Owning at a distance

[Josh Kucker]

Hello all!

First off: Jordan, thanks so much for the resource. Really enjoying your podcast and learning about the industry.

I’m curious as to your thoughts about being a remote/absentee owner?

I, like you, live in a high cost area (northern CA), but sadly don’t feel I have the population density to build a profitable business (either with a new store or buying an existing one, though I am looking).

How far away from your store would you feel comfortable living? Factor in planned usage of a system such as The Laundry Boss or similar, hiring local attendants, and leveraging local resources/distributors for maintenance.

1 hour away by car? 2 hours? 2 hour flight? Across the country?’

Just finished listening to your amazing interview with Luke Williford, and found his enthusiasm for the industry infectious. I’d love to build a team and business like his, but can’t imagine it being profitable in my area. Though I am new to this, and may be underestimating my market.

Thanks for your thoughts and those of everyone on this thread!

Josh

[Michael Ohara]

I’d love to hear the answer to this question too!

[Mitch Brunette]

Hi guys, looks like no experienced owners have answered yet but the podcast guests have tended to align in stating that in general you want them a 30 minute drive away from you. I’m sure there are factors that can come into play. I’m working on buying my first location and its actually 70 minutes from my door to the location so I heeded the advice of those that went before me, and I gave my brother in law 50% of the business because he happens to live 21 minutes away from a location I found for sale. I figured I’d rather have half of a good deal (assuming it clears due diligence) than 0% and still looking.

I’d keep digging, but I can tell you that even if my brother in law would not have partnered with me I would have strongly considered buying this specific location, and figuring it out because of the age of the equipment, lack of competition, etc.

Good luck!

[Dave “Laundromat Millionaire” Menz]

Hey Josh,My answer is multifaceted here do bare with me. Is it possible to own a successful mat far from your home? Yes it is, but it requires tremendous ground work and investment. Don’t fall for the notion of this being “passive” because it’s simply not in most cases. I’ve been in the business for 10 years and have built a rockstar team to the point where I could easily move out of state with no problems at all but I’ve got ten years experience and know the business well.

Cannot be done? Yes. Are the odds in your favor, no they are not.
A few questions byou should ask yourself…

Are you willing to spend a lot of time on the road and in your store for the first few years?
Are you willing to invest heavily in your team and management for that time to the point where you likely have little left over for yourself?
Are you willing to invest heavily in technology to assist you in this structure?
These are a few of the questions you should be asking yourself.
It’s not nearly as simply as buying a mat, hiring a few people and installing Laundry boss. I hope this helps. Best wishes!

[Ronald Morris]

Hi Josh,

Il preface this by saying I’m not a laundromat owner… yet. I do think it’s possible to own a laundromat form far away just not your first one or even second maybe even third. You’ll have growing pains as we all do taking on new ventures and you’ll want to be close by to manage them. I guess it depends on how much risk you’re willing to take. I would really take Dave’s answer to heart and consider what he’s said.

In the meantime, why not think up and implement a service like this? If you see a need in the market why not try to fill it with some sort of software package or “property managments” style service.

Lastly you can always try and find someone to invest with. Find someone you trust, speak with them and if it’s a good match let them know your looking to invest. Also talk to everyone you know about it they might know someone looking to sell locally.

Good luck with whatever you choose, but don’t get impatient and learn to love the process.

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