Michael Meade is a CPA and real estate investor in Nashville – and now also a laundromat owner.
Meade is currently working with laundromat franchise LaundroLab to solidify plans to purchase space for his first LaundroLab location. He initially identified LaundroLab expansion as a great real estate investment opportunity. However, after learning more about the business itself, he decided to get involved as a franchisee.
“I realized there are some great business benefits to the franchise itself,” Meade said. “A number of different things stood out to me. It was the cash flow, low inventory and low overhead costs associated with payroll.”
Meade has been a Nashville resident for nearly three decades and has watched the community grow and change over the years. And, in the past five to 10 years, he said he has noticed many positive tailwinds due to the real estate market, macroeconomics and population growth.
“LaundroLab has identified four areas it feels will be excellent for the customer base that it has profiled as being routine laundry customers,” Meade explained. “So, we’re targeting four different pockets of Nashville.”
As he grows his laundry business, Meade noted that he is planning to establish four locations over the next four to five years and is open to further expansion in the future.
“The typical laundromat may not be viewed in the most favorable light – whether it be due to rundown equipment, poorly lit spaces, or even being viewed as somewhat dirty or dangerous in some instances,” he said. “This is going to be completely different from that. It’s going to be well-lit, have security cameras, and be a very open and safe environment that’s family-friendly. This will be a welcoming environment for folks to come in and do their laundry.”
