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Doing EVERYTHING "Wrong" and CRUSHING It with Jacob & Kristi Workman — Transcript

by Laundromat Resource · 14,345 words · 2,271 segments · language en · Watch on YouTube

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0:00Always tell people what you do
0:02because you never know somebody might be
0:05there there to help you or it might
0:07improve your chances of getting
0:09something. Generally this is like the
0:10power of having a platform, right?
0:12Putting yourself out there and these
0:14deals maybe wouldn't have happened and
0:16maybe not the way that it happened had
0:18you not had your YouTube channel, so.
0:20Controlling the asset. Don't worry about
0:23the purchase price. Don't worry about
0:25Yeah, not saying don't really worry
0:27about the purchase price, but
0:29if I can control this asset and put
0:32money in my pocket, then it's just a
0:35number then.
0:36Yep.
0:37We did the epoxy with flake. You'll have
0:40to sit in the picture. Yeah, I know you
0:42did. It was beautiful, but that man said
0:45I wouldn't ever do it again.
0:46>> Mhm. Yeah, why? I'm curious.
0:49It wasn't even making $200 a day. Um
0:52>> It was a zombie mat.
0:54>> Yeah, it was so bad that you didn't even
0:56want to be there.
0:56>> Yeah, I didn't want to go in. I didn't
0:58want to be there. I don't want to be the
1:00bearer of bad news, but you're just
1:01doing a lot of things wrong here.
1:04Hey hey, what's up guys? It's Jordan
1:06with the Laundromat Resource Podcast.
1:08This is show 245
1:12and I'm pumped you're here today. Today
1:14we have back on the show Jacob Workman
1:18with his better half coming and sharing
1:21super valuable lessons that they have
1:23learned along the way building their
1:25laundromat portfolio. They have got a
1:27good thing going on, but
1:30they've gone through it and they share
1:32all the dirty details of their journey
1:36building their laundromat empire. This
1:38one is not to be missed whether you're
1:39getting in for the first time or
1:42if you already own laundromats, there's
1:45a lot of good stuff in here. So shout
1:47out to Jacob and his wife for coming on
1:49the show and sharing that. Real quick
1:51before we do that, did you know
1:55did you know that if you're out there
1:57looking for a laundromat and you're
2:00struggling, we've got a team that does
2:02that for you. So if you're interested in
2:05learning more about that done for you,
2:07we call it our concierge package,
2:10uh that will help you find a laundromat
2:14deal. They'll help you value that deal.
2:17We'll help you craft a compelling offer
2:19and we'll help you go through the due
2:20diligence process.
2:21Uh I'm going to put a link down below if
2:23you're on YouTube, it'll be in the show
2:25notes at laundromatresource.com/show245.
2:29If you want to check that out and uh
2:31just book a free call and get some more
2:33info on it. Promise you it's not a hard
2:35sell on anything. We don't want anybody
2:37signing up for that package unless
2:40it's going to be beneficial to you. So
2:43uh you know, sign up for a free call.
2:44That's your action step for today. Now
2:45let's jump into it with Jacob Workman
2:49and talk about how to build a laundromat
2:51empire and let's borrow his lessons
2:54along the way.
2:56Jacob and Christy, how are you guys
2:58doing today? We're good. How are you,
3:00Jordan? I am doing excellent. Super
3:03excited to have you guys on the show.
3:04Jacob, you're back on the show. Christy,
3:08you're here to upgrade this interview
3:10from from our last one for sure.
3:12>> Yeah.
3:13She's here to run the interview. That's
3:15That's what we were talking beforehand.
3:16She's here to take charge of this whole
3:19entire thing. So I'm excited about that.
3:21Well, thank you guys for taking the time
3:22come on the interview
3:24on the podcast and and you know, share
3:26some of your experience and your
3:27knowledge along the way. I know we have
3:29some incredible things to talk about,
3:32but real quick, Jacob, you have been on
3:34the show before and just in case you
3:35haven't listened to it before, that was
3:37episode 38 way back in the day like more
3:41than 200 episodes ago, which is crazy.
3:44>> 5 years
3:44>> 5 years ago. Yeah, yeah, that's That is
3:47crazy. So I'm excited to have you back
3:50on and hear the update of what's been
3:52going on over the last 5 years. So real
3:55quick, just give us like a general
3:57overview. Who are you guys? How did you
3:59get in this business and then we'll
4:00start jumping into some of the details
4:02here.
4:04So I'll start and then I guess I'll let
4:06her pick it up because she joined me
4:08later on. Right. Quick overview years
4:11ago,
4:12my parents bought just the worst
4:15laundromat you could ever buy. Um
4:18didn't replace a single piece of
4:19equipment. Uh so we we had to learn how
4:23to fix those.
4:25Um got everything operational. Uh I
4:27helped them out, you know, on Sundays.
4:30Um did a little wash dry fold and I
4:33swore that I would never get into
4:35laundromats.
4:37Famous last words.
4:38>> That was Yeah. Yeah.
4:39>> That was 20 years ago and fast forward
4:42to what, 2017? Yeah. And 2017's where
4:46Christy comes in. I think it might have
4:49been her idea. I'm not sure. Uh but we
4:52actually bought our first laundromat
4:54location, the one I started our YouTube
4:56channel with. Um and we actually went in
5:01partnership with my parents on it. Uh
5:04they're my silent partners.
5:06Um and then we
5:08got things turned around there,
5:09everything fixed, same process.
5:13Um and then we Well, today we own five.
5:16Yep. Now we own five.
5:17>> Today we own five.
5:18Okay. There's lots to unpack there. And
5:21a And a car wash. Actually, I want to
5:23talk talk about the car wash too so
5:25don't forget to talk about that.
5:27Uh but
5:28um Okay, I I mean I'm I'm curious Jacob
5:31from your end. I mean did you just get
5:34wooed into it by Christy? Like how did
5:36you go from I'm never going to own a
5:37laundromat to owning one? Like did she
5:40show a little leg and you're like, okay,
5:42we'll buy one or how did that happen?
5:44No, he's
5:45If you know Jacob, you know he doesn't
5:46have the best memory.
5:48Um he actually found this laundromat on
5:51Craigslist, I think.
5:52>> Back when Craigslist was still a thing.
5:54>> on Craigslist.
5:55>> It's still a thing. You'd be surprised,
5:57man.
5:57Yeah. It was um
6:00about a what, 45-minute drive from where
6:02we lived at the time. Um but you know,
6:06still local, still close.
6:09Um so we went um
6:12we went in to it with his parents. So it
6:15was just a it was good deal. Yeah, it
6:17was a it was a good deal. I I can't
6:19remember any of the specifics, but um
6:22we and they we bought it outright. Um
6:26and it it just similar story as you hear
6:29a lot of laundromats. Um They actually
6:31kept a record of how they took off money
6:33and they only took money off whenever
6:36they came to clean and then going back
6:38and looking at that, there was times
6:40that they didn't come for a whole week
6:41to clean the laundromat.
6:42>> Yeah. Uh so it just had this awful
6:46reputation.
6:47Uh decent machines because they weren't
6:50getting used enough
6:52because they you know, they had such a
6:53bad reputation. Uh and we actually added
6:58one of the first things we did was added
6:59a couple 60-pounders. Um
7:03um that place turned around that Yeah,
7:06it did really well.
7:06>> consider it one of our prettiest stores.
7:09I really enjoyed what we did with the
7:10floors and everything else, but um
7:14yeah, it it was a a great store. Now we
7:17don't have that store anymore,
7:18unfortunately.
7:20Uh but
7:21>> Yeah, which I want to ask you about here
7:23in a sec, but real quick, just I don't
7:24know, you just kind of piqued my
7:26interest. What kind of floors did you
7:27guys do at that location?
7:28>> Uh we did the epoxy with flake. You'll
7:31have to sit in the picture. Yeah, I know
7:33you did. It was beautiful, but that man
7:36said I wouldn't ever do it again.
7:37>> Mhm. Yeah, why? I'm curious. Cuz I also
7:41did epoxy with flake and I probably also
7:43wouldn't do it again, but I know some
7:45people love it and swear by it. It looks
7:47great, but the maintenance involved.
7:51You can't just mop it. You actually have
7:53to buy a scrubber to scrub it because
7:56the dirt gets up on the little ridges of
7:59the flake.
7:59>> and and you just you can't keep it
8:02clean.
8:03Yeah. Every time after I I I would scrub
8:06it with our scrubber, I bought like a I
8:08think it was a couple hundred dollar
8:09scrubber that wouldn't hold water and
8:12and I had to fight with it, but it was
8:13great. Uh
8:15then I'd scrub the floor and it looked
8:16like a brand new floor, but you know,
8:19I wouldn't ever do the flake again. The
8:21epoxy was nice, but
8:23not the flake.
8:25Yeah. Yeah, I had a similar experience.
8:27It was just so hard to keep it clean.
8:30Yeah.
8:30And just a lot you know, I mean
8:32obviously like laundromats you get a lot
8:33of traffic going in and out and
8:35it it yeah, it was it was tough to keep
8:38it clean. So but some people love it and
8:40swear by it.
8:42The worst was taking the the push broom
8:44and it
8:45hairs getting caught and the and lint.
8:49Yeah.
8:49>> Um and it was easy I feel like for you
8:51all to put down. It's just a simple
8:53process.
8:54>> It was a it was a what, a I think a
8:5648-hour job.
8:58Um
8:58yeah, cuz we did that in house. We do
9:01everything in house. Uh but you know, it
9:03was super simple put down, but it just
9:07um
9:07it just hard to keep clean.
9:10Yeah. Okay, I was just curious what
9:12flooring you did there.
9:14Uh
9:15listen, I mean we're going to get into
9:16store number two and owning remotely and
9:20picking up amazing deals and picking up
9:24four at once with the car wash. We're
9:25going to get into all this stuff and
9:26talk about the details, but uh you kind
9:29of alluded to this already, so I wanted
9:31to make sure we talked about this a
9:32little bit. You mentioned that you don't
9:33own that first store anymore. Can you
9:35give us a rundown of what happened with
9:38that one? And and that was the one I
9:40mean you mentioned too, so I real quick,
9:42you mentioned too that you
9:44at that store is where you started your
9:45YouTube channel the there I fixed it,
9:47right? Which I think you're not doing as
9:49much anymore. Is that right? No, I I I
9:52really need somebody to follow me around
9:54with a camera.
9:55Yeah.
9:56So that you know, I would do it.
9:58All right. Come on. I'm I I would love
10:01to I I'd put out more content if
10:02somebody follow me around with the
10:04camera and edit it.
10:05Uh that's A lot of people don't realize
10:07there's so much work into that. It's a
10:09lot of work, yeah. It's a lot of work.
10:12Especially when you're trying to fix
10:13something and you're trying to get your
10:14own B-roll.
10:17You know, you're fixing stuff twice just
10:18so you can get a good shot. So, so I'd
10:21really if I could ever find me someone
10:23that wants to follow me around
10:26we'd we'd like to get that. I've been I
10:28have been trying to post up shorts
10:30to just kind of, you know,
10:32if there's something interesting I'm
10:34doing. Um
10:35you know, I think I posted one up
10:37yesterday. We actually finally built our
10:40warehouse which, you know, we've been
10:41trying to do for 3 years just to house
10:44our Wonder Bat stuff, but
10:47I think we're going to try to push to
10:48get it back into the YouTube stuff.
10:51I'm going to I'm just putting out there
10:53for you. If anybody out there is trying
10:54to get into this industry and wants a
10:56real hands-on mentor and don't mind
10:58walking around with the camera,
11:00hit this guy up. Maybe there's a win-win
11:02in there for you guys.
11:04You'll learn. Yeah.
11:05Okay, so let's talk about what what
11:07happened with that first laundromat. Why
11:09don't you guys own that one anymore?
11:11So, we like I said we bought it in 2017.
11:17In the middle of 2023 that
11:22shopping center where the laundromat was
11:24located was sold.
11:26So, we acquired a new landlord.
11:30We did have a lease at this laundromat
11:34with options to extend our lease,
11:37but the people who bought it it was
11:40actually a mega church and their plan
11:43was
11:44to build a mega church in the huge
11:47parking lot that was there and then the
11:50shopping center would be the offices.
11:54So, they offered us an addendum to the
11:57lease where we had the option to get out
12:01of this lease and leave whenever we
12:02wanted to and likewise they had the
12:06option to ask us to leave when they
12:09wanted to.
12:11And they asked us to leave a little bit
12:13sooner than what we I guess were
12:15expecting.
12:17What told? Yeah, what we were told
12:19really.
12:21And that was hard because at that time
12:24he had
12:26actually quit his salary job to focus on
12:30construction. He was building houses.
12:33Well, we were building our first house
12:36and then, you know, focus on the two
12:38laundromats we had.
12:40But that laundromat specifically was our
12:43livelihood. I mean, it took care of us.
12:47It paid our bills.
12:50So, having to leave
12:53it was hard. It was scary for it, you
12:56know, for a little bit it was scary for
12:57me.
12:59So, and just to answer a question that's
13:02that's, you know, for
13:04forefront of everybody's mind. Why did
13:06we sign it?
13:08That was going to be my next question.
13:10We didn't have to sign it and there was
13:12one one
13:13part or one business there that decided
13:16not to sign it and they're still there.
13:19But we chose to sign it because
13:22they're telling us that they're going to
13:23build the build you know, and we're
13:26going to have limited parking. We're
13:28going to have limited access. You
13:29actually would have had to take a
13:31back access road to reach our laundromat
13:35where we just going to lose customers
13:36because it was inconvenient and then
13:39we're on the hook for the next, you
13:40know, 10 years for
13:43a lease payment that, you know, we're
13:45unsure what direction that the
13:47building's going to go. So,
13:50turns out it was a hard decision to
13:52make, but it was the right decision. I
13:53think it was.
13:55Yeah. Yeah, well, it is scary cuz I know
13:57Jacob you you left your job and you were
14:00doing this and like Christie like you
14:02said this was this was the thing that
14:04was paying your bills.
14:06So, I mean that's that's super scary
14:08when that goes away. I mean, you know,
14:10if anybody's been in that situation or
14:12maybe a situation you got laid off and
14:13you weren't expecting it or something
14:15like that. Like that's a pretty
14:17scary situation to be in.
14:21But
14:22maybe we need to rewind a little bit,
14:24but somewhere in the middle there you
14:26got a second laundromat. I will never
14:29own a laundromat till I own one. We own
14:32two.
14:34How did that second one come about and
14:36then maybe we can like bring it all the
14:37way back up to the 2023. But how did
14:40that second one come about?
14:42So, I think this one was I think
14:45Facebook Marketplace. Facebook or
14:46Craigslist. I can't remember. I think
14:48Facebook, but I'm not 100% sure.
14:51Actually I do I do think it was Facebook
14:53because
14:55if you've ever dealt with Craigslist
14:56versus Facebook, you get a lot more
14:58people messaging you on Facebook than
15:01you would somebody texting you on
15:03Craigslist.
15:04But
15:05I remember reaching out to this woman
15:07and saying, "Hey, I know you've gotten a
15:09ton of messages to the on this.
15:11I've got cash." Not to enter it, but it
15:13was priced dirt cheap.
15:16And we got it even cheaper.
15:18But I text her and I said, "Hey,
15:20I've got money in the in my hand. I'm
15:23ready to make a deal." I gave her my
15:25backstory and that's something I'd like
15:27to to stress to people. Always tell
15:31people what you do
15:32because you never know somebody might be
15:35that there to help you or it might
15:37improve your chances on getting
15:39something.
15:40So, and that's what I did. I said, "Hey,
15:42we operate laundromats. We've been in
15:44the laundromat industry X amount of
15:45years.
15:46I'm ready to make a deal on this.
15:49Love to look at it at your earliest
15:51convenience." And it just went from
15:53there.
15:54I went and looked at it.
15:56Did you go in?
15:59Okay. So, you went in.
16:01The lights were off.
16:03The lady that showed me the place, she
16:05was the owner. She didn't know how to
16:07turn the lights on.
16:09I didn't go exploring cuz it wasn't
16:11mine.
16:13But I, you know, I looked the place
16:14over.
16:15Looked at all the machines. Like I just
16:18there wasn't a machine
16:20with an out of order sign on it.
16:22But being around laundromats I could
16:25tell, you know, she even had one that
16:26was running water
16:28that needed diaphragms.
16:30Just let it run like it was
16:33if I'm not mistaken I might have went
16:35down there and fixed that for her
16:38just because she was she was losing on
16:40it.
16:41This was right in the middle of COVID,
16:42wasn't it?
16:44Till end?
16:47And she was just going to pieces on
16:50them. So, we actually ended up making a
16:52deal with that and
16:54once we get the leases settled out of
16:57the litigation, the lawyers and all
16:59that, we we got our lease. We actually
17:02assumed their lease
17:03because they had no numbers.
17:06So, we assumed their lease and then we
17:08we it's
17:09it's now
17:12roughly each month it makes it makes
17:15almost
17:16as much money as we bought it for.
17:19So, it's paid for itself several times
17:21over. Every month.
17:23Yeah, that's that's incredible.
17:26Well, I mean this probably goes without
17:28saying, but tell me a little bit about
17:30how this thing was doing when you took
17:31over. Like did you get some like
17:34baseline numbers? Was it making any Was
17:36anybody coming there at all or what was
17:38that like?
17:40I do have baseline numbers. It wasn't
17:42even making $200 a day.
17:46The first day I went in and it was
17:48hours. I pulled a trash can up and there
17:51was 20 cockroaches that just scurried
17:54away.
17:56It was a zombie mat.
17:58It was so bad that you didn't even want
17:59to be there. I didn't want to go in. I
18:01didn't want to be there. But the first
18:03day they were we learned that they were
18:06manually unlocking and locking the
18:07doors.
18:09We were supposed to teach their cleaner
18:12which we found out on the closing that
18:14their cleaner didn't want to come help
18:16us and stay. So, that was a blow because
18:18we lived
18:20an hour 15 hour 30 minutes. That's what
18:22I was going to say. This location is
18:24about an hour and a half from us.
18:27So,
18:29it was a blow.
18:31Roughly
18:34I went up there. I usually don't work on
18:36Sundays. I went up there on a Sunday cuz
18:38we closed on a Saturday. Went up on a
18:40Sunday to go through and
18:43the first day I put mag locks on and,
18:45you know, our alarm
18:46security systems.
18:49And I met a guy up there and he become
18:52my cleaner for the longest time.
18:55He had just so by happenstance I met
18:58him.
19:00And then we just slowly started fixing
19:02everything. We actually fixed
19:04we went through the like I said earlier
19:06there wasn't a single out of order sign
19:09on them.
19:10So, we went through and tested every
19:11machine.
19:13There was also no number.
19:15Like if a customer had a problem, there
19:18was no way for that customer to get in
19:20touch with anyone to, you know,
19:22I always tell people it was
19:25better for you to go next door and play
19:26the lottery than come in there and get a
19:28machine to work. More than
19:30more than half didn't work.
19:34More than half and there was 65
19:36machines, I think.
19:38But we actually fixed 28 machines in the
19:40first day.
19:42So,
19:43and my dad my dad went up to help me and
19:45we got it knocked out. And it was just
19:47all little simple things.
19:49Like there was a money box there. She
19:52walked I I don't know know if I
19:53mentioned this or not, but uh when we
19:56took over, she walked away. She didn't
19:58take no money out of the box. She didn't
20:00take no money out of the change machine.
20:02I don't know if you've ever dealt with
20:03an acquisition of you know, do you want
20:05to fight over counting quarters in the
20:08in the change machine or or what do you
20:10want to do? But, she just walked away.
20:12And I mean, she left us thousands of
20:14dollars in cash Yeah. uh behind. Um She
20:17was over it. She was done.
20:19>> Yes. She was over it. And I I just want
20:21to add, I think
20:24too, us like her knowing that we had
20:27experience with laundromats,
20:30I think that helped us because she was
20:32done. She did not want to be She didn't
20:35want no call back.
20:37>> want no call back. She just wanted to
20:38walk away.
20:40Yeah.
20:40>> And yes, she got that. But, uh
20:43it was just all little simple problems.
20:45There was actually one machine that they
20:47didn't think they had the key to.
20:50And it turns out it just had a security
20:51feature that wasn't lined up correctly.
20:54And you just I just put the key in and
20:56there was $300 in that box.
20:58So.
21:00Um
21:01And now
21:02uh we've replaced all the dryers that
21:04had the old Maytag dryers.
21:07Um
21:07that, you know,
21:09are just terrible in my and in but uh
21:13I we replaced the dryers and now we're
21:16replacing the floors and
21:17>> Yeah. uh
21:19everything else
21:19>> for a while it wasn't profitable.
21:22Um
21:24And especially up until that point that
21:27our first one had closed, it was the
21:29second location was not profitable. Um
21:33but then when that one closed, and faith
21:36is a big part of our lives. God took
21:39care of us the whole time. We never
21:41wanted for anything. Um
21:45but when we close or when the first one
21:47closed, we then took like all of our
21:50resources that we had
21:52and invested into that second one. And I
21:55that's what I guess jump-started the
21:59you know, of how well it's doing now.
22:01Because like I said, it's paid for
22:03itself. It pays for itself monthly over
22:06and over again.
22:08So. Well, listen, you can't just drop
22:11something like that and not tell us like
22:13what was what was the difference maker?
22:15I mean, you it was kind of sounds like
22:16it was kind of
22:17bad for a while, then it sounds like it
22:19was kind of coasting for a little bit,
22:21and now it's
22:21>> Yeah. seems like it's thriving. Like,
22:23what what were the things that you did
22:25or the decisions you made to make this
22:28thing make money?
22:29We did let it coast for a while, and
22:32um Yeah, we just let it
22:34>> Cuz we were thinking about getting back
22:36out of the laundromat industry. Uh so,
22:38we was going we were actually I put it
22:39up for sale a couple times. Mhm. Um cuz
22:42we were going to go full-time into
22:44construction.
22:45Um and then we just started
22:48I don't know. We we started investing
22:50more money in
22:50>> And it wasn't like we didn't put brand
22:53new machines in it.
22:54Um
22:55we didn't put, you know, credit card
22:58readers on it. It wasn't anything like
22:59that. I think it was just him going up
23:04there and making sure everything is
23:06working.
23:07Um making sure that the
23:11laundromat itself looks good. We got
23:14like he had told you, we got a cleaner.
23:16We actually have two cleaners now.
23:18Um which makes a huge difference.
23:22And just little things like that.
23:26And there for the longest time when and
23:29I know we make it gloss it over and
23:31makes it sound like it's all rainbows
23:32and sunshines. But, before I quit my
23:35salary job, I was working
23:38I would get up at uh 3:30 in the
23:40afternoon.
23:41I would start my shift at 4:30, end at
23:434:30 in the morning.
23:45I would go to our first location and
23:46clean it.
23:48Then I would travel an hour and a half
23:50to clean and maintain our second
23:52location. And there was many days that I
23:55didn't get in bed until 11:30, 12:00,
23:57and have to wake back up at 3:30.
24:00Uh
24:01but, you know, like I said, we let it
24:03coast for a while just because we
24:06weren't sure if we were going to keep it
24:07or not. And then once I guess we finally
24:09decided we were going to keep it.
24:11>> Yeah.
24:12I think we finally decided we were going
24:14to keep it once we lost the first
24:15location.
24:16Um I think that was the turning point.
24:18We just we turned it up to 10. Um
24:21we started doing the things that needed
24:23to be done. And and really it's just
24:25been keeping it clean.
24:27Um and we're able to keep our prices
24:29lower than everybody.
24:31Um
24:32we don't do that on purpose. Um like I
24:35in our other laundromats, we try to be
24:36the the price leader.
24:38But, we're still making a great profit
24:42at what we're priced at. There's no
24:44really no reason for us to
24:46to try to keep up with everybody else.
24:48So,
24:49um but I mean, it it invests for its
24:51itself. It pays for itself.
24:54Um it's actually it's bought new washers
24:57for this up. They're they're actually in
24:58storage getting ready to be installed.
25:00>> new. No, no, no. We don't buy anything
25:02brand new.
25:04Um
25:05Very rarely do we buy anything brand
25:06new. Uh we like to buy used stuff. Uh
25:09we'll go through it.
25:10Uh we completely refurbish it. We can do
25:13all our bearing jobs. Anything you can
25:16need to done be done with a washer or
25:17dryer, we can do. So, uh that's what we
25:20try to use to help pass that savings on
25:23to our customers.
25:25Also want to say, and I told you, but
25:27this location, it's an hour and a half
25:29away from us. So, we run it remotely. We
25:33do have cleaners, but we do run it
25:35remotely.
25:36Um and Jacob has this weird spidey sense
25:40about this laundromat. I mean, he can be
25:43like, I need to check the cameras. And
25:44he checks the cameras, and then
25:46something sketchy's going on. Um so,
25:48he's got this weird spidey sense that
25:50he's developed with this laundromat.
25:54Well, I I mean, I just had to say I can
25:56attest to this because before we hit
25:58record, he's like, hold on a second.
26:00I've my spidey sense tingling. And he
26:03pulled up the cameras. He's on he's on
26:05the camera saying, "Hey, no dogs allowed
26:07in here. If you're not doing laundry,
26:08get out." Like,
26:09it happened like right here live. I wish
26:11we would've been recording it. That
26:12would've been great uh to snag that.
26:14But, I can I can attest to that. But,
26:16that was going to be one of my
26:17questions. But, real quick, I mean, you
26:19you mentioned um
26:21that the you know, you're you're kind of
26:23able to to buy used equipment cuz you
26:26feel like you can go through and make
26:28sure that these things are working.
26:29Anything that needs to be done with the
26:31machines, equipment, you guys can do.
26:33There's, you know, that's
26:35hotly debated
26:37whether owners should be doing that or
26:39not. But, here's my point, and and the
26:41debate can rage on, that's fine. Uh cuz
26:43I don't think there's one right way of
26:44doing it. Also, by the way,
26:47uh I just wanted to let you guys know
26:48you're doing it wrong. You're not
26:49supposed to buy them an hour and a half
26:50away from you. So, you're doing it all
26:52wrong uh there as well. Uh but
26:56the point I want to make is is that
26:59uh
27:00one thing that you guys are utilizing
27:02that's uh bringing you a lot of success
27:04and that I see a lot of other owners who
27:06are very successful in the industry is
27:08finding out where is your
27:11advantage? Where's your unfair
27:12advantage? Where do you have uh a skill
27:16or resource or something like that that
27:18not everybody has that you can use as
27:21leverage to help you be successful,
27:23right? And you happen Christie, you
27:25happen to have a workhorse mule sitting
27:28right next to you who can fix these
27:30machines, who can install the machines,
27:32who can do flooring, who can do all the
27:33stuff, right?
27:34>> Yeah. And that's the lever that that you
27:37guys have been able to pull or at least
27:39one of them that you've been able to
27:40pull in order to make this successful.
27:43And you know, I have I have like
27:44clients, for example, who are
27:46you know, they have a lot of experience
27:48in marketing. And so, they're pulling
27:50the marketing lever, finding a lot of
27:52success with that, right? Or systems or,
27:54you know, deal finding or whatever. Uh
27:56but, I think it's super
27:58uh important
28:02and and something that you guys have
28:03done really what's your unfair advantage
28:05and how do you utilize whatever that
28:07unfair advantage is for you um to to
28:12help you build a successful business,
28:14right?
28:15Which kudos to you guys for that.
28:18I appreciate it. Uh
28:20the that is something that always, you
28:22know, anytime I I buy a business, we
28:25have seven businesses. Uh anytime we get
28:28into a new business, we look at
28:30how can we be different than everybody
28:32else? And then
28:34what's our exit strategy if it don't
28:35work out?
28:36Uh so, we've always got an exit strategy
28:39on, you know, how we can utilize the
28:41space better.
28:42Um
28:43but yeah, the Lord's blessed us to be
28:45able to
28:47to have the knowledge, to have the
28:49skills, and to have the tools. Um and
28:52something we have to say, and we preface
28:54this uh to a lot of people,
28:56we're active investors. We're not
28:58passive investors. Um we choose to run
29:01our our laundromats actively.
29:03Um we have we have manager, we have 13
29:06employees.
29:07But, we choose to be right there in the
29:09trenches with them.
29:10Uh that way we can see what's going on
29:12in our business and adjust it on the fly
29:14instead of reviewing it at the end of
29:17the month. Yeah.
29:19And if I'm at home,
29:20uh I I I got to get to work. I can't
29:23Yeah, he he has to be working.
29:25>> So, Yeah.
29:27Yeah. I well, and I love that, too. And
29:29you know, I think there's a lot of
29:30people who their initial interest is
29:33piqued in this industry cuz of the whole
29:35passive income Yeah. message. Which, I
29:38mean, listen, you can set it up that
29:40way, and you can make it Who? you know,
29:42maybe not entirely passive, but you can
29:43be a lot more passive than you guys are
29:46and still have some success and make
29:47money and serve the community and do all
29:49those things.
29:50Um but
29:52uh
29:54you know, when when you're first getting
29:56in, you should plan on being active and
29:59if you want to end up setting your
30:00business up to be more passive, okay,
30:03but I would not go into this business
30:05expecting it to be passive. I mean,
30:08unless maybe you got boatloads of money
30:10and you're just going to throw money at
30:11problems, which
30:12>> Yeah.
30:13kudos to you if that's where you're at.
30:15Uh there, but um but that's big. So, I
30:18wanted to go back and ask a question
30:21about buying this second laundromat
30:23because I was kind of joking about it
30:25earlier, but
30:27if you go if you go online on like one
30:30of the Facebook groups or something like
30:31that and you say, "Hey, I'm buying a
30:32laundromat an hour and a half away from
30:34you." You're going to get destroyed
30:37by all the experts telling you not to do
30:39that.
30:40Um so, I'm curious why why buy an hour
30:43and a half away and how have you made it
30:47so that you can manage this thing being
30:48so far away?
30:51I think we bought it because it was dirt
30:54cheap. Um honestly, it was dirt cheap
30:57and we knew that we had the knowledge
31:01and the know-how to just turn it around.
31:03>> Around town.
31:04Um we knew that we could make it work
31:06and it has. Um but you can share what
31:10you've done to make it
31:11>> Yeah, I mean,
31:12um yeah, she hit the nail on the head.
31:14That's the exact reason why we bought it
31:16as dirt cheap, we can make money and
31:17then but also build into that
31:20early on we still had the exit
31:22strategies.
31:23Um worst case scenario,
31:25we pull the equipment out, sell the
31:26equipment, it covers what we we we spent
31:30on the place and Yeah. no harm, no foul.
31:32I mean, I think we had a year and a half
31:34left on the lease that we assumed and
31:36that's why I assumed it.
31:38Um
31:39so that we could see is there
31:41profitability here. Um and then once we
31:44figured out there was, we just started
31:46up a brand new lease. But um
31:49everybody will get on there, you know,
31:52you might get murdered in those
31:53comments.
31:54Uh but you're also going to have the
31:56people that's saying, "Hey, add this,
31:58add that, add this."
32:00Uh so, we've got Yeah, of course, we
32:03we have what I call two sets of cameras.
32:06I have my cameras that I need to go back
32:08on and you know, they're for my
32:10protection.
32:11Um and then I have my cameras there for
32:13the laundromat's protection. And those
32:15are the cameras that rotate, they can
32:17you know, they can flashlights, they can
32:19do anything just to get people's
32:21attention. But I also use utilize Alexa.
32:24Uh so, with Alexa, we use Alexa to play
32:28music primarily in our all of our
32:30spaces.
32:32But uh when you heard me talking
32:34earlier, that's what I was doing. Alexa
32:36has a drop-in feature and it's just like
32:38a phone call. You press that button and
32:40you're able to just, you know, say
32:43announce whatever you need to announce.
32:45Um
32:46but we have everything on automatic
32:48timers, our lights are on timers. The
32:50door.
32:50>> Our doors. And then those cameras also
32:52after uh
32:541 hour after we close, they start
32:56looking for people. Uh they they're
32:59smart cameras and they'll just send me a
33:01alert that, you know, when we get
33:02somebody that's trying to stay the night
33:04or whatever, we just get on there and,
33:06you know, and also with that being said,
33:09I have an a redundancy system in
33:12after about an hour and 15 minutes of us
33:14being closed, the announcement system
33:16plays a, you know, "Hey, the this
33:19security system is now alarmed.
33:21Um anybody caught in here you will be
33:23trespassing." You know, just some mumbo
33:25jumbo that if somebody heard it, they'd
33:27freak out and they left. And usually
33:29that's what that's what
33:31>> That's all it takes. Yeah. Uh
33:33but other than that, you know, I have an
33:35emergency key hidden
33:37uh that way if I get at cuz we're still
33:40quarter-based
33:42at that store. And you see a lot of
33:43people on the, you know, the card
33:45systems whenever they're they're far
33:47away, but we're still quarter-based, we
33:48have PayRange.
33:50Uh we have the remote remote start
33:52option with PayRange and that helps out
33:54a lot being, you know, an hour and a
33:56half away.
33:57Uh but
33:57>> You actually use that a lot then, yeah.
34:00>> Quite often, yeah. Instead of refunds,
34:02people's just like people's very happy
34:04to just throw my clothes over in another
34:06machine or, you know, if they if it's
34:08their fault, just put the money on
34:10there, they'll be happy.
34:12Um
34:13but we have I I I actually have a key
34:14hidden there that we have a trusted
34:17cleaner that if I have to, I say I text
34:20him and I say, "Hey, could you dump XYZ
34:22boxes?" Basically, if you're in the
34:24laundromat industry, it's the 60 and the
34:2640-pounders that you're dumping.
34:28Um so, he'll dump those out and that'll
34:31last me another three or four days cuz
34:32we have
34:34uh
34:34four change machines in there.
34:36Or two two change machines.
34:39Um that way we don't run out of money.
34:43That's how we handle our laundromat an
34:44hour and a half away.
34:46Yeah. Well, listen, man, I
34:49Well, I I just I don't want to be the
34:51bearer of bad news, but you're just
34:52doing a lot of things wrong here. The
34:54all coin thing, the year and a half
34:57lease, like these are all
34:59I mean, here's the thing though, right?
35:01Is like
35:03first of all, let me just speak to
35:06somebody looking to buy a laundromat
35:07who's trying to get advice on these
35:09Facebook groups.
35:11Uh listen, if you're going to be
35:12dropping tens or hundreds of thousands
35:14of dollars or even seven figures
35:16depending on what you're buying,
35:18probably don't just
35:20crowdsource your information cuz you
35:22don't know where that information's
35:23coming from, right? So, that's number
35:25one. Number two is
35:27you know,
35:28there's some really good general advice
35:30out there. Like generally speaking, if
35:32your first laundromat, buying an hour
35:33and a half away is going to be tough
35:35unless you have your life situated that
35:37way. Generally speaking, if you're going
35:38to be, you know, you know, a mile and a
35:41half out, you got to have a cashless
35:42payment system, which you have PayRange,
35:44which helps, you know, all that stuff,
35:45right? So, there's some like general
35:47stuff, but you know, and generally
35:49speaking, you want a longer lease,
35:51right? When you're doing this. However,
35:53you know, what I love about you guys is
35:56that you're you're using your heads.
35:58There's some principles out there, but
35:59you're using your heads and you're
36:00saying, "Hey, look, uh we can stick with
36:03a year and a half lease because worst
36:04case scenario, the way that we bought
36:07this thing, we can sell the equipment,
36:09break even, move on, go into the
36:11construction business, you know, Jacob
36:14can sell foot pictures online or, you
36:16know, whatever uh after that. Uh right?
36:20So, you had that exit strategy up front
36:22and so it gave you actually made it less
36:24risky for you to have a shorter lease
36:26because you now you have some
36:27information to work with, which you had
36:28no information before, right? So,
36:31there's some good principles out there,
36:32but you can't take them as hard and fast
36:34rules. You've got to uh assess the
36:37situation and I think you guys are
36:40genius at doing like you're just
36:41describing all these things. I know
36:42we've got another really big deal that
36:44we've got to talk about here, which is
36:45another genius play by you guys. But you
36:48have these like genius
36:50moves that you've made in order to be
36:53able to, you know, find that success and
36:55a lot of it just has to do with
36:57uh you guys
36:59taking a second, using your brains and
37:01and being methodical and being smart and
37:03working together with each of your
37:04different strengths,
37:06uh which seems like you have
37:07complementary strengths.
37:09Do you guys have
37:10>> for sure. Do you guys have different
37:11roles like defined roles for you guys or
37:13how how do you guys Cuz I know you guys
37:15are doing this together as a couple,
37:17which also has some challenges.
37:19How do you guys set that up?
37:22Well, actually this year we we are now
37:25W-2 employees. Yeah.
37:27>> Again.
37:29Working for ourselves, of course, so
37:30>> businesses, yeah. Yeah. Obviously that's
37:34that's our tax savings, but I am
37:36maintenance coordinator
37:38and she's HR specialist.
37:39>> Yeah. So,
37:41he does like all of the maintenance and
37:43then I handle all of the financial
37:45things and then HR related things. So,
37:48yeah.
37:50Dude, I I love it. I love it. And I
37:53mean, it, you know, I've I've talked
37:55about this a bunch before, but, you
37:56know, there's a there's a a book called
37:59Rocket Fuel by Gino Wickman and he talks
38:03about uh you know, if you can have
38:05somebody who's kind of got the big
38:08picture and then somebody who's sort of
38:09in the trenches doing like the running
38:12the operations like you're
38:14you've got rocket fuel going. You're
38:16business like you guys have seven
38:17businesses. Like there's not a lot of
38:19people that have seven businesses. You
38:20guys are crushing it. Um and a big part
38:23of that has got to be cuz you guys are
38:25working together really well.
38:27I I think I'm married to
38:29>> also it's not all rainbows and and yeah.
38:31Yeah.
38:32Yeah, but you're best Let me tell you,
38:34man, genius. Genius, yeah. We have we
38:36have which, you know, that we're fixing
38:39to talk about it soon that we we have a
38:40manager
38:42and we all three sit down weekly to to
38:44discuss things. She's our our manager of
38:47operations. Um
38:49sometimes she jokes that she's our
38:51mediator
38:52uh because we don't see eye to eye on
38:54pretty much anything. Um Mhm. But we
38:56work together. Yeah, we work together.
38:58It's a good not seeing eye to eye.
39:01Uh
39:03But yeah, no, I think I'm married pretty
39:04good.
39:06Yeah. Yeah, good kudos to you, man. Good
39:08work. Uh most financially
39:11uh
39:12beneficial decision you made right
39:13there.
39:14All right. Yeah, we started from started
39:17from the trenches.
39:19Yeah. Well, and a lot of times, you
39:21know, if you get that sort of different
39:24perspective, not seeing eye to eye
39:25thing, that's where
39:28that's where good things can happen if
39:29you can figure out how to work together,
39:31right? Cuz I I know there's a lot of
39:32times where you can't see eye to eye and
39:36and there's no empathy in that you know,
39:39partnership in terms of at least the
39:41business stuff, and things can be really
39:44difficult. And I'm sure they're
39:45difficult at times anyways, cuz it
39:47always is.
39:49Um but if you can kind of have that
39:50empathy, it's sort of that iron sharpens
39:53iron uh concept, right? Where you have
39:56different perspectives, different ideas,
39:58and they come together to
40:00form a super idea sometimes, which is
40:03great.
40:04Uh okay, so I want to ask you you've got
40:07uh you've sort of teased this already,
40:09but you you got another deal
40:13that had I think four laundromats and a
40:16and a car wash all as part of it.
40:19Let's talk about that. Where did that
40:20come from? And how did you know how did
40:23this come about?
40:25Driving down the road?
40:25>> Yeah, driving down the road. Um we were
40:28actually taking um
40:30his mom to a doctor's appointment, I
40:32think, um to Knoxville. Um and she was
40:37looking on Facebook for I think
40:40something for her.
40:41>> Dryers. Some dryers for herself. And I
40:44was you know we were looking together. I
40:46was looking down at her phone, and I'd
40:49saw someone say I've got four uh for
40:52sale in the town that we live in. And I
40:56didn't know what he was talking about at
40:58the time. I didn't know if he was
40:59talking about dryers. I didn't know what
41:00he was talking about. But um I told
41:02Jacob, and Jacob knew who I was talking
41:05about, and he was actually talking about
41:07laundromats that he had for sale.
41:10Um so he we called him. No, he called
41:14us.
41:15Yeah, I gave him um our number, and he
41:18called Jacob.
41:20And
41:21it was four laundromats and a car wash.
41:24Um
41:25and we talked for a while. That Yeah,
41:27but just a a little couple of snippets
41:29here.
41:31Um hey, we already did business
41:32together. So, he did business my my
41:35construction company did business with
41:36his.
41:37Uh so, he was a subcontractor for us.
41:40Um and then he was actually a subscriber
41:43to the YouTube channel.
41:45So. Yeah.
41:47Um
41:48But yeah, he we called and he we talked
41:51for a while. Um
41:53We actually ended up saying no.
41:56Uh we thought about it. We said no. Um
42:00Because we had thought about getting out
42:03of the laundry business all together. Um
42:06and then he come back.
42:08We We said
42:09>> Yeah, we said no again.
42:11Um
42:12and then the first time
42:14This was 2024.
42:17Early 2024.
42:19Okay. Yeah. So, it's after after that
42:22first one went away.
42:23>> Yeah. After that we just had the second.
42:26Okay.
42:27And we'd thought about getting out of
42:29it. So, the third time we had took our
42:32little girl to the mall to get out some
42:34energy. Um and we actually ran into him
42:38there, and he recognized We had never
42:40met in person.
42:42Um he recognized Jacob from his YouTube
42:45channel. And um he pretty much he sold
42:49it to me there, I think. Uh we were
42:52standing in the mall talking for like an
42:54hour. He sold it to me. And he actually
42:57offered us a deal that was too good to
43:00pass up.
43:02So, we kind of feel I told you earlier
43:05we you know we faith is a big part of
43:07our lives, and I feel like that was that
43:11was God saying, "Hey, here it is.
43:14You need to take it." So. Yeah. Okay.
43:17Okay, so uh
43:20First of all, I mean
43:21genuinely this is like the power of
43:23having a platform, right? Putting
43:24yourself out there, and you know, these
43:27these deals maybe wouldn't have
43:29happened, and maybe not the way that it
43:31happened had you not had your YouTube
43:32channel. So, if you're not out there
43:33creating some content, it's a lot of
43:35work. So, think about it carefully, but
43:38might be worth doing.
43:40Yeah. Not to cut you off. And that was
43:42one of his things he said to us is he
43:44said,
43:45"I want to sell to you guys because you
43:47have the experience.
43:49I'm not going to have to deal with these
43:50later on." And I'll just be honest with
43:52you, he owner financed them for us.
43:54Um and it solved a problem he had,
43:57solved a problem we had. Uh we got in it
44:00uh for I think $20,000 out of pocket.
44:03Um so
44:04>> Four laundromats and a car wash. Yeah.
44:08Four very
44:10profitable laundromats. Um
44:13yeah.
44:14And he wanted out of them. Uh
44:16he hated them.
44:18Uh he didn't have the time to deal with
44:19it. Cuz he was also running a very busy,
44:23successful business.
44:26Um
44:27you know, separate business, and he just
44:28didn't have time for the laundromat. He
44:31was he was done with it, so. Um
44:34Like I like I said, he
44:36he wanted to sell to us because he knew
44:39that he wouldn't ever going to have to
44:40deal with these things again, so.
44:43Uh it worked out great, but with that we
44:45inherited
44:47what? 10 more people? 11 more people? I
44:49think 11 more people is what that Yeah.
44:52So, now we have a a fleet of vehicles
44:55and a a fleet of our
44:58a company of of people, and Lord's
45:00blessing us each day, and
45:02uh
45:04I won't get ahead of myself.
45:07Yeah. Well, and I wanted to point out I
45:09mean cuz this is sort of a theme uh from
45:11that second one to to now these ones.
45:15Um
45:16There's
45:18you know, there another I guess kind of
45:20hotly debated
45:22uh topic there is do you need to hit a
45:24home run on that first one? And I'm I am
45:27in the camp that go get a base hit.
45:30Go get a base hit or a double. It
45:32doesn't have to be a home run for that
45:33first one.
45:34For a couple reason. Number one, a base
45:36hit in this industry is still pretty
45:38darn good return on your investment.
45:40Number two,
45:42I have found and you guys are
45:43demonstrating this over and over, and
45:45I've seen this happen lots times. It's
45:46happened to me. But as soon as you have
45:48that first one under your belt,
45:51people see you as experienced. They
45:52don't even have to know if you're a good
45:54owner or not. I always kind of half
45:56joked, but I wasn't really joking that I
45:58got a seller finance deal in LA with
46:02property
46:03uh because I had already owned a
46:05laundromat, even though at the time I
46:07was probably the world's worst
46:09laundromat owner uh trying to figure out
46:11what the heck was going on.
46:12Uh and so, once you have your foot in
46:15that door,
46:16a base hit deal is going to be good, but
46:18other opportunities open up to you, and
46:19all of the sudden the lady who's selling
46:22her laundromat that's eventually going
46:23to make the purchase price every single
46:25month at that laundromat is like, "If I
46:27sell to these guys, they have
46:28experience. I'm not going to have to
46:29deal with it anymore. I'm going to sell
46:30to them."
46:31And for less than what I'm asking,
46:33right? Or this guy who's got a who's got
46:36a a four-pack deal with a car wash is
46:38going to sell to you, and only require
46:4120K down, uh which is
46:44unheard of, right? And so, get your foot
46:46in the door. Go find that first one,
46:49and uh
46:50see what happens, you know? Be faithful
46:52to that first one and see what happens.
46:54Yeah. Uh with that deal, and I'll just
46:56tell you
46:57Yeah. We weren't scared. We overpaid a
46:59little bit.
47:00Um
47:01But we ran the numbers. The numbers come
47:04back good. The numbers continue to come
47:06back good. The futures look good, so
47:10um I guess we can't really consider that
47:12we overpaid. I guess by industry
47:14standards some people would have had a
47:16heart attack, but you know,
47:18I I'm I'm not a
47:21I don't know. I have to even if there's
47:23a text manual, I have to I have to
47:25create my own manual myself. Um she gets
47:28mad at me about at me a lot about it.
47:31Well,
47:32and I just I wanted to go back and add
47:34in that deal it was four laundromats and
47:36a car wash, but it also come with three
47:39buildings. So, Three private Three
47:42estates.
47:42>> Yeah, three real estate. Four, actually.
47:45Four. Um
47:47I mean, so $20,000 out of pocket,
47:51we got a heck of a deal. Um You got nine
47:54assets out of that thing. Yeah, assets,
47:57too. We may have overpaid, but we would
48:00not be in the position that we're in
48:02right now had we not
48:05have took this deal.
48:07And then just from that one deal alone,
48:10Go ahead. Keep going. Yeah. Oh, I was
48:11just going to say just from that we've
48:13used always
48:15left that be a part of our strategy. Um
48:18always in the back of our mind that
48:20that's, you know, hey, here's what we
48:22got going on. Here's, you know, anything
48:24we do in the future we need to also
48:25consider
48:27what we've done in the past.
48:30Yeah. Yeah, absolutely. And you know, I
48:33I was kind of setting this up earlier of
48:36just, you know,
48:38you you doing things wrong again. I
48:40mean, listen, you overpaid. Like you're
48:42just doing things right. Like but
48:44again, just the genius of what you guys
48:47have gotten going is number one I'm I'm
48:49I'm curious Actually, before I say this,
48:50I'm curious.
48:52You You said that you said no to him
48:54twice before you said yes. What
48:58Why did you say I know why you said yes
49:00when he kind of made you an offer you
49:01couldn't refuse. Why did you say no
49:03beforehand, or why was it not the right
49:05deal beforehand?
49:08Um So, the yes was when he offered to
49:11Yeah, and it's
49:13uh if you've ever been through trying to
49:14buy and sell a laundromat, um He had no
49:17numbers. Not great numbers. Um
49:20we knew like
49:23We knew what the actual numbers We knew
49:24what the actual numbers were,
49:27but he didn't keep a record of those.
49:29>> All the Of course, you know, all the
49:31banks want to see
49:33the IRS statements and you know, the tax
49:35statements. And Bank statements.
49:37>> not there then you're not you're not
49:40going to make a deal. It was hard it was
49:42going to be hard to get a bank to
49:43finance that.
49:45Cuz we tried. Yeah. We tried. And They
49:48wouldn't even call us back.
49:49>> They wouldn't call us back so we we had
49:51to say no
49:52and then he came back with well all on
49:55our finance them.
49:57And But it worked out for him too.
50:00It was actually his accountant's idea
50:01because it saved him on capital gains.
50:04And and just it makes more sense.
50:06>> Yeah.
50:08So it worked out great. Worked out great
50:10for him.
50:10>> And we got a fixed interest rate over
50:13our loan term so
50:15Yeah.
50:17Yeah. Yeah and you know I I know you're
50:21you guys have you're kind of
50:23dancing around a little bit like hey we
50:25overpaid and stuff but
50:28um
50:29The the price this is one thing I talk a
50:31lot about with the clients right the the
50:32price is important but the price is only
50:35one variable right there are other
50:38variables like
50:40down payment amount like how long the
50:43loan is amortized over like what the
50:46interest rate is right and so
50:49it's not a bad thing to quote unquote
50:51overpay for a location
50:54if you can control some of the other
50:56terms
50:57in your favor and I would say I mean you
51:00know without knowing all the details
51:01there just having to come 20k out of
51:03pocket for four laundromats and car wash
51:06and you said four properties.
51:08That's nine nine assets you just picked
51:10up you know it's a little over two grand
51:12a piece
51:14for these assets that you now control
51:16and if
51:18you can make the numbers work by setting
51:20up the right terms
51:22then
51:24you know again price is only one
51:25variable here to consider but so again I
51:28I just want real quick I just want to
51:30make the point that I genuinely I think
51:32you guys have made a lot of genius moves
51:35and I think you know
51:37you know you may feel like we kind of
51:39happened into this one but
51:42nonetheless you jumped on the
51:43opportunity and it it was genius so
51:45sorry I didn't want to interrupt you but
51:46I did want to tell you how smart you
51:48guys are.
51:49Yeah. I appreciate it I didn't mean to
51:50interrupt you I just wanted to tell you
51:52that you hit the nail on the head
51:54controlling the asset.
51:56Don't worry about the purchase price
51:58don't worry about
51:59not saying don't really worry about the
52:02purchase price but
52:03if I can control this asset and put
52:06money in my pocket then it's just a
52:08number then.
52:10Yep.
52:11>> So
52:11that was a very good point. It's going
52:13to control the asset for sure.
52:15Yeah. Yeah and I mean over time when it
52:18comes to real estate and businesses like
52:21time time heals all mistakes like when
52:24it comes to real estate and businesses
52:26if you can keep afloat over time like
52:28those loans are getting paid down and
52:31you're owning more of those assets and
52:33then eventually you know 5 10 20 30
52:36years however long it is down the line
52:39you you own those assets now right you
52:42got them for 20k.
52:43Your return on investment is insanity
52:46at that point.
52:47>> we we consider it our retirement plan.
52:49Mhm. Yeah. When the time comes we'll
52:52exit and
52:54hopefully if I can talk her into it live
52:56on a beach in Mexico.
52:57I like it I like it.
52:59>> Maybe.
53:00I mean listen
53:02come live on a beach in Hawaii too but
53:04you know you're you'll be you'll be
53:06ready we can be neighbors over here it's
53:07great. The whales are jumping right now
53:09over here it's great it's great.
53:12Yeah I love it I love it. Okay so when
53:16you bought these laundromats and the car
53:18wash did you guys have to do a lot of
53:20work to them were they in like pretty
53:21good condition?
53:23They were in great condition.
53:25>> Yeah great condition.
53:27I told
53:29I told the ladies that I wouldn't change
53:30anything except for two things when we
53:32took over.
53:34I I put hand dryers in the bathroom
53:36instead of paper towels and B I'd put in
53:38a new security system.
53:41The first day I went in and changed
53:43everything
53:44almost everything.
53:45>> Yeah.
53:46And not really meaning to
53:47>> Not really
53:48just getting in the trenches like I said
53:51you know while we run our business
53:52actively I seen
53:54oh you know like we were selling ice
53:56creams that we were only making 5 cents
53:58off of. Yeah. So there's you know we
54:02selling not even five ice creams a day
54:04that's
54:05It's not worth it.
54:06>> to drop a quarter and accidentally all
54:08your profits are going to go out the
54:09window. That's right yeah.
54:12And just you know just little stuff like
54:14that yeah because
54:16the way it was set up we inherited a
54:18manager and usually with acquisitions
54:21you fire the manager that's just that's
54:24the ugly truth is management gets
54:26canned. We decided to keep management.
54:29Um
54:30we butted heads for probably two three
54:34months
54:35and then I finally I guess I got through
54:38to her to say to tell her that you know
54:41and this is what we've told them from
54:43the get go Christian and I are blessed
54:45we don't need no fancy house we don't
54:46need no fancy car we like running
54:49businesses every bit of profits we get
54:52is going to go back in the into the
54:54business and grow y'alls wages and she
54:57finally I guess not took my bait but
55:01accepted my bait. She came around.
55:04>> She came around yeah
55:06and now I couldn't we couldn't ask for a
55:08better manager. She's there for us and
55:11like I said she's we consider her
55:13manager of operations so she's over the
55:15the four laundromats uh
55:18they're in what we call laundromat row
55:20they're all within what six miles of
55:23each other.
55:23>> about five miles. So
55:26she handles all that she handles all the
55:28money
55:29um
55:30just a
55:31just a well-rounded manager now I've
55:34kind of like used my
55:37experiences in corporate world of of
55:40teaching her how to manage people and
55:41how to what to expect and all the
55:44corporate mumbo jumbo
55:48and yeah it just worked out great but we
55:51I still change I think they say hate
55:53hate seeing me coming in honestly I
55:55really
55:56I really think that because and it's
55:58been saying like oh god what's he
56:00changing now. Yeah.
56:02But that's how we operate is
56:05there's no sense in why don't try
56:07something new. Um you know a while back
56:10I think when we
56:12it's been what probably about five six
56:14months ago we
56:16we started our pick up and delivery and
56:18um
56:19maybe got
56:21probably about three customers in our
56:22first month
56:24and we kind of idle that just to
56:26re-evaluate it. Um
56:29and now we're on this
56:31we've got one store that kind of
56:33underperforms on wash dry fold and one
56:35that over performs on wash dry fold and
56:37our eventual plan what we'd like to do
56:40is to take all of our residential to one
56:43store
56:44and then take all our commercial to the
56:46other store
56:47and then offer pick up and delivery for
56:49both and that's what we're in the middle
56:51of pushing right now as
56:53as
56:54reaching out to all these commercial
56:55clients
56:57uh
56:57and then we're still like I said we just
56:59idle our pick up and delivery so if you
57:01want to have your clothes picked up and
57:03delivered all you have to do is you know
57:05download the app or see one of our ads
57:07and go to our website other than that we
57:10don't really push it we're just going to
57:11let it grow
57:13organically for now.
57:16Yeah.
57:17Yeah well
57:19uh
57:20so is it I mean it sounds like you're
57:21starting that pick up and delivery from
57:23scratch like there wasn't that service
57:25before?
57:26Yeah.
57:26>> No there wasn't no there wasn't that
57:28service before we've actually started
57:30quite a few stuff from scratch. There's
57:32always been wash dry fold at two of the
57:34stores. Um but we've we've ventured into
57:38pick up
57:39>> when we bought the stores everything was
57:41grouped together and ran as one
57:43business.
57:45And anybody knows you can't do that
57:48because you need to see the
57:50the health of and viability of each
57:53individual business and we've learned
57:54that.
57:56Well we learned early on that that store
57:58we had one store store that really
57:59struggles on the wash dry fold it
58:01doesn't even cover labor so you know in
58:04a laundromat world technically we lose
58:06money on it
58:07um
58:08but Well the floor
58:10the floor makes up for it
58:13but yeah the wash dry fold isn't great
58:15there.
58:18Yeah.
58:19I'm curious I mean we're going to have
58:21to do another one of these now to to
58:22follow up on all these new changes that
58:25you're making but I'm curious
58:27uh
58:29what what prompted the pick up and
58:31delivery like starting up the pick up
58:33and delivery
58:34uh service?
58:36We we have we already have three drivers
58:39on staff so we have our manager she has
58:41a vehicle she's on staff to you know do
58:44whatever we need to do. We actually have
58:46two maintenance guys on staff.
58:48Um so they work a four on four off
58:50schedule. So our labor for pick up and
58:53delivery is already there.
58:55Um we don't have to spend a lot of time
58:57maintaining so we use our maintenance
59:00guys to just do the the the you know
59:03repair the machines clean the small
59:06laundromats that aren't attended pick up
59:09trash do you know do the stuff that me
59:12as an owner would be in there doing.
59:14So I utilize them guys but hey if we got
59:16a pick up and delivery they all three
59:18have driver apps they just one of them
59:21have to go. And I think someone had
59:24maybe asked about pick up and delivery
59:26or something and that's what kind of
59:30like prompted us to well maybe we should
59:32try it.
59:33>> And we were already paying for the the
59:35the point of sale that let us, you know,
59:38get in the door, pick up and delivery.
59:39It's just simple as clicking a button to
59:41turn it on. And
59:42>> Yeah.
59:42>> So, and that's what we did. We made our
59:44website, turned it turned it on.
59:47Um
59:48And when he says we made a website, he
59:50not only knows how to like build
59:52everything, but he can build a website,
59:54too. So. This guy. This guy. Let's say
59:57both of you guys. Yeah, both of you guys
1:00:00scored in in your spouse.
1:00:03All-star team here. I love it.
1:00:05I love it. Yeah.
1:00:06>> Now Oh, go ahead.
1:00:08I was just going to say the only current
1:00:10way that we advertising our wash our
1:00:12pickup and and delivery right now is
1:00:15each laundromat has two TVs that we run
1:00:18a slot of ads on that we sell to people.
1:00:21Um so, we just take a couple slots for
1:00:23ourselves. So, uh we advertise our wash,
1:00:26dry, fold in the in the unattended
1:00:29stores. And then we advertise our pickup
1:00:30and delivery at all stores.
1:00:32>> Yeah. Yeah.
1:00:35Nice.
1:00:36I love that. I love that. Um I know uh
1:00:39one thing that we had talked about
1:00:41before that we haven't hit yet.
1:00:43Um and this kind of goes in with
1:00:45something you were saying earlier. You
1:00:46were you were mentioning
1:00:47um how you guys mostly just buy used
1:00:50equipment. But I also know that you have
1:00:53you you you're doing something else
1:00:54wrong. Uh this is like a theme going
1:00:56over and over. And
1:00:58>> I know that you guys
1:01:00you guys like your top load washers. I'm
1:01:03curious uh cuz that's the wrong I mean,
1:01:06go online, you'll find out that's the
1:01:07wrong opinion to have. So, but I'm
1:01:09curious as to why you guys like the top
1:01:12load machines and how you utilize them
1:01:14in your stores.
1:01:15Um I actually have one in my house that
1:01:18I personally like use for us.
1:01:21Uh my washer messed up. And he was like,
1:01:23yeah.
1:01:24Commercial commercial machine?
1:01:26>> Commercial, yeah. It's got the coin
1:01:28drop.
1:01:28>> for it? Does he make Does he make you
1:01:30pay for it to use it?
1:01:31>> No, he's fixed it to where I just press
1:01:33a button. But um yeah, so it's uh very
1:01:38quick. My like 30 minutes. Um but
1:01:43they're also easy to work on.
1:01:44>> Yeah. Now, I
1:01:46if I needed to rebuild one, I could
1:01:47rebuild one of them about an hour.
1:01:49Um so, and that's completely taken
1:01:51apart, changing the bearings, you know,
1:01:53and you can even go on my YouTube
1:01:55channel and find the video where we
1:01:56where we take the transmission apart and
1:01:58rebuild transmissions. So,
1:01:59>> So, people love them.
1:02:02>> Yeah. People love them because they fill
1:02:05up with water. And
1:02:07>> look in them.
1:02:08>> They can look in them.
1:02:09>> stop them.
1:02:10>> Yeah. Um they love that part of it.
1:02:14>> But we have a pricing strategy behind
1:02:17ours. Uh they aren't the lowest priced
1:02:20machine in the store. So, what we
1:02:22typically try to do is if we have 20
1:02:25pounders in the store or 30 pounders, we
1:02:27actually price them higher than our
1:02:29lowest 20 or 30 pounder. And that deters
1:02:33people from stuffing a you know,
1:02:35comforter in there. Cuz they're in there
1:02:38they're in that laundromat just looking
1:02:39for the cheapest price. So, that kind of
1:02:42directs them, gives them a map to that
1:02:44machine that's going to be able to hold
1:02:47that comforter. I'm not going to get a
1:02:48call. I'm not going to have a burnt out
1:02:50belt. And then I it it saves that washer
1:02:53for that little old lady who wants to
1:02:54come in and You know, that's who loves
1:02:56the top
1:02:57>> who loves the top loader that that's all
1:02:58she's ever known for, you know, the last
1:03:0150 years. Uh so, and they just I don't
1:03:05know. We probably have I know we have 20
1:03:07in storage right now. That's how much we
1:03:09like top loaders.
1:03:10>> Yeah.
1:03:11So.
1:03:13I love it.
1:03:14>> I love it.
1:03:14>> Nobody
1:03:16I might get burned at the at stake for
1:03:18this, but we do like our top loaders.
1:03:20>> Ew. Yeah. Hey, putting yourself out
1:03:23there. But listen, man. I mean, this is
1:03:25the thing, right? It's like I I love
1:03:27that there's places for owners and
1:03:30people who are interested in the
1:03:31industry to gather, things like the
1:03:33Facebook groups or forums or
1:03:35you know, even just like stuff like the
1:03:37podcasts that are out there and stuff
1:03:38like that. Um but the downside of all
1:03:42that is that there can be a little bit
1:03:44of a hive mind thing that's going on.
1:03:47And again,
1:03:48uh
1:03:49listen, I I personally am not the
1:03:51biggest fan of top loaders. And I don't
1:03:55think I would buy top loaders to put in
1:03:56my store, personally. Uh but you know,
1:04:00kind of the theme of of what you guys,
1:04:02you know, aside from you just making all
1:04:03these mistakes and, you know, crushing
1:04:06it despite the mistakes you're making.
1:04:08Uh
1:04:09one of the themes here is that you guys
1:04:10are just you you're using your heads,
1:04:12right? And you're building the
1:04:14businesses, number one, that work for
1:04:16you guys. But number two,
1:04:18that work for your customers. And you're
1:04:19doing it in a way that, you know, you're
1:04:22removing a lot of the risk out of,
1:04:25you know, owning these businesses and
1:04:27and buying them in the way that you're
1:04:28buying them and your exit strategies
1:04:30going forward. Um and in the skill sets
1:04:34that you're both bringing to the table
1:04:36here. Um but you're also,
1:04:39you know, building these businesses in a
1:04:42way that's profitable, but that you're
1:04:44you're trying to meet the customers
1:04:46where they're at, right? And so, you
1:04:48know, what I love about what you guys
1:04:49are doing and I I hope you guys know. I
1:04:52mean, I I
1:04:55you're making any mistakes.
1:04:57Um but
1:05:00carving your own path. And Jacob, you
1:05:01already said, "Hey, if there's a manual,
1:05:03I'm making my own manual." Like I want
1:05:04to know I want to be the decide and I I
1:05:07have this conversation with my family
1:05:08all the time. Like we don't want life to
1:05:09happen to us. We don't want hive mind
1:05:11dictate what we're doing. We want to,
1:05:13you know, we want to make our own
1:05:14choices. We want to decide how we run
1:05:16our businesses, how we live our life,
1:05:17where we live, you know, what our life
1:05:19looks like, what we do with our time,
1:05:21like all that stuff. Um being proactive
1:05:23about that. And I love that that's what
1:05:25you guys are doing here.
1:05:27Yep. We appreciate it. Um
1:05:30That's well, yeah. That that's just
1:05:33that's how my mind works. That's how I
1:05:34learn is I have to
1:05:36throw the manual away and just create my
1:05:38own.
1:05:39Um You know, I
1:05:41I wouldn't
1:05:42couldn't get no sleep at night if
1:05:43somebody just said, "Here, I want you to
1:05:45go into your business and I want you to
1:05:47do this and then I want you to do that."
1:05:49And, you know,
1:05:51And this guy, he doesn't like new stuff.
1:05:54He likes junk. He likes to fix things.
1:05:57So, Yeah. He like junk. Yeah. He He
1:05:59loves to fix things.
1:06:02But But that being said, we did buy an
1:06:04entire um gosh, how many? It was a lot.
1:06:09Uh dirt cheap hip store uh had it
1:06:12shipped to the shipped to our storage
1:06:14unit. And I mean, we've
1:06:16I could have tripled my money on it if I
1:06:18wanted to, but we've just rebuilt all
1:06:20the stuff and and found places to put
1:06:22it. And uh I gave I gave probably what?
1:06:26Six or seven machines to my dad.
1:06:28>> Mhm. Uh so, yeah, it's worked out great.
1:06:33Does your Does your dad still have that
1:06:35first store?
1:06:37Uh yeah. Well, I guess they do. They're
1:06:39actually in the process of moving. Yeah.
1:06:41>> Uh
1:06:42so, they uh
1:06:44And I this is one thing you need to
1:06:46preach to people is check your leases.
1:06:48>> Yeah. Um so, similar situation is they
1:06:52uh the shopping center got sold. Um And
1:06:56I was just thinking. I was like, "Hey,
1:06:57have y'all checked your lease? When is
1:06:59it up? You need to start working on
1:07:00getting, you know, exercising your your
1:07:03>> option.
1:07:04>> your option there."
1:07:06And lo and behold, it was going to be up
1:07:07in a couple of months. So, they reach
1:07:09out. And, you know, they were met with,
1:07:12"Oh, well, we're not going to renew the
1:07:13option." And I said, "Okay, let's pump
1:07:16the brakes a little bit. You're legally,
1:07:19you know,
1:07:20you're legally right in your rights to
1:07:22offer to exercise your option." Um they
1:07:25took it to a lawyer.
1:07:27Um lawyer said the same thing. Um
1:07:31But it was just going to create a
1:07:32hostile environment.
1:07:34>> Yeah.
1:07:34>> Um
1:07:35You know,
1:07:36I don't know if they do it on purpose,
1:07:38but they plowed the they plowed the
1:07:40uh the snow in the parking lot a couple
1:07:42weeks ago and piled it all in front of
1:07:44the laundromat. Um
1:07:46And you know, don't know if it's a
1:07:48hostile thing or not, but it would it
1:07:51was going to become a hostile
1:07:53environment. So, they actually found a
1:07:54place not even Like a quarter mile down
1:07:57the road.
1:07:57>> Yeah. Quarter mile down the road. So,
1:07:59they're in the process of moving right
1:08:01now. Uh they should be open in May,
1:08:03hopefully.
1:08:04Yeah.
1:08:06Uh well, listen, I'm I'm hearing that
1:08:09the apple doesn't fall far from the tree
1:08:10cuz you're also another mistake not
1:08:13supposed to move your laundromat
1:08:14locations. It's supposed to be pretty
1:08:16much impossible to do that. So,
1:08:18>> to title this. They They do everything
1:08:21wrong.
1:08:21>> Yeah, do everything wrong and still kill
1:08:24it. Yeah. No, I mean,
1:08:27before you uh What?
1:08:29>> wash your hands before you Yeah, that's
1:08:30right. Uh the location they're moving to
1:08:32I mean, I know we didn't even plan on
1:08:34talking about this, but the location
1:08:35they're moving to was Was it a
1:08:36laundromat before? Did they have to come
1:08:38in with all new infrastructure and
1:08:40everything?
1:08:40>> everything. Well, yeah, it's all new.
1:08:43It's got a really nice floor. Yeah, it's
1:08:46really nice. They somebody for
1:08:48>> nicer building.
1:08:49>> build it out for somebody and they
1:08:50didn't want it after after they build it
1:08:52out. Um It's a salon. So, um we went and
1:08:55looked at it and we decided, you know,
1:08:56hey, tear down this wall, tear down that
1:08:58wall. Um And it's just uh it has to have
1:09:02all the all the sewer taps, the water
1:09:04taps, the gas and everything else, but I
1:09:08mean, it's going to work out. Everything
1:09:09should be wonderful. Yeah.
1:09:12They have to bust up that nice new floor
1:09:15to get all the
1:09:17all the lines.
1:09:17>> they're coming back to redo it.
1:09:19>> coming back to redo it. So, Love it.
1:09:22Love it.
1:09:23>> So, it worked out.
1:09:25Um Lord's blessed them. So, Yeah. Yeah,
1:09:28well, and that's a tough situation,
1:09:29right? When you're
1:09:31you know, you're kind of legally in I
1:09:34I've been in situation
1:09:36two situations similar not uh with
1:09:38leases per se, but when you're kind of
1:09:40legally in the right, but it's also like
1:09:44is it really going to be worth it to
1:09:45pursue this legally? Uh it's you know,
1:09:49it's a tough situation to be in cuz
1:09:50there's you know, there's going to be
1:09:51costs associated with building out this
1:09:53location and all that and then
1:09:56move in and you know, try not to lose
1:09:58customers in the move and while things
1:10:01are being
1:10:02built out and yeah, all that stuff.
1:10:04Uh with that I I kindly took over things
1:10:07for him too too
1:10:09at the forefront trying to negotiate,
1:10:11you know, see what see what the deal was
1:10:14with this shopping center why they did
1:10:16not want a laundromat in there and we
1:10:17thought maybe you know, they wanted just
1:10:20maybe they've been online looking at all
1:10:21these people that come in and put these
1:10:23brands back in new places in. Cuz the
1:10:26infrastructure would be there.
1:10:27>> and I thought maybe that's what they
1:10:29might had in mind and
1:10:30um you know, even with a brand new
1:10:33laundromat they said no, we don't want
1:10:34it. Uh so I said all right, they'll
1:10:38they'll willingly give up their their
1:10:40right to lease,
1:10:41but in exchange we want a non-compete
1:10:44signed, so
1:10:46the shopping center signed a non-compete
1:10:47for the next 10 years, so
1:10:50It's good. Worked out good. Yeah, cuz
1:10:52this is a very small town. Yeah. Um it's
1:10:56a very small town and if they were to
1:10:58put a laundromat a new laundromat in
1:10:59there, it wouldn't Yeah. it wouldn't be
1:11:02good for them like for his parents, so.
1:11:05>> Yeah. Yeah.
1:11:07Yeah, not enough uh not enough business
1:11:10Yeah, not enough talk. Yeah. Yeah,
1:11:13that's right.
1:11:15Yeah. Well,
1:11:17there I
1:11:18I love this uh
1:11:20I love this this episode. This has this
1:11:23been really great because I mean it's
1:11:25it's kind of a breath of fresh air,
1:11:26right? It's
1:11:27it's two people who have come in and
1:11:30built something from scratch. You've
1:11:32talked about sort of the roadblocks that
1:11:34you've hit along the way. You've talked
1:11:35about some of the
1:11:37you know,
1:11:39I'll just probably call them
1:11:40God-ordained
1:11:41uh opportunities that have come your way
1:11:43that you guys have stepped into even
1:11:46though I mean it's it's I I know from my
1:11:49personal experience maybe you guys feel
1:11:50differently, but from my personal
1:11:51experience when these opportunities come
1:11:53up,
1:11:55it's still
1:11:56difficult to make a big leap like, "Hey,
1:11:59we're going to buy for sure four
1:12:01laundromats and even though it's only
1:12:0320k out of pocket." Like four
1:12:04laundromats, a car wash, properties,
1:12:06you're taking responsibility for all of
1:12:07it.
1:12:08Those opportunities don't come around
1:12:10all that often, but even when they do,
1:12:13it's difficult to say yes and to
1:12:16take on that responsibility and to and
1:12:18to step into that even if you have some
1:12:20experience
1:12:21uh
1:12:22you know, in in running laundromats and
1:12:24stuff. It's it's tough, so this episode
1:12:26has been like
1:12:28such a breath of fresh air because you
1:12:30guys are in there, you're doing the work
1:12:33yourselves, you're
1:12:35you've built out a good team and
1:12:36inherited a good team. You've trained
1:12:38that team. You've taken advantage of the
1:12:40opportunities. You've made smart
1:12:43decisions that are
1:12:45frankly like mostly counter
1:12:48counter intuitive, counter cultural in
1:12:51our industry right now and are are doing
1:12:55awesome stuff with it and I I love that.
1:12:57I love that. Now
1:12:59we appreciate it and we do like our used
1:13:01stuff though.
1:13:02Uh yeah, I actually have a uh we have a
1:13:06another unofficial business um and
1:13:08that's I
1:13:09I don't know if I mentioned or not, we
1:13:11just got a warehouse built that you
1:13:12know, we've been trying to build for
1:13:14years.
1:13:15Uh
1:13:16Lord blessed us to finally build that
1:13:18and that's actually the house so I can
1:13:20buy used equipment, have it shipped
1:13:22here, dropped off and we can strip it
1:13:24and sell it at our eBay store. So we
1:13:25actually run a
1:13:27an eBay store uh I love it.
1:13:29>> that way
1:13:30all this hard to find laundry parts um
1:13:33You got them. We got them, so. Yeah.
1:13:36Well, I I mean you mind sending me a
1:13:38link to that eBay store and I'll link it
1:13:40here in case people need parts?
1:13:42Yeah, I'll send it to you. We ain't got
1:13:44a whole lot in stock right now because
1:13:46we're uh we're building it out now.
1:13:49Well, we're we're having to pull
1:13:50everything from one warehouse to another
1:13:52warehouse, so once everything gets moved
1:13:55and shelved and organized, we'll have
1:13:57everything on there. I love it. Yeah.
1:13:59Well, yeah, shoot me a link cuz I love
1:14:00to point people that way. That's uh
1:14:02that'd be a good resource for a lot of
1:14:04people looking for
1:14:05parts for their equipment and stuff like
1:14:07that. Um
1:14:08Okay, I'm curious.
1:14:10Uh
1:14:12any any plans for the future? Are you
1:14:15guys like
1:14:16I mean obviously like this warehouse
1:14:18thing sounds like it's your next thing.
1:14:19You've got your seven businesses, you
1:14:21know, plus your warehouse would kind of
1:14:23make eight, right? Is that or is that
1:14:26your seventh?
1:14:27That's why I said unofficial. Yeah. You
1:14:29know, that's Unofficial would be eight.
1:14:31I'm going to I'm going to say it's
1:14:32official. I mean Unofficial is what I'm
1:14:34going to leave it at.
1:14:35>> Cuz we know he can't say never, right?
1:14:38So That's right. Yeah. Yeah. Yeah. Well,
1:14:41any any plans for the future? Are you
1:14:43planning on getting more locations? Are
1:14:44you planning on
1:14:46adding a different
1:14:48business or you kind of looking for what
1:14:50opportunities come up?
1:14:52We're
1:14:54we're not really partners with his mom
1:14:56and dad, but
1:14:58I guess the plan is when they're done
1:15:01we'll acquire their
1:15:03Uh they have two, so when they're done
1:15:06Let them do the hard work of building
1:15:07out the location first though. Let them
1:15:09do all that stuff.
1:15:11Well, here Jacob's dad's a lot like him.
1:15:13He has to be working all the time. He
1:15:15can't sit still, so and his mom, too.
1:15:19But yeah, we we were actually trying to
1:15:21buy a laundromat a couple months ago.
1:15:22Yeah. Fell through. Um person couldn't
1:15:25make a deal. They did
1:15:26he wanted to sell, his wife didn't want
1:15:28to sell. They got greedy, so we just
1:15:30backed out.
1:15:30>> Yeah. Um we couldn't we couldn't even
1:15:32get a purchase agreement or no, yeah, we
1:15:35couldn't get our purchase agreement
1:15:36signed Yeah. because we couldn't agree
1:15:38on it. So we we just said forget about
1:15:41it. We're going to walk away, but uh I
1:15:43had asked her if she wanted to get back
1:15:46in home building again
1:15:48and that's I'm almost scared to because
1:15:50that seems like that what that's what
1:15:51starts our perpetual cycle here. We get
1:15:54in the home building and
1:15:56then here comes you know, four more
1:15:58laundromats, so but we're
1:16:01we just had company meeting today. We've
1:16:03got another company meeting tomorrow
1:16:04with a different store um and we just
1:16:07let them know our mission is to be the
1:16:10the go-to laundry people um for the for
1:16:14the
1:16:15the the area that we're in um servicing
1:16:18anything that we can service cuz I mean
1:16:20we've got
1:16:22over 200 access to 200 washers and
1:16:24dryers which over 100 of them
1:16:27don't sit idle for you know,
1:16:29uh 10 hours at night time, so we've got
1:16:33plenty of volume uh so Yeah, thanks. I
1:16:35think that's what we're going to try to
1:16:37focus on over the next We're just
1:16:38growing. It's just growing that. That
1:16:40way we can grow grow the business and
1:16:42then we can we can grow our employees.
1:16:44That's the that's the big thing is to
1:16:46grow our employees.
1:16:49Yeah. Okay, so what I'm hearing is
1:16:52yeah, you're probably going to get more
1:16:53laundromat locations even though you're
1:16:55not really planning on it. Yeah, yeah.
1:16:58That's what I'm hearing. We're not we're
1:16:59not looking for them, but
1:17:02Yeah, that's exactly what I'm saying.
1:17:04Exactly. It's when you stop looking for
1:17:06them and when they fall in your lap.
1:17:07Yeah.
1:17:08Yeah.
1:17:10Yeah, man. That's awesome.
1:17:12>> used equipment all the time, so
1:17:14yeah, she says I spend too much money,
1:17:16but
1:17:17it's her fault.
1:17:19Yeah.
1:17:20That's a good one-two combo right there.
1:17:22Yeah. Good one-two combo. Yeah, I love
1:17:25it.
1:17:26Guys, uh this has been incredible. Any
1:17:29uh anything else we need to cover before
1:17:31we wrap this thing up?
1:17:32Well,
1:17:33we appreciate you allowing us to be on
1:17:35here, Jordan.
1:17:37Uh well, listen, you got an open
1:17:38invitation anytime you want to be on
1:17:40here. Let's not make it 5 years between
1:17:42now and the next one.
1:17:43Uh but uh anytime you guys want to come
1:17:46on and and tell us that you actually did
1:17:48end up buying like a 24 pack of
1:17:50laundromats or something like that. Uh
1:17:52we'll do it, but I listen, nothing but
1:17:56blessings to you guys and I can't uh I
1:17:59can't wait to hear about how your pick
1:18:00up delivery grows and how your existing
1:18:03business grows and your eBay store grow
1:18:05like everything. You guys are just
1:18:07you're crushing it. Keep doing what
1:18:08you're doing. Keep using your heads.
1:18:09Keep using leaning into your strengths
1:18:11and uh you know, selfishly I want you
1:18:14guys to continue to crush it just so you
1:18:16can come back on here and tell us all
1:18:17how you're doing it so we can you know,
1:18:20take that wisdom to our our businesses
1:18:22as well. So appreciate you guys
1:18:25a lot and thanks for taking the time to
1:18:27come on here. Thank you. Appreciate it.
1:18:29Anytime. Well, we'll talk again soon.
1:18:34All right, see you. Bye. All right, hope
1:18:35you loved that episode. I know that you
1:18:38did cuz there was a lot of really
1:18:39valuable lessons uh laid out in that
1:18:41episode and how about that one-two combo
1:18:44spousal punch that they gave us. Uh
1:18:47getting to take from both sides,
1:18:48incredible.
1:18:51Uh so huge shout out to you guys for the
1:18:53the workmans for coming on to the show,
1:18:55sharing your knowledge, sharing your
1:18:57insight and uh just being a part of the
1:18:59community. So listen, again, I say this
1:19:01every time, if you
1:19:04if you're spending the time, you know,
1:19:05watching these podcasts, listening to
1:19:07these podcasts and you're not going out
1:19:09taking action, you're just wasting your
1:19:10time. So whatever it is, find something
1:19:13big, small, it doesn't matter. Take some
1:19:15action towards your goals today. Maybe
1:19:18for some of you that's going to be
1:19:19clicking that link to you know, book a
1:19:21free call to see if that done-for-you
1:19:24concierge package to help you acquire
1:19:27that first or next laundromat is the
1:19:29right deal for you.
1:19:31For the rest of you, pick something, put
1:19:33it into action, and let's get after it
1:19:35this week, huh? All right, we'll see you
1:19:37next time. Peace.

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