Eastern Funding continued its Laundry Business Workshop series in Los Angeles and Orange County on September 10 and September 11. Both events drew strong groups of attendees, which included laundromat owners, prospective investors, and other laundry industry professionals. And the workshops provided an ideal opportunity for attendees to network, as well as to pick up several actionable tips and strategies to improve their laundry businesses.
The events featured some outstanding speakers who explored various topics, such as best practices for laundromats, leasing agreements, marketing strategies, and more.
Eastern Funding Executive Vice President of Sales and Marketing Tony Regan started off the workshop with a discussion of headwinds and challenges faced in the laundry business. Some of the challenges he outlined were inflation, interest rates, insurance, labor, construction, and water fees. Afterward, he led a retool exercise, breaking down a real-life example of how retooling a laundromat with new equipment can lead to higher revenues and valuation.
Laundromat best practices was another key topic, touched on by Eastern Funding Loan Officer Cameron Clark. This session sparked a lively discussion among the audience, as it explored the importance of customer service and the positive effects of enhancing the customer experience at a laundromat business.
Guest presenter Helen Yoo, president of New Century Escrow Inc., delved into the escrow process during the acquisition of a laundry business. She elaborated on the significance and function of escrow, providing a detailed, step-by-step explanation of the process. This topic was included in the workshop based on feedback from previous attendees who indicated that they wanted to learn more about it.
Afterward, Eastern Funding Executive Vice President and Chief Lending Officer Marc Stern explored the topic of how to obtain financing for a laundromat business. He discussed the requirements for applying and highlighted what lenders look for in potential borrowers. Armen Madatyan, senior vice president for TMC Financing, wrapped up the topic of financing, providing essential information about SBA 504 loans for laundries.
The workshop also featured an engaging discussion on leases, covering essential aspects such as landlord’s lien waivers, things to look for in a lease, and steps to take before signing. Stern emphasized the importance of having a lawyer with experience in laundromats to look over the lease.
As the session wrapped up, Eastern Funding Marketing Director Byron McIntyre shared insights on marketing, emphasizing the significant role social media plays in the success of today’s laundry businesses. He provided valuable tips on the types of content to post to enhance your online presence. He also outlined some of the pitfalls to avoid.
“The workshops are an excellent opportunity to share our experience as a lender, but also leverage the feedback and interaction from equipment vendors, business brokers, current laundry owners, and newcomers entering the business,” Regan said. “As we host these events nationally, we continue to expand our content to address the latest in trends and opportunities within the laundry industry.”
