Here is what you missed at our Laundry Improvement Workshops in Fort Lauderdale on Tampa
Eastern Funding hosted Laundry Improvement Workshops in Florida in Tampa on January 29 and January 31 in Fort Lauderdale.
The workshops kicked off with Marc Stern, Executive Vice President welcoming the audience of prospective investors, laundry owners and a handful of vendors.
Tony Regan, VP Sales, led the group through retool and laundry valuation exercises. Attendees shared their thoughts on how to value a laundry and described what multipliers worked in their respective markets. The consensus was that older laundries with older machines may get around 3x net profit while laundry with new machines, long leases and good revenue can get upwards of 4x in some markets.
Leases generated many questions and comments. One theme that emerged was the importance of having a good lawyer familiar with laundry leases in the early stages of negotiations with the landlord.
Social media, online customer reviews and marketing garnered the most questions from attendees. Byron McIntyre, Eastern Funding’s marketing director, presented the laundry owners with customer review scenarios and then asked them how they would respond. He presented them with tips including the need to have a playbook to guide the response to negative reviews and the importance of using social media for positive interactions.
The next event in Eastern Funding’s Laundry Improvement Workshop series will be held in Texas in April. Stay tuned!