recently hosted two laundromat improvement workshops in Los Angeles and Anaheim. More than 90 industry participants, consisting mainly of laundry owners and prospective investors, spent time discussing various topics impacting the industry, including retools, acquisitions, laundromat valuations and social media.
Executive Vice President Marc Stern, Vice President of Sales Tony Regan, and Loan Officer Jennifer Lujan took attendees through interactive exercises demonstrating how improvements, including an equipment retool, can positively impact their day-to-day business. Attendees also participated in a valuation exercise in which groups were asked to come up with a “before and after retool” value of a sample laundry business.
Social media proved to be a hot topic, generating a lively discussion. Byron McIntyre, marketing director for Eastern Funding, shed light on how social media has forced operators to adjust their approach to marketing and offered tips on how to utilize various platforms for the benefit of their business. In a revealing exercise, laundry owners shared how they drive positive responses, as well as how they respond to unfavorable online reviews.
“This was our first workshop in southern California, and it was a great success,” Stern noted. “We have a solid presence in this market and want to thank all who attended. It is our intention to hold more of these workshops throughout the country during 2019.”
“We really enjoyed the meeting,” said Kevin Niems, an attendee at the Anaheim workshop. “It was very informative. The professionalism of Eastern Funding and the willingness to share their time for a free workshop is incredible and much appreciated.”
Eastern Funding plans to host similar Laundry Improvement Workshops throughout the country, and the feedback provided insight for further topics of interest to be covered at these future events.