Question??

[Kitty]

Foy you current operators, what is the best recommendation you could give a potential investor? What would words of advice would you give them???

[mike]

Run, run like the wind !

Keep your day job.

Buy the real estate.

[pete f]

Buy a proven location, somewhat near where you live.

Do not over leverage, put at least 50% cash down.

Keep it clean, well lit, and everything working

Expect to work for free for a couple years

Update equipment and the store regularly

buy a safe and small hand truck.

[Kitty]

Thanks Pete your synopsis went well, with the oral presentation regarding my research into the laundry industry. I had class tonight; I needed visual aid in order to present my research paper, thanks coinwash.com.

I have concluded that the CLA association, as well as the manufacturers and distributors are merely out for #1. Therefore their heart is in a sale and not into where and when a potential investor should enter the biz. My research has led me to believe that any new investor should beware; there are many who want to make the sell. The sound of the sales pitch seems to be good, to some unsuspecting souls. A viable mat or a viable location could take years to find, is that ever said during the sales pitch???

The Internet is a great tool, from this research I have found that the CLA is interested in finding new investors. This organization is interested in keeping potential investors interested in the "cash" business, selling it as a business that requires so little from the new "owner". As we know, the potential operator must be well aware of so many different aspects of the business in order to make an educated decision. I have found through my research that the distributors as well as the CLA are more interested in adding more stores and operators to any area that they can sell. Since the CLA has taken the job of educating the newbie, they should do so as honestly as possible rather than merely providing the sugary info as well as the rose colored glasses. The potential operator can be easily fooled and financially devastated by not doing substantial homework into this business on their own and not relying on this association for all the information. It is unfortunate that so many jumps in feet first with visions of grandeurs that make very bad decisions based on the distributor sales pitch as well as the pitch the cla gives out.

I believe the CLA is an organization that will indeed help the operators out during legislature issues, but the main goal and objective of this organization is to see the industry grow. In order to see growth they must sell the “vision”. Since researching the industry I do not see it as a "growing" business, but one that is mature and one that does not see a lot of growth potential. I do see the CLA selling a business that is something that is not, to unsuspecting business people. It is fortunate for sites like Coin wash that offer the truth into the biz by allowing the newbies to seek info from seasoned operators.

[test]

And that is why we are here in a Nut Shell.

What took you so long?????????????????

[Kitty]

Think the CLA would censor my thoughts out if I posted on their site?

[Coinwash]

The CLA is a Great organization, they would not be what they are today if they did not no what they were doing.
But we here at Coinwash.com want to be the Pipe line for none bias thought, with a twist of gray area.

did you here that TEST LOL can't believe you posted LOL<>

[Kitty]

Could you explain to me what they are today? What is it that makes them so great?

[CharlieS]

Well , you have narrowed in on something that applies to the purchase of any business. Nobody will look out for you like you will. Not the distributor, the trade orgs, the seller, the broker, nadie.

The key is to use all of these sources to educate yourself and to help yourself avoid the pitfalls. A good distributor can be a huge help, and is more important than the brand. CLA can provide phenomenal information, and I recommend it heartily to anyone looking at the biz. Attending training is beneficial, not just because of the training, but also because of the opportunity to discuss the biz with knowledgable operators. However, CLA will never put themselves in a position of grading the manufacturers or their product.

But the bottom line is that you must make your own decision. You must do your own due diligence. If you don't have the expertise, you must obtain or hire it. Nobody, not even an experienced operator can get a few details and tell you that its a good or bad deal. Ok, correction, they can tell you its a bad deal.

Kitty, you are doing this right. Search constantly and wait for the right opportunity.

and, while others may disagree, pray for guidance, knowledge, and help. During prayer, I felt that I was being told to walk away from a deal 2 years ago, that I really wanted to make happen. I walked. 2 weeks later a far better deal became available, that I would not have been able to take advantage of if I hadn't walked.



Charlie

Charlie

[Kitty]

CLA can and will offer useful information, but I do think it is somewhat biased. It is true any business person must seek every morsel of information that can be gathered. The Internet has made the investigating process far easier than years past. I will continue to seek and learn and I realize who is what and what is what. My eyes are wide open, I hope all potential newbies also take notes.......

[Lar Hylobates]

I have posted on CLA many times...none of them have ever made it to the light.

LOL

[kyle mcpeck]

I think Kitty is wrong entirely about the CLA. Last Weds, I heard Brian Wallace speak on the laundry industry. I've actually spoken with him several times. He doesn't have the rose-colored perception that Kitty seems to believe is there.

The Coin Laundry Association goal is to advance and protect the laundry industry. They attempt to share as much valuable information with the laundry owner as possible. But, the potential owner needs to do his due diligence. If not, then all of the protection in the world isn't going to help you.

It is an association. You are going to get out of it what you put in to it.

[Kitty]

Kyle, I too, have spoken to Brian Wallace and I really didn't feel helped. But, then the particular situation was one that was a no win situation, so I cannot place blame on getting no assistance.

However, my point IS that the potential investor must do the homework and put forth the due diligence in order to get an unbiased look into the industry. From the research I have done, it is that the manufacturers, distributors and the CLA are trying to give a certain perspective about the industry that is not entirely true. Now, Brian Wallace may not be making statements that are percieved to be from a rose colored view, but the CLA "going into business" page from their website is misleading to the unsuspecting soul. Yes, one must be wise enough on his own to make a good descision based on the facts he has received, but, if vital facts are not received, than a good descision may not be made. The results of my research was just that, that the investor must do more homework and not rely on the distributor nor the association for the entire truth of the industry. They are trying to make a living also, and they need investors in order to do so. The CLA is excellent in helping the operator start, and that is good, but realistically how many more laundries should be built? How many more markets can another laundry enter? The business is mature and saturated in many areas, this leaves the job of the manufacturers, distributors and the CLA much, much harder and therefore we have all found new stores popping up where they were not needed, and either saturating the market more, or trying to put out of business stores like yours?

[pete f]

Kitty if you have reservations about the CLA just say so.

Take them for what they are worth, an organization for ins, and potential lobbying efforts in areas of common interest.
That is really the key. Who give a rats ass about what they tell newbies. If people are dumb enough to toss hundreds of thousands of dollars on a unproven investment they deserve to loose it. I do not see the CLA as the seller of new coin laundrys. That comes from the distribs. Statewide, a big SQ player in FL, also part of Axxon, has an add in every day under business. I put a copy of that ad in my "new mat" thread. Pure hype., but that is what sells.