56: From Poverty to Millions Through Laundromats with Dave Menz

BiggerPockets Business Podcast

BiggerPockets

Business, Careers

4.8 • 696 Ratings

🗓️ 19 May 2020

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you've found this show, you probably have that entrepreneurial itch... and you've probably wrestled with just how to turn that impulse into action. Well, that transition is exactly what today's show is about... so don't miss it. Our guest Dave Menz shares his journey from poverty, to a corporate career, to taking the plunge into business and turning a struggling laundromat into a cash-flowing asset producing generational wealth (then scaling up). And Dave pulled this off with no formal business training! As he says in the episode, "If you want to see me accomplish something, tell me I can't do it." Tell us what you think in a rating or review on Apple Podcasts (it takes just 30 seconds), and subscribe to the BiggerPockets Business Podcast in your favorite podcast app so you won't miss the next one. In This Episode We Cover: Overcoming "programming" from parents and school and choosing a different path Why Dave left his corporate career to start a business Why "the process" is more important than "the product" How he decided on laundromats How he negotiated the purchase of his first laundromat Writing a business plan and getting an SBA loan Starting a business while working full-time How he improved laundromat operations to become profitable Scaling up and acquiring additional laundromats Creating synergy among his businesses Relentlessly focusing on serving his community And SO much more! Links from the Show BiggerPockets BiggerPockets Podcast Guest BiggerPockets Podcast Check the full show notes here: http://biggerpockets.com/bizshow56 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Business Podcast show number 56.
0:06.4	I said, okay, we were going to purchase a business for like $85,000.
0:09.5	I said, okay, I need a roughly $60,000 loan.
0:12.0	And I never owned a business before, didn't have a degree, but I had a stable job and no debt, really.
0:17.4	And so I wrote up a business plan, approached a local bank, and they literally laughed at me.
0:24.5	Welcome to a real world MBA from the School of Hard Knocks, where entrepreneurs reveal what it really takes to make it.
0:31.6	Whether you're already in business or you're on your way there, this show is for you. This is Bigger Pockets Business.
0:42.7	Okay. your way there. This show is for you. This is Bigger Pockets Business. How's it going, everybody? I am Jay Scott. I'm your co-host for the Bigger Pockets
0:46.6	Business podcast, and I'm here with my lovely co-host, Carol Scott. How's it going today, Carol?
0:53.3	Doing really well. And continuing to be so impressed
0:57.5	with so many small business owners that we know that have made so many changes over the past
1:04.1	eight weeks and just kind of done whatever they can to continue adding value during this
1:09.3	interesting time. So big shout out to everybody
1:12.2	who has been just sticking through all of this, working hard in trying to find new ways to keep
1:18.7	moving along. And if any of you want to be on this show to talk about that or any of the
1:23.8	Bigger Pockets podcast for that matter, all you need to do is apply online. Go to biggerpockets.com slash guest.
1:31.1	That's biggerpockets.com slash guest.
1:34.0	We'd love to hear from you.
1:34.9	We always love learning about your interesting stories and expertise.
1:39.0	Absolutely.
1:40.1	Now, we have a great show today.
1:41.8	The guy we have on our show, his name is Dave Ments.
	...

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