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Carla & Dave "The Laundromat Millionaire" Menz — Transcript

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0:00You know, the homeless and the drug
0:01addicts and the drug dealers ran the
0:02place and she didn't have a car and so
0:06they lived in the trailer behind the
0:08laundromat.
0:09Excuse me. And uh they had no choice but
0:12to go to that laundromat because they
0:13didn't have transportation.
0:16And they had uh had a lot of really bad
0:19situations with her and her kids at this
0:21laundromat, but she had no choice to be
0:23keep coming back. And she
0:26she said, "You've changed our lives.
0:27Thank you for fixing up our laundromat."
0:36>> All right. Welcome to Laundromat
0:38Ownership. We've got very special guests
0:41on the show today. We've got Dave the
0:44Laundromat Millionaire Mince
0:46and we have Carla Mince with us as well
0:48here and we're really looking forward to
0:51talking today and and we've got some
0:52really fun stuff to cover, but before we
0:54get started, can you guys give us a
0:56quick introduction of both the
0:58Laundromat Queen City and then the
1:00actual the coaching and the the
1:03Laundromat Millionaire brand as well.
1:06>> Yeah, I think the the quickest version
1:08to give you First of all, before I do
1:09that, Ian, I just want to say
1:10congratulations
1:12on the new podcast. You've been
1:14You've clearly been putting a lot of
1:15work in. We we know how much all these
1:18little nuances and details take and some
1:20of it's just figuring them out
1:23as you get started. So, good for you.
1:24You've clearly been hard at work and
1:26we've watched a few of your episodes.
1:28Great job. So, first of all,
1:29congratulations to you guys for that.
1:32Yeah, Queen City Laundry, the quick
1:33version there is we started back in
1:342010. I had this crazy idea that I
1:37wanted to leave my job at this local
1:39phone company and I had a wife who was
1:43drug along for the process for lack of a
1:45better term.
1:47I always say she was very supportive,
1:48but she really didn't have a choice.
1:51Which is kind of true.
1:53Over the years, you know, we we fast
1:54forward to 16 years later and we own a
1:57chain of four laundromats here in
1:58Cincinnati, Ohio. Uh Our first store we
2:01bought was unattended, open 24 hours.
2:04The local homeless guy was the supposed
2:06attendant and security of the place the
2:08day we bought it. It was losing money.
2:10That was not a secret. Like the owner
2:12was very transparent with us.
2:14We paid $85,000 for a bunch of janky
2:17equipment and a bunch of bulkheads,
2:18basically.
2:20And never dreamed in a million years
2:21that it would turn into what it has
2:22today, but here we are 16 years later
2:24and now me and Carla both do this
2:26full-time.
2:27About 7 or 8 years ago, so about 8 or 9
2:30years into our journey,
2:32we were able to slowly but surely build
2:34a team and I was away able to for the
2:37most part step away from the business
2:39and I only spend about 2 hours a week in
2:40the business nowadays cuz we have a team
2:42of almost 50 people that run operations
2:45team and everything that run everything.
2:46So I have a weekly leadership meeting
2:48with them and that's that's about all
2:50I'm involved in the process other than
2:51the visionary of, you know, when we
2:53acquire another store, new products and
2:55services and things like that. Carla
2:57does all the accounting on that end of
2:59things and we're we're, you know,
3:01quickly approaching $3 million
3:03annual revenue for the business. So we
3:06started out with $100,000 the first year
3:08and did $2.3 million last year. So we're
3:10hoping we're well on our way to $3
3:12million out of those chain of four
3:13stores. The last one I'll share with
3:15>> Yeah, the last one I'll share with you
3:17in 2015 we had acquired four stores,
3:20borrowed a lot of money
3:22cuz we didn't have a lot of money when
3:23we got started. So we had borrowed it
3:24all.
3:25Paid a little bit back, borrowed a
3:27little bit more and decided, you know,
3:29scaling this capital-intensive
3:30laundromat thing is kind of pricey and
3:32expensive and and you know, there's a
3:34lot of risk with borrowing a bunch of
3:36money and stuff and we thought we have
3:37these four nice stores with all new
3:39equipment in them. They do well, they're
3:41profitable, they're nice little
3:42businesses.
3:44But what if we what if we focused on
3:47pivoting away from acquiring more
3:49stores, at least temporarily was the
3:51thought, and focus on how can we grow
3:53the revenue within the stores that we
3:54have. And that led us down a path of
3:57wash, dry, fold, pick up and delivery,
3:59uh which completely and totally changed
4:02our lives forever and ever, amen. So,
4:04those businesses back in 2015 probably
4:07did in the ballpark of 700,000 a year in
4:09gross revenue
4:11at probably 20, 25% margins.
4:14Uh and as I mentioned today, we're
4:15running a chain of laundromats with a
4:17fleet of pick up and delivery drivers
4:19and things like that. And
4:21and we're now doing about 2.3 million at
4:22almost 40% margins. So, we're pretty
4:25pretty excited about what the future
4:26looks like um on that side of things.
4:28I'll let Carla tackle the the Laundromat
4:30Millionaire side of things, which is a
4:32whole different business.
4:33>> Yes. So, as I
4:35>> That was a good intro though. That's
4:36incredible. I mean, you guys have really
4:39done well.
4:40>> Thank you. Thank you. It's It's been a
4:42journey.
4:42>> It has.
4:43>> Um so, on the Laundromat Millionaire
4:44side, um I guess it really started with
4:47Dave's book. And that's kind of where
4:49the name came from as well. Um he wanted
4:52a catchy title that would get people
4:53interested, but he does have a book
4:55called Laundromat Millionaire. And um
4:58it's it's basically telling his story of
5:00going from poverty in Flint, Michigan
5:03through the whole Laundromat journey to
5:04discovering we were actually
5:06millionaires. Um but that that was kind
5:08of the start of it. And as our
5:09laundromats grew and we had to work less
5:12and less in the businesses, we found we
5:14had time to help others more and more.
5:17It started with just, you know, Dave
5:19coaching people on the phone for free.
5:21And then that was growing into almost a
5:23full-time business. And he's like, I I
5:25can't do spend all my time doing this.
5:27And he started charging. And then and
5:29then he came to me one day and he's
5:30like, "What do you think about a
5:31podcast?" And I'm like, "Okay, do a
5:33podcast." He's like, "No, you with me?"
5:35I'm like, "Well, I guess I can do one
5:36with you."
5:38>> He's like, "Are you crazy?"
5:40>> So, anyway, the whole Laundromat
5:41Millionaire platform started as just
5:43that. Um but now we have a platform of
5:47um let's see we've put on a conference.
5:49We do workshops three times a year in
5:51Cincinnati where we teach other people
5:54how to launch scale and optimize wash
5:56dry fold and delivery out of their
5:58laundromats just like we have done
6:00and our whole team's there training them
6:02how to do it in their own businesses.
6:04We have various resources on our
6:09website. So there's beginners course for
6:12people wanting to purchase their first
6:14laundromat. There's
6:16Dave AI coaching. There's his in-person
6:19coaching. There's all kinds of free
6:22business downloads. There's social media
6:24images you can download. It's all
6:26laundromat specific so just a ton of
6:28resources. There's an events calendar
6:29for all the laundromat events in the
6:30industry. We really are just trying to
6:33give other people in the laundromat
6:35industry what we didn't have when we
6:37were starting out which was somewhere to
6:40go for resources to help you and so
6:41we're just trying to be that place
6:44no matter where you're at in your
6:45journey where you can come to our site
6:47and find valuable resources to help you.
6:50>> The thing I'll add to that is like the
6:51heart behind it, right? As she mentioned
6:54she touched on it real briefly but when
6:56when we got in the laundromat business
6:57back in 2010 there weren't really any
7:00hardly every good resources out there
7:02for the industry. The CLA existed but
7:04they didn't even really produce content
7:05and stuff back then. I mean they had a
7:07workshop one you know every couple or a
7:09conference every few years and that was
7:10about it.
7:12And and that's something I really
7:13struggled with, right? I was I was I've
7:16always been tenaciously hungry for
7:17knowledge and inquisitive and curious
7:20and that's just my personality. So when
7:22I took on this business and had my first
7:24business I wanted to dive in and just
7:26learn all there was to learn about the
7:28industry and what I learned is like good
7:30luck you're on your own and so are
7:32everybody else, right? And so that
7:35frustrated me but I just said okay well
7:36if I got to do this on my own I will.
7:38We'll learn through the school of hard
7:40knocks. I networked as best I could but
7:42there weren't the Facebook groups and
7:44things like that out there that there
7:45are today. And so networking looked like
7:48maybe going to the clean show, meeting a
7:50few laundromat owners, exchanging
7:51numbers, and then saying, "Hey, can I
7:53fly out to Texas to see your laundromat
7:55and spend the day with you and I'll buy
7:57you lunch?" And they were like, "Sure,
7:59why not?" And so I would just jump on a
8:01plane and fly out there and fly home
8:02that day just to just to be able to
8:04learn from somebody. So, as she
8:06mentioned, the whole purpose of the
8:08platform is at the end of the day we I
8:11look back on our journey and I say,
8:13"Business shouldn't be easy, right?"
8:14Let's let's not let's not sell anything
8:16that's not true.
8:18But it also shouldn't be that hard. Like
8:20it was insanely hard, stressful for us
8:24to accomplish the things we did, and
8:26that's why we get up every day. As she
8:27mentioned, we have the time now and the
8:29knowledge and the experience to create
8:31these resources, and it's it's very
8:32simple. We don't want it to be as hard
8:34for you as it was for us, and we think
8:36we're all better together. So, we think
8:38collaboration and friendships and and
8:40and genuine, you know, obviously not
8:42everybody's going to share every ounce
8:44of their business. Some people are going
8:45to keep some things back, and that's
8:47totally fine, but the truth is we need
8:49to get we believe we need to get away
8:50from this like closed fixed mindset of
8:53like, "Oh, I have these secret ideas
8:55that nobody else has,
8:57and I'm not going to share them with
8:58anybody, and not only that, I'm not even
9:00going to talk to other owners because I
9:01might accidentally slip and tell them
9:03something." We see something very
9:05different. We've tried to create this
9:07this platform that encourages
9:08collaboration and sharing and the idea
9:10that us laundromat owners are all better
9:12together than we are individually. And
9:14so that's really the heart behind why
9:17we've driven this platform the way we
9:18have.
9:18>> I was actually going to chime in and say
9:20the exact same thing that like 10 years
9:22ago, it was just not like this. There's
9:25so much more content, so much more
9:28community,
9:29so much more information available. And
9:32then what you said about people coming
9:33out to the laundromat, that's exactly
9:35what happened. You had you had the
9:37Planet Laundry magazine and you had the
9:39events
9:40and other than that you just flew out to
9:42go see the laundromat. And so things
9:45really have changed and the technology
9:46is just crazy. I mean we went from
9:48having no technology in the in the
9:50laundromat industry to there's quite a
9:52few tech companies now that that's all
9:54we do is just provide
9:56infrastructure for laundromat owners.
9:59One of the things that you mentioned and
10:00I think that has always been kind of
10:01central to your story
10:03was that it's not like you came from
10:06this wealthy family of business owners
10:09and um you know it's it's just one of
10:13many family businesses that that your
10:15very wealthy family has and uh just not
10:18at all the case for you and um
10:21I was thinking about this the other day
10:22like these little things that
10:25it's like I don't think about my
10:26childhood and think wow we grew up poor,
10:28you know what I mean? You just think we
10:29grew up normal and then the rich kids
10:31were rich, you know? Um but I was
10:34thinking like you know like we weren't
10:36allowed to order Happy Meals because it
10:37was like that dollar extra for the toy
10:39inside, you know, that you get. And so
10:41we would just order like a we if we got
10:44McDonald's it would be like a special
10:45treat. We'd get hamburgers and then we'd
10:47use like a
10:49bag of Lay's potato chips and a 2-liter
10:50soda and that was our you know, and so
10:53it was like when you think of it that
10:55way I guess we were pretty poor growing
10:57up and it's so different than the
10:59lifestyle we lead now. And I just wanted
11:02to hear a little bit more from you Dave
11:04about that because I know um you know,
11:07you've had a a kind of a similar
11:09experience where you've gone from kind
11:11of starting at the bottom and not that
11:12we're anywhere near the top, but we're
11:14living different lifestyles than what we
11:16grew up living. Yeah.
11:18>> Yeah, I grew up in a very uh you know
11:21poverty-stricken family as a young young
11:23child. Um my parents were married uh and
11:26had my baby my older brother um their
11:29entire senior year of high school. So
11:31they were pregnant their junior years,
11:33had him their senior year, and both
11:35completed their senior years with a
11:36baby.
11:37Uh like not pregnant, but actually had
11:39the baby.
11:40>> Oh my goodness.
11:41>> Yeah. So, so when I was very young, we
11:44were very poor, and the only reason we
11:45weren't on the streets is my
11:47grandparents um took my parents in, and
11:49they they lived in the basement of my
11:51grandparents' house. My grandfather was
11:52a GM factory worker. And so, back then,
11:55you know, he made a pretty nice
11:56middle-class living uh for them, and
11:58that was the only reason that we weren't
12:00literally on the streets is because of
12:01my my grandparents.
12:03Um now, my dad is a is a is a very smart
12:05man, and he took a very unique path of
12:08going into the military, getting some
12:10very He scored very high on the ASVAB
12:11test. He got some technical training
12:13back before
12:15before technical even existed. Uh he
12:17worked on one of the first first uh
12:19mainframe computers that ever existed in
12:20the world in the Air Force. And so, he
12:22was an IT person before the world knew
12:24what IT people were. And he was able to
12:27carve a path for himself as a computer
12:28programming or eventually an IT analyst
12:31and things like that, and and make a
12:32nice life for himself. But, they became
12:34middle class when I was in like
12:36finishing high school, right? Most of my
12:38childhood, we were either very poor, or
12:41maybe the second half of my childhood,
12:43we were like lower middle class at best.
12:45Um
12:46And so, it was a tough journey. There
12:48was a lot of tragedy in our family. Uh
12:50my younger sister got brain cancer and
12:52died at a young age and suffered for 5
12:54years. And so, that makes, you know,
12:56when you're already in the financial
12:57issues that you are, going through
12:59something like that just makes
13:00everything compounded worse. Uh but, I'm
13:02really proud of my dad and the life he
13:04created for our family. But, the truth
13:06is um
13:07I wanted more, right? I wanted more. Um
13:10he he enjoyed his job. He liked his job.
13:12He felt like he made a difference in the
13:13world. Um but, they always struggled
13:15financially even till the day he died.
13:17They struggled financially.
13:19Um and I I wanted I wanted freedom. I
13:22wanted security
13:24uh for my family that that didn't even
13:26involve around a pile of money. It
13:29revolved around a lifestyle, right? And
13:31I'm a you know, we're Christians and so
13:33we were we were raised in the church and
13:34that we're here put on earth to serve
13:36others.
13:37Um and so that's what we're taught at a
13:38very young age and I still believe that
13:40to this day. And so at a young age I had
13:42to try to
13:44uh
13:45I had to try to to to put together the
13:48synergy of how do I serve others and how
13:50do I create wealth? And is there a
13:52dichotomy that suggests that those are
13:55polar opposites. Right? You can't be
13:57wealthy and also help others, right?
13:59It's oh you have to be greedy to be
14:00wealthy and and some of these things
14:02that I grew up cuz I never knew, I never
14:03had any mentors or anything to help me
14:05or teach me. And so I grew up through
14:06this process and the truth is that about
14:08the time that I met Carla and got
14:09married, I was starting to mature a
14:11little bit, just a little.
14:13Um and I I started to figure a few
14:14things out in life and I knew that
14:16someday I wanted to own my own business
14:18and I knew that I needed a partner in
14:19life that could help me with that. And a
14:21few years later, we decided to do
14:23something about it. We put a plan in
14:25place. We lived below our means for
14:27several years and had no personal debt
14:29other than a very modest home payment
14:31and uh started saving up for our first
14:33business. Didn't even know what that
14:34business would be.
14:36And the truth is that about 3 months
14:38after we bought our first laundromat,
14:40when we first bought the laundromat, I
14:41just thought to myself, you know, this
14:42will be a nice little side business that
14:44can make some extra money for my family
14:46assuming we can get it profitable
14:48because it wasn't even profitable when
14:50we bought it. And about 3 months in
14:53um a a disheveled uh single mother with
14:56uh disheveled three children uh came up
14:58to me in the store one day. I'm going to
15:00get
15:02uh
15:03and she
15:05she said, "You've changed our lives.
15:07Thank you for fixing up our laundromat."
15:11That stuck with me, but I asked her to
15:12explain what she meant by that and she
15:14started crying and she started hugging
15:17me.
15:17And she told me how, which I already
15:19knew, but she He me how bad the place
15:21was and how, you know, the homeless and
15:24the drug addicts and the drug dealers
15:25ran the place and
15:27she didn't have a car. And so, they
15:29lived in the trailer park behind
15:31the laundromat.
15:32Excuse me. And uh
15:34they had no choice but to go to that
15:36laundromat cuz they didn't have
15:37transportation.
15:39And they had uh had a lot of really bad
15:42situations with her and her kids at this
15:44laundromat, but she had no choice to be
15:46keep coming back.
15:48And
15:49that was not a completely different than
15:51my childhood. We went to laundromats.
15:53There were some laundromats. We were
15:54never in that that bad of shape, but we
15:57went to laundromats where we were
15:58mistreated and spoke down to by the
16:00owners as if they were better than us
16:01and this kind of burns those things into
16:03your psyche as a young kid.
16:06And so, at that point I realized
16:08God had given me
16:10a path to create freedom and financial
16:12wealth and independence for my family
16:15through servitude.
16:18And that's the day that I fell in love
16:20with this industry. It's understanding
16:22that all the things we do in Queen City
16:25Laundry
16:26and all the things that we do with
16:28Laundromat Millionaire are all around
16:30one mission,
16:31which is to help laundromat owners serve
16:33their communities better, to serve that
16:35single mom with those three kids.
16:38And the good news is that if you do that
16:40really well, you will make a huge impact
16:43on those communities that are probably
16:45underserved right now.
16:48Um
16:48and you will create an environment where
16:50those families can elevate themselves,
16:53and the byproduct of that is you gain
16:55wealth.
16:56>> Yeah.
16:57>> And and I just thought, "Wow, what a
17:00life."
17:01And and that's really my story. So, I
17:03apologize for tearing up, but that day
17:05>> it's incredible. I
17:06>> This day
17:07>> You it's it really is moving. Um it
17:11really is incredible how
17:14if you just build something that someone
17:16wants or needs like a good laundromat
17:18that provides a safe and secure
17:20environment. The effect that it has on
17:22people is incredible. And I I know you
17:24didn't build that laundromat to help
17:25that one lady, but wow, is that the
17:27stuff that sticks with you is that look
17:30at I was able to help, you know,
17:31transform her life. And this
17:33laundromat's in her backyard. It's part
17:35of her home almost, right? It's a
17:37an extension of where do I walk to? I've
17:39only got a few places.
17:40>> The crazy thing about it here is when I
17:41look back on it now, I mean, this was
17:43like 3 months into a journey that the
17:46store was in about the worst shape it
17:48could possibly be and still be open. I
17:50mean, it was a stereotypical zombie mat
17:51in every way Grill has ever described,
17:53right? And so, we we didn't have a lot
17:56of money. Like we had put some sweat
17:57equity into it. I was in there every
17:59night, every weekend doing whatever I
18:01could. We had very limited funds, so
18:02we're using those for paint and
18:04paintbrushes and, you know, anything
18:06drywall, but I have to figure out how to
18:08do it myself type of thing. And I mean,
18:10it the place was not impressive. If you
18:11looked at it today, you'd still call it
18:13a zombie mat, right?
18:14>> But it was clean
18:15>> But it was clean and it was safe, right?
18:17>> I think what was most important for her.
18:19>> Yeah. And so, what that also taught me
18:21was that
18:22um the bar is really really low. It at
18:25least was back then. I think it still
18:26is, but I think we're making progress as
18:28an industry.
18:29>> It's higher now, yeah, sure. It's higher
18:30now. Still low, but it's higher.
18:32>> I had changed her life when I had done
18:35something as simple as not let bad guys
18:38hang out there and mistreat her and her
18:39kids, keep the store clean, the machines
18:41actually worked. Very basic foundational
18:43stuff that frankly nobody should be
18:45bragging about in their business. Like
18:47congratulations, your store isn't a
18:49dump. I mean, we shouldn't be bragging
18:51about that, right? And so, I look back
18:53on that now and I think of how far the
18:55industry has come and how far we're
18:56continuing to go. And the impact doesn't
18:59stop, right? We're still making that
19:01impact. And so, part of our journey of
19:03sharing Laundromat Millionaire's helping
19:04other owners,
19:06uh running our stores is impacting our
19:08local community, creating 50 jobs that
19:10didn't exist years ago, most of which
19:12are pretty well-paying jobs.
19:14Um
19:15But a big part of why we do what we do
19:16every day and get on stages and do
19:18podcasts and stuff like this is cuz I'm
19:20still not sure that a lot of laundromat
19:22owners fully understand the impact that
19:24they have on their communities. I think
19:26they're making the impact, I'm just not
19:28sure they fully understand it. And I
19:30want them to see it really clearly. I
19:32want it to touch their heart because
19:33when it did mine, it took me to another
19:36level.
19:36I mean, I'm more ambitious today than I
19:38was 15 years ago. If you would ask me
19:40that, well, 16 years ago, if you would
19:42ask me that 16 years ago, you know,
19:44Dave, sometime you're going to be
19:45someday you're going to be a
19:46multi-millionaire, do you think you'll
19:47work as hard and be as ambitious as you
19:48are today? Then, no, I'd be like, well,
19:51I'll probably be lazy and like sit
19:52around and watch football all day, you
19:54know. And I do on Saturday, but the but
19:56the
19:57every waking minute of every day, I
19:59think about laundromats. It went to to
20:02my wife's exhaustion.
20:04She's like, can we talk about something
20:05else for once?
20:07Uh type of thing. My point is that's
20:08where that passion comes from is
20:10understanding that we as an industry
20:13have made a big difference in 15 years
20:15and that's kind of the tagline for what
20:16we do at Laundromat Millionaires,
20:18elevating the industry, right? And when
20:20we first started using that tagline, it
20:22was even on my book. A lot of people
20:23mistook that as like, oh, Dave thinks
20:25he's elevating the industry. And and the
20:28idea was, well, I am in my own way, but
20:30we all are together and I'm inviting
20:32everyone to hop along for the ride.
20:34Let's all do this together. That's the
20:36collaboration and the and the touching
20:38of hearts and things like that. So, not
20:41to get too cheesy, I probably already
20:42went too far, but
20:44where the impact comes from and why I
20:45work as hard today and Carlo, too. She
20:48left her career as a teacher, which she
20:49really enjoyed, and she was impacting
20:52lives to join me. Well, she didn't do
20:54that in Queen City Laundry, right? She
20:56could see that me and my team were
20:57making that impact,
20:59but what she really fell in love with is
21:01when we started impacting other
21:02laundromat owners because what that does
21:05it comes becomes very scalable. You
21:07know, we can't own every laundromat. We
21:08can't run every laundromat.
21:11That's not something that's possible for
21:12us to do, but what we can do is help
21:14others do that and then they go execute.
21:16We train them and teach them and inspire
21:18them on how to execute. Well, when I
21:20started to share that vision with her
21:22through coaching, workshops,
21:23conferences, podcasts, etc. That's when
21:25she was like, "Oh man, I could
21:27>> I can get on the teaching others thing.
21:29>> You get behind
21:30type of thing. So,
21:32that's where it all comes from.
21:33>> Yeah, let's get into that then. Like
21:35Carla, I mean, I can see why you wanted
21:38to help. I want to help hearing this
21:39story. It's like I want to elevate the
21:41industry, too. We all want to help this
21:44person who had a laundromat in their
21:46backyard and and it was one of the
21:48places that
21:49them and their kids were. I mean, it's
21:51it's
21:52when you give it that backstory, to me,
21:54is really inspiring and and it makes you
21:57think, "Yeah, why can't we just make the
21:59world a better place one laundromat at a
22:02time." And
22:04is that the vision that when Dave
22:06realized that vision, you got excited
22:08about it? And how did you
22:11come on board with it? And and how did
22:13you, you know, what were you doing
22:15before and and
22:17what are you doing now, I guess?
22:19>> Um so, from day one, I do have an
22:21accounting background in addition to I
22:24My undergrad is in accounting and then
22:26my master's is in teaching middle school
22:28math education. So, I was a teacher, a
22:30middle school math teacher for 19 years,
22:32but from the beginning, I always did all
22:35the accounting, all the bookkeeping, and
22:37I was definitely in on every decision,
22:39but I wasn't the person in the
22:41laundromat, you know, painting and
22:42cleaning and stuff like that. I was at
22:44home with the kids or at school. Um so,
22:47how that kind of transitioned is as
22:50things started to become more on the the
22:53Laundromat Millionaire platform and the
22:54coaching side of things,
22:56um I was still doing all the
22:58bookkeeping, but Dave wanted to grow the
23:01coaching side of things to another
23:02level. And he was like, I don't He goes,
23:06I don't know that I can do this on my
23:07own. I think this is something that we
23:09could do together with your teaching
23:11background and my knowledge of the
23:13laundromat and the industry and
23:15everything together. If we put those two
23:17things together, we could really create
23:18something great. Um so that's kind of
23:20where I came on board and how that has
23:23changed. So I still do all the
23:24accounting and bookkeeping, but now I do
23:26a lot of things with the website, um
23:29maintaining kind of our platform. I do
23:32um the podcast. I do a lot of the
23:34post-production, the editing.
23:36Um I do a lot of the for our speeches
23:39and for our workshops and all that kind
23:41of stuff. I do a lot of the organizing
23:43of the data. He has all a lot of the
23:45data in his head and I help compile it,
23:49organize it into lessons for the people
23:52that come and visit and lessons for like
23:54our online um program that we have for
23:57beginners. So a lot of it's taking my
23:59experience as a teacher. He has He's
24:02more the one with the knowledge. I'm
24:04definitely getting there as I learn more
24:06and more all the time, but he has more
24:08of the knowledge. I'm more the one who
24:11synthesizes things to help others learn
24:14it as well, if that makes sense.
24:16>> That's so cool. You guys are You guys
24:18are a power couple.
24:19>> Is she It's so cool.
24:20>> anywhere near the credit she deserves.
24:22This platform would have never got off
24:24the ground. I mean, it would have just
24:26been me around here just rambling about
24:27laundromats all day. But being able to
24:30structure it in a digestible format. She
24:33talks about lessons and even podcasts
24:36and arrange them in a way that that we
24:38she understand you know, she was great
24:40at how human brains work and how they
24:42learn and how they don't. And we're all
24:44unique, but we all also kind of fit in a
24:46couple different categories, right?
24:48Visual learners and etc. etc. And she
24:50understands those things and she's been
24:52able to teach me a lot of those things
24:54or at least help me understand them
24:55enough to understand what she's doing.
24:58Um so, this this plot she doesn't get
25:00enough credit. She deserves more credit
25:02than me. I just had an idea and a heart.
25:04That was all I had. She's the She's the
25:06brains behind this operation. So,
25:09um there's there's no doubt about it. It
25:11wouldn't I didn't I knew it would be
25:12better with her.
25:14And she's my best friend. So, of course
25:16I just wanted to travel this journey
25:17that I was so passionate about with her.
25:19But, if she had just said, "Nah, I want
25:21to go into teaching. I'm going to do my
25:22own thing." I would have probably went
25:23out and tried to hire someone with a
25:25similar skill set as her and said, "Help
25:27me do this." And it never would have
25:29been 10% of what it is today. There's
25:31not a doubt in my mind.
25:32>> Well, and there's something wonderful
25:33about having not just not just working
25:35together, but really a passion project
25:37together. It's something that we truly
25:40care about. Um you know, at if you just
25:43focus on serving others, the money and
25:45all that will come. But, it's just
25:48focusing together on serving others and
25:50both of us have a heart for that and
25:51that's at the root of all of this. And
25:53getting to do that together is just made
25:55our relationship that much stronger.
25:57>> It does.
25:58>> That's so cool. It's such a good story
26:00and it's so
26:02it's so inspiring, really, to to hear
26:04you guys talk about it. Um
26:06one of the things that I wanted to ask
26:08you today just just for some of the
26:10audience members who are maybe a little
26:11bit earlier on their journey. And a lot
26:14of times when I talk to a laundromat
26:15owner,
26:17maybe they just got the laundromat
26:19or maybe they're even about to close on
26:21it. And they see the Dave and Carla, the
26:24laundromat millionaires, and they're
26:26like, "That's what I'm doing. I'm doing
26:28delivery at four stores. I'm going to be
26:30doing millions of dollars in revenue."
26:32And you and I know that it's a grind and
26:35it takes time and that's not what you're
26:38going to see in year one. Um but, can
26:40you talk a little bit about like what
26:42you would say to that
26:43first-time laundromat owner that maybe
26:45is closer to where you were back then at
26:47the beginning of your story with that
26:49that $80,000 investing into that little
26:51zombie mat and
26:53how do you do step one before you get
26:57into step two, three, four, five, and
26:59six?
27:00>> You want to take that or you want me to?
27:01>> No, you can. You do a lot of coaching.
27:03>> Yeah, so so the first thing is I mean
27:05obviously we've traveled our journey
27:06which is you know you know you unique
27:08but you know over the last seven years I
27:10I estimate I've coached over 300 people.
27:13>> Wow.
27:14>> That's what just one-on-one. That's not
27:15workshops and other things.
27:17Um and about 50% of them are newbies,
27:20right? They're not in the industry I
27:22meet them and the first thing that I
27:24help them with is acquisition or
27:26building and designing a laundromat
27:27something depending on their path. Uh
27:29the two things that I start right out
27:31the gate is I explain to people that
27:32your capital position and the amount of
27:34time and energy that you have to devote
27:36to this will make a monstrous
27:39difference. So for example, we had no
27:41money and I had a full-time job and we
27:43had three babies at home one of which
27:45was three weeks old the day we closed.
27:47She was on maternity leave when we
27:48closed on our first laundromat.
27:49>> So what I mean by I was at home with the
27:51kids.
27:51>> Yes, she was yeah.
27:52>> Wow.
27:53>> With a toddler and a 10-year-old, right?
27:55>> Wow.
27:56>> That's the situation you're in. It's
27:58going to be a slight like you can work
28:00yourself to the bone and I did. I worked
28:01100 hours a week. She was basically a
28:03single mom for four years, right? And we
28:05were both sacrificing in our own ways
28:08sometimes sacrificing in ways we can't
28:09get back like I can't get my baby's
28:12childhood back, you know? I mean I
28:14basically worked the first four years of
28:15his life. Luckily, he doesn't really
28:16remember it. Um but
28:18but I remember, you know, I know I miss
28:20those things. Um so that's part of it is
28:22like where is your starting point?
28:24Obviously, you know this Ian but we are
28:26attracting more and more sophisticated
28:27business people to our industry every
28:30day. Uh sometimes they have wealth,
28:32sometimes they don't but if you have
28:34tremendous wealth and you have
28:35tremendous business acumen
28:37I tell people on a regular basis if you
28:39put the effort into it, you'll go from
28:41the bottom of the industry to the top of
28:43the industry in about two years. Like
28:44you will be the leaders of this industry
28:46within two years and we see it every
28:48day. It happens all the time. Um and so
28:51a lot of it is start where you are, but
28:52have some context of what's what's
28:54reasonable to expect given your
28:57situation, right? If you're in Dave's
28:59situation, that's one side of the
29:00pendulum. If you're in a you know, the
29:02what this sub situation I just
29:03described, that's the other end of the
29:05pendulum. Another thing I tell people
29:07just for a little bit of inspiration is
29:09there's more resources and material out
29:11there than ever before. Uh that's a good
29:13thing. Now, hopefully 10 years from now
29:15there's more than today, but there's
29:16more than there's ever been in the
29:17history of our industry. Dive into that.
29:20>> But
29:21>> Yeah.
29:21>> be aware it's not all good.
29:23>> where I was That's actually where I was
29:25going
29:25The next thing I tell them is that's a
29:27big thing that's a good thing and a bad
29:29thing because there's a lot of garbage
29:30content out there. There's a lot of just
29:32complete utter nonsense. And those
29:34people are getting clicks and they're
29:35making money, you know, it's
29:36edutainment, right?
29:37>> Yeah.
29:38>> crap videos for lack of a better term,
29:40you know, coin collection, stuff like
29:41that.
29:41>> It's clickbait. Yeah.
29:43>> Yeah, people like that stuff, but it
29:44doesn't make it educational. Uh and
29:46sometimes we have a lot of people
29:47producing content like this that have
29:49owned a laundromat for a year and they
29:51might be very genuine about trying to
29:53help people, but the truth is like if I
29:56would have put out content a year into
29:57the my journey,
29:58nobody should have been listening to
30:00that, right?
30:01And I'm not speaking for anyone else.
30:02I'm just saying what I caution them on
30:04is exactly what Carlos was pointing out
30:06is not all content is the same. And so
30:08try to find a good couple good platforms
30:11or make a couple good relationships and
30:13and let that drive you. Uh you don't
30:16need to consume all content out there.
30:17You need to find a couple platforms that
30:19will have a little bit of a diversity of
30:21offering and information and opinions,
30:23right? And then once you find those
30:25solid platforms, then dig into those
30:27platforms and consume everything that
30:29they have and you will probably find
30:32along the way where a perfect example is
30:33you were on our podcast a few months
30:35ago, right? A few weeks ago.
30:36>> Mhm.
30:36>> Um
30:37and that's a perfect example of now
30:39you're launching your own platform.
30:40You've had the you know, the software
30:42and all that, but you're launching your
30:43own podcast now, right? Well, they're
30:45going to come to our platform. They're
30:46going to consume our content. They're
30:48going to find out about Ian and oh, he
30:49launched a podcast, right? And And a lot
30:52of these things go together. Like if I
30:53didn't respect you and think you were a
30:55good person, a salt of the earth person,
30:57a wise person, a good business owner, I
31:00wouldn't have invited you on my podcast.
31:01I wouldn't have put you out there to the
31:03industry, right? How quickly can you
31:05expect to to move and grow? Well, tell
31:08me your business acumen, right? coach
31:10people all the time that are newbies in
31:12the industry and I'm telling you the day
31:14I talk to them, they know 10 times more
31:15about business than I do. I just know
31:17more about the laundry industry than
31:19them. These people are way more
31:20successful and way smarter than me. And
31:23they come to me and they say, "Hey, we
31:24need you to fill in that 30 to 40% gap
31:27that we don't know." About I I estimate
31:29about 50 to 60% of all business is
31:31transferable from industry to industry.
31:34>> Mhm.
31:34>> But there's that 30 to 40% that isn't
31:36transferable. It's very nuanced and very
31:38unique. And these people are smart
31:40enough to recognize that and understand
31:42it from day one. And so they'll go to
31:44people like content creators like us and
31:46they'll hire us for coaching and they'll
31:47come to the workshops. And the funny
31:49thing is there's always this dichotomy
31:51between people that have never owned a
31:52business that think that, you know, our
31:55our podcast for example is a is a way to
31:57make money or something like that and,
31:59you know, they they castigate us for
32:02uh you know, charging for coaching and
32:03charging for workshops and and things
32:05like that. The interesting thing I find
32:07is the people I was just describing a
32:09minute ago, they always tell me I'm not
32:10charging enough. They come to our
32:12workshop like you should be charging
32:13three times this. You know, but we have
32:15people Why would you ever pay $4,000 to
32:18go to a workshop? And these people who
32:20are worth hundreds of millions of
32:21dollars and started at the bottom of
32:23their industry in
32:25blacktopping or whatever, they're like,
32:27"Oh, this is a no-brainer. Like this
32:28will fast forward me 2 years in the
32:29industry in 2 days, right?" Type of
32:32>> Right.
32:33>> And so not
32:34>> When is your next workshop?
32:35>> I cuz I've been seeing something Didn't
32:37you have one coming out?
32:38>> We do. March 17th and 18th.
32:40>> Yep.
32:41>> Um and we have three a year. So, we also
32:43have one in July and one in November of
32:44this year.
32:45>> Yeah, we do
32:46three a year. We're on this is number
32:4813. So, we've been doing them for a
32:49little over 4 years now.
32:51Um and as she mentioned earlier, those
32:52are just two-day intensive workshops
32:54specifically around pickup and delivery
32:56and wash, dry, fold. How to launch it,
32:58how to scale it, and how to optimize it
33:00um at an elite level.
33:02Um but yeah, just examples of things
33:04like that. So, I'm rambling a little
33:05bit. I should probably let Carlla talk.
33:07That's That's a big part of this
33:08foundation of where where we get started
33:10with it. And then, what is your
33:11potential? How quickly can I do this and
33:14do that? My answer to every question is
33:16always the same, Carlla.
33:18It depends.
33:19>> It depends. I need more information,
33:21right? And so, but the the really the
33:24the foundation of everything, no matter
33:26how wealthy you are, no matter how great
33:29your business acumen is, is very simple.
33:32Are the laws of supply and demand in
33:33your favor or not?
33:35Right? So, if you're in an over There
33:37are some what I call submarkets, which
33:39are these 4 to 5-mile trade areas,
33:41right? For a retail laundromat, there
33:43are some submarkets that are
33:45oversaturated, right? Relative to the
33:47amount of population they have, they
33:48have too many great laundromats, right?
33:52>> Yeah.
33:52>> What a great problem for our industry to
33:53have.
33:54>> just We didn't have that 10 years ago.
33:55>> We did not have that.
33:56>> That I was aware of.
33:57>> Yeah, anywhere. Yes. We are starting to
33:59see that in some places. I still think
34:01it's very rare, personally, but we are
34:03starting to see that. You don't want to
34:05go in an oversaturated market, right? I
34:07don't care how good you are. You're not
34:09like they got there first. They have a
34:10customer base. They're good at what they
34:12do. You're not going to steal them away.
34:14And that goes back to kind of what I was
34:15talking about earlier with like the
34:16heart of the heart of a servant of
34:18wanting to serve other people and solve
34:21problems in the industry. There's not a
34:22problem there. Like what what problem
34:24are you trying to solve? There's not a
34:25problem. There those laundromats are
34:27amazing, right? Go into a different
34:29submarket that could in theory be 10
34:31miles away in the same city with three
34:34zombie mats and 100,000 people within 5
34:36mi. You talk about an undersaturated
34:39market. You can go over there and be
34:41very, very average at what you do by
34:43running and building a laundromat, and
34:45you will freaking print money, right?
34:47>> Yeah.
34:48>> Like that's another thing that I
34:49encourage people to do is don't outsmart
34:50the system. The laws of supply and
34:52demand are undefeated, right? And so
34:54find a market where there's a need,
34:56solve a problem. Don't try to force
34:58yourself into a situation where there's
35:00not a problem to be solved.
35:03>> So Dave,
35:03>> I agree 100%. Go Go ahead, Carli.
35:06She'll probably verbalize it much better
35:08than I
35:08>> I'm going to summarize. Basically,
35:12basically there's not a timeline because
35:14there's so many variables that factor
35:16into that timeline. Um if you are in an
35:19oversaturated market, your growth
35:20trajectory is going to be a lot slower.
35:22If you don't have much money or much
35:24time to spend on your laundromat, your
35:26growth is going to be a lot slower. So
35:28it just depends where you're at and what
35:30market you're in. Um but to get back to
35:32kind of like overall, what order should
35:35you do things in? There's no perfect
35:38order. We We see people nowadays that
35:40start with pick up and delivery out of
35:41their house even.
35:43I can't say that I recommend that. Um I
35:45I like the idea of it coming out of a
35:47facility. Um but
35:50ideally with a laundromat, I would say
35:52start with self-serve. Master one thing
35:54and then move on to the next thing. So
35:56start with self-serve, get that running
35:58smoothly, get your attendants you know,
36:00understanding their job there, serving
36:01customers, add some wash dry fold just
36:04at you know, at the at the counter, add
36:07that service, and then once you've
36:09gotten them to where they understand how
36:11to process the laundry, how to serve
36:13customers through that, add some pick up
36:15and delivery. I mean, I think that's the
36:17the logical order to do things in
36:21cuz you you're basically taking your
36:22employees I think the hardest part of
36:24any business is the people management,
36:27to be honest. It's It's managing your
36:28staff, finding good employees, reliable
36:30employees that do a good job, and then
36:33keeping them.
36:35Um and I think moving in that direction,
36:37first they just have to focus on that
36:39self-serve customer, and then you're
36:40adding some wash-dry-fold to them. Um
36:42you're basically increasing their
36:45responsibilities as you move to each
36:48level, if that makes sense. Adding more
36:50staff, you yourself are starting with,
36:52you know, maybe one or two attendants.
36:55Um then moving up to you add
36:57wash-dry-fold, you're going to have to
36:58add some more attendants. You add pick
36:59up and delivery, you're going to be
37:01having to add some laundry processors
37:02and and more people. So, it's also a
37:04good trajectory of growth for you as the
37:07manager, learning to manage people um if
37:10you move in that direction.
37:13>> Yeah, I couldn't agree more. Go ahead,
37:14Dave. 100%. The only thing I was going
37:16to add to that is uh one of the things
37:18that I see a lot I I I believe a lot of
37:20problems in this industry, and by the
37:22way, I was guilty of 100% of this,
37:24um is seeing people trying to scale when
37:26they haven't actually executed at a high
37:28level. Now, there's no such thing as
37:29perfection, right? But there is such
37:31thing as excellence, right? I think it's
37:33like Tom Landry or some famous football
37:35player said, "Set your standards as uh
37:37at perfection, knowing you'll never meet
37:39them, and be willing to settle for
37:41excellence, right?" There's a quote in
37:43there somewhere, but uh you get the
37:44idea. So, one of the things I see people
37:46doing is they they buy an old rundown,
37:48you know, let's let's take our story. I
37:50This is literally what I did. Uh this is
37:52what I did say not to do, by the way.
37:54I bought a laundromat that was a
37:55complete nutter dump. Uh I poured my
37:57heart and soul into it and every penny
37:59that I had, and within
38:01four or five months, it was profitable.
38:02Wasn't making a lot of money, but it was
38:04making a little bit. Within a year, it
38:05was doing pretty well, at least relative
38:07for what we thought, like making more
38:08money than we really ever thought it
38:10would, right? Um but it was still very,
38:12very average. Definitely in the higher
38:15end zombie back category. It was
38:1824 hours, you know, I was hanging off
38:20telephone poles. So, people were still
38:22coming in there and doing whatever they
38:23wanted to do. You know, there was no
38:24sheriff in town and things like that.
38:26And I decided, oh, I should have six
38:27more of these tomorrow, right? And so,
38:30literally year one, we acquired a second
38:32zombie mat that was closed to the
38:33public. So, I guess it does technically
38:35was dead. It wasn't even a zombie mat.
38:38And we retooled that and borrowed every
38:40penny for it, including maxing out our
38:41credit cards and and create crazy high
38:44leverage situation, right? That I
38:46wouldn't recommend doing. That worked
38:47out for us, but I wouldn't recommend
38:49doing it. A couple years later, we
38:50acquired a third store and we still had
38:52a lot of debt from the first two. A year
38:54after that, we acquired a fourth store
38:55and we still had a lot of debt from the
38:57first three. And the the truth is that
38:59our operations were better than when we
39:01bought all of these for sure, but we
39:03weren't ready to scale, you know? And
39:05so, there's a fine line between being
39:07good enough to scale and perfection,
39:10right? And I I use that it is excellence
39:13executed at a high level, right? And so,
39:15I see a lot of people that get into the
39:17industry and they might even have a lot
39:18of money and build a beautiful store.
39:20And before they even finish the first
39:22store, they're building the six more.
39:23And it's like, well, you've literally
39:25never run a laundromat in your life. I
39:26mean, this place is gorgeous. You're
39:28spending a lot of money and a lot of
39:29resources and yes, you've hired a coach
39:31and yes, I'm helping you through this
39:33process, but like I can only help you
39:35help you so much one hour at a time,
39:37right? I mean, there's eventually you
39:39got to flex those muscles. You got to go
39:40to the gym and work out if you want your
39:42muscles to grow. And I see a lot of
39:44people just moving too fast. So, that's
39:46kind of what Arlo was talking about with
39:48the, you know, get the first things
39:50first and you know, what's your why and
39:51all these different things. Get those
39:53processes, but there's also a fine line
39:55between like paralysis analysis. Now,
39:58all that being said,
40:00I'll also throw a caveat out there that
40:02there is the other side of the industry,
40:04which is people that go too slow,
40:06right? I have to have one store and I
40:08have to have it for 5.6 years and it has
40:11to do 80% margins and 2.3 million. And
40:14if it doesn't, failure and I can't build
40:16another store or I can't lock washer I
40:18fold. You know, I'm still unattended
40:20because I don't know how to manage
40:21people. Well, you're not going to learn
40:23if you don't practice it, right? That's
40:24the other side of the equation is there
40:27is that paralysis analysis of moving too
40:29slowly. I've actually heard people at at
40:32at conferences when asked questions like
40:34this,
40:35I've heard answers from people that I
40:37really respect and they'll tell people,
40:39"Oh, you should own one laundromat for 5
40:40years before you think about a second
40:41one." I'm like, "Man, there's an awful
40:43lot of independs in there, right?"
40:45>> I awful lot of independs
40:46>> in there. I have coaching clients that
40:48build more than one store at a time and
40:49I can tell you they're going to be
40:50successful because they're wildly
40:52successful in other industries.
40:54Pick up delivery. The thing I tell
40:56people all the time is, you know, pick
40:58up and delivery is its own animal,
40:59right? It's it's a almost a completely
41:01separate business in a lot of ways, but
41:03there's also also a lot of synergies and
41:05complimentary pieces between a
41:07self-serve laundromat, a drop-off
41:09laundry, and a pick up and delivery.
41:11And one of the things we don't talk
41:13about a lot in this industry is
41:14launching pick up and delivery is a very
41:16slow grow. Like the odds that you're
41:18going to be shot out of a cannon with
41:19pick up and delivery are almost zero,
41:21right? This is not a democratic thing.
41:23People don't know you exist and they
41:24don't trust you and building trust is
41:26not a fast process, right? So, one of
41:29the things I encourage people to do is
41:31to start drop-off or start pick up and
41:32delivery before they're ready, right?
41:35>> Okay.
41:35>> Makes people really nervous. I say,
41:37"What are you nervous about?" "Well, I'm
41:38nervous I'm going to get 10 customers
41:39tomorrow." If you get 10 customers
41:41tomorrow on your first day of being
41:43open, tell me how you did it because I
41:45want to share
41:45>> Yeah.
41:46I was going to say that ain't happening.
41:48>> Because probably what you're going to do
41:49is have two in the first month, right?
41:51Just
41:52works. And so, the sooner you start that
41:54process knowing that you're not going to
41:56be shot out of a cannon, you got to get
41:58that snowball rolling downhill. And what
42:01I tell people is, you know, 12, 18, 24
42:03months in, hopefully that snowball's
42:05really really rolling well and with
42:07those first, you know, 15, 20, 30
42:09customers a month, you can be flexing
42:12your muscles and your operational
42:13excellence and polishing things one
42:15customer at a time.
42:17>> Get all your processes and procedures
42:18down, you know, those SOPs and and your
42:21your staff all trained and get it
42:23running smoothly.
42:24>> Yeah. And you can do those things
42:25simultaneously as long as you're not
42:27biting off too much. So, there's a
42:30there's a there's a lot of it depends in
42:31this conversation, Anne.
42:33>> Yeah, but I think I think uh you
42:36you've done a good job exploring it and
42:38also I think
42:40some of the takeaways there are pretty
42:41strong, which is one of them is learn by
42:43doing, right? I mean, that's something
42:45that um
42:47I'm always preaching that as well. I
42:50think getting back to the kind of the
42:51the conversation that um prompted the
42:54question, which is
42:55you know, hey, I want to do
42:57these six things and I want to do them
42:59all tomorrow.
43:01Part of what I would respond to that is,
43:02well,
43:03what's the next thing you need to do and
43:05let's go ahead and start doing it. So,
43:08if you need to launch wash dry fold or
43:10they even have a way to fulfill
43:13the delivery orders, let's just start by
43:15hiring someone and going through the
43:18process with them or maybe you just
43:19start doing the wash dry fold,
43:21get an SOP down,
43:24and I'm not saying do it for a year, I'm
43:25saying do it for a week, and that way
43:27you actually know what it's like, and
43:30then get the SOP down and then train
43:32someone,
43:33right? And then maybe once you get
43:35enough demand, you train a second
43:37person. And I agree with launching
43:39delivery, that's another thing people
43:41tend to think that it's going to grow
43:43faster than it does.
43:45And again, I would I would second what
43:48you say, which is like, you know, you're
43:49going to launch delivery, no one's going
43:50to care. Like, you know what I mean? You
43:52You've got that one person who asked you
43:54about it 2 weeks ago. I understand that.
43:55We all have that one person.
43:58But that person is not indicative of I'm
44:01going to launch delivery and then the
44:02floodgates are going to open because
44:04a a lot of what we got when we first
44:06launched delivery is uh and to be
44:09honest, we still get it is
44:11push back on the price. Sometimes, you
44:14know, the people that will come to you.
44:16So, you know, we talk about customer
44:18acquisition costs. If you pay for a
44:20customer to come to you and you buy an
44:22ad or something,
44:24that a lot of times can be a higher
44:26quality customer than one that like and
44:30I'll give you an example, a real-life
44:31example. I keep on getting a call and I
44:34think he's called called me from 10
44:35different places or he's had like 10
44:37different employees call me and the call
44:39is always the same call. Yeah, I need an
44:41estimate on a bunch of rags for a
44:43mechanic shop. I need you guys to come
44:45pick them up and wash them and deliver
44:47them.
44:48And it's like we don't want to do that.
44:50There is no amount of money that is
44:53worth burning our laundromat down
44:56for like taking good all the stuff
44:58that's just going to be coated in oils
45:00and it's like just buy new rags, dude.
45:02It's going to be cheaper than us doing
45:04that for you. And also, we're not going
45:06to do it at any price. But that's an
45:08example of
45:10those are the kind of people that are
45:11going to call as soon as you launch
45:12delivery. They're going to be customers
45:14that you actually should have the wisdom
45:15to turn down.
45:17And some of the other ones that we
45:18didn't have the wisdom to turn down,
45:19talking about kind of lessons we learned
45:22the hard way
45:23is customers that we said $2.49 a pound,
45:27but what they heard was $2.49
45:30or or you know what I mean? So So then
45:33when the laundry's ready and it's 200
45:36pounds of laundry
45:38and it's you know, $249
45:42or even we've gotten to where we call
45:43them now if it's going to be a large
45:45amount like that and it's a residential
45:47customer cuz commercial customers
45:49they don't care if it's $249. That's
45:51fine. You're you're taking a problem off
45:53of off their plate and they have the
45:54revenue to pay for it. But for a
45:56residential customer and they've never
45:59done it before, if you call them and uh
46:01we've had this happen where we them and
46:02we're like, "It's going to be $2.49 to
46:04wash 100 lb of laundry that you had us
46:06pick up. Just wanted to double-check
46:08with you before we charge it to the
46:09card."
46:10>> Mhm.
46:11>> "What are you talking about? $249?
46:14There's no way."
46:16And you know, they just like can't wrap
46:17their heads around it. And
46:19it can't be happenstance, or at least in
46:22my mind, it can't be happenstance that
46:24um
46:25those same Those were some of our first
46:27customers that came in delivery. They're
46:30customers that you need to say no to and
46:31customers that
46:33end up saying no to you once they better
46:35understand the product. And I think um
46:38you have to be doing it for a while and
46:40actually marketing it before you get to
46:42that second layer of customers. And so
46:44yeah, I think learning by doing is
46:46powerful. For delivery specifically, and
46:49I agree with you that it's different
46:51with self-serve and wash-dry-fold, I
46:54think there's some demand built into the
46:55market there.
46:56>> Hopefully.
46:57>> Um they will see the laundromat and they
46:58will stop in, they will do their
47:00laundry, or they will say, "Hey, can you
47:01do my laundry?"
47:02>> Yep.
47:03>> But with pick up and delivery, no one's
47:04going to I've not had many people stop
47:06in any of our laundromats and say, "Hey,
47:08can you guys do pick up and delivery?"
47:10Like they pretty much find you online or
47:12via the phone, they call you.
47:15But also, capital is not insignificant.
47:18It is It It does move the needle.
47:21>> Oh, yeah.
47:21>> And if you have a lot of capital, man,
47:23can you accelerate.
47:25Uh when Brian and I took over Liberty
47:26Laundry, one of the first things we did
47:29was just put in new machines, we put in
47:31the card systems because the card
47:33systems that were there were breaking
47:34down, having problems. So, capital is
47:36not insignificant. I think capital helps
47:38you accelerate. But even without
47:41capital, you can still
47:43make the laundromat nicer and paint it
47:45and make it safer. And
47:47I mean, that is one of the most
47:48important pieces to
47:51to being successful in the laundromat
47:53industry is Is it nice? Is it safe? Do
47:56people like going there?
47:57>> Mhm.
47:57>> And if the answer is yes, you're going
47:59to do well. If the answer is no,
48:01you can still be a laundromat owner.
48:05And you can still get by, but that
48:07doesn't mean you're going to be doing
48:08hundreds of thousands of dollars worth
48:10of profit in that location. And And in
48:11fact, those those are typically the
48:13laundromats that
48:15you know, they just don't make that much
48:16money. Those people don't become very
48:18wealthy very quickly. And And they might
48:20still become wealthy. I'm not saying you
48:21can't do it that way, but but I think
48:23for you and I, that's not the kind of
48:25store that we want to own and operate
48:27and
48:28and deal with cuz
48:29>> Those stores might might be able to make
48:32money in the short term, but all it
48:34takes is another laundromat coming into
48:36town that is clean and safe and well-run
48:40and all the things that you're not and
48:42you're going to get run out of town. So.
48:44>> And that's happening so much faster now.
48:46Yeah.
48:46>> One of the things that I really kind of
48:48beat like a dead horse in my book and
48:49I'm and I'm really glad that I did is is
48:51the term delayed gratification. Because
48:54one thing I didn't ever want to do is
48:55try to convince someone, buy a
48:57laundromat and in a year you're going to
48:59be a millionaire, right? That wasn't the
49:01story.
49:01>> No, that's the story some
49:02>> hear when they hear the word
49:04>> Right. Right.
49:05>> millionaire. That's not the story. Like
49:07you're not paying attention to what
49:08happened here, right? The truth is that
49:10we both worked our full-time jobs.
49:12That's how we supported our family for 5
49:15years after owning the laundromat.
49:17Really taking almost no money out of the
49:19business for 5 years and many, many
49:21months injecting our own like, "Hey, we
49:24got paid this week. We got an extra
49:25thousand dollars. Good, I need to go buy
49:27a toilet and some paint, right?" I mean,
49:29we did that many, many times in the
49:30first 5 years. And so, not too many
49:32people will work as hard as Carla and I
49:34did.
49:36Her at home and at her career, me at my
49:38career and at the stores, and delay
49:40gratification for 5 years. I mean, I
49:42worked 90 to 100 hours a week. Most
49:44people work 90 to 100 hours a week, they
49:46want overtime, right?
49:48But the truth is, we didn't have the
49:49capital and we didn't have the business
49:51acumen.
49:52And it was a capital intensive industry,
49:54right? Now, some industries aren't as
49:56capital intensive, software, marketing,
49:58right? And you can do things a little
50:00bit quicker there cash flow wise and
50:01things like that by reinvesting. Some
50:03businesses
50:05you you just got to get your money one
50:06quarter at a time, you know?
50:08>> Mhm.
50:08>> You know, you you do five turns a day,
50:10you know, that's good, but that's still
50:12only 50 bucks, 60 bucks or whatever,
50:14right? For that machine. And so you're
50:15playing the long game. And I think
50:17that's something a lot of people miss
50:19with some of the content that's out
50:20there is when you get in the laundry
50:22industry, even if you're well
50:23capitalized and you have a high level of
50:25business acumen, you may not need to
50:27delay gratification, but the truth is
50:29you're still playing the long game. This
50:31is not a buy a laundromat, flip it in 2
50:33years and make millions of dollars
50:35business. And the people that think it
50:36is are absolutely off their rocker,
50:39insane, right? This is a This is a
50:41really great cash flowing, conservative,
50:44solid business over a 20-year period of
50:46time where you will create a lot of
50:48independent wealth for your family and
50:50and financial freedom
50:52if you do things the right way.
50:54But depending on where you're starting
50:55point, it requires a lot of delayed
50:57gratification. And in most cases it
50:59does. Even if you have a lot of capital
51:01in to inject, well, nobody's looking to
51:03light that on fire, right? You want to
51:05put that You want to deploy that capital
51:06and then you want to get a return on
51:07your investment, right?
51:08>> That's right.
51:09>> give it away. Uh and so even if it's
51:11your own money versus borrowing money,
51:13you still want to get a return on that
51:15investment. And I think those are some
51:16things that a lot of people miss that I
51:18don't want to leave this episode today
51:19without without your viewers listening
51:21to.
51:21>> If you were to talk to me 10 years ago,
51:23the story would have been I have a
51:25full-time job
51:26and then I also work
51:29another 20 to 30 hours a week on this
51:32laundromat software company. You know,
51:34so if you were to talk to me during year
51:36one, of course we didn't have the
51:37laundromats back then,
51:39it just would have sounded like wow,
51:40this guy works a lot and he's not really
51:42making that much money. And um
51:45you know, that was year one and year two
51:47was a little better,
51:49and year three was a little better,
51:50right? And then year four, it's like,
51:53oh, this is actually working out pretty
51:54good. And and, you know, and so
51:58I think that, yeah, it's it's really
52:00easy because that's kind of how we
52:01introduce ourselves as qualified to talk
52:04about these subjects,
52:05but you don't start by saying like,
52:08well, I'm just a guy that worked really
52:10hard and worked multiple jobs, and one
52:12of them was unpaid for a year. Yeah, and
52:13when I quit my job was when COVID hit,
52:15and then all of a sudden all of our
52:16sales fell through. And then we were
52:18like, wait, what Why did I just quit my
52:21job?
52:22There is a journey behind all these
52:24success stories, and
52:26it's not a journey where you win year
52:28one. It's a journey where year one is is
52:30usually pretty tough. And um
52:33>> And the good news is in these
52:34longer-form podcasts, we get the
52:35opportunity, if they stick around till
52:37the end, we get an
52:38opportunity to share the real authentic
52:40story. I talk to people all the time,
52:42and they're like, oh, I know everything
52:43about you and Carla. And the first thing
52:44I ask them, have you ever read my book?
52:46No.
52:47I'm like, but like that is literally my
52:49entire story, you know, it's 200
52:52or whatever. Not that you can't learn a
52:54lot from other aspects, but uh the thing
52:56I struggle with, and I'm not
52:57anti-TikTok, but these TikTok videos of,
53:00you know, reels of 1 minute and 2
53:01minutes and 3 minutes, it's like
53:03>> Yeah.
53:03>> Yeah, I get it that that's entertaining,
53:05and that's very digestible content, but
53:08like 99.9%
53:10of the context is left out of that
53:11video. And it is amazing how many people
53:14are making $100,000, $500,000 business
53:18decisions and investments based on this
53:20TikToker that they love that's owned a
53:23laundromat for 8 months, right? And when
53:25they say they made $200,000, they mean
53:27gross, not net, right? And it's
53:29And it's just very, very basic stuff. Um
53:32and I I'm not a hater of anybody. I I
53:34love everybody that puts out content as
53:35long as it's real and authentic and
53:37genuine.
53:38Um but, man, it's it's it's dangerous.
53:40And that's something I didn't expect
53:42when we started this Laundromat
53:43Millionaire thing. It's crazy.
53:45>> Well, in speaking of making it to the
53:48end of the podcast, there's a question
53:50that I try and ask every guest and I'm
53:52really excited to hear this answer from
53:54you guys, which is what is the craziest
53:58thing you have ever seen in a
54:00Laundromat?
54:01Starting from day one up until now,
54:04what's that story that just stuck with
54:05you that you just can't believe
54:07it happened. The just the wildest thing
54:09you've seen.
54:11>> I'll give Carla a minute. Um
54:13I actually have two, but they're
54:15>> I want to hear them both.
54:17>> It's not the kind of It's not the It's
54:18not the same person. Uh
54:20>> Okay.
54:20>> We back in the beginning we had 24-hour
54:22stores and I would wake up in the middle
54:24of the night, you know, thinking about
54:26them because it was so new and every I
54:27couldn't sleep or I just this anxiety
54:29and I woke up in the middle of the night
54:31one night and pulled up my cameras at my
54:32store and uh there was two people having
54:35sex. Uh on the top
54:37>> Woah.
54:38>> There was other people in there. Like
54:40there were people doing laundries. And
54:42the people were
54:43>> What?
54:43>> The people who were doing laundry like
54:45had to know. Like they had to know.
54:46There's no way they didn't know and
54:48they're just like
54:48>> You would notice those kind of things,
54:50yeah.
54:50>> watching them do their laundry and I'm
54:51just like I'm like
54:53what am I looking at right now? What is
54:55happening here? I wasn't there
54:57uh and by the time I ran up there they
54:59probably would have been gone, but
55:00that's actually part of the reason we're
55:02not open 24 hours anymore. Uh the other
55:04one is which you've heard this story
55:06many times, but it actually has happened
55:08in our store, too, is similar early a
55:10different store, but the middle of the
55:11night somebody walked in there and they
55:13were a homeless person.
55:15They went in the middle of the night, no
55:16one in there. They put all their laundry
55:18in and then they
55:19uh took everything off and and put it in
55:22because, you know, homeless people this
55:23makes a little bit more sense, but it's
55:25still a little bizarre. Uh it makes
55:27sense cuz they probably only have a
55:28couple pairs of clothes, right? And
55:29they're trying to wash them all for
55:31three bucks or whatever in a you know,
55:33top loader or whatever and and they were
55:35actually trying to like make their you
55:36know, fill up the machine. But they just
55:38sat there, you know, just sat there in a
55:40chair buck naked while their washer ran.
55:42Now, luckily in that case nobody walked
55:44in. Uh they were there by themselves and
55:46I I think that's that's pretty bizarre,
55:48too. Uh but if you break it down with a
55:50homeless person, it probably makes a
55:51little bit more sense.
55:53I don't know if Carli
55:54>> That's incredible.
55:56She hasn't spent a lot of times in the
55:57operations.
55:58>> So,
55:59um I mean it's one of the things that
56:01happened and this was again 24-hour
56:03laundromat is we had a guy come in um at
56:07the time we had two changers. We had one
56:08that was like, you know, embedded in the
56:10wall, not easy to get to, but we had a
56:12we needed more capacity for change cuz
56:14at the time we were still all quarters
56:16in this laundromat. And so we had
56:18another changer that was like on a stand
56:20out in the store or whatever, but still
56:21a nice durable changer, right? He came
56:23in the middle of the night, fully
56:25masked, fully hooded with like a big old
56:28tool and was like sawing into this
56:30thing. Alarms going off, but he knew he
56:32could get into it faster than the police
56:34would get there and took off with all
56:36the money out of the changer. It was the
56:37craziest Yeah.
56:39>> The most hilarious
56:40>> That is crazy.
56:41>> The most hilarious part of that story is
56:42he actually grabbed He He knew what he
56:44was doing. He grabbed the hopper Well,
56:46let me rephrase that. He kind of knew
56:47what he was doing. He cut into it,
56:49right? He cut around both locks, right?
56:51So, he knew how to get into it. He
56:52opened the door. He grabbed both of the
56:54hoppers and took off running and didn't
56:56grab the bills.
56:59So, I was like, he really knows how to
57:01The alarm was going off.
57:02>> how to get into the machine, just not
57:03where the money was.
57:04>> This is
57:05>> ever occurred like
57:05>> He didn't know where the money was.
57:07>> The whole
57:08Uh which I just found absolutely
57:10hilarious. He destroyed the machine.
57:12>> Yeah.
57:13>> Funny funny story. Anyway.
57:15>> Just I talked to so many laundromat
57:17owners now that they want to do wash dry
57:19fold.
57:21Talked to them and they're like, "Well,
57:22we're 24/7."
57:24And I just like inside I just go,
57:26"Oh, you know." And it's just like I
57:28want to take this like last 3 minutes
57:30we've been talking and clip it out and
57:31just send it to them and be like
57:34this is when we say like provide a safe
57:36and secure environment, like what do we
57:38really mean by that? We mean like an
57:40environment where homeless people don't
57:42come in and get naked in the store and
57:44where they're not doing drugs or they're
57:46not like having sex on the bulkheads.
57:48Like this this will actually happen in
57:50your laundromat if it is unattended and
57:53as crazy as those stories are, that is
57:56not unique
57:58to that one unattended This is what
57:59happens at 3:00 a.m. in laundromats
58:02across the country. Just don't have your
58:03doors open at 3:00 a.m. Have it locked,
58:05have the lights on. Like what are you
58:07going to make $10 that night? No, like
58:09you know what
58:11whatever happens there is not going to
58:12be worth it.
58:13>> Yeah,
58:14what you know, thinking back to my
58:15mindset when I was in the industry, I
58:17wanted to be
58:18I wanted to provide a service to the
58:19community, right? I kind of fell in love
58:21with that and one of the things I wanted
58:23to do is be open 24 hours for
58:25convenience, right?
58:27And I knew I really didn't make a lot of
58:28money overnight, but I always looked at
58:30it for the lens of but the people that
58:31need to use us overnight that you know,
58:33during the day or work at night and that
58:35kind of stuff, at least we're always
58:37open for them. We're always available,
58:38right? That was So like it came from a
58:40good place. It really wasn't even a
58:41money thing for us,
58:43but it came from a good place of really
58:45wanting to serve people at a high level.
58:47And then what I learned is there's
58:49certain aspects of being open 24 hours.
58:52By the way, even if you're attended, but
58:54especially if you're unattended, there's
58:55certain aspects you just can't control.
58:58Now, it took me about 3 years to accept
59:00that because I'm kind of a control freak
59:02and you know, I would sit up in the
59:04middle of the night just waiting for
59:05somebody to walk in, sitting there
59:06watching my cameras and
59:08parking lot in my car next to the gas
59:11station near my place where I can see
59:13through the window, you know, waiting
59:15for that homeless guy who's been coming
59:16every night for 13 years. You know,
59:18waiting for him and bam, I'd pounce
59:19right on him. I mean, so
59:21my last line of defense was to give up.
59:24But the truth is whether it's people
59:26doing drugs in the bathroom, people
59:28selling drugs, people, you know,
59:29bothering people for, you know, making
59:31making especially women feel
59:33uncomfortable, asking them for money,
59:35cigarettes, or whatever, just walking
59:37through the store in a very creepy way,
59:39and all of a sudden everybody feels very
59:40uncomfortable, like what's about to
59:42happen, the sex stories, the break-in
59:44stories, the all of these things the
59:47overdoses, we've we've literally had all
59:49the police I don't know how many times
59:51cuz somebody overdosed, they go in the
59:52bathroom, they shut the door, you can't
59:53have a camera in there. And they they
59:56overdose, and they pass out on the
59:57floor, and if somebody didn't see them
59:58go in and realize they're still in
1:00:00there, you know, another customer, they
1:00:02would have never called police, and they
1:00:04that person would have died.
1:00:05And so I just reached a point where I
1:00:07understood that even despite my stubborn
1:00:09tenacity, like I had to accept the fact
1:00:11that some of these things were there was
1:00:13there was nothing tenable about them. I
1:00:15I they were absolutely unacceptable to
1:00:16me, and once I had that closure, it was
1:00:19like, "Boom, we are switching. Fully
1:00:21attended, you know, no longer 24-hour
1:00:23stores." We do have one exception, and
1:00:25it's right across the street from the
1:00:26police station,
1:00:28and we really
1:00:28>> Oh, well, that's not too bad either.
1:00:30>> very few problems there.
1:00:31>> Occasionally some homeless, but the
1:00:33police get there really quick.
1:00:34>> Police get there and kind of run them
1:00:35off. It's It's It's worth It's That's
1:00:37tenable.
1:00:39>> That's an exceptional case. I'll I'll
1:00:41I'll allow that one, but for most
1:00:42laundromats, yeah, I I agree with you
1:00:45100%. Fully attended, and don't be open
1:00:4824/7, and and
1:00:50that's just my two cents, but I think
1:00:52you know, hopefully people listening to
1:00:54this will will see that like this is not
1:00:57one laundromat person, one one
1:00:59experience at one store, it's like
1:01:01this is just what happens if you leave
1:01:02it unattended overnight, you you
1:01:06you are adding risk to the business that
1:01:09does not need to be there, so Um but
1:01:11>> insurance it's more expensive.
1:01:14>> True.
1:01:14>> Like we have a separate policy for our
1:01:17one location that's one open 24 hours.
1:01:19A lot of the insurance companies will
1:01:21not insure you if you're if you're
1:01:23unattended or open 24 hours.
1:01:25Um so we have a separate policy and it's
1:01:27more expensive.
1:01:29>> Mhm.
1:01:29>> Another reason.
1:01:31>> I I you're preaching to the choir here.
1:01:34I'm I'm 100% I agree and that's what I
1:01:36always tell people is it's more
1:01:37expensive for me insurance and like it's
1:01:39not like your rush hour is at 3:00 a.m.
1:01:40There's no way. You know what I mean? Uh
1:01:43maybe one laundromat in the US has a
1:01:45rush hour at 3:00 a.m. and it's by some
1:01:47overnight factory or something like
1:01:48that, but every other laundromat owner
1:01:51like
1:01:52there's not you're not going to have a
1:01:53lot of traffic at 3:00 a.m. anyway, so
1:01:54you're not you know, it's not a
1:01:56substantial amount of revenue, but it's
1:01:58almost like the majority of your risk
1:01:59and your
1:02:01um
1:02:02trouble, your headache, right? So
1:02:04>> Headaches and problems went almost zero
1:02:06and when we went fully attended, added
1:02:08more layers of management in place and
1:02:10stopped being open 24 hours. It was like
1:02:12running a whole different business.
1:02:13>> But we have less humorous stories.
1:02:15>> That's true.
1:02:16I'm telling you stories that are 10
1:02:18years old.
1:02:21>> That's like Kid Barrett, right? He's
1:02:22always like, "I don't want to do the
1:02:24whole like, you know, fully attended."
1:02:26And he's like, "I like the craziness of
1:02:28being unattended and having these feel."
1:02:30And it's like
1:02:31I guess if they yeah,
1:02:33it does make for a better stories. I
1:02:35will give you that. Um
1:02:36and so he he he does have a point there,
1:02:38but uh but yeah, for us I think uh
1:02:41the the fully attended way was the the
1:02:44better path for us uh for sure. So
1:02:47I want to give you guys a chance to tell
1:02:48people how to discover you. I know I you
1:02:51know, I've been listening to the
1:02:53uh Laundromat Millionaire podcast for a
1:02:55while and I know that's on Spotify and
1:02:57Apple and YouTube as well, but um where
1:03:00would they find out more and and kind of
1:03:02follow you guys and and get to know more
1:03:03about you?
1:03:05>> So we are obviously you can go to our
1:03:07website laundromatmillionaire.com.
1:03:09Um from there you can find all kinds of
1:03:11resources. Uh if you go to the education
1:03:14tab, you can find a lot of our courses
1:03:16and workshops and coaching and all that
1:03:20kind of stuff. There's our services tab
1:03:22lets you know what kind of services we
1:03:24use and recommend. It also has links to
1:03:27we do own a marketing company,
1:03:29LaundrBoost. If you're looking for a
1:03:30laundromat marketing,
1:03:32um and also we have the laundromat
1:03:34insurance program if you're looking to
1:03:35insure your laundromat. Um so there's a
1:03:37lot of resources on our website. Uh
1:03:40we're also all over social media. So we
1:03:42have Dave's very active on Facebook and
1:03:45LinkedIn. Um he also has a Facebook
1:03:48group um for owners. If you'd like to
1:03:52that.
1:03:53Um we're but we're also on Instagram and
1:03:56TikTok and is there anything I'm for-
1:03:58Oh, X. Dave's very active on X, too. Am
1:04:01I forgetting anything, Dave?
1:04:02>> Nope.
1:04:03You got it all. We're almost 8,000
1:04:05laundromat owners in there. So it's a
1:04:06pretty pretty good community and it's
1:04:08totally free. You know, the podcast
1:04:10totally free. Uh my book, you know, very
1:04:12reasonably priced. You can find that
1:04:14book anywhere books are sold. You can
1:04:16buy it on our website, you can buy it in
1:04:17bookstores, you can buy it on Amazon. Uh
1:04:19you can buy it in other countries for
1:04:21those of you listening in other
1:04:22countries. Uh we've sold at least one
1:04:24copy in 26 different countries, which is
1:04:26kind of crazy. Just one book, but
1:04:28somebody in Germany's reading my book.
1:04:30I'm like, I don't know why.
1:04:33But yeah, she mentioned it earlier. Uh
1:04:35and I'll leave you with this the end.
1:04:36You know, we we try to produce We know
1:04:38that not everybody can afford coaching
1:04:39and workshops and the truth is we don't
1:04:41have enough room for everybody anyways,
1:04:43you know, very limited capacity there.
1:04:45Um and we try to help people at that
1:04:46level that want to invest at that level
1:04:48and are ready at that ready for that
1:04:50level. But the truth is we know that's
1:04:52not most people. So we have like a
1:04:53membership community with a Dave AI that
1:04:56can coach you and train you through our
1:04:57AI chatbot that we trained and we have
1:05:00monthly group coaching calls, which are
1:05:02less expensive in our community than
1:05:04one-on-one coaching
1:05:05>> Yeah, you can be a community member for
1:05:06$40 a month. So it's very reasonable.
1:05:08>> And you can jump into that have
1:05:10conversations with 20 or 30 other
1:05:12laundromat owners and us. And then we
1:05:14have the free resources like the podcast
1:05:16and the the Facebook group and we have a
1:05:18newsletter that we put out every other
1:05:19week that's completely for free and it's
1:05:21me writing it based on different topics
1:05:23and what's happening in the industry and
1:05:25different things we've done. So, once
1:05:27again, we try to create different
1:05:29segments of content and categories. We
1:05:30want to help everybody as much as we
1:05:33can. We have a lot of free information
1:05:34out there to help you and as you start
1:05:36to graduate, maybe you can get a
1:05:37membership and do some AI coaching and
1:05:40things like that and once you reach a
1:05:41certain level and you can afford it, you
1:05:43know, we have the other levels of
1:05:44service out there, too. And that's
1:05:46that's kind of a vision behind the whole
1:05:47platform is that we're we're helping
1:05:49everybody, hopefully everybody in a
1:05:50little way and some people we're helping
1:05:53very, very in-depth.
1:05:55>> As you can mention to you in our online
1:05:56store, we have a lot of free business
1:05:58downloads as well. Um and even more if
1:06:00you're a member, there's even more that
1:06:01becomes free, but there's a lot of like,
1:06:03you know, uh letter of intent and um
1:06:06>> Business plan templates and
1:06:08>> Yeah, lot of lot of free
1:06:10>> Yep, things like that and they're
1:06:11totally free. Just hop on the website,
1:06:13go to the resources page and download
1:06:14them and they're yours totally for free.
1:06:16>> Go to the store, the online store.
1:06:18>> I'm sorry.
1:06:20>> Can you tell she built it?
1:06:21>> I BUILT THE WEBSITE, OBVIOUSLY.
1:06:24>> I CAN TELL SHE'S holding it all together
1:06:26here.
1:06:26>> But Ian, thank you for the opportunity.
1:06:28Thanks for inviting us. Thanks for, you
1:06:29know, letting us promote our platform
1:06:31and and our podcast and everything that
1:06:33we do. Proud of you guys and uh keep
1:06:35killing it. Anything we can ever do to
1:06:36help you guys out, you know, don't
1:06:37hesitate to reach out.
1:06:39>> Thank you, Dave. I I really appreciate
1:06:41that and and thanks to everyone who
1:06:42tuned in today. We'll see you later.

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