153. Wealth Off Washers with Joe Ebanks

The Laundromat Resource Podcast

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Welcome back to the Laundromat Resource podcast, where we spin you through the ins and outs of the laundry business. Today’s episode, "Wealth Off Washers," is going to tumble into the lucrative world of laundromats as investments.
Our special guest is Joe Ebanks, an entrepreneur who’s taking the laundromat industry by storm. In just seven months, he's acquired five laundromats and is on the brink of closing on two more! Joe will share his journey from real estate investing to laundromat mogul, shedding light on the financial nuances of acquiring laundromats and how it compares to traditional real estate investments.
Joe also gets into the nitty-gritty of running the day-to-day operations and the significant growth he’s seen from a handsome spruce-up and solid online presence. With a focus on customer experience, Joe's laundromats stand out as clean, safe, and customer-oriented spots in Tampa, Florida.
You’ll learn about the challenges Joe faced, like natural disasters and the reality check of untrustworthy employees, showing that it's not just all suds and easy money. We'll get an insider look at their extensive hiring process, the importance of tracking KPIs, and some creative marketing strategies.
In this episode, Jordan and Joe discuss:
00:00 Support the podcast and YouTube channel. Leave feedback.
09:36 Older businesses lacked basic marketing and procedures.
13:45 First laundromat in Tampa, Florida, Armenia Avenue.
21:11 Offer owner financing, secure good terms, profitable.
22:51 Seller finance terms explained with amortization and balloon payment.
28:32 Unexpectedly inheriting laundromat, cleaning, learning operations.
34:56 Accepted options move forward, others pushed aside.
39:06 Demographics tell who, psychographics tell why. Prospect clients based on lifestyle and income.
47:32 Clothes are personal and expensive, big deal.
54:27 Documenting growth to scale laundromat business strategically.
01:00:33 Documenting real-life incidents in laundry business.
01:03:23 Owner financed laundromat, now partially owned by seller.
01:07:39 Lesson learned about hiring from laundromat mishap.
01:14:52 Calculator on website helps laundry business profitability.
01:20:45 Frequent use of company's resources boosts credibility.
Show Notes

https://laundromatresource.com/show153

Resources
Email: [e-mail]
Website: https://www.armenialaundromat.com/
https://www.theriversidelaundromat.com/
https://www.instagram.com/wealthoffwashers/
https://www.facebook.com/groups/wealthoffwashers
https://www.instagram.com/lisalee_ebanks/
https://www.instagram.com/cashmanpayscash/
https://www.facebook.com/joe.ebanks.54
https://www.facebook.com/lisaebanks87

Show Sponsors
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