You know, I was at my point in my career where I was like, I got to diversify my income. So that's where it was all, you know, coming together.
Acquiring Minds
"Life is Just Brighter" in a $1.2m Distribution Business
Excerpts · 482 segments · ~1:52:53 long
Short excerpts only — hear the full conversation on the publisher's site.
And was this gentleman, this Laundromat owner, was it passive for him?
Now he was working in it. He was. He owned the dry cleaner across the street, and he was basically using that Laundromat to wash the clothes from the dry cleaner. So he also mentioned that he owns the dry cleaner and he was potentially looking to sell it.
So that also made me even more excited that, okay, this could be a dual thing, you know? So then just. Just that possibility got me all Energized and excited about the.
But. But it's interesting that this guy was working in his business and you talked to him and got to see right up close what it was like, his life. And yet you. It's. You still thought that you could do this passively, it sounds like.
Yeah, no, I. You know, the. The whole concept of working on the business versus in the business was not something that I was even aware of at that time. I. I didn't even think about working. I didn't even think about, you know, having an operator.
It. I was not as mature yet in the ETA journey to understand what it would have really taken. I was just attracted enough with the possibility, but didn't think about all the things that actually needed to be done until I would say a couple months later when I really looked into it.
Great. Okay. Anything more to say about the search itself?
Yeah, so I would say after the laundromat, after that initial discussion, you know, I started doing diligence on laundromats. Looking up online, came across this YouTube channel called Investment Joy. He's all about laundromats and vending machines.
So I really watched his channel a lot. The one thing that I did learn in the laundromat experience was I tried to understand why he bought that Laundromat. So one thing that I did was I found out who the previous owner of that laundromat was, and then I contacted him.
He owned another laundromat in another part of town. So I. I don't. I found out about him through a vendor of that laundromat, and he gave me the contact information. I went to talk to him, and then I got the real rub of why he sold that laundromat.
And then that basically destroyed why, destroyed, you know, all my optimism about that specific laundromat. But I would say the. The broader takeaway from that is during diligence, you need to be very resourceful of where you're getting information.
Want what comes before or after? Hear the full episode on the publisher's site ↗