
    you guys so
    all right let’s uh man let’s go out and
    make it happen this week and we’ll get
    back together
    next week for the next episode which
    i’ve already recorded
    and is incredible it is something way
    out of left field
    that is going to be not just relevant
    for us but it’s going to be so
    interesting it’s like it’s like so
    interesting i’m not even kidding you get
    excited
    we’ll see you next week this is jordan
    for the laundry resource podcast
    [Music]
    peace
    [Music]

    0 Comments

    Leave a Reply

    Avatar placeholder