tag:blogger.com,1999:blog-322525862024-03-13T15:37:04.337-07:00LAUNDROMATINSIDER.ORGLaundromat Insider is a blog about the coin laundry business. Whether you are starting a coin laundry from scratch or buying a Laundromat, this blog will give you an insiders perspective on many topics. The Laundromat business has been going through some inovative changes over the last few years. Keep coming back to read more about how these changes can and will affect your laundry mat business.Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-32252586.post-55412085729931984252016-12-21T22:49:00.002-08:002016-12-21T22:49:34.244-08:00Coin Laundry VideoI recently gave a presentation called, "Designed to Sell" at the CLA's Educational Workshop in Baltimore. In the presentation I gave some pointers on how to maximize the value of your Laundromat. You will find that this is the same process that someone just getting into the coin laundry business will go through when evaluating a store.
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The entire presentation is available on my website at <a href="http://buyalaundromat.com/designed-to-sell">BuyALaundromat.com</a><br />
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Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!
<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-27611291263361519932014-03-01T23:57:00.000-08:002016-12-22T00:02:55.432-08:00At the 2013 Clean Show, I was honored buy the Coin Laundry Industry to receive the 2013 Member of the Year Award. While it is nice to be recognized for helping others during their quest for laundry ownership and enrichment of their lives, receiving an award like this is very humbling. <br />
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I give back to this industry because I want others to enjoy the same success that I have found. It has changed my life and my family's lives. It's not about the money. Don't get me wrong, I love my Ferrari and the things that the money can buy. But, it is really about the freedom of time that this business gives me and my family. Working part-time on my schedule gives me the freedom to do what I want when I want, and that is priceless.<br />
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Below is an article that the Coin Laundry Association did on me.<br />
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<em><img alt="Brian Brunck" src="http://higherlogicdownload.s3.amazonaws.com/COINLAUNDRY/UploadedImages/dc3bac2e-11fa-49a9-90fe-97eb7b3cd75e/BrianBrunck.jpg" style="margin-left: 7px;" title="Brian Brunck" /></em><br />
<em>Originally posted - Dec 12, 2013 </em><br />
<em>Brian Brunckhorst is currently the owner of four laundromats in the San Francisco Bay area. He’s also the vice president and treasurer of the Golden State Coin Laundry Association, a real estate investor, the author of the popular business book – “<a href="http://www.buyalaundromat.com/book">Secrets of Buying and Owning Laundromats</a>” – and the 2013 Coin Laundry Association Member of the Year. <br /><br /> Brian went from the high-tech world of computer software in Silicon Valley to the lower-tech business of owning laundromats. <br /><br /> When the high-tech startup company Brian worked for went out of business in 2002, he and his wife, May, began researching the coin laundry business. By 2003, they had purchased and remodeled their first store. As their coin laundry business expanded, by 2008, Brian became a full-time entrepreneur. <br /><br /> Brian has dedicated himself teaching fellow entrepreneurs how to find, evaluate, analyze and buy laundromats – as well as how improve their store operations. He is a frequent contributor to PlanetLaundry and has spoken at numerous Golden State CLA meetings. </em><br />
<strong><br /> What does being named the CLA’s Member of the Year mean to you? </strong><br />
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What an unexpected honor and privilege. My wife, May, and I feel very blessed to have found the coin laundry business. This industry changes lives by giving people the opportunity to be their own boss and the freedom to live a more balanced lifestyle. <br />
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For us, it has provided the freedom to be there for our three children as they grow up. Because the industry has given us so much, I wanted to give something back, and that’s why I’ve been so active, both locally and nationally, in supporting the CLA. <br />
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Honestly, we’re just very humbled by this recognition and grateful for the friendships we’ve made in this industry over the years. <br />
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<strong>How did you first get involved with the Coin Laundry Association? </strong><br />
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When we were looking for our first store, I attended the Clean Show in Las Vegas. I figured that, if I wanted to have a successful business, I needed to learn from and associate with the best laundry operators in the industry. <br />
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Of course, the best operators in any business are also those who belong to that particular industry’s trade organization. So, it really was a no-brainer. In fact, I signed up to be a member of the CLA at that show. <br />
<strong><br /> How has the association helped you along your journey as a laundry owner? </strong><br />
At my first Clean Show, I attended several informative seminars that the CLA put on. These seminars helped me understand the fundamentals of the laundry business and gave me a solid foundation. And this gave me more confidence to move forward. <br />
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Literally, I attended that first trade show before I even bought my first store. I happened to be in contract to buy the store at the time; however, I hadn’t actually closed on it yet. <br />
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As it turned out, that was only just the beginning of my self-service laundry education. Since then, my wife and I have attended every Clean Show and nearly every educational seminar we possibly could. We’re always taking away little nuggets that we try to apply to our businesses. Sometimes, those little nuggets are golden. <br />
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And, locally, we have really enjoyed meeting the members of the CLA’s northern California affiliate – the Golden State Coin Laundry Association – to share ideas and network with them. <br />
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Just being able to meet other successful operators, to share ideas and to learn from each other really elevates your game over those who don’t have that interaction. <br />
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<strong>What first attracted you to the self-service laundry business? </strong><br />
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I was working in Silicon Valley at a startup company. And, when that company ran into problems and laid off the entire engineering team, I like to say it was one of those times in life where you have a paradigm shift. For me, I like to refer to it as a rude awakening, because it was really at that point in time when I realized that, as long as I worked for someone else, I was vulnerable. I was putting my family’s future at risk, because the notion of job security isn’t a reality today. <br />
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I loved what I did, but for my family’s sake, I knew I needed to have something on the side, some type of a safety net. That’s when I decided I would look at different types of businesses. <br />
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We looked at a lot of different business models – sandwich shops, window blind companies and maid services. We even considered buying a dating service company. <br />
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However, the problem with all of those businesses was that it would require me to work in them full time. So, after I spent anywhere from $200,000 to $500,000, I would still have to work as a full-time employee to keep those businesses running. <br />
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I didn’t want to work in a business full time. I wanted it to be part time. After all, it was supposed to be on the side. <br />
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That’s when I discovered the self-service laundry business. I thought it was a business I could run part time. Basically, that’s how we found it, during our search for different business opportunities. <br />
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At the time, I just wanted something that, if I ever got laid off again, would throw out enough cash flow so that I wouldn’t wind up living underneath a bridge somewhere. <br />
<strong><br /> What are the keys to a successful self-service laundry business today? </strong><br />
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It all depends on what your goals are. If your goal is to own one or two stores, the keys for you would be a little different than the keys for somebody who is thinking bigger. <br />
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Of course, in general, every laundromat has the same keys. Those are a good location, offering your customers value at a competitive price, machines that work, a well-lit facility, and attendants to keep the store clean and help customers. <br />
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If your goal is to have more than a couple of stores, your keys will change a little bit because you’ll need to have a team in order to grow. You’ll need to have systems and processes in place so that you can delegate activities and be able to give a consistent quality of services to your customers. <br />
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For example, consider a wash-dry-fold service. If you don’t have a system and you have three attendants, a customer could bring home her clothes three different times and theoretically have those garments folded three different ways. <br />
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Where is the quality control? Where are the systems? You need that to provide a consistent experience for your customers. Yes, even if you have only one store, you still need systems – but that need becomes critical if you want to grow your business. <br />
<strong><br /> How many stores do you own? </strong><br />
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Currently, we have four stores operating in the San Francisco Bay area. We also have a fifth, brand new laundry we’re having built, which is due to open by the end of the year. <br />
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<strong>What other business ventures are you also currently involved in? </strong><br />
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We invest in rental properties. We have some ownership interests in other private businesses, where we’re just a limited partner. And we’ve also done some investing in gas and oil wells throughout the country. <br />
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Of course, I also have a small internet marketing business, which helps educate those who are interested in getting into the self-service laundry business. And I do some business consulting as well. <br />
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Another thing that occupies my time is being the vice chairman and treasurer for the Golden State Coin Laundry Association. Next year, I’ll be transitioning to the role of chairman. <br />
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In addition, I’m the treasurer for the Dublin High School Band Boosters Club. Brooke is a senior, Brandon is a freshman and Brittany is in seventh grade – and they are all in band. And, honestly, I probably spend as much time working on the high school band activities as I do running my coin laundry business. <br />
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<strong>How do you find time for all of it? </strong><br />
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Everybody has a lot on their plate, so I’m not an exception. We all have the same amount of time. We all get 24 hours in a day. It’s the allocation of that time that makes the difference, which is where the choices are made. <br />
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The short answer is that May and I have a team. We don’t do all of the work ourselves. Personally, my time gets allocated to high-level activities, while the lower-level activities get assigned to other team members. As a result, my wife has forbidden me from mowing the lawn; we have a team member do that. <br />
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Having a team doesn’t mean you need to hire a full staff working for you 40 hours a week. But a little help here and there can make a difference. For instance, we have somebody who comes in and cleans the house. We have a gardener. We have an assistant. We have a bookkeeper. We have a team. <br />
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And having that team has allowed us to spend more time doing the things we want to do, rather than the things we have to do. <br />
<strong><br /> Break down your typical day, if there is such a thing as a “typical day.” </strong><br />
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At 5 a.m., May gets up. She’ll spend the first hour of the morning reviewing video from some of our stores that are open overnight, and planning the schedules for the day. She’ll typically do this from 5 a.m. to 6 a.m. <br />
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At about 6 a.m., the three kids are up. The two high school kids are out the door by 6:30, and my wife drives them to school. <br />
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Normally, I get up around 7 a.m. I’ll eat breakfast and get ready for our morning walk. At 8 a.m., May and I usually take a morning walk, which will last anywhere from an hour to two hours. Along that walk, we will drop off Brittany at school. <br />
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By the time we’re back at home from our walk, the office at the house is usually buzzing. Staff is here by then, and the first thing we’ll do is sit down with May’s administrative assistant, who is also our store supervisor in charge of the staff at the laundries. We’ll get our daily briefing from her – what happened the previous day and overnight. <br />
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Then, the workday begins for us. At that point, the “typical day” ends, and the specific day begins. What gets accomplished on any specific day depends on what’s on the schedule that day. One day may involve me going to the stores to stock the vending machines and the changers. The next day may have me working on presentations, writing an article or working on some of our other business ventures. <br />
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May usually spends her day running the household, running errands, paying bills and coordinating the various projects we may have going on. When I’m home, May and I will eat lunch together at noon. And, by 1 p.m., it’s back to work on various projects. <br />
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By 4:00, our staff leaves, and 5:00 is dinner time. The evenings are normally devoted to the kids and whatever school activities they have – as are the weekends. <br />
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<strong>How much time per week is spent on your laundry business – both in and out of the stores? </strong><br />
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On a weekly basis, I am either traveling to and from or working in the stores somewhere between 15 to 20 hours a week. On top of that, May typically works between 10 to 15 hours a week in the office – reviewing video, processing payroll, meeting with staff, paying bills and so on. <br />
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Between the two of us and the four stores, we’re probably putting in approximately 25 to 35 hours a week. <br />
<strong><br /> You’re also a successful author. How did the idea for a <a href="http://www.buyalaundromat.com/book">book about the laundry business</a> develop? </strong><br />
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The idea developed when I finally decided to complete the journey of exiting corporate America. May and I had a goal for us to both be able to leave corporate America and be on our own. However, having that goal and actually executing it are two different things. <br />
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It’s easier to say it than do it, because all your life you’ve been taught about job security. But, once I actually did it and got back those 50 to 65 hours a week I was putting in at the job, I wondered why I waited so long. <br />
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All of a sudden, I’ve got all of this free time. So, I decided there would never be a better time to give back to the laundry industry. I wanted to put some thoughts down – little tidbits and ideas that I’d learned along my path to hopefully make it easier for someone else in the future. The business has meant so much to our family that, for me, it was my way of giving back and thanking the industry. <br />
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<strong>What was the toughest aspect of that entire process? </strong><br />
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Writing a book takes a lot of time and motivation. May was great in helping to motivate me and keep me going. My problem is I’m great at starting projects, but I am lacking in follow-through skills. So, May helped drive me to the finish line with gentle – and sometimes not so gentle – encouragement. <br />
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It’s hard. It takes a lot of time to sit down and actually formulate your ideas. Luckily, I had a friend of mine help me with some of the logistics, as well as with ideas about what chapters to write and what different topics should be covered in the book. We would often brainstorm on different ideas. <br />
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Additionally, May and my father played critical roles in the editing process. <br />
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<strong>Beyond writing your book, you’ve certainly given very freely of your time and advice to help other laundry owners and potential investors. Why is that so important to you? </strong><br />
When we first got into the business, there really wasn’t any program or class we could take to teach us how to go out and find a store, how to analyze a store, or what the process was to actually buy a store. <br />
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During our journey, friends and family members would ask us how we were doing it. We were both working for startup companies – then, all of a sudden, May is not working at a job and is able to lead a more balanced lifestyle and spend more time with our kids. Next, all of a sudden, I’m able to do the same thing. <br />
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<strong>How did we do it? </strong><br />
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For me, it’s important to tell that story, because I want to make it easier for others to follow me into this business. It’s a great business. It has afforded us a fabulous lifestyle, and I want to share that. If I can do it, other people can do it, too. Why not? That’s the dream, right? <br />
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The bottom line is that it makes me feel good to be able to give back. <br />
<strong><br /> In 2014, what will be the hot-button issues for laundry owners? </strong><br />
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The biggest issues I see revolve around utility costs. It’s been a problem, and it’s going to continue to be a problem. <br />
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As the economy begins to recover, rent costs are starting to change and rents are going to begin going back up, and overall expenses will be higher. So, controlling costs is a huge problem. Although costs have gone up, vend pricing has not kept pace with these rising costs. <br />
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As an example, payroll is going up. In my state of California, the governor just signed into law that the minimum wage statewide will increase to $9 an hour next year. And other states surely will follow suit. <br />
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As wages go up and as utility costs rise, our costs are going up. However, at the same time, the economy is recovering very slowly; in fact, many economists have downgraded some of their forecasts. The recovery is not as strong as they thought. And that makes it difficult to increase vend prices to counteract these increasing expenses. <br />
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The only way to manage those costs is to have more energy-efficient, water-efficient equipment. <br />
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For that reason, I think 2014 might be a very good year for equipment distributors and manufacturers, with laundry owners retooling their stores to try to cash in on the low interest rates. There are signs that those rates are going to start to climb, and if they don’t do it now, they may miss the boat. <br />
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Of course, if the economy starts to drop, the brakes will be put on. <br />
<strong><br /> What major trends are you noticing in the industry? </strong><br />
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On the West Coast, the trend is toward newer, larger stores. There already are some megastores in the middle of the country and on the East Coast. <br />
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In general, I think the average store nationwide is probably between 1,500 and 2,000 square feet, and I see the trend to be an increase in the size of the average store. Of course, this also may mean that there will be fewer stores, because the larger stores may put some of the smaller laundromats out of business. <br />
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Secondly, there is no question that there is a trend is toward larger equipment. That’s a given. One store I know of has seven 125-pound washers – and they’re spinning all the time. <br />
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As rents increase, owners are looking to maximize the dollar revenue per square foot. I’m waiting for the emergence of the 200-pound washer! <br />
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A third trend is that more and more stores are becoming credit-card-capable. In one of my stores, we’re testing out a system that would let customers pay with their mobile device. <br />
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Lastly, social media is going to be a big trend in how owners market their stores – how they will take advantage of social media and incorporate it into their promotional strategies. <br />
<strong><br /> Do you have a business philosophy that guides your decisions? </strong><br />
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Our philosophy has always been that we want to provide a better experience for whatever it is we’re doing. When it’s a coin laundry business, we want to provide a better washing and drying experience for the customer. <br />
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When I was growing up, I was involved in the Boy Scouts, and they had a saying: “Always leave the campsite better than you found it.” And that has always stuck with me. <br />
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This is why we want to provide a better service. If that means having machines that get customers in and out of the store faster, that’s great. If it means having better lighting, OK. If it means having an attendant at the store, we’ll do it. <br />
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It all goes back to trying to provide the best service we can and remembering the roots of that Boy Scout experience. <br />
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<strong>Personally, what’s the biggest mistake you’ve ever made in this business? </strong><br />
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Just one? There are so many. <br />
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Most mistakes in business and in life result either from a lack of knowledge or because you weren’t paying close enough attention. <br />
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A perfect example was when I was pricing a group of washers for a weekly special. I had installed a bank of new 40-pound washers, which I planned to vend for $2.50 on Wednesdays only. It was a crazy special. <br />
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However, while I was programming these machines, I made a mistake and left off the zero. And I didn’t realize it for six weeks. <br />
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The funny thing is that my revenue wasn’t down, which is why I didn’t realize my error right away. <br />
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During that time, those machines on Wednesdays were turning 24 times a day! Customers were literally lining up outside the door at 5:00 a.m. for a 25-cent 40-pound wash. Can you imagine that? <br />
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Then, I just happened to be in the store one Wednesday, and a customer came up to me to ask if I could direct him to the 25-cent washers. <br />
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I said, “Excuse me?” <br />
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He replied, “Yeah, every Wednesday you guys have 25-cent washers. Which ones are those?” <br />
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So I told him, “Hurry up and get your clothes in there, because that price is changing in about five minutes!” <br />
<strong><br />What one piece of technology could you not live without? </strong><br />
From a day-to-day point of view, I’d probably say the smartphone is the one piece of technology I use the most. I can remotely monitor all of my stores on my phone. <br />
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I never imagined in my wildest dreams that I could press a button on my phone, ask it a question and have the answer show up on the screen. How awesome is that? It’s definitely the most used piece of technology I have. <br />
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<strong>What do you like to do for fun? </strong><br />
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We spend a lot of time with the kids and their activities. We also like to go on vacation. Lately, we’ve taken some cruises; we actually did four this year. I love going out for long drives. We enjoy good food and going to nice restaurants. <br />
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But, mostly, it’s about spending time with the family. And that could include doing volunteer work at a 49ers game, trying to raise money for the high school band. For me, being able to give back is rewarding kind of fun. <br />
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<strong>What might others be surprised to learn about you? </strong><br />
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When I was in high school and college, I was a disk jockey. In fact, I was co-owner of a DJ company. <br />
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In my youth, I also worked as a karate instructor for several years. <br />
<strong><br /> If you could magically sit down with the 18-year-old version of yourself, what life and/or business lessons would you bestow upon “young Brian?” </strong><br />
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I was pretty fortunate that my dad instilled a lot of those secrets in me growing up. But I guess, looking back, I would have followed the dream of entrepreneurship much sooner. <br />
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I started young, at 12 years old. When I wanted to buy a bike, my dad told me I had to go out and earn the money. So, we made lemon-walnut bread and sold it to all of the neighbors, until I had earned enough money to buy the bicycle I wanted. <br />
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So, I got started early in entrepreneurship, but then I went to college – and the school system trains you to go out and get a job. So I followed that path. <br />
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I believe that doing those jobs for other people certainly gave me a lot of experience I wouldn’t have had otherwise received. I don’t regret doing those jobs. I just wish I would have started earlier and not let so much time lapse between the time I got out of college and the time I actually began working for myself. <br />
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<strong>What are your business goals for 2014? </strong><br />
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In 2014, I’d like to get up to six stores, and also see our fifth store become profitable. <br />
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Long-term, we’d like to continue growing this business. I can see 10-plus stores, eventually maybe 20. <br />
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The one thing that working for other small businesses has taught me is that there is some risk in expanding too fast. That’s why we have tended to exhibit a more moderate growth rate over the last 10 years. However, I think for the next 10 years we will have the ability to increase that growth rate. <br />
<strong><br /> What advice would you give to a new laundry owner just getting into the business? </strong><br />
Educate yourself. That’s so important if you’re going to get into this business. After all, you wouldn’t open up a restaurant and not know anything about the restaurant business. So, what makes somebody think they can open a laundromat without knowing anything about the laundry business? <br />
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In a lot of ways, the self-service laundry business is a very simple one. But there are still an awful lot of particulars that people need to understand. Making sure you buy a store for a fair price. Making sure you properly analyze that store. Making sure this is the business you really want to get into. <br />
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Education shortcuts your path to success. One way or another, you’re going to do the homework. That’s guaranteed. You will get that education. The only question is how quickly you want it. Do you want to get it before you get started and go in with your eyes open? Or do you want to learn along the way? Most people learn along the way – and then those lessons become very expensive. <br />
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Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-72249526012170997732013-07-03T22:44:00.001-07:002016-12-21T18:26:20.491-08:00Clean Show 2013 Wrap-UpWell the Clean Show for 2013 is over, but it sure was a lot of fun. New Orleans was is always a wonderful city to visit and the people there treat you right. Hats off the CLA for putting on a great Marti Gras party. I wrote a complete article about my experiences at the Clean Show 2013 and created a video as well of those new and interesting items I found while at the show. To read the article visit my website <a href="http://www.buyalaundromat.com/articles_2013_clean_show_wrap-up.html" target="_blank">BuyALaundromat.com or click on this link</a>.<br />
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- Brian<br />
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Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/teleseminar" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-7995492778075719692012-08-20T14:48:00.000-07:002016-12-21T20:46:53.645-08:00The 5 Deadly Sins of Laundry OwnershipOne of the questions I am often asked is this, "If Laundromats are so good, then why do some go out of business?" It is a great question, so good in fact, that I shared my thought on this subject with the Coin Laundry Association and Planet Laundry Magazine. Below is the article I wrote for the <a href="http://www.planetlaundry.com/">Planet Laundry Magazine</a>. The title of the article is "The 5 Deadly Sins of Laundry Ownership."<br />
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Comment below and let me know what you think.<br />
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<div style="text-align: center;">
"The 5 Deadly Sins of Laundromat Ownership"</div>
<br />When a coin laundry fails, what are the most common reasons for its failure and how could that failure possibly be avoided?<br />
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<strong>Reasons for Failure:</strong><br /><strong>1. Mismanagement / Neglect</strong><br />
<strong></strong><br />
I believe the number one reason why coin laundries fail is due to poor management or neglect. Often times, people who buy Laundromats do so with the belief that all they need to do is collect the money once every week or two. Unfortunately, that couldn’t be further away from the truth. Although these businesses can be, and many are, run part-time, they are real businesses that do require work to be performed on a regular basis. Failure to perform this work will result in a loss of income.<br />
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There are several elements that all coin laundries need to have in order to be successful. They need to be clean, well lit, safe, inviting, have a good selection of equipment, which is in good working order, have plenty of parking, and competitive pricing. It is up to management to make sure that customers are happy with the quality of each of these elements within their control. Lack of attention will negatively impact the customer’s perception and overall appeal of a store.<br />
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There are several ways an owner can monitor how their store is doing from a customer perception point of view. Check online review sites frequently. Sites like Yelp and Google Maps will give the owner unbiased feedback and point out opportunities for improvement. Keep your machines in good working order and make sure that you keep your store clean. Consider doing some promotions benefiting the community, like a revenue share for the local high school band or athletics department and have them promote it. You would be surprised how much extra revenue you can get by giving back 20% to the school or church. <br />
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<strong>2. New Competition</strong><br />
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One of the biggest fears that many coin laundry owner have is the possibility of a competitor opening up a store across the street and there is a good reason. A new store will often times be larger in size, have better amenities, and have newer equipment. Imagine having the same expenses, but losing half your revenue or more. That would be enough to put most stores out of business.<br />
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The key to avoiding a new competitor taking aim at your business is to make your store an undesirable target. That means keeping the store fresh and up-to-date, taking care of the customers, and having great reviews. Don’t wait until all your machines are 20 years old before you replace them. Most investors would rather build a new store to compete against coin laundries that are run down and mismanaged, than to have to go up against the neighborhood’s leader.<br />
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<strong>3. Lease</strong><br />
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The lease is one of the largest single expenses that a self-service laundry has. There are three big concerns when it comes to the lease, each of which can sink a business. These include high rent, uncontrolled CAM expenses, and the unwillingness of a Landlord to renew your lease.<br />
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When the rent represents too large of a percentage of the gross income, it will eventually suck all the profit out of the business with rental increases. The optimum time to take care of the lease amount is before you buy the business. However, with the large amount of commercial vacancies in many cities, if you find your store’s rent exceeds 30% of gross income, it is worth the time to talk to the Landlord and try to renegotiate for a lower rent payment. <br />
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As for Common Area Maintenance (CAM) expenses, it is always best to negotiate into the lease a cap of 25% or less of the rental amount for CAM. If you are considering buying a store without such a cap on CAM, you may find that CAM expenses can, in some cases, exceed the rental amount. Remember, an expense directly affects the bottom line and leaving this one un-checked could wind up costing you much more than you bargained for.<br />
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The third prong of a lease that stings is when the Landlord refuses to renew a tenant at the end of their lease. Again the best time to take care of this is in the beginning. Always make sure that you have options to renew your lease with predefined terms, if possible. When exercising an option to extend the lease, always make sure that you get a new option to replace the one you are exercising. Even if you have to pay for an option, it is far better to have it than be without one.<br />
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<strong>4. Lack of Capital</strong><br />
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There is nothing worse than spending the money to buy or build a business but fail to have enough starting capital to carry the business until profitability. I wrote an article about <a href="http://www.buyalaundromat.com/financing">financing a coin laundry</a> with tips on getting financing. It takes money to fill the change machines, pay deposits on utilities, and post the security deposit. For a new store, it could be 6 months or more before it is profitable. Even when buying an existing store, it will take a month or two before you have enough money in the bank to handle unexpected expenses, that is of course, if it is making money when you buy it. Which leads us to…<br />
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<strong>5. Failure to properly analyze the business during the purchase process – lack of due diligence</strong><br />
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It is critical to properly analyze the business prior to purchasing it. You need to not only verify the seller’s claim of reported income, but also account for each and every expense the business generates in order to get an accurate picture of the business’ performance. Far too often, buyers are mislead to believe the business they are buying is making more than it really is. In the worse case, the store you thought was making money every month is actually losing money every month and you, as the buyer, need to come up with the shortfall, sell it, or go out of business.<br />
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The good news is that with the proper education, most people can learn how to properly analyze the business. There are several <a href="http://www.buyalaundromat.com/book">good books</a> and <a href="http://www.buyalaundromat.com/webinar">courses</a> on the market that can teach you these skills. My other suggestion would be to consider hiring an expert to go over the deal. Since the value of a self-service laundry is based primarily upon the net operating income, even a small monthly shortfall of $500 could change the value of the business by as much as $30,000 or more. The cost of an independent laundry consultant is far less than the cost of making a mistake. Plus, they can give you a second set of eyes with an unbiased perspective.<br />
<br /><strong>Brian Brunckhorst</strong><br />
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Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/teleseminar" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-20978609539421449052010-09-12T10:01:00.000-07:002016-12-21T20:48:37.289-08:00Laundry Products that Waste MoneyI found this interesting article on Yahoo from Consumer Reports about how people are wasting money on various laundry cleaning supplies. The title of the article is "<a href="http://shopping.yahoo.com/articles/yshoppingarticles/421/money-wasting-laundry-products/" target="new">Money-Wasting Laundry Products</a>." What is interesting is how many of these products I see people bringing into the Laundromat. Look at the list of products in the article and see if you recognize any of them at your stores.<br />
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Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-50164601348730787362010-09-01T19:29:00.000-07:002016-12-21T20:54:15.647-08:00Laundromats Still a Great Business Despite the Economy<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_9t65hJzuLfan3pOf1nDBvJY3SmNHT74qAaEbpnXKAKUZ8LDdiaqNWJExtnJs4e5-CnofeWLkqG-ZTzFIQ8qSNRsPetpABJYbxMjGw7gfD_c3APH_q4QWN57nnVnDXdRmU17KoA/s1600/Deborah+Dower.jpg"><img alt="Deborah Dower, pictured August 18, 2010, turned a run-down Citrus Heights, California laundromat into Paradise Laundry. The 'green'-themed business opened in March and has already added a new site. (Paul Kitagaki Jr./Sacramento Bee/MCT) ( PAUL KITAGAKI JR. )" border="0" id="BLOGGER_PHOTO_ID_5521415512587842002" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_9t65hJzuLfan3pOf1nDBvJY3SmNHT74qAaEbpnXKAKUZ8LDdiaqNWJExtnJs4e5-CnofeWLkqG-ZTzFIQ8qSNRsPetpABJYbxMjGw7gfD_c3APH_q4QWN57nnVnDXdRmU17KoA/s200/Deborah+Dower.jpg" style="cursor: hand; float: right; height: 133px; margin: 0px 0px 10px 10px; width: 200px;" /></a>Here is a great success story of one of my star one-on-one coaching students, Deborah Dower, who was written up in the Sacramento Bee newspaper. When Deborah was forced into early retirement, she decided that she would need to make some major changes and perhaps go into business for herself.<br />
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Deborah found me on the internet and purchased my 'Own a Laundromat Teleseminar' home study course. She fell in love with the idea of owning a Laundromat and got to work right away. Within just a few months, Deborah found two Laundromats that met her criteria and decided to buy them both! Deborah then decided to remodel one of the two stores, so she would be able to enjoy a store with new equipment and less maintenance. Because she can run her businesses part-time, she now has more time to spend with her husband, Jim.<br />
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Here is what Deborah had to say about the course:<br />
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“Brian’s course ‘<a href="http://www.buyalaundromat.com/webinar">Own a Laundromat Teleseminar</a>’ provided me everything I needed to enter the coin op industry which in Brian’s words is A Clean Cash Machine. Within 30 days of taking his training and applying the due diligence process he outlined I made on offer on our first laundry, five months later we purchased our second store. Thanks to Brian I have successfully made the move from a corporate America W2 employee to independent business owner earning passive income.”<br />
- D2<br />
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Way to go Deborah, Here's to your continued success!<br />
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Here is the Sacramento Bee Article:<br />
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Entrepreneurs Forge Ahead<br />
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By Darrell Smith<br />
dvsmith@sacbee.com<br />
Published: Sunday, Aug. 22, 2010 - 12:00 am Page 1D<br />
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Deborah Dower was met at the door Monday morning with a smile and a greeting.<br />
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"Oh, you're the boss's wife," the smiling man said.<br />
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"No, I'm the boss," Dower said, shrugging off the mistake with a smile of her own.<br />
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After all, her customer has been there from the beginning in March when Dower opened her business, turning a run-down laundromat at Sunrise Boulevard and Old Auburn Road in Citrus Heights into a Paradise – Paradise Laundry.<br />
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With its motto "Wash Green. Save Green," Dower touts Paradise as a "green laundromat," with biodegradable detergents, energy-saving washers and dryers and discount rates for customers who use cold water instead of hot to wash their loads.<br />
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"If anybody thought I would own a coin laundry, I would've thought they were crazy," Dower, of El Dorado Hills, said. "But it's recession-proof. People need clean clothes."<br />
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Yes, the economy is struggling, but some entrepreneurs still have energy, dreams and drive, developing ideas, opening storefronts, starting businesses and finding ways to succeed amid the deep recession.<br />
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Today, Deborah Dower is her own boss. She'd been the boss before, supervising hundreds of employees, overseeing nearly $1 billion in sales accounts as a national vice president at Hewlett-Packard.<br />
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Then came June 22, 2009, the day she was laid off, ending her 25-year career just days removed from her 50th birthday.<br />
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"I wanted to retire at 50, but I didn't know it would be forced," she said. "The layoff was a shock. I didn't see it coming."<br />
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Dower may have been shocked, but she didn't panic.<br />
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She decided to turn her layoff into a business opportunity, opening a new door when one closed behind her.<br />
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Some studies have found that new business creation nationwide has grown during the recession, but Sacramento city and county officials said that's not true locally.<br />
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The city's Department of Finance said there were 4,021 new business applications in fiscal 2009-2010, down from 6,350 in fiscal 2007-2008. County tax officials similarly said there were 4,341 applications in 2009-2010, down from 5,204 new filings in 2007-2008.<br />
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Still, Dower and others aren't afraid to swim against the stream. And they're finding some advantages to hanging their shingle during a downbeat economy, including plenty of commercial space available at prices far below just a couple of years ago.<br />
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"Space is not an issue," said Greg Roquet, a business broker at Davis-based Murphy Business Brokers. "Now, landlords are hungry" to work with potential tenants, he said.<br />
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That aided Dower, who investigated several business concepts before finding a website on <a href="http://www.buyalaundromat.com/">owning laundromats</a> that helped her plot a new course.<br />
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Dower had rejected the notion of returning to corporate America after her layoff and wasn't convinced that buying a franchise was the answer.<br />
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With a franchise, she felt that "I was buying a job, not owning a business – that's not automony," she said. "It was deja vu all over again."<br />
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So Dower went to work. She found a newspaper announcement that led her to an orientation session for would-be business owners led by volunteer counselors at the nonprofit group SCORE. The meeting convinced her she was on the right path with her "green laundry" concept.<br />
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Dower found <a href="http://www.buyalaundromat.com/webinar">business counseling, one-on-one coaching</a> and, finally, a workshop through SCORE to fine-tune her plan for lenders and private investors.<br />
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She did her homework, scouring census reports to learn neighborhood demographics – renters are more likely to patronize laundromats than homeowners – and sought out a laundry broker.<br />
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"She came up with the concept of the green laundry, SCORE just put the polish on the plan," SCORE chapter chairman Jeff Hendy recalled. "You could tell that she had the energy and drive to make it happen."<br />
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She bought the run-down laundromat at Sunrise and Old Auburn last December after whittling down the as-is $50,000 asking price to $30,000, selling off company stock to fund the deal. She was also able to negotiate a 10-year lease with two five-year options with the landlord, who was happy to get a long-term deal in a building that had other sites vacant.<br />
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She and husband Jim Dower, now the business's vice president, then pulled $150,000 from a retirement fund to renovate the space, and worked with the washer and dryer manufacturer to finance another $150,000 in equipment.<br />
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Small but sparkling with new equipment, Paradise Laundry is now busy with patrons toting and sorting loads. It's a dramatic change for customers who used to dread coming here; who used to wonder whether the washers would work; who are so grateful now that they embrace Dower when they see her.<br />
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"Cleanliness is very important to me," said customer Crystal Corbin of Citrus Heights on Monday, washing a load for her family before heading off to work. "Everything works. I'm so happy they're here."<br />
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Dower concedes setting out on her own is a risk, but she's not being timid. Already, the Dowers have opened a second Paradise Laundry in Roseville.<br />
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"It's scary," she said. "I'm not going to consider myself successful until the two-year mark." Still, she's not nostalgic for corporate America.<br />
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"I don't miss it," Dower said. "Customers are happy to see us and I get to build something from the ground up."<br />
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Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/teleseminar" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business! </div>
<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-28923553658020314052010-08-01T13:32:00.000-07:002010-08-01T13:45:06.728-07:00It's a Remote Possibility - The Cover Story of the Journal - Aug. 2010<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0fuEUwlI18U_lSEWhMIuBUJnlJvPTW5_riERKCPCMcbVdPWR5EkNAE7szK-3h_sIz7rtosO2sOyGPdZBgG2I6mAmWtAFEc6n23H-8nOmcSmLZyyYCJo2Tfx-ocjVLkLlHpG2cXw/s1600/Aug+2010+-+Journal+Magazine.jpg"><img style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 104px; height: 135px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0fuEUwlI18U_lSEWhMIuBUJnlJvPTW5_riERKCPCMcbVdPWR5EkNAE7szK-3h_sIz7rtosO2sOyGPdZBgG2I6mAmWtAFEc6n23H-8nOmcSmLZyyYCJo2Tfx-ocjVLkLlHpG2cXw/s200/Aug+2010+-+Journal+Magazine.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5500542676892090290" /></a><br /><br />The cover story of the latest Journal magazine is called, "It's a Remote Possibility." You will notice the picture on the front cover is of my Hayward Store. The article explores how multi-store Laundromat owners manage their stores remotely. There are several subject covered in the article and I was one of the key contributors, so check it out! <a href="http://digital.ipcprintservices.com/publication/?i=43335&p=18" target="new">It's a Remote Possibility</a><br /><br />____________________<br /><br />Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-41139680304706863472010-07-23T23:34:00.000-07:002016-12-21T21:10:40.808-08:00Coin Laundry Association now selling "Secrets of Buying and Owning Laundromats" on their WebsiteI just released my new book, "<a href="http://buyalaundromat.com/book">Secrets of Buying and Owning Laundromats</a>." It is available on <a href="https://www.amazon.com/gp/product/0615376371/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=buya04b-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=0615376371&linkId=5732ccb67fea03d25264deac19b1d96c">Amazon.com</a> and on my website <a href="http://buyalaundromat.com/">BuyALaundromat.com</a> I also have an ebook available on the <a href="http://buyalaundromat.com/">BuyALaundromat.com</a> website as well.<br />
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Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-22332759102746088642010-07-02T07:25:00.000-07:002010-07-31T19:36:43.016-07:00Secrets of Buying and Owning Laundromats<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYnMvasRAkRiDwSluWVtYRfCa2VU3stQc_Ld8fbUgSnzF-izUsvy6hRHAgnSsxkCitYGFB_7UKTfQ4N8_lHGestaauqLhsfwLCydKf2oyO6k4mdyLTgywKFSzKzUEOg2QWkDp7Yw/s1600/450_pixel.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 140px; height: 200px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYnMvasRAkRiDwSluWVtYRfCa2VU3stQc_Ld8fbUgSnzF-izUsvy6hRHAgnSsxkCitYGFB_7UKTfQ4N8_lHGestaauqLhsfwLCydKf2oyO6k4mdyLTgywKFSzKzUEOg2QWkDp7Yw/s200/450_pixel.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5500262211801639938" /></a><br /><br />I would like to announce that I have finished writing a book about the coin laundry business called, "Secrets of Buying and Owning Laundromats." If you would like to find out more about it, view the table of contents, and even read the first chapter, you can go to <a href="http://www.buyalaundromat.com/secrets.html" target="new">Secrets of Buying and Owning Laundromats</a>.<br /><br /><br />____________________<br />Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com1tag:blogger.com,1999:blog-32252586.post-69928510020473500722010-02-24T00:22:00.000-08:002016-12-21T21:12:21.983-08:00Bed Bugs Can Spread in Apartment Laundry Rooms<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpmfjE7xqVa7RFejoimOSSiuUQGXV3l6gft60b4zzxZn6CRLxgL5RH1fPaJrYQgRYWwPtYgA8CHFzeU0ss_cQYf0XCkjzNgnaSowqu3P7ImwbUgrLGL5o1Or_wYaB-WBKc9XsU4g/s1600-h/bedbug1_large.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5445925301901186754" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpmfjE7xqVa7RFejoimOSSiuUQGXV3l6gft60b4zzxZn6CRLxgL5RH1fPaJrYQgRYWwPtYgA8CHFzeU0ss_cQYf0XCkjzNgnaSowqu3P7ImwbUgrLGL5o1Or_wYaB-WBKc9XsU4g/s200/bedbug1_large.jpg" style="cursor: pointer; float: right; height: 150px; margin: 0px 0px 10px 10px; width: 200px;" /></a><br />
According to a recent article in <a href="http://www.americanchronicle.com/articles/view/141177">American Chronicle</a>, the bed bug population in the US is on the rise and becoming a real problem. This could affect your coin laundry business by having customers bring the critters into the store and spreading the love. The article states, "Bed bugs have been sharing beds with humans for centuries. After World War II, DDT effectively annihilated the pest in America and Western countries, although bed bugs continued to flourish in less developed countries. The banning of DDT coupled with the growth of international travel has caused a resurgence of man´s age-old nemesis. Since the 1990s, reported bed bug infestations in the U.S. have increased 500%. Bed bugs are now common in all 50 states with infestations regularly reported in apartments, condominiums, hotels, college dormitories, office buildings, hospitals and private homes. <br />
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Adept hitchhikers, bed bugs travel into apartments on residents´ clothing, mattresses, furniture and inside packing boxes. Several recent infestations have been traced back to moving vans. Adult bed bugs are reddish brown and about the size of an apple seed, but nymphs and eggs are microscopic. Nuisance pests that feed on human blood, bed bugs do not transmit disease; but their bites can cause itchy, red welts, psychosomatic stress and severe allergic reactions. Feeding on sleeping humans at night, they hide in tiny crevices in or near beds between feedings. As an infestation grows, bed bugs spread to adjacent units through wall voids, electrical and plumbing conduits and air ducts. Bed bugs can easily be spread through an apartment complex via shared laundry facilities or maintenance workers." <br />
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So what happens if they are brought into your coin laundry business? We'll, there are a couple of things you can do to rid yourself of the infestation. First I would call a professional exterminator and have the store sprayed, or you can try to spray yourself with an off the shelf insecticide. If customer's clothes display signs of bed bugs, have them <u><span style="background-color: yellow;">wash the clothes in hot water of 120 degrees or more</span></u> with borax soap laundry detergent. Borax sells under the name 20 Mule Team, and can be found on the laundry aisle of many major supermarkets or Wal-Mart. Once washed, then dry the clothes for at least 35 minutes on high temp.<br />
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Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/" target="new">coin laundry business</a> and listen to a FREE call explaining how to get started in this exciting business!<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-15957589586457116212009-11-23T23:34:00.000-08:002016-12-21T21:13:44.337-08:00Is The Economy Affecting Laundromats?<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIXARaKm85vUjJe4vGT5yaGNctfNWhAH6oKVG-cUccH7qM9Z_ogX_MYgRH8ADnWToTujY3Fla71WC0ZPBN4MQmuP6x2yG76EaqmB44Cy_q4kPrzN_XjtFpk0BeC_BdyIs_RiooRA/s1600-h/So+Laundromat16.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5438003476345932882" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIXARaKm85vUjJe4vGT5yaGNctfNWhAH6oKVG-cUccH7qM9Z_ogX_MYgRH8ADnWToTujY3Fla71WC0ZPBN4MQmuP6x2yG76EaqmB44Cy_q4kPrzN_XjtFpk0BeC_BdyIs_RiooRA/s200/So+Laundromat16.jpg" style="cursor: pointer; float: right; height: 150px; margin: 0px 0px 10px 10px; width: 200px;" /></a><br />
So According to the Wall Street Journal, coin laundries are suffering in this economy as well. The article is an interesting read, but it does not represent all Laundromats in this industry. And yes, while some stores have experienced a downturn, others are actually growing in business. Most of the downturn, has more to due with a change in the demographics of a neighborhood's base customers (mainly people moving back across the border), than it does with the fundamentals of the business itself. In areas of the country where there has not been a large change in core customers of coin laundries, business has been stable. This is generally the case in major metropolitan areas.<br />
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Here is the Wall Street Journal Article <a href="http://online.wsj.com/article/SB125728737379626349.html" target="new">Even Laundries Tumble..."</a><br />
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Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-4357446796424706372009-07-15T20:28:00.000-07:002009-07-16T06:40:47.847-07:00Sales Training to Improve the Bottom Line!<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioN7CNTAR2YQX3DugI88EyBR4cW0bmXOxyuVeBqdSi6vPgAGNVxHUx81hY5IBowrc40o99P9J-Yt-1KyGDYFPDFUsSrUe3PC-g11a8hsH1Il7HqNbu_AFnR4LDCqHrivRIuwWBcw/s1600-h/ErikLofholm.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 160px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioN7CNTAR2YQX3DugI88EyBR4cW0bmXOxyuVeBqdSi6vPgAGNVxHUx81hY5IBowrc40o99P9J-Yt-1KyGDYFPDFUsSrUe3PC-g11a8hsH1Il7HqNbu_AFnR4LDCqHrivRIuwWBcw/s200/ErikLofholm.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5358965453835466274" /></a><br />Well I just got home from spending the day with a very good friend of mine, Eric Lofholm, up at his office in Roseville, CA. Aside from being a personal friend, Eric is my sales coach and mentor. Now you may be asking yourself what does a Laundromat have to do with sales? The customers come in and wash, no sales required, right? <br /><br />Well you're right and you're wrong. In order to get your customers in the door, you need to sell them on why your Coin Laundry is the right one for them. Once they come in, you need to sell them with your stores amenities, your attendants, your equipment, and your service experience that you will provide them. <br /><br />The reality is that most Laundromat owners never think about the customer experience in terms of sales and in my opinion that is a mistake. They are leaving money at the door or in most cases, the money never even makes it into the store because the customers never came in. It doesn't have to be that way. What if you had a sales plan, a written plan, that would not only get more customers in the store but also get them to spend more money while at the store.<br /><br />Remember every increase in gross revenue drops 70% to 85% to the bottom line. To put it another way, each new customer is worth between $500 and $650 per year to you. That is the power of a well thought out sales strategy and no one I know teaches this better than my friend Eric Lofholm.<br /><br />I have personally added thousands of dollars a month to my bottom line from the strategies he teaches and I wanted to share with you, my readers, how you too can learn these same strategies from Erik himself.<br /><br />Eric is hosting a very special 2-day event called "The Close" that you can attend for FREE at the end of July in San Francisco.<br /><br />Here are the details:<br /><br />July 24-25, 2009<br />Friday & Saturday<br /><br />Doubletree Hotel<br />San Francisco Airport<br />835 Airport Blvd.,<br />Burlingame, California 94010<br />Phone: (650) 344-5500<br /><br />The hotel ballroom only holds 200 people and right now there are already 145 people registered for the event. I will be there myself, both days trying to learn more sales distinctions and I hope to see you there! The last time I went to this event it was a sellout and the seats will be gone soon.<br /><br />Register now and attend with me, by going to <a href="http://www.ericlofholm.com/close.php">http://www.ericlofholm.com/close.php</a> remember this event is FREE. If you learn just one new idea that gets you one customer that is worth $500 to $650 per year to you.<br /><br />To your laundry success,<br /><br /><br />Brian<br />____________________<br />Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-38336945776871420022009-06-23T01:35:00.000-07:002009-07-16T00:27:47.819-07:00Survival Skills<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSoKXSglH29229h0tKf0yZ8ZExN9elXG1uDZL6pLLa3x21FkytsyEmBGqU94YI83UEpkj41X3YTr1jgyYy1vcBan_KF5FQUSWNJXJgY8wN_VEj1_9TyACYtTergbvxmQk82ehh6w/s1600-h/CleanShowPanel-web.jpg"><img style="MARGIN: 0px 0px 10px 10px; WIDTH: 200px; FLOAT: right; HEIGHT: 150px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5354227469297277138" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSoKXSglH29229h0tKf0yZ8ZExN9elXG1uDZL6pLLa3x21FkytsyEmBGqU94YI83UEpkj41X3YTr1jgyYy1vcBan_KF5FQUSWNJXJgY8wN_VEj1_9TyACYtTergbvxmQk82ehh6w/s200/CleanShowPanel-web.jpg" /></a><br /><div>Well I am back from the Clean Show of 2009 held in New Orleans and I wanted to share with you an article written by American Coin Op magizine about the panel discussion I was apart of to kick off the convention. See below</div><br /><div></div><div>Brian<br /><br /><br />Profiting in Today's Economy<br />Paul Partyka, Editor , American Coin-Op<br />Published 06/18/2009 - 12:37 p.m. CT<br /><br />Brian Wallace, CLA president/CEO (left) served as moderator for a panel consisting of (left to right) Paul Pettefer, Brian Brunckhorst and Keith Griffin.<br />ABOUT THE AUTHOR<br /><a id="103','authorBio','width=560,height=470');"" href="javascript:MM_openBrWindow("></a><br /><a id="103','authorBio','width=560,height=470');"" href="javascript:MM_openBrWindow(">Paul Partyka, Editor </a><br />Website:<a href="http://www.americancoinop.com/" target="_blank">http://www.americancoinop.com/</a><br />Email:<a href="mailto:ppartyka@crain.com">ppartyka@crain.com</a><br /></div><br /><div>NEW ORLEANS — What does it take to run a successful laundry? </div><div></div><br /><div>A panel at a morning Clean-Show educational session discussed trends facing the industry today, and made projections on developments 5-10 years in the future. The panel first tackled a popular question: Is this a recession-proof industry?</div><div></div><br /><div>“Yes, I would say so, compared to other businesses” said Keith Griffin, an Arkansas operator. “It’s not recession-proof; it’s more recession-resistant,” said Brian Brunckhorst, a San Francisco operator. “The demographics are key.”Paul Pettefer, a Lake Charles, La., operator, doesn’t believe it’s a recession-proof business. His business is down due to transient workers leaving the area.</div><div><br />The top challenges vary for the three operators. Providing the right customer service is key for Pettefer. Acquiring financing is the top challenge for Brunckhorst. Finding good employees and keeping turnover down keeps Griffin busy.</div><div></div><br /><div>Are there down-economy opportunities? Weaker owners are leaving the business, which opens up some buying opportunities, says Brunckhorst. In down times, there are better deals to be had with contractors, distributors and landlords, says Griffin. Now’s a great time to add equipment, Pettefer believes. It’s also a time to create a great customer experience and build market share. </div><div></div><br /><div>The panel all agreed that the future looks good. “People still need to wash clothes; operators can’t fall asleep,” Pettefer opined. “I’m very optimistic about the future,” said Brunckhorst. “The boomers are retiring; there will be downsizing. There will be more renters.” “This is a good industry,” said Griffin. There’s a trend toward multi-store owners with big stores, he adds.<br /></div><div></div><br /><div>To read the origional article you can go <a href="http://www.americancoinop.com/article.cfm?articleID=17921">here</a>.</div><div>____________________<br />Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business!</div><div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-83266764007885140682009-05-07T18:01:00.000-07:002016-12-21T22:38:00.432-08:00More Evidence That Coin Laundries Are The Best Small Businesses<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEge_SmBcZXNUu3nTq0ovUWEJNKBZbedbEVxahccnaB_5aubhZIKebsB3KqfIKsm7ul6ATkEoeOFPvyW5bK6dp2Qb6gC79j7_WgWRkaI62sTo4ZMWGZBI2cLTP45THU3MJEVcWMGpQ/s1600-h/Advantage+Laundry+Interior+-+Livermore-small.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5333255275462861954" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEge_SmBcZXNUu3nTq0ovUWEJNKBZbedbEVxahccnaB_5aubhZIKebsB3KqfIKsm7ul6ATkEoeOFPvyW5bK6dp2Qb6gC79j7_WgWRkaI62sTo4ZMWGZBI2cLTP45THU3MJEVcWMGpQ/s200/Advantage+Laundry+Interior+-+Livermore-small.jpg" style="cursor: hand; float: left; height: 150px; margin: 0px 10px 10px 0px; width: 200px;" /></a><br />
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Here is an article written for one of the best online business for sale sites in California. This one talks about the valuation of a Coin Laundry and how a Laundromat is one of the most sought after small businesses. Remember when considering buying a Laundrymat, make sure you do your homework, get educated about the business and the purchase process to avoid overpaying for a Laundromat business. At the bottom of this post is a link to get some free information that should help you on your way!<br />
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Brian<br />
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Coin Laundries For Sale - What Buyers Need To Know<br />
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Buyers of small businesses have learned that in most cases it will be necessary to work full, or nearly full-time in their new enterprise in order to enjoy a return on their investment. In fast food, retail and most service companies, for example, if the owner isn't there much of the time to "carry a load" of the work to be done, he or she will notice that much or most of the profit is being paid out as compensation for employees to handle the assignments.</div>
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A notable exception is a <a href="http://www.bizben.com/business-types/coin-laundry-laundromats-businesses-for-sale.php">coin operated laundry for sale</a> (also referred to as a Laundromat), which typically can yield a 20% to 30% profit (before taxes, interest, depreciation and amortization) on gross revenues to the owner.</div>
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And the buyer soon learns that the privilege of earning a substantial margin on sales as an absentee owner comes at a price. While the typical owner-operated small business <a href="http://www.bizben.com/sellbook">selling a business</a> might be priced fairly at a multiple of 1-1/2 to 2-1/2, against annual earnings, even a modest looking and performing coin laundry-one that has only an average-duration (five to seven year) lease and some equipment in need of replacement-will likely generate offers of four times earnings.</div>
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The eager interest in <a href="http://www.bizben.com/business-types/coin-laundry-laundromats-businesses-for-sale.php">laundromats for sale</a> is understandable, particularly at the present time, when the U.S. economy is losing some of its momentum. A decline in home ownership and the slowdown in purchase of expensive appliances, such as washers and dryers, set the stage for a lucrative business environment and profitable future for owners of coin laundries.</div>
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WHAT TO LOOK FOR</div>
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Neighborhood factors represent the first level of investigation for a would-be buyer of this type of business. An area with high population density, and a preponderance of apartment buildings represents an ideal market for coin-operated laundry. There may be more than one of these operations in say, a 10-block radius, and so the prospective buyer is advised to visit all the laundromats in the area to determine if each seems to be thriving, and to verify whether the specific company being scrutinized seems to be doing its share of business.</div>
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Checking the condition of the <a href="http://www.bizben.com/">business for sale</a>--whether the premises are clean and the equipment seems to be in good repair-is the next step in analyzing a coin laundry for a possible purchase. The careful buyer wants to make sure there are no floor puddles--a sign of equipment or plumbing problems, and possibly an indication that the servicing and repairing of the equipment is being neglected. Another bad sign is the presence of a sign--especially if there are three or more of them-which say: "Out of order."</div>
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An "ailing" piece of equipment is a common occurrence in the coin laundry business. But if there are several machines down at one time, and if they remain out of service for more than a day or two, the prospective buyer should begin to get the message that there are deferred maintenance problems which the seller may be planning to transfer along with the business.</div>
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If the buyer is satisfied that a coin operated laundry enterprise is in a good area for business and is getting a fair slice of volume in its market, and if the premises and equipment appear to be well maintained, it's time to look at the business a little more closely before <a href="http://www.bizben.com/buybook">buying a business</a> from a business owner, <a href="http://www.bizben.com/brokers-counties.php">business broker</a>, or agent.</div>
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With anything less than five or six years remaining on the lease with is held by the seller of the laundromat, the prospective buyer runs the risk of being effectively out of business before doing any better than recouping the investment. And with the exception of some old washers and dryers, along with a water heater and some miscellaneous equipment-there will be nothing to sell.</div>
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In some cases, a prospective buyer may be able to establish a good rapport in a meeting with the property owner. That would be the objective of a provision in a purchase offer that the deal can't move forward unless a new lease, or lease extension satisfactory to the buyer, can be obtained. If the existing lease is a "ticking time bomb" and the seller is "sure" that the landlord (or landlady) is willing to add options to renew, or to provide a fresh, long-term occupancy right, the buyer is advised to include a "satisfactory lease" contingency in the offer to purchase, and then meet with the property owner to find out if the seller's assurances are based in fact.</div>
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Another key contingency is the buyer's right to examine the seller's business records to verify that seller's statements regarding gross sales and profits, <a href="http://www.bizben.com/articles/60-adjusted-net-income.php">adjusted net income</a>, are accurate.</div>
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At some point during <a href="http://www.buyalaundromat.com/due-diligence">due diligence</a> - the prospective buyer's examination of business records, the seller may explain to the prospect, with a sly grin, that because this is an "all cash business," there may be some income that is not entered into the books-a statement meant to convey the idea that the seller is generating more income than can be proven, resulting in a "savings" of some income tax that should be paid. As this practice is not uncommon in all-cash enterprises, a buyer need not necessarily be frightened away from examining and moving forward to purchase the business. In other words, the idea that the seller is manipulating the truth for an extra advantage should make the buyer particularly attentive and cautious, but doesn't have to kill the deal if the buyer is otherwise interested in the business.</div>
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The taxing authorities, incidentally, are familiar with these attempts of some business owners to reduce their tax liability using various methods of "creative accounting." The IRS provides its investigators with some guidelines which also are useful for prospective buyers of coin-operated laundries.</div>
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Examining the company's water bills for the past two to four years offers information about water consumption at the business which then can be used to verify the company's level of actual revenues. Smart buyers find out from the manufacturers and sales distributors of the equipment being used, how many gallons of water are consumed by each wash (generally 21 to 28, depending on size of the machine). Once an average of gallons used per wash is established, some simple math can follow, in which the average cost per wash is multiplied by the number of washes in a defined period, as specified in the water bills. By adding in the presumed dryer income (usually 50% of income from the washers) a buyer can come up with a reasonably accurate guestimate about the revenues produced by the machines during the period of time under study. Similarly, the purchase records for soap, softener and bleach products placed in the company's vending machines for resale, will help the prospective buyer determine with reasonable accuracy, the amount of income that results from laundry product vending.</div>
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INDUSTRY AVERAGES</div>
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Here is a set of cost rules-of-thumb for the prospective buyer who has gotten this far investigating a laundromat business offered for sale, and wants to proceed: National averages reveal that about 25% to 30% of gross revenue in a coin laundry is spent on utilities--water, gas, electricity. Occupancy, including rent, lease expenses required by the landowner, and related costs account for another 25% to 35% of gross, depending on location. With insurance and some part-time help hired to service the machines, perhaps lock the doors at night, and related overhead at 5% to 10%, the owner should have access to at least 20% and maybe close to 30% of revenues for earnings before payment of taxes and interest on debt, and before setting funds aside, earmarked for depreciation and amortization.</div>
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A deal calling for a 1/3 down payment with seller financing for the balance, at competitive interest, will provide a buyer, paying four or five times annual cash flow, with a fairly typical return for purchase of a coin operated laundry.</div>
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As in most every business, laundromats are subject to technological improvements. The more that a seller has already incurred some costs of upgrades toward a state-of-the-art coin laundry business, the more the company's value. Some possible improvements to look for include newer (four years or less), more energy-efficient washers, dryers, and boiler (the oversized water heater used in these establishments), card-rather than coin-operated equipment and a system for putting buying power on a card, rather than just the old system--a changer that takes paper bills and "spits" out quarters. Other improvements to look for are security cameras along with an alarm system, perhaps one that is linked to a security company that is notified if any tampering is conducted at the laundry, energy efficient lighting and automatic door locks.</div>
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To the extent the seller has already paid for a "makeover" so the business is prepared for the 21st Century, he or she may be justified in asking a price at the high end of the range. These improvements contribute to a more efficient operation and save the buyer the cost of making these upgrades.</div>
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Coin operated laundries traditionally are among the most popular small businesses offered for sale. Because periods of flat performance in the U.S. economy are associated with greater consumer demand for coin laundry services, prospective buyers of a business in this industry can expect increased competition in the marketplace. And for those able to make the purchase of a laundromat business at a fair price, the next few years should be years of steady profitability.<br />
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Link to the article <a href="http://www.bizben.com/articles/84-buying-a-coin-laundry.php">Buying A Coin Laundry</a><br />
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Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/newsletter" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business! </div>
<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-47133748027404378972009-04-20T06:57:00.000-07:002009-05-05T09:06:23.225-07:00Coin Laundry Business is getting Corporate Attention<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjim3-0uc5Md7STzpuRhVNO9LE5gwt7UxiOkwHdXmMgq9vzCITpLRgke_udbyL-3UJrsodK88qwHpdtfZytWg4aGUpZHBhKd9RBk60Bxj9gpJtJBcZPFAIP4D-Sm3vzzTXR7mp8UA/s1600-h/CitiCapCorpLogo.gif"><img id="BLOGGER_PHOTO_ID_5326864041832722066" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 126px; CURSOR: hand; HEIGHT: 36px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjim3-0uc5Md7STzpuRhVNO9LE5gwt7UxiOkwHdXmMgq9vzCITpLRgke_udbyL-3UJrsodK88qwHpdtfZytWg4aGUpZHBhKd9RBk60Bxj9gpJtJBcZPFAIP4D-Sm3vzzTXR7mp8UA/s200/CitiCapCorpLogo.gif" border="0" /></a><br /><div>It looks like the Laundry Business has a new player. City Capital Corp. is looking to get into the coin laundry business and the dry cleaner business. They are sighting the same things I've been saying for years, 25% - 50% returns and a 98% business success rate! Here is the article:<br /><br /><br /><div id="timestamp">Mar 23, 2009 09:30 ET</div><br /><div id="releaseHeadline"><br /><span style="font-size:130%;">Despite Economic Downturn, City Capital Corporation Expands Operations</span></div><br /><div class="releaseLink"><br /><div><b>Highlighted Links</b></div><tr><td><br /><p></p><a href="http://www2.marketwire.com/mw/mmframe?prid=483891&attachid=944001">City Capital Corporation </a></td></tr></div><br /><p>KANSAS CITY, MO--(Marketwire - March 23, 2009) - City Capital Corporation (<exchange name="PINKSHEETS">PINKSHEETS</exchange>: <a href="http://www.marketwire.com/press-release/stock.jsp?Ticker=CTCC">CTCC</a>) has completed the first acquisition for its City Laundry, LLC subsidiary. The 2,000 sq. ft./30-machine laundromat purchased in February 2009 has annual revenues of approximately $108,000. City Laundry is currently in negotiations to close on fourteen other laundromats and dry cleaners in the Kansas City, Missouri area.<br /><p>City Capital CEO, Ephren W. Taylor II, describes how reviving and refurbishing failing neighborhood businesses and providing employment for local residents fulfills the company's socially conscious mission. "Even though this first acquisition is a small mom-and-pop operation, we believe that the cleaners industry is advantageous for the company. It is a fragmented industry, yet it has a proven history of weathering, even thriving in economic downturns like we see today."<br /><p>The Coin Laundry Association seems to agree. The industry group counts over 35,000 coin laundries alone in the U.S. "During periods of recession, when home ownership decreases, the self-service laundry market expands as more people are unable to afford to repair, replace or purchase new washers and dryers, or as they move to apartment housing with inadequate or nonexistent laundry facilities. The market size grows proportionately to the increase in population... people always need to wash clothes." (source: <a href="http://coinlaundry.org/">http://coinlaundry.org/</a>)<br /><p>According to the U.S. Bureau of Labor, total gross revenues for the industry are nearly $20 billion annually (source: 2007 U.S. Bureau of Labor). "More importantly," Mr. Taylor points out, "according to the Small Business Administration, these businesses have a 98% success rate nationwide, and they historically provide investors from 25% to 50% returns in all economic climates. That translates into reliable cash flow for the company and a strong, stable job source within the community." ...</p><br /><p>To read the rest of the article follow this link <a href="http://www.marketwire.com/press-release/City-Capital-Corp-964650.html" target="new">Market Wire Press Release</a></p>Brian<br />____________________<br />Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business! </div><div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0tag:blogger.com,1999:blog-32252586.post-44626537898588453662009-04-06T17:45:00.000-07:002016-12-21T22:41:35.328-08:00Declaring Laundry Bankruptcy<a href="http://www.unclutterer.com/wp-content/uploads/mt/070515-laundry.jpg"><img alt="" border="0" src="http://www.unclutterer.com/wp-content/uploads/mt/070515-laundry.jpg" style="cursor: hand; float: right; height: 230px; margin: 0px 0px 10px 10px; width: 186px;" /></a><br />
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I found this great article on the web titled, "Declaring<a href="http://unclutterer.com/2008/05/05/declaring-laundry-bankruptcy-how-to-use-the-laundromat-to-get-your-laundry-routine-under-control/"> laundry bankruptcy: How to use the laundromat to get your laundry routine under control</a>" and thought I would share it all with you. Far too many people believe that they need to waste all day Sunday doing their laundry at the apartment or at home, when they could get it done in only a couple of hours at a Laundromat.<br />
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Brian<br />____________________<br />Click the link below if you would like to learn more about the <a href="http://www.buyalaundromat.com/" target="new">Laundromat business</a> and listen to a FREE call explaining how to get started in this exciting business! </div>
<div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com1tag:blogger.com,1999:blog-32252586.post-56739134634176100182009-03-14T16:25:00.000-07:002009-03-14T16:39:21.602-07:00California Sales Tax Increase on April 1, 2009<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbMGUxbpGK4R6Oz6ukRXVzRNzQvZxuJxk_UfuvomSur5Av7M6Yx-vk1qHVc0Vs58fbcNkgwV9hRNe4_1DClo-h0cjQvUNJlaJB654FVxEeFGL8qwhRBm_pdhZOV3zBaIJkEBc1aA/s1600-h/IMGP0523.JPG"><img id="BLOGGER_PHOTO_ID_5313191815084149490" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 320px; CURSOR: hand; HEIGHT: 240px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbMGUxbpGK4R6Oz6ukRXVzRNzQvZxuJxk_UfuvomSur5Av7M6Yx-vk1qHVc0Vs58fbcNkgwV9hRNe4_1DClo-h0cjQvUNJlaJB654FVxEeFGL8qwhRBm_pdhZOV3zBaIJkEBc1aA/s320/IMGP0523.JPG" border="0" /></a><br />Laundromat owners of California,<br /><br />If you've been planning to buy some new coin laundry equipment for your Laundromat, now is the time! On April 1, 2009, the state of California will be raising the sales tax by 1%. Check out this article by the SF Examinar<br /><br /><a href="http://bit.ly/UwFNg">http://bit.ly/UwFNg</a><div class="blogger-post-footer"><a href="http://www.buyalaundromat.com">buyalaundromat.com</a></div>Brian Brunckhorsthttp://www.blogger.com/profile/07345043530678615484noreply@blogger.com0