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{"id":9995,"date":"2021-02-04T09:48:55","date_gmt":"2021-02-04T15:48:55","guid":{"rendered":"https:\/\/planetlaundry.com\/?p=9995"},"modified":"2021-02-04T09:48:55","modified_gmt":"2021-02-04T15:48:55","slug":"the-new-investors","status":"publish","type":"post","link":"https:\/\/planetlaundry.com\/the-new-investors\/","title":{"rendered":"The New Investors"},"content":{"rendered":"

As Interest in the Laundromat Industry Grows, Who\u2019s Getting into the Business\u2026 and Why?<\/h2>\n

Melody Fanto has never been afraid of hard work.<\/p>\n

She has been a registered dental hygienist in Long Island, N.Y., for 30 years. In addition, she previously owned an auto repair shop, as well as operating her own snow removal business.<\/p>\n

Then, an accident caused her to rethink her financial future.<\/p>\n

\u201cA few years ago, I sustained a shoulder injury that rendered me incapable of doing my clinical work as a hygienist for several months,\u201d Fanto explained. \u201cDuring that time, I realized I had no backup plan \u2013 no pension, no benefits, no nothing\u2026 as private practices don\u2019t offer these benefits. So, I started doing some preliminary research into the laundromat business, just scratching the surface. When I returned to clinical practice, I didn\u2019t have much time to attend laundry webinars, seminars or educational meetings.\u201d<\/p>\n

But the seed had been planted.<\/p>\n

\u201cFast forward to 2020,\u201d she continued. \u201cCOVID-19 hits, and my city of New York and the town I worked in became the epicenter of this virus. My clinic was unable to provide ample PPE, and it became apparent that I couldn\u2019t treat patients in that way. And that clinic shut its doors last March.<\/p>\n

\u201cAt that time, I had to find a silver lining in the clouds, and I made the decision to enter the laundromat business. I wanted to own a business again \u2013 one in which I could secure a better, more stable future for myself.\u201d<\/p>\n

Fanto joined the Coin Laundry Association. She also attended every industry webinar and meeting she could find, studied the business, networked with established store owners, and attained a laundromat consultant to help her scout for suitable locations in her area.<\/p>\n

During her research, she also came across a laundry pickup-and-delivery business opportunity.<\/p>\n

\u201cI knew I\u2019d need to implement this much-needed service into my store once I found one,\u201d Fanto noted. \u201cSo, I\u2019m now the territory owner\/master licensee for the state of New York for Dirty Laundry Solutions. I\u2019m still
\nscouting for a laundromat, but in the meantime, I\u2019m also networking with laundromat operators to help bring this service into their stores.\u201d<\/p>\n

And Melody\u2019s story is not unique.<\/p>\n

\u201cThe disruption of the COVID-19 pandemic has resulted in many people looking into starting their own businesses to be in greater control of their own destinies,\u201d said Kevin Hietpas, director of sales for Dexter Laundry. \u201cWith vended laundries being labeled as \u2018essential,\u2019 our industry has weathered the pandemic better than many others, and the interest in both new and existing stores is significant. What many investors find particularly attractive is that our industry has come through an incredibly stressful time in much better shape than many other businesses that they might be considering.\u201d<\/p>\n

No, laundromats are not trendy and, for most of us, will never be even remotely sexy.<\/p>\n

\u201cLaundromats are not a business to brag about at cocktail parties,\u201d agreed Karl Hinrichs of HK Laundry in Armonk, N.Y. \u201cBut they are a component of the bedrock of our society. They provide a place for people to perform the important basic function of washing clothes. Doing laundry is one of the basics of survival \u2013 along with air, food and shelter. Laundromats are an important part of societal hygiene, as we have witnessed with the current pandemic. There always will be interest in laundromats, because they represent a basic and consistent service industry, a cash business, and a business that can operate with minimal management.\u201d<\/p>\n

Interest in the laundry business is driven by investor confidence in the market, Hinrichs continued, adding that both positive and negative investor confidence can drive interest and sales in vended laundries.<\/p>\n

\u201cWhenever there is a disruption in the economy, investors will start to look for safe havens for their money, and laundromats, being essential businesses, can be one of those economic safe havens,\u201d he explained. \u201cToday\u2019s economic disruption is unique in our history, because the disruption is primarily within the travel and hospitality sectors, while other markets are relativity untouched. So, we\u2019re seeing strong interest in laundromats, but perhaps not to the depth of interest as during the financial collapse of the Great Recession.\u201d<\/p>\n

Joel Jorgensen, vice president of sales for Girbau North America, concurred that his company also is seeing a strong interest in vended laundries. He pointed to four key reasons for their popularity:<\/p>\n