Hi all! New member from Northern California.

[Mike Stephanos]

I’m in the final stages of owning my first of hopefully many laundromats.

[Kaye]

Congratulations Mike!

Can you offer some advice and share some insight on the process.

[Mike Stephanos]

Kaya,

Well to be honest I got lucky, the mat that I’m in the process of purchasing has been owned by a family friend for around 40 years. It’s a true zombie mat! I have been an entrepreneur my entire career, starting multiple business (completely unrelated to the laundry business) developing products for many industries. The one thing that I have learned in all of this that applies to every industry including this one, dive deep! Learn as much as you can from as many people as well can! Once you think you got a handle on it ask more questions. I have been involved in the beekeeping industry for the past 20 years and we have a saying, ask 10 beekeepers 1 question and you’ll get 12 different answers. It appears to apply to the laundry industry as well and I find that both frustrating and exciting. I have joined several forums and have been cold contacting owners of mats as well as distributors who have interesting ideas and have developed interesting laundromats. Take the advice of Jordan and listen to all the podcasts and YouTube videos you can. I’m driving my family nuts and boring them to tears telling them about what info I absorbed today.
So that’s what I can tell you so far. I’m excited and thankful to be on this Journey with so many others and to have so many resources available to learn from! Listen and ask questions!!

[Oscar Uribe]

Hi, Kaye. I don’t own a ‘mat yet, but this is what I glean:
1- Find a respectable broker
2- Due diligence is of utmost importance
3- Have your marketing plan in order
4- Have your financing in order

Then sit back an rake in the silver. Seems like the heavier work you do on the front side is the easier work you do on the backside.

Good luck.

[Author]

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