Logan Wuethrich and his father have accumulated 10 laundromats and are on the lookout for more. They started off in small towns and have since expanded into larger towns. This give Logan a great perspective for anyone looking to buy a laundromat in a small town and scale their business!
With solid laundromat business advice packed in, Logan tells the story of how his dad got into the laundromat business, expanded his laundromat portfolio, and roped Logan in to help him run the business. Now, Logan has laundromat fever and is actively looking to expand their laundromat empire!
Get ready to take some notes because we cover a lot of ground in this episode, including:
- Logan’s dad’s story breaking into the business
- Building a strip center with no capital
- Tanning salons as a complementary business
- Zombiemats and how to make them profitable
- How to accumulate hard assets with little or no capital
- Systems to run a scaled up business
- Making a good offer on a laundromat business
- Small town laundromats vs. big town laundromats
- Systematic redundancy
- When to cut corners and when not to
And a whole lot more!
Watch The Podcast Here
TODAY'S SPONSORS
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Episode Transcript
hey what’s up guys it’s jordan with the
laundromat resource podcast this is show
number 47 and i’m pumped you’re here
today we have an awesome episode with
logan weetrick who’s got a bunch of
laundromats
and a bunch of diverse laundromats it’s
kind of cool to hear the comparison
and contrast of his different
laundromats and also
uh he talks a lot about his dad and how
his dad originally got into the business
and uh it’s just really really cool to
hear his dad’s story too you’re gonna
learn a ton
i know i did so i can’t wait for you to
meet
logan and we’re going to jump into that
in a second but first of all i want to
remind you
the forums are still going and they’re
going strong so if you haven’t been over
the forums in a little while
head over to laundromat dot com slash
forums
links in the description or in the show
notes which
this link in every link in this episode
will be at laundromat resource
dot com show 47
so check that out there but on the
forums there’s a ton going on over there
lately and
a lot of people are getting a lot of
help and connecting with each other
very very cool one uh conversation i
thought was a good one
particularly good one and one to
highlight was
somebody was asking about the wash dry
fold
standards that you should train your
attendance to and i thought that was a
really great question
especially for those owners who are
looking to start a wash dry fold
business
and who are trying to figure out you
know how do you fold clothes what
uh what detergents do you use what do
you package it in all those little
questions
that’s happening over there on the forum
so if you got something to add to that
or any of the other things
that are all any of the other
conversations happening over on the
forums head over there and check those
out
also i want to remind you we do have a
new members introduction forum so go
over there and
introduce yourself if you haven’t done
that yet and if you have pop on over and
welcome
some newbies there’s a bunch of new ones
from this last week i know we haven’t
welcomed people in a while but
hey you know just wanted to say a quick
welcome to dan shawn
james sherry jason shara
robert scott trenton david elias james
i mean just a bunch of people in this
last week have uh come over and
introduce themselves
so go welcome them say hi introduce
yourself
and uh to them and to everybody else and
go
uh introduce yourself on that forum if
you haven’t done that yet uh
again community is where it’s at and
when we’re working together we’re all
a whole lot stronger that’s why that
forum is there
that’s why it’s free that’s why it will
always be free
so go check that out there’s forums for
just general laundromat
questions there’s a financing form
there’s a repairs forum
there’s another one too that you’ll have
to go over and check it out
uh because i can’t remember up top my
head but uh
yeah head over there and do that i want
to also remind you that
every week uh thursday every single
thursday
4 p.m pacific time which is best coach
time
7 p.m for you beast coast east coast
timers
uh we’re doing uh a different
uh free webinar live webinar i’m doing
it i’m jumping on there with
a bunch of you guys we’ve had a ton of
people showing up
every single week um so you know this
week i think we’re talking about
how to buy your first laundromat so if
that’s something that
interests you uh head over to laundromat
resource.com you’ll see right at the top
of the home page there there’s a form
that you can fill out just your name and
your email address
and that should get you right into the
uh webinar cool uh man ton of stuff
going on over here
hopefully you’ve been over to laundromat
resource.com lately
and checked out all the different things
going on there’s a ton more in the works
like
oh like i’m so excited about all these
things happening so make sure you’re
checking back there periodically and
again
spend some time in those forums getting
to know each other cool all right well
let’s jump into it with
jogen wheat jogging i don’t know what
i’m talking about today
logan we trick uh today because i know
you’re going to love this
episode logan it was just a blast i
could have talked to him for
hours longer we’ll definitely have to
have him back on down the line but
i know you’re going to enjoy it so get
out a pad of paper
and a pencil and get ready to take some
notes because he’s going to help you
improve your business let’s do it
logan i am super pumped that you’re on
the podcast thanks for coming on man how
you doing bet
oh i’m pumped as well everybody says
that but no
super cool man uh yeah really excited
i’ve been very hesitant to reach out and
you kind of said hey here’s what i’m
looking for
as far as operators i’m like i fit
couple of those categories maybe i ought
to reach out and
finally introduce myself yeah i mean i
find that’s kind of common actually
people feel like
maybe i shouldn’t come on i only own one
or i’d like own a small one or own some
small ones or whatever like whatever the
case may be but
i do think like man it’s important even
you know if you own one small
laundromat you have a unique experience
and there are other people
listening to this podcast who are trying
to get to where you’re at so
kind of no matter where i know and i
know your situation’s a little different
than that but
no matter where you are in that spectrum
it’s really cool to come on and share
your story how you got in the business
what your experience has been like all
that so
i’m glad you took the leap and decided
to come on i know we’re gonna have a
blast today
yeah yeah absolutely you know it’s funny
there’s times i’ll be like
i hate to admit this but i’ll look at
i’ll look at the list of people that are
you know that have done the podcast like
ah
they probably don’t have any you know
they’re out in la yeah they played on
how much to give me
and i listened to it i’m like what i
mean it’s like oh man that does totally
relate to you know small town indiana so
yeah
yeah and you know what’s funny is that
you know we’ve had we’ve had like the
full spectrum we we had somebody who
doesn’t even have a laundromat yet who’s
in process on the podcast all the way up
into
you know multi-owners you know three
four decades in the
industry uh people on the podcast and
you know some of these really
experienced people you know when before
they come on they’ll say you know what i
listen
to the podcast and it doesn’t matter
who’s on there there’s always
something to pull out and these are
people who like know
this industry forward backward inside
outside and they’re still learning stuff
so
anyways all that to say hey you know
what everybody’s got something to offer
and their experience matters and can
help other people
so dude kudos to you you get bonus
points today
for coming on the podcast i appreciate
that well let’s talk about i mean
i want to hear about your experience
because you do have a pretty uh unique
experience i think in the industry but
before we get into that
why don’t you tell us a little bit about
you and who are you who’s logan yeah
let’s go deep you know let’s go into the
surface and talk about who you are
cut me off if i if i get too long
because i’m 26 years old
and i feel like between the between the
age of 18
and like late 1819 when i graduated high
school and 26
i went through so many things like
there’s so many things that i bounced
between and like
all things that people held as have held
as careers that i bounced you know that
i bounced through
and um and i i’ll give a uh i’ll get i
gave you this warning before i’ll give
everybody else this morning
it’s been one of those weeks for me and
one of those mornings for me so if i get
a little scatter brain
you know you might have to realize i’ll
keep you focused don’t worry yeah
so 26 years old uh married
uh my high school sweetheart at 19 um
like a month after i graduated high
school
i left the house or i left the house a
day i graduated i walked
loaded all my stuff up in my car like i
had it loaded
went to graduation ceremony helped my
family goodbye and left the school
for my you know for life as an adult wow
a month later engaged my high school
sweetheart
who was a year ahead of me in nursing
school and i got engaged
at 19 and then married at 19 as well
and um she was a nursing student at
purdue she’s an incredibly
uh brilliant woman she was third in her
class at purdue
and uh like garnished the highest award
of nursing students
um she keeps me grounded dude i mean
she’s brilliant
you stumbled on you stumbled on gold and
you just locked it up right away
oh i’m not gonna get any better than
this i know i’m 19. but
yeah beautiful downhill if i pass i knew
i knew i had no other chance
i screwed it up along the way but she
stuck with me and i mean i couldn’t be
happier i’ve got two girls two years old
uh leah eight months old sayla i’m
actually in the nursery right now
because i’m supposed to be in my office
but
that got um you know you know how that
goes yeah so
um two young kids uh when a little bit
of my history
uh as far as what i did for work um i
left high school
and uh worked at a summer camp um during
like it was a it was a it was a third or
50 acre property
it was a summer camp and like a
conference center it was a
christian-based organization and i was
part of a two-year program that was
really loose
and um i spent a year in the states
doing
summer camp stuff doing like missions
kind of stuff
and then my wife and i we got married in
uh 2014
and three months later we flew to haiti
uh for an eight month
uh trip in haiti um oh yeah it was like
it was like a year-long honeymoon not
really
as i said but but we were super pumped
about it and and uh
not to drag out the story but uh we were
in contact with this organization
um and for a long time we knew the
people who ran it
but we got down there and we realized
things weren’t
what they we thought they were and the
americans who were running the
organization
left uh three days after we arrived um
and to go like go back home for a month
um and you’re on your own we’re on our
own i had to learn to drive down there i
had to learn to you know we split i mean
we
came we came like 80 fluent in the four
months we were there so
long story short um because this kind of
plays into um kind of way that i’m wired
and like
my like the genetics of my of the men in
my family the way we’re wired
and even though i’m working for a
non-profit and uh you know a
christian-based organization
i was i’m always very focused on the
details and like
a lot of people who are in this industry
are or in ministry are really passionate
but they’re terrible at the numbers and
they’re terrible at
management that’s what we learned they
were just you know all and so i was like
hammering them on management stuff
things that they just weren’t you know
they weren’t getting in so we ended up
having to pull out a pull out of that
organization uh
within four months of our eight months
trip that we were there we were at a
uh we were in an orphanage um and a
school uh
a an elementary middle school there that
we were administrators of and helped
organize so anyway i got dengue fever
the last week we were there we pulled
out of that and we ended up flying to
puerto rico
to teach it to school so i spent my wife
and i spent four months in puerto rico i
taught
11th grade there and my wife was a
teacher’s aide
and helped with the nursing department
there and so um
when i was in um puerto rico um
i got a job offer to come back to the
camp after that and actually and
and actually develop a program they said
you know you’ve had a vast
amount of experience we like the way
your organizational skills and those
kind of things
come back and actually develop a real
program because i was kind of invited on
to do
an internship but it wasn’t really
formal it’s like hey we like you just
come on and then
they hired me so i ran this i ran this
program and in the meantime
i was developing an internship program i
was a programming director at this camp
i was building high ropes courses i was
inspecting high ropes courses
uh like zip lines rock walls i was
building that stuff i was traveling
across the country
um you know with like team team
development leadership development
i was doing corporate events with like
salesmen of a huge bank uh
a bank that had a bunch of branches i
was bringing them all in like 100 people
went to this whole day of leadership
development with them and
had grown men crying by the end of it
really cool stuff when it came to team
development and i drove a school bus for
the local school during all that
i want to get connected with the
community so i drove a school bus well
my time was coming to a head there my
wife was a nurse at the time
and um i i i kept getting job offers for
different things my dad offered me a job
to work for his company which we’re
gonna get into
uh but i was like so i was ready to move
out of out of ministry-focused life
and uh get into uh the secular world if
you will as i would refer to you know
get into
business not uh not ministry and uh
then i got another job offer from a um
from a church in northwest indiana where
close to where i was from about an hour
from where i was from and the
one of the pastors there was a
missionary i was really close with in
puerto rico he had moved up there
so i was like oh man everything’s coming
together so i go up there
again i spent a year there and i was
kind of like yeah this just ain’t
working like i just
i i was i was i was too focused on a lot
of other things you know and i and like
there’s always just churning inside of
me
like to just do business stuff and uh so
anyway um that was uh 2018
uh in 2017 2018
and my dad offered me another job he’d
offered me a job since i was 18.
and uh he what he had done is he started
a company in 2003 uh
based around the laundry industry at
laundromats um
and since i think he offered me a job at
18 after the internship he offered me a
job and then after that you know
so he kept offering me this job saying
anytime you want to come on i’m ready
you’re
getting chased down by the laundromat
industry i was i was getting chased down
by him
um i had other people in ministry like
hey come work at my church we love what
you’re doing
um you know i had other camps offering
me jobs they wanted me to do some
programming and internships hey can you
run can you develop this internship
program i can’t
and um you know i just i i
there’s always this drive inside of me
and i’ve never had a conventional job
i’ve always worked odd hours
and you know it’s just the way my
family’s wired so finally in 2017 2018
i took the job with my dad uh to work in
the laundry
so that’s kind of me up to this you know
up to this point now a couple years
later
and so um i’m working really
closely with in my father’s company
right now and um
yeah so there’s my there’s my
introduction getting up to the laundry
industry
yeah well let’s dig into that in a
second but real briefly how did your dad
get into
laundromats yeah so um we
my dad’s only lived in two houses his
whole life
um he grew up and won as a kid um
and then and then um he moved when my
grandparents built a new house so he
moved with them to this new house when
he graduated he bought the old house
that he lived in
and they moved and when i was a kid they
moved and he lit and then he moved into
their old house so he’s lived in two
houses his whole life two houses twice
what he trousers twice yeah that’s funny
and um he’s
uh he’s gonna be 55 years old um and so
it’s a town of 800 people
um rich history with our family there
and um
we were farmers uh so you probably know
orville redenbacher
yeah popcorn yeah so our family’s had a
contract with orville rudenbacher for
uh several uh generations where we so we
we um they would buy from us as a
contractor buy from us so we would
uh plant popcorn pulaski county is one
of the biggest producers
of counties that produces popcorn so we
we harvested popcorn and soybeans
my dad had done a lot of other he’s a
dave mintz is the first one to ever say
it serial
entrepreneur that i’ve ever heard i’m
like oh my gosh that’s not my dad
he raised hogs my mom was eight months
pregnant shuffling hogs going to market
you know
um what a great image oh my mom’s a
tough woman
yeah so uh and uh so he raised hogs he
built grain bins you know the big bins
that stored rain he built those
uh he was amway when amway was going he
was a huge guy in amway
he started his own mlm uh in his 20s
he started he actually had two mlms and
it grew so big and defunct because he
couldn’t keep up with it like it just
exploded
he was advertising like usa today for
his mlm so he was doing that uh he
started
my um my grandpa my great-grandfather
were real estate agents
so he got into real estate as well again
it’s a small town it’s not like
where it is like where i live now which
is like you know dog eat dog
you know i mean it was just really laid
back my wife or my mom got her
a real estate license they were spouses
selling houses
and um yeah and uh we trick realty so he
did real estate
so he’s always had his hands in a
different pot in the meantime he was
teaching um t-ball
and he was a fire chief of the local
fire department um actually has a has a
patent
on um a life-saving device that he that
he manufactured you know in his 30s
uh i mean he’s got he’s just he’s a very
i mean you could sit and talk to the guy
forever
yeah and uh i like that so yeah so we’ve
got i got four siblings i’m the middle
child my older
and my older sister right now is a
chiropractor my oldest brother’s a
firefighter my two youngest siblings are
accountants
um so in 2003 in our small town of 800
people a laundromat came up for sale my
dad’s
second cousin or third cousin you know
owned it you know she was real old and
the place was a dump
and my sister at the time was turning
16. so he said i’m gonna
buy this laundromat i can make a little
bit money but um
if i buy this laundromat i’ll have my
kids clean you know how my kids take
care of it it’ll be there for it’ll be
one of their first jobs i’ve
you know we i worked since i was nine
years old all of our siblings did we
worked on the farm we picked up rocks i
don’t know if anybody knows what picking
up rocks is but
you walk through a field and you
literally pick up rocks and put them in
a wagon so that the
plows don’t get destroyed and the
combine doesn’t pick them up
so you know when you’re nine years old
expecting something a little more
uh creative than when you said i don’t
know if people know what pickup rocks
means
i was expecting it to be some euphemism
for something but no it’s like picking
up rocks it’s literally picking up rocks
in the
in the middle of the summer in the dead
heat and i’d recruit like other fourth
graders with me and like hey
my dad will pay you four dollars an hour
and we can go pick up rocks all day
yeah so anyway genius yeah he bought
this laundromat in 2003 my sister was
turning 16.
he said i’ll pay your car insurance i’ll
pay your gas you got to buy your own car
i’ll pay your car insurance i’ll pay
your gas all you gotta do is on your way
to school every morning spend 30 minutes
and clean the laundromat
just clean it up i think she lasted four
months and got fired
oh no because she lie i think she lied
you know she said
i cleaned this morning and she didn’t
that happened a couple mornings and
finally you know he fired her he’s like
no you’re dead
yeah so then he took you know he took
care of it now when he bought this he
completely you know
renovated it um he had a distributor uh
a maytag distributor
a good guy but again my dad’s a very
self-made man he wouldn’t ask anybody
for help he just thought
i’ll run the numbers myself and figure
out what it’s going to do so then my
brother turned 16 two years later he
said okay
same deal i’ll pay your insurance i’ll
pay your gas which for a young kid is a
pile of money
you know insurance and gas it’s like oh
yeah yeah what a deal 30 minutes a day
he lasted a month he got fired
so then he didn’t give me the chance he
said i you know your
your other two siblings failed you don’t
even get the chance pay for your own gas
and your own
insurance i don’t care so um
he had that laundromat couple and within
two years he kind of went
well this is pretty passive income it’s
not bad uh i mean he wasn’t making a
pile of money but he’s paying his
you know he’s paying for the building he
paid for his equipment note you know
it’s like okay and you know i sho i got
someone to clean it my you know
my mom cleaned it and he’d go collect
and do all that stuff
he goes i’m gonna go to the next town
which uh was a couple thousand
and you know maybe maybe fifteen hundred
or two thousand he said this place needs
a laundromat
which hindsight i’d never put a large
amount
you know that’s that size in my opinion
you know just where i’m at now but
he says this could use a laundromat well
they didn’t didn’t have a laundromat to
buy
um there was no space to lease you know
it wasn’t worth it the square footage
you know for what we could do so finally
he says i’ll just build a strip plaza
um he had no i mean he had no capital i
mean you know
my you know my dad scraped and dug for
everything he ever had and worked and it
worked extremely hard
um and i commend him for that but he had
nothing so he found property
on the edge of town right on the edge of
town that was not city property so he
could bypass a lot of
city issues and the guy who owned the
property
it was just a big field a big cornfield
so he said look let’s go let’s go two
thirds and a third on this project
he said that’s it basically said you
provide the the real estate and the cash
and a portion of the cash all front the
other i’ll borrow the other
other bit of cash and i will and i will
build the whole thing out
and i will be a tenant for this company
you know so i will
you know so i’ll put a laundromat here
so he builds a strip plaza and i know
how many square feet it is it’s a huge
building
it’s actually two separate buildings um
that have
upwards of 12 or 13 possible tenants
in there he builds a laundromat in there
about 2000 square feet
um in the meantime 50 square feet for a
town of
1500 2000 people you’ll learn about
indiana real quick
yeah okay awesome yeah so yeah about
2000 square feet including office space
storage space
okay yeah um and um
in the meantime a lady puts a tanning
salon in right next door
okay she’s she started failing at it you
know just terrible she
she always wanted to run a business but
never knew how and was failing at it so
he says well how about i got an
attendant on duty how about you
all my tenant will take care of the
transactions you know
and clean the beds and all that stuff
she said no i don’t want to do that well
finally she just went back to him
once later and says okay you want to buy
it from me because i’m i can’t you know
i can’t sustain this
yeah sure i’ll buy this candy salon from
you
and this was pre-netflix um so he
decided i’m going to open a movie store
in this town
so he opens a uh called the video mall
so he opens it you know you would go and
you rent dvds
um and so uh he was three tenants of
this 12 or you know
15 tenant building he was three of those
tenants and
in a roundabout way paying himself you
know as a tenant and
and working in that direction and um you
know to build that he basically borrowed
everything i mean borrowed against the
house
uh anything he owned he borrowed against
any i mean he had
he was uh leveraged about you know about
of his max uh most of his life he was
leveraged and he always told himself he
could go bankrupt before 440
and he could still survive you know he
could still dig out of that yeah and um
so you know that whole plaza filled up
um now most now we
um uh now it’s mostly government
contracts bmv
uh dcs stuff like that which are great
if you own rental property those are
some of the best tenants you can have
uh because you know they’re gonna like
their anchor tenants there you know
they’re gonna be there a long time and
they’re not too picky
about a lot of things and so they’re
really yeah so actually
um just the end of the last year we just
got out of that uh
we sold our third in that uh in that
strip plaza
so now we don’t have any ownership in
that and i’ll circle back to that
so bouncing forward uh he went to the
next small town
and said and found a laundromat there
that was a piece of junk i mean and
and someone had just bought it two years
before uh like a banker and a lawyer or
a doctor and a lawyer
you know and they you know they had read
the brochure that said all you got to do
is
worry about how you gotta carry all the
quarters around you know what i mean and
they just ran that thing in a hole
and uh so he came in bought the real
estate uh
bought the business and uh in four weeks
uh did a complete flip on that um and i
was
15 at the time or 14 and my brother was
16 because i remember getting up at 5
o’clock every morning and driving the
hour to that store and working in there
with him um they had pits i remember
digging out pits
and uh you know ripping down walls we
cut out uh 30 foot of block to put
windows in
uh all we did ourselves you know as him
and and uh
yeah yeah i mean that’s just the way you
do it and so i i distinctly remember
one eating burger king because i never
got fast food couldn’t have fast food
where you’re from
and i remember pushing the big block
wall over a brick wall over when we put
windows in
so finally he’s going okay well these
are kind of doing all right so then he
goes north
uh so that was east a town so then he
went back to
uh the the where he put the strip claws
and go directly north and he
about about five or ten miles and he put
in a he tore down
bought a dairy queen pour down the dairy
queen and built new
a laundromat about two thousand square
feet a town of 7 500 people
um and um and a car wash a single bay
automatic car wash
on the back end they had enough room on
the property so he built the laundromat
in the car wash
uh again extended himself upon that but
you know you go a couple years start
everything starts paying for itself okay
now you got some stuff to borrow against
them
um these are awesome you know these are
all small towns 800 people
um you know about two to three thousand
people and then five to six you know
five to eight thousand people you know
that’s what these towns are
yeah so it’s kind of okay you know and
so he’s like uh you know i’m doing well
in the meantime he’s still farming
still doing real estate still coaching
t-ball and um
and still fire chief of art of the town
um
i mean i don’t hardly ever see the guy
you know what i mean but
you know he made it when it counts um
and uh so anyway
then there’s a town north of them down
down the main highway called valparaiso
which is where i currently live um this
was in 2009
uh a town of 35 000 people found a
laundromat there and a dry cleaner
laundromat dry cleaner 4 000 square feet
uh 4500 square feet
and um it was again just a crap hole i
mean just uh
i mean just you know everybody seen him
this one was probably the most extended
he ever made himself he bought this one
for a pile of money
um did a uh and did a full renovation
again
um ripped all that you know ripped all
the old equipment out and i think his
uh i think his equipment note was three
or four thousand dollars and
up to this point this we’ve done all
maytag everything was made tagged
um so this this one was maytag this was
2009.
uh got all new equipment and and he ran
it for maybe a month or two with the old
equipment before he got the new
equipment in
we got his new equipment in his note was
three or four thousand dollars
and his utility savings were more than
his equipment notes
so he paid for his equipment with the
utility savings you got
because it was so old uh gas bills water
bill everything went down so much
and uh in that in that purchase he
bought a dry cleaning plant
so then we became dry cleaners um and at
that point we moved from
ladybug laundry we were ladybug laundry
to ladybug cleaners
uh so that was um that was when he
decided to sell the farm
we had a big uh i was 15 or 16. we had a
big auction
farm auction sold all of our tractors um
you know
pickup trucks grain uh grain trucks um
and then the land uh that he didn’t own
any of his land
it was all within my family so that went
back to the trust of the other family
and
other people were in a department uh so
he decided i could make a living now i
want to
i’ll sell the farm and you know i i he
was tired all of his kids were in high
school at this point a lot of kids are
in high school at this point in sports
and he’s like i just couldn’t i want to
i was never there for anything you know
he’s so busy
when you’re when you’re in real estate
when are you looking at houses in the
evenings
you know what i mean you know and and
when you’re farming
you’re farming in the fall in the spring
during football season
and baseball season track season you
know and so he couldn’t beat any of
these things
yeah finally said i could make enough
money i could make a comfortable living
he never
never really wanted to get rich just
wanted to you know just make a
comfortable living
and that was in 2009 well the recession
hit real hard on us
and he’s overextended as much as he
could be and now we have a dry cleaning
business
which he completely ripped everything
old out and put new all new dry cleaning
stuff in
and the dry cleaning i think dropped
about 70 percent
business dropped about 70 it’s very
similar to what we’re in right now yeah
drag cleaning yeah and um he we he put
everything up for sale
he had a laundromat broker and put
everything up for sale he couldn’t
scrape by
uh he was i mean he was bleeding
everywhere um
but what that did was it made him look
at all of his numbers again
and hold tight to things started cutting
employees who he realized some employees
had been stealing from him
he realized he had employees that
fabricated a job
we had a general manager basically she
fabricated this general manager position
always acted like she was really busy my
dad trusted her with his life
and realized that at 10 o’clock in the
morning he needed to solve a problem and
she was drunk at her house
you know what i mean so it’s like oh so
you know you cut out that you cut your
expenses way back and
uh you pull out he pulled out a
recession and we pulled out strong
um and then there was a uh five or six
year period where that we didn’t we
didn’t grow we just maintained
you know trying to pay pay everything
off and then he uh
he bought another one in a town of 30
000 people again uh
yep just moving on up man yeah this
trajectory
i mean oh it’s yeah it’s at a good pace
you’re going to one of those cities in
china that have like
two billion people in i don’t know about
that yeah i don’t know about that
uh and so yeah so i i know i’m really
uh really dragging this out but moved to
a town of 30 000 people
again uh zombie mat i mean you know
a third of the machines running
everything junky
so he buys that one he
renovates it and then the year that i
moved to valpo so that was the
where the dry cleaner was the year i
moved up there to work at a church
um is when he bought another one in a
town of 35 40
000 people he bought another one and see
those those three were all within 15
minutes of me
so it’s kind of like okay i kind of
moved into where his business was moving
no for another job so then we moved
there the year i took a job in valpo he
bought this other one and then that was
the last
of what he did before i stepped into the
company basically so there’s
there’s everything leading up to uh
before i got involved in 2018.
that was awesome like just such a
whirlwind like he
your dad is just i mean he’s done so
much and he’s oh it’s incredible covered
like a lot of ground
in yeah a relatively short amount of
time
yeah and so to give you a breakdown of
where the layout was francisville town
of 800 people
head north east 30 minutes winamac that
was the second one with the shopping
plaza
from there head directly east at half
hour and that’s where and there’s
another one and then if you go back to
the shopping plaza directly north
uh 20 minutes you get the car wash in
the laundromat
and then you head northwest 45 minutes
and you get valpo and then within there
from 30 minutes
is michigan city and uh laporte so the
three biggest ones up north
and that’s when that’s when it kind of
clicked for him uh he goes oh
i can do i can do a little more than
make a living off of this
uh this you know there’s more to there’s
more to laundromats than what
everybody’s ever
you know whatever he’s ever thought
about them yeah
yeah okay so 2018
what what does he own at that point when
you step in what where
where are we at what’s our count at yeah
um so the count was six
six laundromats one two three four five
six
seven when i stepped in we had seven
sorry eight he bought another small town
laundromat
that’s five minutes from his house he
just bought it and renovated it so we we
were at eight at that point by the time
i stepped in we officially had eight
but two of them were brand new so we had
six and then two of them were just brand
spanking new
okay so you’re yeah six eight like right
when you started
right and did you did he still own the
tanning he did salon okay still on the
tanning salon
we closed the video the video store
years ago um
still owned uh a third share in that
shopping plaza
um and i didn’t mention we had two dozen
rental properties at the time
we owned uh what was called town square
apartments so we owned an old apartment
complex
we had trailers we had small 800 square
foot houses
we had tons of rental properties so he
was again always digging i mean one time
he bought a trailer
moved it to and physically moved the
trailer to another property that he
owned
like an acre you know what i mean he was
always wheeling and dealing and getting
good
good deals on stuff and again going back
i remember being 10 years old and he’d
buy a house to put us in rental
and i remember going there 10 years old
ripping the carpet out just me and my
brother
you know what i mean and stuff like that
so yeah so at this time he
he had started selling some of his
rental properties and he probably had 10
mineral properties left and eight
launder mats and a tanning salon in a
car wash
okay oh and and two check cashing
businesses sorry
and we had and so the one that had the
car wash also check cash checks
and one of the other laundromats cash
checks as well so we had check cashing
it within a laundromat and
what else you got going on in that back
pocket over there it’s hard to keep
track of
uh yeah when you really think about it
it’s like it just grows
yeah i’m kind of curious and maybe you
don’t really even know and that’s
totally fine but i’m just kind of
curious i mean you mentioned like
he he didn’t really have a ton of
capital at least starting out
right and i know he he used how is he
how is he acute i mean when you say like
he doesn’t have a lot of capital
which i think a lot of people can relate
with right and then you say
oh he owns six laundromats no seven no
eight oh and a tanning salon
oh and two check cashing oh and a car
wash oh and rental properties
oh and you know like so you say all that
right and
i think a lot of people are like okay
well like how did he do that
right like how in the world i mean
obviously he was hustling
obviously he was leveraging everything
you know that he could and obviously he
was putting a lot of time and effort
into it
i mean you mentioned like hey he was all
over the place he was there for the big
stuff but maybe not for some of the
smaller stuff
and you know that’s kind of the nature
of like hey if you want to be successful
you got to put
100 110 into it right but i don’t know i
mean do you have any insight into like
yeah so the first thing is i think he
probably he probably mortgaged the house
three times in total i’d imagine you
know that’s a big one
um but but i’ll tell you i’ll tell you
what did it
there’s a couple big factors one the
dude the dude can make a deal like
nobody else
i mean he just he just it’s a lot of
years of experience a lot of doing the
wrong thing but also
just understanding a lot of people don’t
realize they have the upper hand
in a negotiation they’re too passionate
about it so they’ll con
they’ll consign to something they don’t
want or that’s not that you know that’s
not their perfect um
that’s not the perfect ordeal so a lot
of times you know he always told me when
i was a kid
and i wanted to go buy a new bike you
know from somebody he said
don’t be don’t want that bike so bad
that you can’t walk away
if if he won’t come down on his price
okay
and he took that into his business you
know i sometimes it drives me nuts
because he’s so stingy
but unless the deal’s perfect he won’t
he won’t get into it so that’s the first
thing
the second thing was we caught the
people who owned the laundromats we
caught them
at the at the very end and even though
we’re buying the real estate
um they knew their business was not
worth anything
and so basically all we were purchasing
was a property and maybe a little bit of
cash to say
here’s a good faith you know to say we
appreciate you working with us
never used a realtor for any of these um
which is another thing
you can negotiate so much better if you
don’t have a realtor um and no offense
to realtors and some people need them
but um yeah
yeah yeah i know that’s what you’re
where you come i’m totally kidding
but he was a realtor so he knew all that
you know he knew all the legal jargon
um and that was never a big issue but
what it does is it
it allows it allows us to negotiate much
better and not
have an intermediary in that whole
process and you can be a little more
creative than
you can with most realtors right like
there’s not going to be too many
realtors that are going to find
a farmer with land and say hey let’s do
a two-third one-third split
i’ll build like that kind of thing
because the realtor
doesn’t get paid like that right like
they to they want exactly
they want a traditional kind of
transaction generally speaking unless
you’re
exactly good realtor so you can be a
little more creative you can
you know you can wheel and deal a little
bit more and you can negotiate the way
you want to negotiate if you’re putting
it in the realtors hands
then you know you better have a realtor
who’s a really good negotiator
too right at the same point right and so
we bought on uh i know he bought stuff
on contract
a lot of stuff he bought on contract um
you know which helps you don’t leverage
a bunch
but we’re also in a small town where uh
his banker was the person he went to
high school with
um and in a small town you know
it’s funny because i see so many people
struggling with their banks i saw
someone you know say they had to pay
they had to pay to have their cash taken
i mean and i like that is the stupidest
thing i’ve ever heard of you know i
you know that before we threatened to
pull our accounts from the bank they’re
like whoa
whoa you know we’ll take care of this
for you so that’s another that’s another
thing
the banks would never let us over um
overextend ourselves
but they knew what we were doing and
they knew that
for the most part we were borrowing on
property that was probably worth
that was worth more so they’re like you
know what’s yeah sure
you take that you got a good down
payment you’ve got a good business
history my dad’s always had good credit
uh good business history you you tandem
that with buying some stuff on contract
building capital and all your other
stuff and we always borrow you know we
always borrowed against everything else
that’s just what you did but i think
what really
i mean what really uh set it all in
motion was um
he did have he did have equity in
property
and so you know even if it was if it was
a 40 000
house you know what i mean he still had
equity in that and at any point
you get to a point when i think the bank
just realizes okay i can just take
everything this guy owns
you know what i mean it will be fine and
so he bought a lot on contract but most
of it
most of it came down to we never paid
for anybody’s physical business
we always flipped it and uh my dad just
knew how knew the art of the deal i mean
he knew how to negotiate the deal
and i tell you what he yeah he’s good
i mean i’ve watched him go into a
conversation and i go out like
you fly dog you sly dog so i know in the
beginning we bought a lot on contract or
you just got creative yeah you traded a
small track to land you know guys
you know there’s a lot of tax advantages
the trading that you know trading that
way
he’s very good with that um so we traded
you know we trade properties we buy on
contract
uh and then just fight and dig and you
know and a lot of this the reason he
still had a farm but he never
he could never pay himself in any of
this in his mind the laundry rats were
just build equity
we’re just we’re just the pride and the
end game was the own property own
property yeah
and then i’ll be i’ll sell it all right
i’ll sell my property i can retire on
that that was the end gate
i mean so you know he didn’t make a dime
but he was still at the car wash at one
o’clock in the morning fixing a
hydraulic line
you know what i mean or you know this
this and that so uh never paid himself
in that that process to begin with
i mean my dad not to jump forward my dad
never had didn’t say for retirement i
was
probably 45 45 or 50. he never saved for
retirement
yeah well and you know there’s something
to be said for having cash flowing
businesses
that in property that are your
retirement right like
oh absolutely yeah i mean that’s that’s
what his savings was for retirement was
all the stuff he was sitting on
yeah yeah yeah real quick uh just
everybody’s on the same page what do you
mean by
buying on contract uh so yeah so buying
a property on contract so basically just
saying
um look i don’t a lot of times what i
say
you know what we’ll say is um i want to
keep my cash flow open
so i don’t want to tie up all my
reserves uh you know i’ve negotiated
that deal personally they
you know i i keep my cash flow open in
case something else comes
comes up it’s a huge tax advantage for
you if i can pay you over the next five
years for this
so you write up a simple contract well
not so simple but
uh you know you write up a contract that
says um instead of buying
instead of purchasing this you know
borrowing to purchase this whole
property
or using my cash reserves for that um
over the next five years i will pay you
um i your you are loan you are giving me
that one essentially so i will give you
x amount of payments which equals what
you’re asking for this property plus the
six percent
you know interest or or sometimes you
can go eight percent if you know you can
cover it
you know a guy would say but but but
most of the time we can get under six
percent what the bank will give us
you know you can say look four percent
because because one they’re cutting
there’s some tax advantages of that for
them they’re not having to pay that lump
sum
and two now they’re garnishing interest
on on something that you know they’d
have to invest somewhere else to try to
get interest on that so
sometimes you can negotiate a lower
interest rate and it’s and it’s backed
by a hard asset that they already know
too and exactly you know so i just
wanted to real quick uh
you might you you might know buying on
contracts as
seller financing it’s just another way
of saying seller financing so just i
want to make sure everybody’s on the
same page so we all we all say
you buy on contract that’s just that we
always say around here and you know
another thing that he did
again art of the deal he approached some
wealthy people in our town
you know that again he’s friends with
farmers real estate guys you know big
moguls
and um he never needed to borrow the
money for a new project from them
but he’d say look i’ve already got it
financed the bank’s giving me six
percent
what are you making on the you know what
are you making on the cash you have now
then they’d be like
oh half a percent okay i’ll give you
i’ll give you three and a half percent
you know what i mean if you can if you
can buy my buy my loan and they’d be
like bingo
done so then all of a sudden you just
you know again you just you’ve just
taken your payments way down
and now you’re paying somebody else off
uh you know for a lot less interest so
i know i know um i thought that was when
i was younger and i heard that i’m like
dude that’s brilliant
yeah i’ve never thought about that so
again you just fight you just fight
everything you can and think okay how
can i cut you know how can i cut this
out how can i cut these people out
and make it you know make it happen well
i mean i’ve been taking notes
and i just wrote down i don’t know eight
or nine
different things that he’s doing in
order to
accumulate these assets with little or
or no money right and
i just wanted to ask you that because i
think a lot of i do a lot of coaching
calls with people who
are like i want to get into this
business i don’t have a ton of money is
it possible
you know how can i do it and you know
you’re only limited by
the amount of work you’re willing to do
and the amount of creativity you’re
willing to
conjure up and how to get this done
right and there’s probably
a hundred other small or big things that
your dad did
to you know make these deals happen yeah
and going
going back to that i don’t want to um
you know he was able to cut some pretty
massive expenses
in these things by being the plumber and
by being the electrician and by being a
contractor
he my dad used to build houses um he
does all of his own renovations he
he went to a trade school to be a
mechanic so um
you know it doesn’t seem like much but
if i can cut out five thousand dollars
out of a build out
you know that’s five thousand dollars
that i’m not extended on or if i can cut
out ten thousand dollars so
he would always leverage his um you know
he’d always leverage his abilities as
well
skill set yeah yeah and his skill set
and a lot of these towns we moved into
um you know we could do that in uh it
wasn’t a big deal to work side by side
with the plumber
uh which he went to high school with you
know our license plumber he went to high
school with you know to
help him out you know and work with him
and hey i’ll go buy the tank i’ll bring
the tank here i’ll put the tank you know
i’ll set the tank up i’ll buy the water
here i’ll put the water heaters in you
know that kind of stuff you just come
and plumb it for me so it’s those kind
of things that’s like
you know um build ups can be very very
expensive and every dollar you can cut
out of those
for small town guys it means the world
i mean i mean it means from being like
staying up at night if you can pay your
bills to being like
i know i can rest a little bit easier
because i did some of this work and you
know i know things are going to be okay
yeah totally and i think a lot of people
uh
you know are very anti that
and for for good reason in certain
circumstances but i think when people
are starting out
and especially if you don’t have a whole
lot of money to work with
that’s the way to go right small town
big town doesn’t matter like you need to
put in
some sweat equity you know you want to
get to a point where you don’t need to
do that maybe
or maybe you don’t i don’t know it
depends on the person but
you know you might want to get to a
point but a lot of times if you’re
starting out especially if you don’t
have money
you need to figure out ways to do
exactly that right reduce your expenses
put more work in
you know i hear a lot of high achievers
which i really i
i resonate with and i agree with but a
lot of high achievers are like
you know hey if you know you don’t want
to do your own repairs in your
laundromat because
you know you can go use that time to go
do something else
maybe but maybe not you know if you’re
starting off what’s your time worth yeah
they say
and your budget’s real squeezing you
don’t have a lot of money to work with
and you’re
you know not making a whole lot of money
in your laundromat yet well maybe you
need to go get your
your hands dirty a little bit and do
some repairs until you get to the point
where you can
right or to hire that plumber and they
say what’s your time worth
yeah i always say not worth anything if
i’m not making money that’s exactly
my time’s not worth anything and you
know in 2009 2010
time’s not worth anything if you can’t
make money if he’s going broke yeah yeah
very true no it’s very true and and
everybody operates differently that’s
one thing i love
is you get so many hard-headed opinions
in this industry
but then you make them understand that
real estate in one place is so much
different than real estate in another
place and like oh maybe there’s
different ways to operate maybe
maybe there is different ways to do
things and uh you know
and and my the only reason our company
is where it’s at is because of all the
sweat equity my dad had to put in
because it’s time for in some aspects
wasn’t worth much
but now his time’s worth more than
anybody would ever pay for it because
he’s been in florida the last two months
fishing
which is awesome yeah awesome well and
that’s one of the cool things about this
podcast right
is like this business is such a simple
business you know compared to
so many other businesses out there right
but
there’s so many different ways that
people approach the laundromat business
that i’ve i’ve been blown away by the
diversity of the ways that people
approach and run their businesses so
it’s been really cool for me to hear
stories you know like like yours and
your dad wait i mean we haven’t even
gotten to you yet we’re
gonna get into you man it’s even worse
well let’s jump into it i mean okay 2018
or so you got 800 mats and a thousand
other businesses so
what’s what’s going on here now when you
enter the picture i’m ready to um so
so um both uh the the
that live 10 years in puerto rico that i
spent time with down there we were both
working at this church
and um it was very unhealthy um
for those of you working church may have
experienced things like that i know you
got a similar background
i was a youth minister there and and um
things were just not very healthy and
and both of us were ready to get into
business
um we we you know we wanted to get in
that his uh wife’s
uncle uh was a big fuel mogul he had a
big company that
that sold fuel to gas stations and job
sites and stuff like that
he’s been recruiting him to be a
salesman my dad’s been recruiting me to
come work for the
business so um i i you know um
about six months before that my dad
offered me a job again so hey look
you can work at the church and you can
work for me there’s enough time to do
both
so that i approached church said hey
i’ll work for free for the church as
long as i can go work for my dad
and i didn’t really like that idea so
anyway i i i quit fully at the church
uh i told my dad i needed a week off to
remodel my bathrooms with my wife she
was begging me to remodel the bathroom
yeah i got to take care of the wife
first yeah oh yeah absolutely
and i was terrible about that you know
i’m seven years of marriage now and
finally
it’s like i feel like i’ve learned that
more than anything through what i’m
doing now but
um so um he said well do you want to
meet talk money
what are you going to make you want to
talk about the job details i said come
on over
so um it’s the day after i you know the
day after i resigned from the church
uh he sits in he sits in my he sits in
my living room
on my furniture that’s falling in
because i was poor
um and well poor’s the wrong way to put
it i was very uh fiscally responsible so
i wasn’t poor
but i lived like i was poor because i
was saying yeah i was saving every
dollar in a street life man yeah
yeah but but i was saying whatever
dollar i made because i knew one day i
had to buy a company
i had to buy some kind of business so um
so he sits there and says
i’ll pay you and i’ll tell you the
numbers he said i’ll pay you forty
thousand dollars
um he said he said you’ll probably work
less than you did at the church 40 hours
a week
you know i just need you to repair my
equipment is basically it
i just need to drive around and repair
my equipment at the time i drove a
volkswagen jetta 2000 or 1999 volkswagen
jetta with 270 thousand miles on it
diesel sticks
nice great car great car um
he said you can drive your jet you can
use your data you know you get from
store to store
and you just need to fix stuff and this
is the this was this was the um
one conversation that changed our whole
relationship and i said how about this
so i started i ought to immediately
start negotiating with my dad right back
at him yeah right back in him i said how
about this
how about you pay me 30 000 oh you’re
going the wrong way man what’s happening
and i said but but you buy and you buy a
company vehicle
a truck said i’m going to need a truck i
mean i’m gonna be hauling plumbing
around i’m gonna be on tools around
parts around
uh you know plywood and all this kind of
stuff build
said you buy a company truck you save
that ten thousand dollars that you would
have to pay into my social security
and all that stuff and you save all that
and you have a company asset
you know what i mean so i i i framed it
a way that makes sense to him
yeah but but i said but i got to use it
for personal use too
he goes first time has ever said this to
me in my life you know what that’s a
good idea
and we made a deal right there i didn’t
make anything my wife was working at the
time so no big deal no no kids
uh i knew i could afford it um it was it
was a paid
it’s still a pay decrease actually the
first thing 40 000 was a pay decrease
from what i was i was making
but i knew i could live with it because
i’d be living a much happier life right
so deal is done we shake hands i find a
truck
um with 100 000 miles on it you know 10
grand you know i told them about you
know buy a 1000
truck to cover that you know what would
have paid me a year
um and we began he you know there’d be a
repair
we’d go fix it together he’d show me
what to do and really that lasted about
three days
um before it’s kind of like i’m no
whether it’s nice i’m gonna go fishing
you just you know make sure things are
on it well the way i’m wired
um i you know everybody’s like oh
logan’s new boss you know
at the time we had we had 40 employees
about at this time with 40 employees
so everybody’s like oh logan’s about new
boss logan’s the new boss i’d be like
i’m not the new boss i’m just here to
fix things don’t ask me these questions
you know yeah yeah
well soon uh and within six months um he
gave me two pay raises
and um and i was um
basically uh he would call once a week
and say
you need anything from me they know
things are going well you know and
you know he’d go back fishing or hunting
or doing whatever he did
right and so so basically i just what i
saw was
here was my end game since i was 18
years
old was was to buy my father’s company i
knew since i was 18 but i just kept
having all these other things that i
knew i want to do i knew one day i’m
coming back i would buy like my dad’s
company
i just knew that’s what i was going to
do so what i started seeing was he’s at
the end of his run he’s 53 years old he
always said he’s going to be retired by
55 that’s still his goal when he turns
55 this year
so i was looking at his company going
he’s at the end of his run he’s not
putting a lot of
um he’s not put a lot of heart and soul
into the company structure
his laundromats look great they’re clean
everything’s functional
but he’s not putting much into this as
if he’s got 25 years left in the
business
and i’m going i’ve got 25 years left in
this business
if i want to retire the age i want to
retire i said um
i said that’s gonna change i started
writing handbooks company policies
uh manager handbooks um um you know
operation procedures i started i started
developing all this in my spare time
sent to him and he’s going hey looks
great you know they had company policy
before they had a hand before
i was just tidying all that up i was um
i was training the managers hands on
making sure they were treating their
people correctly
developing our web presence developing
our google presence all the stuff that
he just
didn’t have time for started developing
all that in the meantime fixing stuff
and then in my in my gut i’m going we
need to buy another laundry map you need
to buy another laundry mat you know i’m
just like i’m just hungry
um you know just hungry for it and um
you know i kind of know what his
strategy was we were looking around we
were looking around
um we’re you know uh there’s one in a
town 10 minutes away that i really
wanted really really bad
we both did like we wanted one of that
town and we about
didn’t walk away from the deal but she
just went she thought she was on a gold
mine it was worth nothing
yeah we walked away from that one so um
i’m i’m finally settled into the into
the uh corporate life of my with my dad
on you know running this business with
him and
um he’s pretty well like i mean one time
he called me and apologized he said i’m
sorry
um you know i know we’re not really
talking much and you’re basically
running this thing
you need anything from me i know man i’m
loving it you know
it’s it’s great i’m really enjoying it
so um we scout a couple towns that we
want to move into
and we find a couple things we walk into
one like okay we think this is the one
and uh nothing really happens he doesn’t
make any moves on it so i go in there
i say hey uh so it was split in half
half of it was laundry it used to be a
full laundry he cut it in half and tried
to
rent out the other space it’s 4000
square feet total
2 000 and 2 000. big yeah
yeah uh big to you guys
yeah and i walk in i leave my phone
number with the attendant
my dad was actually coming up north
we’re gonna go over some um some
uh some business together and uh
i get back and i’m working on a drain
valve and an old maytag
mfr and and i’m 10 minutes it’s 10
minutes from when i handed my number
and i got a phone call i don’t recognize
this number
get up hey i hear you’re interested in
renting out this other part of this i
said well i’m gonna i’m gonna
i’m gonna cut to the chase but i’m not
interested in that i wanna buy your
laundry match
he goes i’m so tired of this thing
you know i just where are you at right
now i’m in valpo
i live in val i’ll be there i’ll be
there in five minutes
he comes there in five minutes not two
minutes of talking to the guys he was 30
some years old
not not within two minutes of talking to
the guy on site at
my at my facility we drive to that town
30 minutes away
drive to that town we talked there
within within 30 minutes we had a
handshake agreement on friday i mean on
a price and a deal done
and uh closed in 30 days uh
flipped it in five weeks so i’m a full
demo
me and my dad and two guys uh
which was terrible i mean one o’clock in
the morning
or like up at five in the morning there
until one o’clock in the morning for
three weeks long days yeah
um and you know gutted the whole place
all the i sold
i sold the equipment to a guy in quincy
illinois uh he didn’t have enough cash
because corona this was during um
coronavirus so this was 2020. we bought
this one
um he didn’t have enough cash because he
had night clubs that were shut down
but um he had a 57 chevy bel air
so i traded him or he gave me cash in a
chevy 57 chevy bel air for a bunch of
washing machines and dryers i just had
to get it out of there i had to get it
out of there
my dad likes classic cars so basically i
negotiated that whole deal
um you know i negotiated the property
negotiated i mean i worked on i did the
permitting i did our subcontractors
basically that whole project and he just
showed up and did a little work and gave
it some advice
you know and signed the paperwork uh
that’s awesome
yeah and there was um i remember i mean
i remember us both
um you gotta forgive me
my relationship my dad got real close i
i remember getting
i mean being in tears um it was like the
day we you know we put the final
sign on the wall and we were ready to
open
and i remember crying and hugging and
saying you know another one done
you know what i mean it was just like
there’s so much pride and when you’re
doing that hands-on work
we enjoy that yeah you know part of me
enjoys
working that late at night and doing
that kind of stuff and you know we could
have paid somebody to do all that been
closed for three months but you lose a
lot of money in that process and we
enjoyed doing that
and the pride you feel after doing that
i mean we’re talking brand new
uh signs out front brand new parking lot
brand new roof uh and then
a complete i mean this drop ceiling down
and go into the brick walls
i mean and all new plumbing everything
and the pride you feel after doing that
and it’s like boom
and then um we open up no no promos
we’ve tried grand openings in the past
you know and they never worked out
so we just open okay you know you’re
busy all right
okay it’s like whoa we’re we’re busy
whoa we are really busy and there was
four uh three other laundromats
and we and we made it all and we made an
offer to all three of them actually
with all three owners one one had two
stores and he was like i’m not afraid of
competition blah blah blah
my water heaters don’t work and my
customers don’t know any different and
i’m like
this guy’s this guy’s kind of scumbag
yeah i gotta hear me saying this if you
listen to this i doubt he does
like i really don’t want his properties
he’s really just kind of trashy the
other guy was
over a basement with concrete pillows
that held the machines i’m like i don’t
want this properly
yeah that’s yeah oh they were they were
both a mess
um and this one was a mess too but it
was it was i knew i could do something
so all of a sudden it was like and we
had projections for what this store
could do
um and we hit them within a month i mean
in a month’s time we were at that
projection
yeah with no grand opening or anything
just kind of opening the doors
and that was another question i saw
someone ask so
i get a lot of phone calls and i talk to
a lot of people in the industry like how
long before you know they just opened
their store in a week how long before
you get profitable
and one of the things you asked about um
you know how do we get the money all
this kind of stuff
uh we’ve not opened a store yet that we
have been we haven’t paid our
notes in the first month from from that
store um
we’ve been immediately profitable um
which is like i didn’t realize it’s
unusual but for us
what do you attribute that to um
location
i mean we always but you know um we
almost always buy an existing laundry
um and so there’s already clientele
there and you know really i attribute it
to
um i attribute it to uh
there’s that store is already making a
decent amount of money
um you know and i know what my my
multiplier is if i can make it nicer
and so almost always within the first
month you know the notes come and if we
can’t pay them
you know from that store then i know we
i mean we’re almost there so basically
and we see profits in six months um
which is i mean it’s just
it’s incredible i mean i can you can’t i
mean i can’t say how blessed we are to
see that
um so you know all of a sudden in a
month’s time this hits his projections
and this is the biggest this is the
biggest
most populated area we’ve ever been in
and see dad and i realized when he
when we were at six stores or i’m sorry
when we were at eight stores
we realized um the populated areas was
where it was at you know what i mean we
just you mean it’s like
you never thought about that it’s like
it went from i can make a living to i
can
one day have all my kids working for me
and with me you know we can build
something we can actually build
something
so we did that one and immediately it’s
like oh my gosh this is doing real well
holy cow look around us look at all the
crap around us you know
and we’re like oh let’s let’s hit it
again so we closed like may 1st on that
property
opened june 5th on that property and i
had somebody i had a lady call me
um who want to put an atm in there i
don’t do atms very often
uh they’re just i’m 24 hours unattended
at night and i don’t do atms they
usually
are problems but at this store the
clientele needed an atm
so i’ll tell you what she goes you have
a really nice facility i’ve never seen
anything like it can i put an atm in
there and i said i don’t really do atms
she goes you looking for other
laundromats i said ah you know we’re
always open love to make something
happen you know again
our you know our um reserves
got flushed on this you know usually we
finance the building
and the equipment and then we pay cash
for the build-outs we fork out all the
cash for the build out we don’t borrow
on the build out
so our reserves were you know were
depleted our operating note um you know
was about depleted
um because we we hold an operating note
most time and
so she says can i put you know looking
for the laundromats i said i’ll tell you
what
you can find me another laundromat you
can put an atm in this story and that
store she calls me two days later
i got someone on the phone she passes
over to an old man
uh yeah hello he says hello i said she
says this guy’s looking to buy your
laundromat
you want to sell it yeah well let’s meet
a week later my dad’s on
vacation i go meet with the guy he goes
well we’re just looking to leash right
now a dollar a square foot
what what i’ve never heard of a dollar
square foot now we’re talking
um a dollar a square foot not a month
we’re talking
a year a year a year
because we had to put 20 grand in the
parking lot 20 grand on the roof
and i mean there’s you know it was like
he’s basically saying if you put the
improvements in i’ll give it to a dollar
square foot a year
you know what i mean holy cow yeah but
still i said i’m not gonna
i’m not gonna put i’m not gonna put the
um investment in this without owning the
property
well we’re just looking to lease this
the laundromat closed a year and a half
um there’s a four thousand square foot
building or 3200 square foot building
closed a year and a half um and uh this
was like in september this happened
and uh he said well i’m looking at elise
i said okay call me when you change your
mind a week later he calls me
all right here’s the price i want for it
i’m like oh
now i know i wanted to give it to me for
a dollar square foot you know
you know you wanted nothing for it yeah
so we
negotiated that down a little bit and um
we first
we purchased the property um and that
was so that was
in like four months after opening this
other one because like when opportunity
knocks man
you gotta be the one to answer the door
that’s right so i said dad you ready to
do another one
and he’s like i’m tired of working he
says all the time
i’m tired of working and i said he said
but it looks good let’s do it
so before and typically before we close
our deals this is really important for
us
the longer your clothes the more
clientele you lose so before we
typically before we close the deal i’ve
got everything arranged i’ve got my
subcontractors walked through the
building
i’ve got submitted for permits i’ve got
everything lined out i don’t wait until
we close for that
but i know a deal is going to happen i
make sure everything’s taken care of
ahead of time most of my deals are
subject to permits
so i i i say i don’t want to buy it
until i have my permits
um so you know i make the deal subject
permits there
so we did that one uh in five weeks no
sorry that was i take that back that was
three months it’s been closed for a year
and a half i thought
we can afford to take our time spend
more time with our families and spend
three months
so the first month um i got it we gutted
it down to the block
um i didn’t pay i didn’t pay for any of
that to be done i hired some local
scrappers and there’s enough
enough machines and copper left in there
that that was their payday they stripped
the whole thing they took everything to
scrap yards stripped all the way down
the block walls
and their payday was the copper and the
machines you know
weren’t worth anything so the first
month was completely free you didn’t
have to pay for anything got down to
block walls
and i got a contractor and my my subs in
there and uh
you know again you cut the corners where
you can dad and i get in there we cut
the concrete out for new plumbing they
need all new plum intellectuals
we cut the concrete for that we haul
that concrete away and dump it in our
you know dump in our backyard not
you know on a farm somewhere right um
you know um and then you just make it
happen boom one thing after another boom
boom boom i said dad let’s try grand
opening i see everybody on facebook
doing grand openings let’s try it
two weeks free wash and the reason i did
that was i had two other comp
two other people who were might have
been in competition and it’s been closed
for a year and a half so i didn’t have
clientele
let’s just slam people in here facebook
ads
giant banner open for you know we’re
free wash two weeks
um never could we have been prepared for
what happened
um our grand opening averaged 20 turns a
day
20 turns a day i mean i’m telling you
[Music]
and obviously it’s all free yeah right i
mean i i was like
um i mean i i was blown away
um i mean we were emptying our dryers
because you saw to pay for your dryers
we were emptying those things non-stop
because they were just filling to the
brim and um yeah so so the first week i
take that back first week was 10 turns a
day second week was 20 times a day
the two weeks because i mean and people
and never my life have i heard anybody
complain that we didn’t give the dry
away for free as well
i can’t give everything away come on
yeah so so i was in and this is 24 hours
mind you we were doing this
free wash 24 hours that’s why we were
able to hit 20 turns a day you know
it was just packed in there i mean slam
pack and so we just opened that february
1st that was february 1st
of this year so we’ve been open a month
a month and a half
and we’re again we’ve already we’ve hit
our projections uh on that store
um and um uh i’m trying to buy another
one in that town right now i’m getting
ready to make an offer on one in that
same town because
it just that unfortunately it’s where
michael jack it’s gary indiana where
michael jackson’s from um and um
when it’s gone downhill really bad uh
unfortunately and they’re trying to
rebuild the town and so it just needs
nice facilities in there yeah so yeah
trying to make something trying to make
some more moves happen there and um
and that has been the most challenging
story by far but that brings you up to
date
um other than that i um i had a site
review yesterday i’m trying to rebuild
our wanted valpo actually trying to move
the location there i got remediation to
do because of the old dry cleaner there
but yeah 10 laundromats um five
urban five roll and
um uh my dad’s been on vacation for the
last two weeks
of two months last two months yeah
that’s awesome
well real quick about the grand opening
i mean
what’s the ver i mean i know it’s still
pretty early what’s the verdict do you
think
it helped your i mean i know obviously
you got a ton of people in there the
first two weeks
has it helped your business since then
are you gonna do it next time
i’m gonna do it differently next time uh
i’ll tell you that right now
um because um i think it hurt
my unpreparedness hurt us um
we were so busy that story got so dirty
so quickly
and our i mean our our um our business
model is based around cleanliness that’s
what’s made us successful
yeah um and that’s what made everybody
successful is cleanliness
um and it was embarrassing some mornings
to walk in there
um you know none of my 20 i i all of
them are 24 hours now all 10 or 24 hours
and i’m and i’m not attended from 6 p.m
to
7 a.m i have no attendant there and
they operate great this one i’m actually
uh heading back there tonight at six at
six o’clock to train
to train a night attendant uh myself
because i’ve over extended my my
managers over at that store
and so i’m going over there to train
them tonight uh because it’s just been
problem after problem there they’re so
busy it gets so dirty
and at my other stores
my clientele is different and they take
care of their store they pick up their
dryer sheets
you know they take a paper towel and
wipe up their soap when they pick up
their dryer sheets
how’d you get that to happen man that
never happens because
because i’m i’m semi roll semi-roll
still and it’s just good old i mean
indiana people are just good old home
folks you know what i mean and they’re
just nice people
and they feel you know they have
hoosiers yeah they apologize if you know
if uh they spill a little bit of water
on the floor yeah i mean i mean hoosiers
are great people
so they you know they’ll get dirty on a
busy weekend totally yeah but but this
one i’m i mean i’m saying so bad that it
looks like
it looks like someone hasn’t been there
in a week and so my grand opening may
have you know i had somebody call me
being dramatic but you know i’m going to
call the town attorney and i’m gonna
call the mayor and i’m gonna call the
governor because
this is not up to you know i’m gonna
call the health department blah blah
blah
blah blah blah you know and it’s true i
was embarrassed to walk in there as bad
as it was
and i went i can’t go unattended i i
can’t do that that’s not gonna work
so uh the numbers will work out so i’m
actually gonna be
that that’s all within the last couple
weeks you know what i mean i’ve been
i’ve been just real and trying to
every every market is different yeah
every market is different and what and
the strategy i thought we had it nailed
down
i thought we had laundromats to a t then
we moved into this town and it’s like
yep this ain’t going to work you know we
got to try something else
and the crime that talent really really
bad so even developing a position to
protect your employees
is very tough so i’ve got a pretty good
idea we’ll see how it works
wow i mean that’s it’s kind of it’s kind
of cool to hear
like just the amount of experience you
guys have had and that you’re still
evolving and you’re still you know
learning and like you said every mark is
different
and so you know you you’re just gonna
keep keep kind of tweaking things
feeling things out
until you find out what works for that
market and
and apply the lessons probably to your
next i don’t know however many
i’m kind of curious about what do you
see as some of the big differences
between
you know small town rural laundromats
and
your kind of bigger town more urban
areas obviously other than income you
know you know i mean that’s just a huge
factor there i mean it really is
and that influences what you can do in
that store how often you can put new
equipment in there
um how much you can pay people how long
you can be attended
um um and what else you need to produce
to be able to make a store pay for you
know
be able to have an income that’s why i
have check cashing at two locations
now that is even taking a big downturn i
never do that again but i already have
all the equipment there
is you know um the attendant you know
the store is not busy so it doesn’t get
really dirty in the rural areas
so you can maximize what your what your
attendant and your employees do
at my at my big stores i could never do
chick cashing because they’re cleaning
all the time and helping customers
that’s the other one they’d be sitting
around twiddling their thumbs for a long
time but they cash checks so
there’s extra income for us keeps my
employees occupied and i’m already
paying the overhead for the employee
there
saying that’s why i got a car wash i
have the space for it uh my there’s
already somebody there who can attend it
and can help that if there’s problems
you know so i do that same with tanning
i’ve already tanning beds over there
i’ve already got the tenant on duty so
you maximize that what i find in the
rural areas is
you’ve got to find more ways to maximize
on your real estate and on your
employees you know your overhead costs
and since you know overhead costs don’t
change much
from being being uh 12 hours a day to 24
hours a day
you know other than keeping the lights
on your overhead doesn’t really change
so
we started going 24 hours one more door
lock ropes which i think someone just
said
a couple podcasts ago yeah um yeah so
our door locks broke automatically locks
broke we said i just leave it open
and it’s like oh man people are really
respectful at night let’s just leave it
open
so the other thing is i’m not i am not
afraid to go 24 hours in rural areas
because people are so much more
respectful of all our equipment um you
know the people are just nicer in rural
areas i mean that’s just the nature of
the game unfortunately where i’m where
i’m at
um so there’s a huge difference there um
and you know i’ve looked at doing ups
drop stores at those locations
um you know there’s other there’s other
things i’ve looked at you to maximize
those locations
you know even selling detergents over
but i don’t want to deal with inventory
but
you know if i was only in rural areas
i’d be selling detergents over the
counter
you know i would be selling hangers i’d
be selling um you know
bag the bag holders i sell bags but i’ll
be selling bag holders um
but the other thing and the reason that
we weren’t afraid to get the dry
cleaning was we knew the dry cleaning
could pay for the attendance
if i can pay for the if i can pay
payroll just by what i make in dry
cleaning
you know i’m afraid to call it a zero
you know zero game there
yeah so yeah i think that’s really good
i think you know i i get
asked a lot by people in smaller towns
like hey you know
is it doable in smaller towns and and
how do you make it work you know in a
town that has
2 000 people 5 000 people or whatever
and i think that’s
i think you hit the nail on the head
right you’re always looking at ways to
maximize your income
you know so whether that’s adding a
little storefront whether that’s adding
a dry cleaner or tanning but whatever it
is you know like you said your overhead
is going to be
what your overhead’s going to be so you
know wring out as much
as you can and go ahead go ahead no no
go ahead yeah
well i was gonna say that i always
because i get a lot of calls from
small-time
small-time guys as well and uh you know
what i always say is
your business is gonna be better if you
have an attendant find a way to pay for
that attendant
yeah not using your coin your coin
income find a way to pay for that
attendance yeah
and uh you know and and i always
recommend talk to your local dry cleaner
they probably want more business
you know you got somebody there let’s
you know make it happen just just do
that
without much space you don’t need much
space a hallway is all you need a little
hallway or a little corner
i mean hang a dry cleaning and lock it
up and so it’s it’s those things that
you can just you can use
and you can say okay if i can just take
care of payroll
by doing something other than coin that
means everything that comes in
for my coin my coin op is going to be to
pay
for you know everything else yeah yeah
looking at it genius love it
what’s i mean do you what’s your do you
have like a goal
like what you’re what you want to do
i mean it sounds like you’re building an
empire out there my goal my goal is um
and they better watch out my goal is um
to
if luke wilford’s gonna try to own every
laundromat in the world and i’m going to
own half
so he can and so we’re going to be
battling now oh yeah like it’s like a
big
a game of risk
i hate risk i’m more of a monopoly guy
i’m going to hole up in australia and
see if you can penetrate my
you know um i love what luke’s doing
i’ve talked to luke once i can’t wait to
meet the guy uh
love his faith love his fa the way he
treats his family love the way he treats
his employees love the way he does
business
great dude um my goal
one of my goals to be with my family
more um my goal is to retire at 45
um and when i say when i say retire what
i mean is not
have to be actively involved in
something you want your kids running the
business so you can be fishing for two
months
or somebody else you know somebody else
i trust yeah i want to
i want to be retired my dad was always
55 so i want to beat him by 10 years
yeah that’s what i’m talking about but i
also want i also want something that
might
that my kids don’t feel pressure to get
involved in
um but there’s the opportunity for each
one of my and i want to have a big
family that each one of my kids can have
a hand in
if they want to be in uh five i want
five kids
okay my wife doesn’t want that video but
we’ll see what happens just get it
get another wife tell her hey if you
don’t want more i’m going to add another
wife
don’t tell her that i’m just kidding
we’ll probably end up adopting if she
doesn’t want to have another kid but
she’s a champ so
um but really my goals um
from a young from a young from a young
adulthood um
the moment i stepped foot in puerto rico
i saw a need that i
of a lifestyle that i really enjoyed and
my real my real goals are more
philanthropic than they are
than they are business-minded um i i
love
i love philanthropy i love um helping
people
biblically speaking god said he owns
owns a cattle on a thousand hills
and um and i think what what the bible
really speaks to
is um god puts other people in care of
those cattle
so i want to own as many cattle as i can
so that he can call him when he needs to
to give to organizations that need that
help
um you know because there’s so many
passionate people and and non-profits
fire departments and children’s homes
and you know
uh orphanages um you know even even even
outside mission organizations uh and
third world countries
that i’ve been in contact with um you
know who are just like me if i just have
the resources they’re so passionate
they’re very they do a great job they
just need resources and i want to be the
person to be able to step in with
resources to make something happen
and my real end goal is to be able to
build a build a separate camp in puerto
rico
i’ve got a property uh there i’ve been
watching forever
and my real goal is to actually put a
couple laundry mats in puerto rico
um and then build uh and build a um and
build a
summer camp there but but sky’s the
limit i i i i don’t have a number in
mind i take the opportunities
as they come uh just i just chase after
them and you know i want to be ready for
any opportunity that hits and
i’ll build as many as like as many as i
can i’m trying to set up the company
right now in a way that
um that um is not hindered by our growth
but that is excelled by our growth so
trying to make sure we’re in a place to
do that
that’s awesome i love that and i love uh
i don’t know i just i love the
philanthropy goal and
you know just thinking a little bit
outside of the business right and using
the the businesses as the tool to
to build the life that you want to build
right for you for your family and for
communities right whether that’s here
you know in indiana or
in puerto rico or wherever that might be
so i love i love that and i love
i don’t know i just i like thinking of
my businesses as as
a path for me to build out what i
what i’m my real goals right my my real
ambitions and
yeah and so i like that you’re thinking
that way i wanted to be an extension of
my lifestyle and what’s you know what
you know
and and when the rubber meets the road
you
you can’t sacrifice the business for
other things but i told my wife i said
basically what i want to do at 45 is i
want to start a new career she rolled
her eyes at me she hates the things i
say sometimes
at 45 i want to start another career and
i want to be a philanthropic one i don’t
care if i’m
uh you know i i want to be the head of
an organization or i want to build
my own non-profit i want to do something
else that i can take the resources
from what i’m currently doing in my
investments and be able to funnel that
without
without without demolishing what i’m
already you know what i’ve built up
and take what my dad is uh my dad is a
huge a huge giver as well he has been in
his personal life and his business life
and i want to extend that my dad’s work
i feel um i feel like i’ve cheated the
system a little bit in some ways
um and you know it’s like i want to be
able to be an extension of what my
dad’s generosity as well yeah well i
don’t i don’t think it’s cheating the
system i think it’s
you know standing on the shoulders of
giants right it’s like yeah you know
that whole
yeah that whole thing right and you can
take it to even another level like
your dad laid an awesome foundation
for you and for you know that business
but
you know there’s more to go like the
sky’s the limit like you said so
love it man well i want to take a couple
seconds to get down to business
and talk a little bit about your actual
some some of the details about your
businesses
that’s cool with you absolutely okay
well
we know you are in indiana right
can you give me like an idea of like how
many
square miles are your laundromats within
how far apart are they from the
northwest to the southeast
uh it’s kind of where my quadrants are
like um
it takes me two hours drive time that’s
highways all highways basically
so um so basically i’m at a radius of i
think um
50 miles maybe okay if i go to the
center point radius of 50 miles
uh i used to be able to get if i did
like if i did like a 30 minute repair at
every store
a day i could get every store in a day i
can in like a 10-hour day you know i
mean it’s like
bouncing around you know right um but um
but i split up in a region so then my
north my north which in my urban region
those are all within um basically 10
miles
and then my south those are all real
spread out they’re all within a half
hour
you know or um if you go to the if you
go like the center one of those they’re
within a half hour of each other two
that are ten minutes away two that are
ten minutes or twenty minutes away and
then
two that are 30 minutes away yeah
they’re kind of you know kind of split
up into two different zones
okay cool that’s pretty good i mean it’s
enough distance especially with some of
the smaller town ones like they
obviously can’t be too close together
because right you know there’s not
enough people for that so
yeah my my laundromats pulled from a lot
of smaller smaller
those the the town of 3000 is big
compared to all the 500 and 400 towns
around it
yeah right yeah so and you guys right
now you’re at
ten laundromats but looking maybe to add
some more
yeah i’m always i’ve got an accepted
offer on a new
building that i’m trying to build out on
but the city i’m in is very difficult
and it’s to replace the current one
that’s got some contamination from the
old dry cleaner
so that’s part of my tin that i already
have i’m trying to rebuild and then
um there are a couple locations i’m
currently scouting and i’m in contact
with owners there to try to keep
building that up
we’re just at a place in our company
where we can we can see some serious
growth
yeah exciting about that yeah yeah
and so okay so you’ve you’ve kind of
been on the periphery of the
of the business for like 18 years or
something right
yeah yeah but yeah since 2003 i’ve been
i’ve been working i’ve been
stripping paint off of floors when i
feel like that was a bad idea
and yeah yeah i remember pressure
washington the car wash at one o’clock
in the morning when i was like 13 years
old
freezing cold oh yeah fun
good memories but you’ve been you’ve
been full-on in it since about 2018 or
so so
three years or so yeah three years it
feels like a lifetime already
yeah i bet i mean you’ve gone you’ve
done a lot in those three years so
um all right what what does it cost to
do do laundry in indiana
yeah we we um we we try to stick to a
very mcdonald’s style of business
whereas you walk into our facility and
you know it’s a ladybug
um which by the way i didn’t i didn’t
elaborate on that sorry to
backtrack uh my sister is the one who
named ladybug
um when she was like 13 or 14 or 14 or
15.
my dad said the motto needs to be we get
the brown out
and my sister’s like how about we get
the spots out ladybug
so we became ladybug cleaners so um our
our our thing is always it’s probably
better than we get the brown out
wow well it does have a nice ring to it
you know it does yeah
so um so we try to make it where our
facilities you know the floors are the
same the walls are the same signs the
same machines are the same
we want it to be branded with that going
we only we only carry three sizes of
machines
uh washing machines and one size of
dryers um
what sizes do you do so i do 20s
i do 40s and i do 60s okay i’m second
guessing maybe going higher and that
carrying a fourth size of 80 or 90
now that i’m moving into some bigger
area areas yeah again you just
because we were on the soft mount model
with 20s you know
because it’s like they were getting so
little turns per day
for half the price heck yeah yeah i mean
i’m going soft mount
yeah so 20s uh 40s and 60s uh
20s are three three dollars or 325 um
well 275 3 or 325 depending on
where i’m at my roll areas three 275
my semi-urban r3 in my urban areas
are 325. um
and my 40s and uh 60s are the same
everywhere
40s are five dollars uh 60s are 750.
cool yeah then my dryers i’ve got a
couple locations that have different
sizes but i moved to a single size
uh because i realized my biggest ones
were ones being used and not my small
ones
um people would be waiting on the big
ones i said i with the space i have and
the capacity i’m running i need to just
do all big stuff
so my i’ve got um i always do the
biggest size
of a stack dryer uh which is 45 or 50
depending on your manufacturer
right yeah five minutes a quarter five
minutes a quarter
yeah wow awesome i mean those
yeah those are good those are good solid
midwest prices right there
oh yeah i like that was like what’s that
compared to the west coast
that yeah yeah no dude the west coast is
cheaper man
that’s what i thought i thought i’m like
man i don’t want to move out there it’s
crazy
when i started doing the podcast i
hadn’t really talked to a ton of people
in the midwest
and they’re like yeah we’re charging
like 14 i’m like
what holy cow man we gotta have like a
thousand pound washer to charge for
that’s what you call a shirt four
quarters you know when you’re stacking
yeah
yeah that’s a lot of quarters uh are
are you running them well before i ask
that what
can you give me i mean i’m sure it
varies super widely
but can you give me like ballparks of
like turns per day what kind of turns
per day are you doing in these
different mats or maybe like a rural
versus an urban
i don’t know how they break down but
like right um i really wish i could um
we could go back in time and redo it
because the first laundry mats we put up
we had six
high capacity which was anywhere from 35
to 60. we had like six in a store
but then we had about 24 20 pounders
right you know we replaced all the top
loaders but we only put 20 pounders in
we’re like that’s all people are going
to use
so the turns per day can be can on the
stainless on those big machines
what we call the stainless you know the
stainless machines in those stores
um turns per day can be four or five in
those rural areas
there’s only six of them you know what i
mean in a town of three thousand people
so i need to put some new i mean we’ve
kind of reevaluated that and realized we
need to put new stuff in there we just
we got other adventures that we’re in
right now so um
but really i mean in my urban area in my
town of 800 people
um i’m not we’re not really making any
money there anymore i hate to say it
that way
um but um we make we do make money there
not like we used to uh because people
people travel more than they used to
they’re not afraid to go farther
i i mean the the nearest walmart to us
is a half hour away
um you know so everybody has to travel
anyway so some people just travel into
their lawn
and that store probably does it’s
luckily does it you know does five turns
a week
or i you know or four turns a week you
know it’s lucky you know i mean most of
those machines just don’t get used
right um whereas my other urban areas
are probably two
uh one and a half to two turns a day um
on the bulk of my machines and then my
busiest store
uh is person um pushing eight turns uh
eight turns a day
on a weekend uh
oh you’re there did i lose you yep nope
you’re back okay
yeah yeah so i was like i was like eight
or nine turns a day on the weekend
um and uh you know it depends on the day
but you know
average of four or five uh you know four
or five three
three to four four to five at my busiest
store the most average three to two to
three three to four turns a day
yeah so they all do more of that
exactly well and that goes back to that
goes back to where the future is for us
yeah um when i bought i’m actually not
gonna be buying
every part of my father’s company uh-oh
you there again i can’t hear you okay if
you can hear me good i don’t know if
that’s my internet uh
rule indiana you know how that goes yeah
um so
that goes back to i won’t be buying my
whole my father’s full company out um
i’m probably gonna have him sell
individually several of the rural areas
and i’m gonna stay locked into some of
the urban areas
yeah um you know that’s just where it’s
at and and what’s your time worth
well at this point uh you know when i
was building out that other store
the week the equipment came and what we
do is we have them set the equipment
and um we do the hookups for it i was in
the middle of hookups and i get a call
that
one of my uh my hot water line under the
concrete burst up i for the store
i go pick up plumbing supplies drive two
hours i was there until two in the
morning
running hot water lines you know over
the ceiling to get to my machines
and it’s like when you’re looking at the
return you get at that store at that
store i do as much in a month as i do at
this other store in a week
yeah so it’s just you know at that point
you go okay
i told dad i said you just go ahead and
sell those and uh and that comes the
other part
uh i wish i wish i could be like a lot
of other people my dad could just hand
me things but
uh he’s gonna bring an outside appraiser
for all this whole this whole system and
uh i got to buy them out at a fair price
legitimate i don’t know what i want yeah
i told them i won’t be buying those
you know you have to make other
arrangements for those smart just
yeah just i mean yeah that’s the natural
flow of business right you’ve scaled
beyond those yeah and peter mayberry is
the one uh
when i heard his podcast we’ve been
debating and i’m like but
just do it stop second guessing yourself
you know what i mean just just get you
know just uh you scale the business well
so just make make your time work more
valuable
yeah love it uh what’s your
attended unattended hybrid
what’s your what are you what are you
doing yeah um
the town of 800 people is actually the
only laundromat it’s not open 24 hours
um just because it’s not busy enough to
be uh everywhere everywhere else
the standard is nine a.m to six pm
attended
the rest of the hours unattended um
my busy locations my two bus two of my
busy locations are eight a.m
to 6 p.m so i just opened an hour
earlier and then my two busiest
locations
are 7am to 6pm and one of those busy
locations is the one
i’m i’m doing a night shift so i’m going
to try a night shift because i looked at
my i i pulled my reports from my
machines and see what i’m doing and i’m
watching the cameras and all that kind
of stuff to see where my busy times are
and when the store gets dirty i’m going
to try to run a night shift from 6 p.m
to 12 p to midnight
and then 4 am to 8 am
yeah i’ll have a four-hour gap which is
which is the slowest part of the night
and it’s not you know i could pay this
to have someone to be there
but they’ll just end up falling asleep
or something and i’ll spyro you know
what i mean so
two four hour shifts um you know with
two different people and that gives me
more employees to pull from when i have
issues
so yeah i kind of like to be over
stocked on employees
it’s smart it’s always a good thing yeah
yeah i’ve had i’ve had multiple times
where i’ve had to go cover a shift
because
an employee was sick or whatever and i
just didn’t have enough
a big enough pool of employees to pull
from right to get somebody else out
there
so and for the most part i like my i
have so i have store managers at every
store and i have two general managers
east district and west district um
and uh i i our stores are getting so
close together they could share
employees
and i i always tell my managers when i
hire them
treat the store like it’s your own and
make decisions like it’s your own
and if you can’t get a hold of me to
make a decision you make it
and i said i won’t be mad at you for
making the decision it was a bad one
we’ll just go from there i give that i i
trust them with a lot of decisions
and one of those things they wanted to
make a decision on was their employees
their hometown will get employees so can
we share employees i said
here’s my advice no i said because when
one employee quits three stores
three stores hurt but you can make that
decision well they made the decision to
go ahead and share employees
and and i fired one because they stole
from us i caught them stealing from us
and the second one
um quit and so three stores were down
two employees
each and it was like oh i was like well
not to say i told you so but uh so but
you get you you trust your you trust
your people to make those decisions and
they and they become family to you
so totally yeah uh
are your stores all coin card hybrid
um all of them are hybrid uh my urban
one or my rural ones are
half my equipment are hybrid so my big
machines and you know basically enough
that someone can
you know if they’re not busy enough that
you know you can’t keep up
um all of my uh urban ones
are 100 hybrid uh coin and card
and and when we originally did the
numbers um
50 of our business uh and and some of
even the
more urban areas eight percent of our
business was coming from once or twice a
year
customers um and and in the urban areas
there’s like 60 or 70
or the rural areas it’s like 60 or 70
percent and and
um a lot of those people still use coin
i had a kiosk system nope they’re like
ah they just get coins and do it
and and i just i was like well we just
never could make that switch over card
only and hybrid works great for us i
went to hybrid gained ten percent
in revenue uh within a month at every
store it was like boom just shot up
and i’ve garnished a lot more business
from that so i do i do a hybrid system
uh coin which is quarters not not dollar
coins or tokens
and a crypto pay is my uh which is a
very unused uh
uh under utilized uh system right now
one industry but that’s what we use we
we dealt with a couple others got
pricing for a couple others and again
when you’re small you’ve got small areas
you just can’t afford a lot of other
systems and
and uh so we found this one it worked
it’s worked great for us so we’re hybrid
yeah and and i want to i want to look
back on that right now now if i get to
luke’s size i may be
giving him a phone call and going to
freedom but uh we’ll see
yeah yeah that’s awesome uh
how many hours a week do you think
you’re spending are you putting in
40 plus are you what are you
what are you doing right now at this
point at this point i’m probably 50 or
60 hours a week
yeah uh i mean i’m i’m just running
i mean so it’s funny i will i had i woke
up in a dead panic last night about two
o’clock morning
and had a nightmare that one of my
managers
sold all of our 20 pound machines and
put top loaders in
and i like i woke up in like a cold
sweat uh because
i’ve been like running so hard and this
new building project which typically my
projects go super smooth
like the city’s like thank you for
taking this you know a crap hole and
making something nice in our town
this town is like we hate laundromats we
don’t want a laundromat in this town
because we’re bougie
um so i’m like i’m i was i sent emails
to eight o’clock last night to sit into
department heads and and stuff like that
i fix all of our equipment um so i’m
running around fixing all of our
equipment
and then you know i wouldn’t be near as
busy i’d only be working 20 25 hours a
week
but i’m also you know a lot of the
growth and expansion
is like that’s where like takes a lot of
time yeah that’s where i’m like i’m just
like
i’m just grinding but that also means
i’m fixing stuff at eight o’clock at
night because i’m i’m doing
during government hours you know i’m
dealing with other people so i’m working
late late at night but
um if i wasn’t talking to you i might be
fishing because it’s about 75 degrees
today nice man it’s raining out here
what’s the deal with that
yeah so it’s in my plans we’ve gotta
hire a service tech and that’ll take a
lot of those hours
and then it’ll it’s all to me if i want
to say the sky’s the limit then who
knows how many hours i’ll work to keep
growing but
yeah well i want to go into our
section called secret sauce listen up
it’s the secret sauce
[Music]
secret sauce is four current owners
current operators
and it’s what’s what’s one thing that’s
working well in your business right now
that you think other people can
implement into their businesses to help
take them up up a level um
with my with my dad out of town for two
months um
and he did a month i’ve reevaluated um
our business structure um i feel much
more confident making decisions without
ever saying anything to him and just
running things but i’m also realizing
how much i’m working
and i’m going what can i do to still
make this much money
or maybe a little bit less sacrifice
some money and have much more time
i just took my daughter out to the woods
to shed hunt for uh you know antler
sheds i’m like man i just wish i could
do this with my kids more
yeah um and one thing that i’ve realized
um that is in our business model that is
extremely important and
i don’t know if i’ve heard anybody say
yet redundancy
redundancy is extremely important with
my business model
um i’ve got three changers at every
store individual changers
so and on different circuits so even
that circuit trips a breaker
in the middle of the night i don’t know
when someone’s not calling me
complaining we’re out of change
so i got three different changers i run
a hybrid system so that even if i have a
coin jam
i can still make money on that machine
by a card um
and um i use um i use tankless water
heaters
instead of a boiler because if your
boiler goes down you got to be there to
fix the boiler or someone’s got to be
there to fix the boiler but
if a tankless water heater goes down i
got two other pumping out hot water
so every everything i do even like i was
talking about with employees i have
redundancy in my employees
because the goal is and i actually just
closed my dry cleaning plant
um for good um and uh because that that
was one thing when my when
if something my dry cleaning plant went
down i had i had to stop everything i’m
doing and leave
now no matter what no matter what time
of day if i’m hunting if i’m fishing
if i’m at a family holiday if something
goes down in that store
it can wait a week it usually doesn’t
you’ll always only waste a day but i
don’t want to leave and do
and if you want if you’re an operator
right now who wants more free time
add redundancies into your store i mean
think about all the things that are
emergencies and and require your
you know require your presence if it
breaks or if there’s an issue
and work in a redundancy for it you know
you’re changing you it’s rare for three
changes to go down
i mean it just is uh you know stuff like
that and hot water heaters stuff like
that so
add in as many redundancies as you can
into your store so you know that if
something goes down you can still
operate
that is genius secret sauce i love
love love that because it’s true man
you know if you can add in those
redundancies
it takes away the emergency out of most
emergencies
right i mean you might still have you
know hot water line bust or whatever but
but most people are redundant yeah you
can’t you can’t
fix that but you know like you said like
that
changing machines out a coin jam like
any of that stuff
it’s not an emergency anymore right and
i think a lot of just business owners in
general this is not even just for
laundromat owners business channel and
maybe just even for life
a lot of our time gets sucked up by
these things that
are seem urgent right and they need to
be dealt with
right now and maybe they’re important
but maybe they’re not as important
but they’re urgent and if you can build
in these redundancies that
take the urgency out of it then you can
plan your time and be more
efficient with your time and you’re not
you know dropping
uh you know an install to drive two
hours away and work until two in the
morning it’s gonna affect the next two
days because you’re exhausted
and it’s not even making half the money
that the new one’s gonna make right like
those things happen at the worst time is
because they’re only the weekend when
you’re the busiest
yeah or you know in the hunting season i
hate getting calls during hunting season
i’m all i try to be in the woods as much
as possible
and yeah if you can build those
redundancies and man i mean you can just
cut i mean even on my next build out if
i’m cut the concrete to put
i might put double water lines in i
might put extra hot and extra cold in
um just so i can put if i bust the line
under the concrete or my bulkhead
i can have the employee reach in flip
and flip tube out or four valves
and get new you know and have new
service and i have to worry about
cutting concrete and running overhead
and i thought well not that much extra
money and man 10 years down the road
when i bust the water line
hot dog yeah i i mean i like i like that
thought process i can’t tell you how
many times i’ve had
anxiety especially early on where you
know like we’re
we want to go to the mountains to go to
the snow and i’m like there’s no
reception up there like i just
have this anxiety that builds up like
something’s gonna go wrong
in my store and it’s gonna be urgent and
nobody’s gonna be able to get a hold of
me because i’m playing in the snow
in the mountains with no reception with
my kids right like and that anxiety
you know or even like going on vacation
i’m like man i’m gonna try to go on
vacation be gone for a week and
you know what if this happens or that
happens or you know but those
redundancies
you know make it not urgent anymore
right and yeah and lower that anxiety i
love that
love that secret sauce yeah that’s money
yeah
we got another section called pro tips
pro
tips pro tips is for the new
investor maybe who’s looking to buy
their first laundromat what advice would
you give
that person trying to buy their first
laundromat um
um
[Music]
i i i have two contradicting statements
on that because the first one is cut as
many corners as you can
and the second one is do it right the
first time okay figure out
figure out how to cut corners and still
do it right the first time
uh and i know those are like like it
will sound like two competing arguments
um but for example we build our own
bulkheads
um that’s a huge expense you got three
bulkheads at you know what
several thousand dollars a piece i can
build i can build i built my last three
bulkheads for under
uh under a thousand dollars total you
know and it’s like yeah
and now granted i know how to weld um
but you know i buy steel from the local
steel plates
i weld it all together and then i do all
my plummet you know i build my plumbing
in and all that kind of stuff
so um for and i speak more to the uh
even though i do this from my urban
areas
for those role guys who are like and can
i be profitable you want to be
profitable
find ways to cut five or ten thousand
dollars off of you know a single item
which is you know professional bulkhead
companies are expensive they make
they make great products and i’m not
trying to put them out of business but
i can i can make a bulkhead that looks
great uh my last uh i just got a new
distributor
and he looked at my bulkheads he said
i’ve never seen these before and
he said you made these didn’t you said
yeah said you could get into the
business of making bulkhead
um you know we that’s just that you know
we’re very particular
as well about the way things get done so
um you know cut those corners uh
things you don’t think about uh when
you’re building out if you know how to
put a wall plate on a socket
tell your electrician hey um
i’ll wire the machines which saves you
money on the install or the electrician
having to do that which is a simple
process
even putting the whips into the you know
even if you preset your sub panels
and run the whips the machines okay but
not only that even if you can’t do that
if you can put wall plates on tell your
electrician i’ll put all the wall plates
on
everything you know what i mean well
there you just say even if it’s an hour
and you’re paying an electrician eighty
dollars an hour you just saved 80
off that and a lot of times during that
process you’re kind of
you’re kind of you know walking around
not doing much so a thing like that
where if you okay where can i cut
corners on this okay you know tell
you tell your plumber um you know i i
can do i can do the plumbing into the
trunk line
or into the pit or whatever um you know
as a new guy all those corners you can
cut
that are still perfect you can still do
them professionally but you can cut out
every expense that is unnecessary
but i just go ah i’ll just pay somebody
to do that a lot of times a lot of times
it’s just hard to
hard to that’s where you that’s where
you get extended and and you’re watching
um
you know you’re watching your numbers
really quickly the other thing i would
have for new owners that i get a lot is
as soon as they open
they watch their daily deposits and they
watch their cameras
non-stop and if you if you want to get
gray hair and have a heart attack at 35
watch your cameras all and that’s for
that’s for owners now everybody no
that’s that secret sauce too stop
looking at your daily reports and stop
looking at your cameras
yeah you’re never going to know what
your numbers are going to be off daily
you know i hardly i don’t hardly ever
look at weekly all my new stuff i do for
six months i look at weekly but you know
it comes down to
i do monthlies uh i look what my monthly
is and if it’s unusual i address that
and maybe i’ll watch my weeklies again
but
stop watching your stinking cameras and
stop looking at your daily reports
that will just i mean i’ll stress
anybody out um
yeah that’s good advice because i do
remember like when i first got cameras
in there
in my first laundromat and i would watch
them all the time on my phone or on
computer or whatever and see what’s
going on over there and i’m like oh my
gosh and i’m like
i get anxiety when i’m getting ready to
pull it up because i’m like i don’t even
know what i’m gonna see
in there right like yeah and even like
the daily reports like i’d get
i’d have a random you know wednesday
where
like almost nobody came to the
laundromat i’m like oh my gosh
what’s wrong yeah but then thursday like
everybody showed up thursday and
you know but the daily fluctuation
can cause anxiety yeah it’ll i mean
it’ll strain you
like really hard and you know i i
remember when i first started i’d be
watching the cameras and i’d be like oh
that guy has a coin jam
just press it hard that’s like what are
you gonna do are you gonna drive a half
hour gonna drive an hour to go
help a guy with a coin jam right like if
there’s a problem and and that’s the
other thing
um i i feel like i have a thousand
secret sauces
i posted i used to post my my personal
number for an emergency call number
i started getting calls at 11 o’clock at
the night ask guys asking where they put
the soap in the soap tray
yeah so i got i actually got a call
service now that that has like my voice
pre-recorded that gives them a list of
options like hey if you have a coin jam
press one
hey fill out a refund request form and
we’ll give you your money back stuff
like that
that has cut down on so much and
actually has helped my customer service
that much better because i’m not
answering the phone at two o’clock in
the morning right
yeah right yeah yeah so the new guys
uh especially in those areas you know
when money’s really tight which money is
tight for a lot of people
but when money’s really tight and you’re
really just trying to make something
profitable
in a small town cut your corners
while still produ having a professional
product
high quality yeah don’t don’t cut the
corners and go cheap
you know buy once cry once but but but
cut the corners where you can
uh you know if your contractor if you
can help your contractor if you can do
drywall do the drywall have a contractor
frame it you do the drywall or vice
versa
all those little things if you can
install a toilet say hey i’ll install
you get the plumbing there i’ll install
the toilet all install the sink i mean
all those things you don’t realize but
you pay a plumber 80 bucks an hour 90
bucks an hour
you know and and you know they can take
two hours to do that so you know you
just i mean
it’s all pennies but at the end of the
day
add up 2009 you know taught us the
pennies
make your break you yeah yeah
awesome pro tip i mean i think i think
it’s good and i like the uh
you know just the contrast between hey
cut the corners but
you know make it quality still so i
think that’s great advice
do you have any resources you’d
recommend for people either personally
or in their business
uh for them to you know grow yeah
obviously uh aside if people know about
laundromat resource they know about the
facebook forums and
and your site um and they know some of
the big names in the industry
um one other thing that i listen to i
like stimulating my thinking uh
business wars podcasts i don’t know if
anybody’s heard the narrator of that is
incredible
um he talks about big companies and and
and and because i
have big company in mind tell us about
you know starbucks versus dunkin donuts
he talks about fedex versus ups
and how these guys leveraged everything
they had
you know to start a company that that
that almost defunct three or four times
right that’s a great podcast very 30
minute episode they go real quick
and and the narrator does a great job
and he he he
tells like a uh like an autobiography
but like
narrates conversations and stuff between
board members and
that’s really good um a book that
everybody
should have read and uh most of most of
listeners probably have seven habits of
highly successful people
um covey stephen covey i mean i read
that book every year
every year i read that book um you’ve
got such good information in there he’s
got a couple other ones but that’s a
good one
h3 leadership uh stands for hungry
humble and hustle that has helped me
become a good boss to all my i got yeah
i said 40 employees that’s become
helped me become a good boss and teach
them how to be good bosses to their
employees
my managers to their employees it’s h3
leadership that’s a book
yeah h3 i haven’t read that one that’s a
good impregnation great one
great one yeah hungry hum humble and
hustle um
and then um i i do encourage this as
well
i’m terrible at reading uh all we pick
up pick up a non
uh a book that is not meant to stimulate
learning but made to stimulate
fun because it keeps your brain active
you know when you should be watching tv
i i read i read a book that i i like
non-fiction but i really something that
that gets me out of the business mindset
because you can very quickly become
exhausted um it’s like
you know drink it through a fire hose
and try to learn all this stuff and it’s
like that’s how you
burn out that’s how you burn out you’re
just tired of what you do find find a
find a way to read something else that
stimulates your mind um but helps you do
something you enjoy
so those are my those are my resources
seven habits of highly effective people
uh the podcast business wars and um
h3 leadership those are three good i’m
sensing a future
business wars podcast episode wetrick
versus williford
no i don’t see that this is this has
been awesome man i
there’s just like i can just tell
there’s like a fountain of
knowledge and experience that can just i
mean i
i bet we could do this all day long and
talk i love talking laundry man
i love talking laundry i really really
appreciate you coming on
and and sharing all your wisdom your
experience
both yours and your dads and it was cool
like just hearing you weave this journey
that your family’s been going through
and that you’re taking and where you’re
wanting to take it super cool super
exciting we’ll definitely
have to have you back on you know here
down the line and see
kind of the directions that you end up
taking it because i could go
in a whole bunch of different ways and
who knows and i’ve always you know dad’s
always said
if the right person came up and write
everything’s for sale yeah
you know i’ll just sell out you know
some people i mean so it’s like who
knows in 10 years i could have sold
everything and
and um have subways you know who knows i
don’t want to i hate restaurants
yes but yeah i’m excited to see i’m
excited i’m young i’ve got a lot of
energy i’m excited to see
where we can where we can make this
thing go and um and hoping my wife has
the patience for
um what i do one thing my wife always
says to me um when i have a new idea a
new business venture new
new idea she says does your dad think
it’s a good idea
she respects my dad’s opinion of my own
yeah
yeah but i got a good woman so that’s
good you got a good woman and a good dad
good mentor
well last question i have for you is
this
if people want to chat laundromats with
you hear about your experience maybe
they’re looking to get into a small town
laundromat or they’re wanting to expand
into
you know having 10 laundromats or
whatever the case may be what’s the best
way for people to get a hold of you
um i’ll take you fishing if you want to
come to indiana
and i’ll any time
fishing in indiana is not great but it’s
nice to be out in the water i live not
far from lake michigan and we got like
steelhead and stuff like that salmon
trout and um but i’d love it i love
fishing if i can get an excuse to go
fishing i’ll take you out fishing
smallmouth fishing or whatever
if you ever want to travel out here i’ll
drive you to every laundromat we’ll talk
shop
um i mean i i love showing people our
operation
i take a lot of pride in what we do um
if you want to call me
um i think you’ll post myself well you
want to post my cell number today you
want me to
throw my slap my cell number up there
baby let’s do it let’s do it um
my you can post my email if they want to
contact me and i apologize there there
may be times
i’m like hey i’m upside down working on
a machine you know what to reconvene
this meeting
um but they can email me um they can
visit my website for my laundromats um
what is your website ladybug
cleaners.com okay
[Music]
i’ve got a side company that i run
called washboard laundry solutions
um and i hate to throw a plug in here if
you need to delete this you can
no but but i’m actually my company is a
the factory rep for crypto pay
um uh which is uh they’ve got car wash
and laundry products so
i kind of picked up a side business
working with them uh really closely
i got a website for that
washboardsolutions.com
i’m hoping to launch some other personal
products through that company
in the very near future i’m not going to
divulge into that just yet but
um i’m also trying to get on the side of
providing resources that aren’t
available
for laundromat owners as far as actual
physical physical
property not intellectual property so
i’m not stepping on your toes or davis
dave’s toes no chosen step on man get it
yeah
no so i just um yeah but phone number
email
logan period r period gmail.com uh
you got my phone number my facebook page
like me as a friend on facebook
i post a lot of weird stuff i try not to
stay political and you’ll see pictures
of dead animals so if you don’t like
that animals don’t like me
good morning good morning well hey i’m
going to put links to all that stuff in
the show notes so
if you’re if you want to you know
connect up with logan you know check out
those links in the show notes there’s
links to everything that we talked about
the books he recommended the podcast
i’ll put all of that
um all anything he referenced in there
that has a link to it i’ll link to it in
the show notes or if you’re on youtube
down in the description down below
logan this has been awesome thank you
again
for coming on can i enjoy yeah i cannot
tell you how
honored i am to have you on and talk
louder match with you man appreciate it
absolutely
appreciate it all right man that was so
cool with logan i mean he
just i just felt like he could have
talked forever we could have talked
laundromats
all day long uh so much knowledge so
much
information that he has obviously and
he’s doing a ton of really cool stuff it
was also
super cool to hear about his dad and
what his dad has done and how his dad
did it
very very cool i know that i got a lot
of stuff out of it hopefully you got a
lot of stuff out of it too
but i again i every single week i’ve
been saying this lately
but learning all this cool stuff it
doesn’t mean
anything unless we’re actually putting
it into action so no matter where you’re
at in your laundromat journey pick
something one thing from this podcast
episode
put it into action and uh man as we
stack all these one things every week
that we’re putting into action
just watch where where we go how far we
get cool well for me i just wanted to
share real quick
one of the things that i was really
struck about when
when logan was telling the story about
his dad and how his dad kind of
accumulated
all these different assets i loved
just how his dad was very creative in
in acquiring assets whether that was
through
negotiating striking creative deals
leveraging assets he already had to get
new assets whatever he had to do
he was doing it and i just loved that
and i
uh you know i just been thinking man i
gotta you know utilize the assets i have
now to leverage them into more assets
and keep growing my portfolio that way
so
that was a big takeaway for me so i’m
going to be putting in a plan
uh uh putting into action a plan
for how i can utilize what i got to
expand
my portfolio and the things that i’m
doing and the people that i’m able to
help
so that’s my one thing let me know your
one thing head over to the forums
or send me an email
jordantlandmanresource.com
let me know what your one thing is i’m
curious to know
what you guys are taking away and
putting into action
every week so all right cannot wait for
next week
this one again was gold spend the week
marinating on it a little bit
and be ready next week for another
awesome episode of the watermelon
resource podcast we’ll see you then
[Music]
peace
[Music]
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