Jason Baird: If I am considering getting into the laundromat business, when does it make sense to go ahead and start from scratch and when does it make sense to try to buy out an existing business or take over an existing business?
Ryan Smith: Really that is a tough question. Each situation is unique. You can get a really good deal on an existing business and I would tell you by all means that that business has a lot of potential, buy that. There are opportunities in a certain market where it makes the most sense to build a store just because you can't get everything in an existing location, i.e. they're too small. They have 2 or 3 1,800-2,500 sq. foot stores and you want to put a 4,000 sq. ft. store right in the middle of them and pull business from all of them. That's a scenario where you are absolutely going to need to put in a new store, but in the scenario where there might be a nice 3 or 4,000 sq ft up to 6,000 sq ft space available at a reasonable cost, that type of an existing store is certainly one that would be attractive to purchase and retool. The short answer to your question would be that if there's not, it's really based on location. If the existing business was in a great location and had the necessary utilities to retool and make it a better location, that would be a business that I would purchase, but if there is a space across the street that is available, I would go with a new location at that point and I would build a new store.
Jason Baird: I guess we're back to real estate.. location, location, location!
Ryan Smith: The industry is very location oriented and that's really why if an investor has the money, the best thing they can do is come see us and we will help them along the way. We will get them from point A to point B much faster than anyone else can simply because of our experience.
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