E195: The Grit to Elevate an Industry with the Laundromat Millionaire Dave Menz

Having worked and seen how customer service has become a lost art in the corporate world, Dave Menz is committed to creating an environment that wows the customers within just five steps of them walking in the door. Powered by his passion and grit to elevate the laundromat industry, Dave now owns a multi-million dollar chain of laundromat stores. Even though people come to do laundry, which is the second most hated household chore in America, his goal is to make it a positive experience instead of a dreaded, negative one.

This episode is part of the Build Your Wealth series where we bring experts to share and offer insights, value, and lessons learned throughout their journey of building and creating wealth for themselves.

Here are some power takeaways from today’s conversation:

• Dave’s eureka moment when he felt he was a sellout
• How he became the laundromat millionaire
• Wowing the customer by turning a negative experience into a positive
• The concept of vertical integration
• Leveraging your knowledge and experience through coaching
• Why get into a laundromat business

Episode Highlights:

Wowing the Customer

Service and servitude must be at the foundation of any business. If you want a successful business, you have to create jobs for people in a way that they love coming to work each day, even if they work in a laundromat.

The Vertical Integration of Businesses

Dave owns seven other businesses that include rental property, consulting, coaching, and his books – these are all associated with each other. For instance, his coaching business directly correlates to the knowledge and experience he continuously gains out of running laundromats. Hence, one feeds off the other. According to Dave, this vertical integration has become more powerful because of his strong passion for the first one.

Elevate Your Industry

You can leverage your knowledge and your experience by creating a coaching business. It’s a win-win because you’re bringing value and making a tremendous impact in your community, thereby elevating your industry.

Why Start a Laundromat Business

A laundromat business is a vital community resource. Would you rather be in a business that's wanted or a business that's needed? Would you rather be in a business that stays open during a nationwide pandemic because they're deemed essential, or would you rather be closed? Would you rather impact your community and make money or use your community and make money? Another reason it is a great business is that it is a simple cash business that makes it a fantastic starter business. There isn't a lot of accounts receivable and not a lot of inventory management, with little to no employee management.

Finally, if you're looking to get into a retail business, there's really not a better business to do it. Because the bar is so low, you can operate within a year or two at a level that most people are not operating at. You can be "top of the industry" in just a few years if you just care about servitude, you're passionate about what you do, and you really want to do something.

Resources Mentioned:

Laundromat Millionaire

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