Lessons to Getting to a Profitable Laundromat Business - Episode 48
Financially Intentional
English - October 19, 2023 13:00 - 42 minutes - 29.4 MB - ★★★★★ - 94 ratingsArts nurse personal finance financial independence financial freedom investing savings retirement budgeting debt elimination legacy building Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
We are joined by Jordan Berry, a laundromat business owner with nearly a decade of experience in the industry. Jordan shares his journey from being a pastor to venturing into the laundromat business. He shares his initial challenges with the first laundromat acquisition, including buying a fixer-upper that didn't meet the promised numbers. Jordan also talks about the importance of due diligence when acquiring laundromats, as they often have cash-based income, making valuation and verification critical. And while laundromats can relatively become passive, there are still responsibilities and problem-solving involved. Jordan highlights the flexibility in how laundromats can be run to align with your specific goals, whether it's creating more free time or generating significant income.
About our guest:
Jordan was a pastor for 15 years and transitioned out of full-time ministry into buying a laundromat. His experience buying his first laundromat was not a good one. Instead of replacing his salary, as he expected, his laundromat lost $2,000 dollars per month for well over a year. Desperate to find help to turn his business around, he frantically searched for someone to guide him to profitability. He found no rescue. After finally stopping the bleeding, he decided to share the hard-earned (and expensive) lessons he learned on a blog. And then on a YouTube channel. And then, on a quest to find out how the best laundromat owners operated their businesses, he started a podcast interviewing laundromat owners and other industry professionals. These platforms turned into Laundromat Resource, an education and community platform for laundromat owners and future laundromat owners to learn, share best practices, and connect with one another.
Laundromat Resource
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