American Coin-Op - December 2020

MEASURING PERFORMANCE:

Key Store Financials and Market Metrics I N S I D EI :N SJ IUDL EY: 2D 0E 0C 5E M B E R 2 0 2 0 PLANNING & MARKETING TIPS FOR SUCCESSFUL GRAND OPENING

PROTECT YOUR RIGHTS WHEN DEALING WITH A LANDLORD

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CONTENTS DECEMBER 2020 VOLUME 61 ISSUE 12

COVER STORY

KEY STORE FINANCIALS & MARKET METRICS Certain markers, both internal and external in nature, can signal a laundry’s health and its potential for growth.

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(Cover image: © lightsource/Depositphotos)

INSIDE

COLUMNS

10 GRAND OPENING 101: PLANNING

& MARKETING TIPS FOR SUCCESS

Bring on the publicity for your new laundry by hosting a stellar grand opening event, says Continental Creative Services’ Kim Foxcroft. Show people and businesses, firsthand, how your store and services benefit them. But what’s the key to a successful grand opening? Plan it in advance and utilize proven advertising and marketing tactics. Foxcroft provides a timeline of tips.

16 PROTECT YOUR RIGHTS WHEN DEALING WITH A LANDLORD For the vast majority, the landlord/tenant relationship has different needs for each party, and most are in opposition, says retired multi-store owner Paul Russo.

It’s important that each party understands that cooperation, compromise and civility go a long way.

When considering a lease, Russo has some suggestions to give yourself the best chance to reach an agreement that fully protects you and your business.

Plus, several American Coin-Op readers share memories of their grand openings past.

DEPARTMENTS 4 VIEWPOINT 21 NEWSMAKERS

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22 CLASSIFIEDS 23 AD INDEX

AMERICAN COIN-OP DECEMBER 2020

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Give it a listen at AmericanCoinOp.com.

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YOUR NEW STORE IS WAITING. SHOW CUSTOMERS YOU MEAN BUSINESS. The world has changed, and your customers are more selective about where they choose to do their laundry. They are looking for modern, clean stores that offer various payment options and equipment they can trust to get the job done. If your business needs an upgrade, now is the time to see how new equipment can increase your bottom line.

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VIEWPOINT

Charles Thompson, Publisher E-mail: cthompson@ATMags.com Phone: 312-361-1680

Donald Feinstein, Associate Publisher/ National Sales Director E-mail: dfeinstein@ATMags.com Phone: 312-361-1682

THE END OF A TRYING YEAR

Bruce Beggs

This month marks the end of a terribly trying year. The coronavirus pandemic threw our country into public health and economic crises that have lasted throughout 2020 and look to extend into the next.

But the medical community continues to work on treatments and vaccines that I hope, one day, will stop the spread of COVID19 and allow our society to return to a way of life that’s no longer framed by a fear of catching an unpredictable and sometimes fatal illness.

Amid everything that’s happened this year, 2020 confirmed to many what you and I already knew: laundry services are essential.

Many businesses were temporarily closed in the early stages of the pandemic, but not laundries. Pending a vaccine, lowering the risk of infection has meant cleaning and sanitizing our homes and clothes. Who better to help laundry-poor families do the latter than their local Laundromat?

It hasn’t been “business as usual” during 2020, as you’ve no doubt had to adjust your operations in the face of health and government guidelines and regulations. But despite everything this year threw at you, your doors remain open and your machines await the next customer.

And for that, I congratulate you.

Now, we look ahead to 2021. There’s one thing I feel certain of: it will be better than 2020.

Bruce Beggs Editorial Director

Bruce Beggs, Editorial Director E-mail: bbeggs@ATMags.com Phone: 312-361-1683 Mathew Pawlak, Production Manager Nathan Frerichs, Digital Media Director E-mail: nfrerichs@ATMags.com Phone: 312-361-1681

ADVISORY BOARD Douglas Pratt Sharon Sager Luke Williford

Tony Regan Michael Schantz Andy Wray

OFFICE INFORMATION Main: 312-361-1700

SUBSCRIPTIONS 847-504-8175 ACO@Omeda.com www.AmericanCoinOp.com

American Coin-Op (ISSN 0092-2811) is published monthly. Subscription prices, payment in advance: U.S., 1 year $46.00; 2 years $92.00.

Foreign, 1 year $109.00; 2 years $218.00.

Single copies $9.00 for U.S., $18.00 for all other countries. Published by American Trade Magazines LLC, 650 West Lake Street, Suite 320, Chicago, IL 60661. Periodicals postage paid at Chicago, IL and at additional mailing offices.

POSTMASTER, Send changes of address and form 3579 to American Coin-Op, Subscription Dept., 440 Quadrangle Drive, Suite E, Bolingbrook, IL 60440. Volume 61, number 12. Editorial, executive and advertising offices are at 650 West Lake Street, Suite 320, Chicago, IL 60661. Charles Thompson, President and Publisher. American Coin-Op is distributed selectively to owners, operators and managers of chain and individually owned coin-operated laundry establishments in the United States. The publisher reserves the right to reject any advertising for any reason. © Copyright AMERICAN TRADE MAGAZINES LLC, 2020. Printed in U.S.A. No part of this publication may be transmitted or reproduced in any form, electronic or mechanical, without written permission from the publisher or his representative. American Coin-Op does not endorse, recommend or guarantee any article, product, service or information found within. Opinions expressed are those of the writers and do not necessarily reflect the views of American Coin-Op or its staff. While precautions have been taken to ensure the accuracy of the magazine’s contents at time of publication, neither the editors, publishers nor its agents can accept responsibility for damages or injury which may arise therefrom.

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AMERICAN COIN-OP DECEMBER 2020

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KEY STORE FINANCIALS & MARKET METRICS Certain markers can signal a laundry’s health, potential for growth

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(Photo: © choreograph/Depositphotos)

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AMERICAN COIN-OP DECEMBER 2020

riting for American Coin-Op several years ago, now-retired small-business columnist Howard Scott left little doubt about how important he thought knowing certain store financials and market metrics was for a self-service laundry owner: “Your Laundromat’s operating numbers should be as easy for you to recite as your Social Security number.”

Indeed, there are certain markers and measures that can signal a laundry’s health and potential for growth. Let’s take a look at a few of them: Demographics — These are, as defined by Merriam-Webster, “the statistical characteristics of human populations (such as age or income) used especially to identify markets.” They aren’t “operating numbers” as described by Scott but rather statistics that can influence those numbers a great deal.

While understanding the nature of an area’s customer base is important any time, it may be most vital when a first-time investor or an expanding store owner is deciding where to open up shop.

Store location can significantly impact an operation’s success or failure rate, so there are a few key demographics to identify when analyzing potential sites. First, the service area you’re considering needs to have a significant share of renters. A good starting point is 35%.

Household size and income level are also important when it comes to demand potential. It’s recommended that the average household size in a considered location be at least 2.3 people with a low to medium income level. Lower-income households—earning less than $35,000 per year— are less likely to pay extra for an in-unit washer and dryer, thus making the area Laundromat more attractive to them.

Neighborhoods that are heavy in multi-family housing and communal living—such as apartment complexes and trailer parks—offer the greatest potential.

Demographics can also influence what machines, services and amenities to offer. If it can be shown that the nature of the local populace

▼

by Bruce Beggs, Editorial Director

www.americancoinop.com

(continued from page 6) is changing, that may signal a need for the service or services you’re offering them to change, too.

Gross Income Minus Expenses Equals Profit (or Loss) — Once a store is in operation, its gross income is determined by adding the results of various revenue streams, including vended laundry, vending machines (candy, supplies, etc.), wash-dry-fold service, drop-off dry cleaning, etc.

The greater the income each month, the greater the profit potential. But where there is income, there are expenses.

Typical expenses for a Laundromat include, but aren’t necessarily limited to, utilities, rent/mortgage, employee wages, equipment payments, maintenance costs, supplies, insurance and property taxes.

Scott has favored keeping track of the percentage of utilities to revenue, because if that number is rising, it clearly shows that costs are increasing as a percentage, he says. Does this mean the laundry operator hasn’t raised vend prices enough to cover cost increases, or that a portion of the utilities cost could be in the form of leaks or inefficient usage?

Utilities as a percentage of gross averaged 20.4% in 2019, according to results of this year’s American Coin-Op’s “State of the Industry Survey” report, down slightly from 21.7% in 2018.

Turns Per Day — This relates to the number of times a laundry’s machines are used every day. It’s not difficult to calculate: Add your total machine cycles (by top loader, front loader or dryer) per week, divide by the total number of machines in that category, then divide that result by seven.

If you combine the turns for all equipment categories and divide that number by three, that is your store’s total turns per day. A good turn rate, according to Scott, conveys a busy operation.

Let’s say your front loaders run a combined 500 cycles a week, and you have 20 front-load washers. You divide 500 by 20, which equals 25. You divide that figure by seven days and your daily front-load turns equal roughly 3.6.

The average turns per day for front loaders among respondents in the 2019-20 “State of the Industry Survey” report was 3.6, so based on the example, you now know your throughput for that machine category meets the current industry average.

But you don’t have to stop there. Beyond the visuals of how many people can be seen in your store at a given time, turns can help illustrate your store’s ebbs and flows. But you’ll need to be able to identify cycles by date and time of day to develop a true picture of when your machines are busy and when they are not.

Calculating turns per day can show how efficiently your equipment is being used, your investment needs, and if you’re approaching maximum capacity.

Customer Retention — Today’s advanced data collection and/or management tools make it easy to track customer usage. However you choose to follow it, if you become aware that a regular customer who typically visits your store every Monday to do their laundry hasn’t stopped by in a month, that signals a need to reach out to them and encourage them to return.

But if you haven’t noted their absence lately, then that’s an opportunity—and revenue—lost.

Maintenance and Repairs — Paul Russo, a retired store owner of 40-plus years and also an American Coin-Op columnist, favors keeping a maintenance logbook and recording every repair requir8

AMERICAN COIN-OP DECEMBER 2020

(Photo: © lightsource/Depositphotos)

ing a part. By doing this, you’ll be able to spot trends and maintain a more efficient parts inventory.

Using a marker, Russo wrote directly on parts the dates they were installed and from which company he bought them. Different parts suppliers offer different versions of the same part, some better than others, he believes, and tracking sources will help you identify who sold you a bad part.

By pairing a machine’s maintenance and repair record with its age and level of use (turns per day), you’ll be able to track its useful life and can prepare for its replacement.

Competing Businesses — This is trickier than determining your own numbers but still worth doing, even if you’re only able to come up with estimates.

While there’s something to be said for being proactive instead of reactive when it comes to your business, it would be foolish to completely ignore what other businesses competing for laundry service customers in your area are doing.

In the case of another self-service laundry, visit the store at different times and days to gauge activity. Take note of the equipment mix, vend pricing, store capacity, age of machines and the wash-todry ratio. Be curious and ask questions of staff.

ONCE ARMED WITH INFO, TAKE ACTION There’s valuable information out there to be had but it won’t collect itself. It’ll require a commitment of time, resources and patience to gather intelligence that’s truly meaningful.

You’ll want to track any data long enough to experience naturally occurring ebbs and flows, and to account for or eliminate variables that could color your analysis.

Once you’ve collected the numbers, whatever they may be, use them to take action. Without it, they’re just numbers.

If you can get into a routine of regularly looking at markers like your revenue, turns per days, utilities and competitor pricing, you’ll ensure your operation continues to measure up favorably.

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GRAND OPENING 101:

Planning & Marketing Tips for Success

(Photo: © franckito/Depositphotos)

by Kim Foxcroft

B

ring on the publicity for your new laundry by hosting a stellar grand opening event. Show people and businesses, firsthand, how your store and services benefit them. The idea is to capture and retain customers for every service your laundry delivers.

The key to a successful grand opening? Plan it in advance and utilize proven advertising and marketing tactics to capture new customers and keep them coming back. Check out the following timeline of tips:

6 MONTHS BEFORE Website — Work with a qualified web developer to launch your laundry’s website. Include content on equipment, services, specials, contact information, news and more. Use it as an everchanging marketing platform that brings your business credibility and shows customers you’re engaged with the community.

Social Media — Develop your Facebook, Twitter, YouTube and Instagram accounts and use them to build hype before, during and after the grand opening.

3 MONTHS BEFORE Solidify the Plan — Establish your budget and nail down your invite list, food, entertainment, giveaways, activities, and timeframe.

Invite City Officials, Key Businesses and Local Press — This will increase your chance for free media coverage. Contact your mayor, companies with whom you’d like to do business, and community reporters. Invite them to attend the event and experience your laundry and its services. (continued on page 14) 10

AMERICAN COIN-OP DECEMBER 2020

MEMORIES OF GR AND OPENINGS PAST FROM AMERICA N COIN-OP READ ERS...

CATHY NEILLEY, SP IN DOCTOR LAUN DROMAT Owner Cathy Ne illey hosted a gra nd opening celeb for her Spin Docto ration r Laundromat, Ha milton Township, Jersey, in 2012.

New It was an open ho use for the local co nity. She invited frie mmunds and offered fre e food that came neighboring stores from .

She invited the ma yor and members of the local Cham Commerce to atten ber of d and participate in a ceremonial ribbo cutting. n“(The turnout was) significantly less tha n I expected,” rec Neilley. “I did no alls t live in the area an d had no idea that mayor of the tow the n had been indict ed.”

RY LENLOCK COIN LAUND KEN BARRETT, WASHIN’ al store as the se a former Dollar Gener Owner Ken Barrett cho niston, Alabama, An y, ’ Lenlock Coin Laundr location for his Washin 00-square-foot 2,4 The .

18 ning in fall 20 which had its grand ope 00-square-foot ction in the front of a 7,2 laundry was new constru building. ced our large draw grand opening, we pla “For a month before the for anyone to left postcard-sized ballots tumbler in the store and of tokens, lars e away hundreds of dol enter,” he says. “We gav ” gs. win cash during the dra jugs of soap and $500 ning, On the day of the ope a free ted hos k loc Len ’ Washin laundry laundry day, providing and supplies, pizza, snacks . ted visi o wh drinks to all with “We had a great turnout all ple peo of a steady stream e hav e “W . alls rec rett day,” Bar make it to tem sys our d line stream tomers.” a smooth flow for all cus

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(continued from page 10) Plan for Food and Entertainment — People love free food. Have it on hand with music and activities. Ideas? Ask local librarians to read children’s books; set up face-painting areas; organize bag toss competitions. Consider hiring a local radio station to broadcast live from the parking lot of your laundry.

Determine Ways to Motivate Their Visit — You may need to implement several incentives to lure customers to the grand opening. A free raffle with giveaways is ideal. To participate, guests must register with their name and contact info. That way, you can utilize their contact information for future emails and mailers — keeping them engaged long after the grand opening is over.

Popular giveaways include laundry bags with your logo, children’s bikes, TVs, gift cards and iPads. Oftentimes, laundries also offer discounted laundry services. This entices them to come back!

2 MONTHS BEFORE Interior and Exterior Signage — Work with a graphic designer to design both interior and exterior signage for the store. This includes any instructional signs for equipment that will be helpful to your customers, as well as eye-catching window graphics that will make your laundry get noticed. Keep in mind it takes time to design, produce and ship the signage. Then you’ve got to install it.

Hire and Train Staff — Get staff familiar with equipment, duties and expectations in the weeks leading up to the grand opening.

The day of the grand opening, ask them to educate and assist customers on equipment operation, services and alternative payment systems.

Hang a Banner — Order a giant vinyl banner announcing the grand opening, making clear the public is invited to attend. Hang it outside the front of your store for a month or two preceding the grand opening.

1 MONTH BEFORE Write and Send a Press Release — Announce the grand opening by writing a press release and distributing it to community media outlets. Don’t forget to include a picture of your laundry’s exterior, information on equipment and services, and hours of operation as well as giveaways and attractions during the grand opening.

Mailers and Door Hangers — Start communicating your event as well as planned incentives and specials via direct mailers and door hangers to your surrounding area and potential customers.

TWO WEEKS BEFORE Tie Up Loose Ends — Reconfirm with caterers, city officials, reporters, helpers and entertainment. Be sure everything is in line and ready to roll.

GRAND OPENING DAY Celebrate! — Enjoy a well-planned, successful event that attracts and educates customers — enticing them to return again and again. Then, pat yourself on the back for a job nicely done and reap the rewards for years to come!

ACO

Kim Foxcroft 14

Kim Foxcroft is manager of creative services for Continental Creative Services, Oshkosh, Wisconsin.

AMERICAN COIN-OP DECEMBER 2020

KARL HINRICHS, FOR NA NCY SOUSA, TOWN LIN E LAUNDROMAT Distributor Karl Hinrich s recalls a special grand ope ning a decade ago involving client Na ncy Sousa and her Tow n Line Laundromat in Rocky Hill, Connectic ut: “Nancy Sousa had bee n downsized by corpor ate America and was looking for a busine ss that she could manag e and operate, and she chose Laundrom ats. HK (Laundry) assiste d her in building her Laundromat in an old bank building in a strip mall shopping center.”

Sousa, who was first dia gnosed with breast can cer in 2004 and subsequently had comple ted several rounds of trea tment, discovered weeks before the Octob er 2010 grand openin g tha t her cancer had spread, according to “One Day at a Time,” an American Coin-Op article publish ed in 2011.

Singing was a passion of Sousa’s. Hinrichs say s she had a throaty, Janis Joplin-type sound and routinely performed at Susan G. Komen® Breast Cancer Foundation events.

“For Nancy’s grand ope ning event, she organi zed a group of her musician friends to pla y great music in front of the Laundromat.

Nancy … also came out to perform a musical num ber or two.”

Sousa combined the gra nd opening with a fundra iser and raffles that also supported the Susan G. Komen fight against breast cancer.

“This grand opening event was the celebration of Nancy’s passions: Laundromats, music, and the fight against breast cancer.”

Sousa died in April 2013 at age 51.

NDRY MS, CONYERS BEST LAU YVETTE MORTON WILLIA owner Yvette Morton y in Conyers, Georgia, At Conyers Best Laundr doors before hostmonth after opening the Williams waited over a the summer of 2019. ing a big celebration in g for all of the man do free face paintin “We had a talented wo e had drawings lts as well,” she says. “W children and some adu also provided We . bicycles and televisions throughout the day for popcorn, and es, nde -up visits to our atte free washing for follow music and cotton candy. omat “This was a new Laundr pping sho y in a moderately bus ions act the g erin plaza. Consid ness are aw se rea inc to d require s wa of our facility, the turnout hib pro s tion good. Local regula e larg the g yin pla dis ited us from on sed cha pur had we ns sail sig bility. the roads to heighten visi would I in, If I were to do it aga of ber am Ch al loc involve our The nt. eve this in e erc Comm ship with value of a good relation s is ner ow ss your fellow busine .” tremendous

WATCH AMERICANCOINOP.COM IN DECEMBER FOR MORE MEMORIES OF GRAND OPENINGS PAST!

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POINTERS FROM PAULIE B

PROTECT YOUR RIGHTS WHEN DEALING WITH A LANDLORD

Paul Russo

or the vast majority, the landlord/tenant relationship has different needs for each party, and most are in opposition.

For long-term success, it is important that each party understands that cooperation, compromise and civility go a long way. There can be clauses for dispute resolution but both parties would do well to first set their emotions aside when a dispute arises and attempt to find a win/win solution.

Here is probably the most important tip I can offer: Before signing any document, consult a good lawyer who is well-versed in commercial real estate.

The second most important tip: Protect your personal assets by forming either a subchapter S corporation or a limited liability company (LLC).

Never allow a clause where the landlord addresses you personally. It sounds nice but this practice might weaken the “corporate veil” enough to allow him to come after you. It’s things like this that require involving a good commercial real estate attorney. And while you’re at it, have your attorney help guide you with the proper liability insurance.

The third most important tip: Be sure you can assign your lease to a buyer.

You are investing a lot of money in a leased space.

Your primary need is for a long-term lease at rates that you can live with, and is assignable if/when you plan to sell. Yes, a lot of the boilerplate leases will give permission to assign to a new buyer, but the language of most assignments is not in your favor. The landlord can stall until your buyer drops out.

(Photo: © Feverpitch/Depositphotos) 16

AMERICAN COIN-OP DECEMBER 2020

When reviewing a lease, I had a simple line inserted that helped me somewhat: “Tenant shall have the right to assign this lease, and that right shall not be unreasonably withheld.” It’s also important to have language that spells out how much time a landlord has to approve the assignment.

OVERALL STRATEGY: THINK LONG-TERM Thinking long-term is one of the most important things you can do when negotiating a lease.

Consider the end of the lease term as well as everything in between. Can you renew? If so, at what cost?

One way to find out is to ask the existing tenants.

You’ll get unexpected tidbits of information.

I guarantee the landlord is thinking about the long term. The main problem I saw over the years was how a lease could go from reasonable to unreasonable by the time the lease term was nearing its end. There is a “power shift” when you want to renew. All of a sudden, your landlord starts saying how the value of the space has increased dramatically.

If you wait too long to renegotiate, you will lose a great deal of power. Even if there are empty retail spots around you, the landlord knows that it is very expensive and often impractical to move your mat to another location.

Advantages of leasing include lower entry-level costs, and lease-only locations are some of the best to choose from.

But there are disadvantages. Compared to residential leases, commercial renters have no rights other than what is written in the lease, so your best protection is negotiating before you sign.

At the end of your lease, or if you are looking to sell your mat, the landlord has the stronger position. If you have only a handful of years left on your lease, your mat becomes near worthless to sell. Your only hail Mary is to help your buyer secure a better lease, and sometimes they do, provided you come up with a strong buyer.

But don’t expect to get a great sale price based on what a new buyer can negotiate.

That’s why I liked to begin negotiations with at least seven years left on the lease. This will accelerate your rental costs somewhat, but if business is great, you get enough security to sleep at night at a price that you just may be able to handle.

Some clever landlords won’t agree to any renewal negotiations until the last couple months of your lease.

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All these negative factors, and more, is why mat veterans often say, “You gotta own the dirt.” In other words, buy the property if you can.

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An equipment distributor as well as a lawyer can give you great guidance. I would consult with both before negotiating.

Landlords have an edge in that they write the lease. Obviously, they will write it in their favor. It’s up to you and your agent/lawyer to read, understand and make any counter offers. Just because it’s written in the lease doesn’t mean that you must agree to everything.

You have strengths the landlord may like. Mats are “anchor stores,” meaning they will attract customers to a shopping center so they can shop at the other stores while doing their laundry.

Mats are recession-resistant, which is attractive to landlords. A laundry can be bought and sold multiple times over the years, but they rarely disappear, which can give reassurance to a landlord.

Landlords like to see a big investment in their properties. Since most mat builds/rebuilds can take six months or longer, ask for those months free to rehab your store. Get backup from your distributor or contractor to push this.

Keep in mind that you can negotiate and agree to “X” out and initial any line in the lease that you are not happy with. When you cross out a sentence, you draw a line through the wording and both parties must initial it! Everything is negotiable.

To enhance your renewal power, the best leverage you can have with a landlord is to always pay the rent on time! You should have excellent credit ratings because they will check you out.

It also doesn’t hurt for you to help out the landlord from time to time. You may be at the building six or seven days a week, while many landlords rarely show up. If you help out once in a while, and pay your rent like clockwork, you will become a dream tenant, one the landlord will not want to see leave.

In the end, commercial landlords always win. You may win a battle or two but as the years tick away, you must convince your landlord that the risk for simply extending your lease at a reasonable rate is much lower than taking a chance with the unknown.

Landlords want to make money just like you. This does not make them “bad,” but it does make most of their needs oppositional to yours. But your success is usually their success.

Before negotiating, make a list of your “must-haves,” “unacceptables,” “preferreds” and “not preferreds.” Once you have these lists, you have some structure for negotiating.

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Increases are usually stipulated either by percentage increases every year, or by a Consumer Price Index (CPI) formula.

There are all kinds of structures, such as “triple net” or “double net” leases, which will include some kind of “common area charges” that only seem to go up. Some landlords still use a straight format lease with percentage increases. My experience was 2-3% increases for this type of lease.

If you are adding options to extend your lease term, most landlords will require that you notify them in writing ahead of time. If you don’t notify them, you could lose the option, so pay attention to your option notification clause.

Since an option may not come up for 10 years, what options parameters are fair to both parties? I say it’s Fair Market Rental Value (FMRV), where an outside party or parties, agreed to

18

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ahead of time in the lease, determine the value.

How will any disputes be resolved? There are so many caveats on this topic alone that screams for a good attorney. Some leases assign an arbitrator agreed to by both parties.

WATCH FOR...

• When calculating “rentable space,” some landlords will measure from the outside of one wall to the outside of another, leaving you to pay for the thickness of the walls.

• If your mat takes up, say, 20% of the building, did you check to see if it really does take up that share? This is important because your store’s percentage will most likely be used to bill you with any increases, such as real estate tax escalations, or common-area changes. Make sure it’s accurate.

• Pay attention to the Consumer Price Index. Because the CPI measures all goods and services, your rent could increase more than the landlord’s costs.

• As far as common-area charges, does your lease spell out any maintenance/repair issues of the property that you could end up sharing?

• If you lose utilities for a long time, or if the building burns down, will you still be responsible to pay the rent? If so, how much and for how long?

• Can you sublease a part of your leased space? You may want to try other sources of income.

• If the building is sold, is there language that spells out what happens to your lease?

• When you sell, will the landlord still hold you responsible for the rent if the new buyer doesn’t pay? If so, how long could you be on the hook?

• If the landlord put your rent deposits into a dedicated bank account, who gets the interest?

• Are you allowed to keep your business open 24/7, if needed?

• Are you allowed to install vending machines? Some landlords prohibit this to protect other retailers.

OTHER THINGS TO CONSIDER Can you buy the building? A “right of first refusal” if your landlord decides to sell can be very useful.

Does your landlord offer a guarantee that he/she will not rent out any empty space on the same property to another Laundromat? In legal terms, is there a non-compete clause?

Keep in mind that any “capital improvements” to the building approved by the landlord and made by you will automatically become the landlord’s property. This includes rooftop HVAC units, new storefronts/windows, and all infrastructure (plumbing, electrical, washer platforms, etc.), but not the laundry equipment itself.

Finally, if the landlord wants “cash under the table” to agree to anything, run and find another location!

ACO Paul Russo owned and operated multiple Laundromats in New York City for more than 40 years before retiring in 2018. You’re welcome to direct any questions or comments for Russo to Editor Bruce Beggs at bbeggs@atmags.com.

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AMERICAN COIN-OP DECEMBER 2020

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NEWSMAKERS EVI INDUSTRIES ACQUIRES YANKEE EQUIPMENT SYSTEMS Distributor EVI Industries Inc., Miami, has acquired Barrington, New Hampshire-based Yankee Equipment Systems Inc. for $13.5 million, paid in a combination of cash and EVI common stock.

Yankee is a distributor of commercial laundry products and provider of related technical installation and maintenance services.

Peter Limoncelli—who EVI describes as a “young, well-respected, and dynamic leader and entrepreneur”—and a team of 56 laundry professionals have consistently increased Yankee’s revenue, profitability and market share in the New England region of the Northeast, EVI says.

Yankee adds approximately $31 million in revenue distributed over 2,200 industrial, on-premise, vended and multi-family laundry customers.

“Consistent with our operating model, Yankee Equipment Systems will continue to be led by Peter Limoncelli and will operate under its current name, from its present location, and with its existing team to provide its customers, employees, and vendor partners business continuity,” says Henry M. Nahmad, EVI chairman and CEO. “Their reputation and success … have earned them strong customer relationships that we intend to help them build on.”

Limoncelli also becomes president of EVI’s Northeast Operations, which consists of Yankee and two distributors EVI acquired in 2019, PAC Industries and Professional Laundry Systems. The

combined workforce totals 120.

“EVI builds density in markets to improve customer service and to provide vendor partners with growth opportunities,” Nahmad says. “Yankee Equipment Systems significantly expands our footprint in the Northeast and positions us to continue investing in this highly fragmented region.”

Since October 2016, fast-growing EVI has acquired 15 commercial laundry businesses.

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“ESD has been a market leader in the laundry industry for (continued on page 24)

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NEWSMAKERS (continued from page 21) decades, supporting the growth and accessibility of laundry for business owners and consumers through our hardware and payment systems,” says Wayne Lewis, CEO of ESD. “We are excited to enable our customers to be part of the Cents network and to integrate their powerful software to create something that will truly elevate our industry.”

Current and new ESD customers will have access to an allencompassing solution for a tablet-based POS, driver/van tracking, no-cost delivery services, employee management, remote business management, revenue reconciliations and more, the companies say.

us the financial security of knowing we would receive a portion of our total development cost back as a rebate. For a small-business owner, this security is crucial, especially given the current economic situation.”

STAR DISTRIBUTING HIRES HERRON AS VP OF SALES Star Distributing, headquartered in Nashville, Tennessee, has hired John Herron as its vice president of sales, the commercial laundry distributor reports. He will call on vended, on-premises and commercial laundry customers in Star Distributing’s service area of Tennessee, Kentucky, northern Alabama and northern Georgia.

Previously, he worked 15 years as a regional sales manager for Electrostim Medical Services Inc., a medical device company based in Tampa, Florida. While there, he was in charge of hiring, training and managing a sales team of 28 in serving an eight-state territory in the northern Midwest.

Herron now owns a coin laundry, Star Distributing says, which gives him hands-on John Herron experience to share with the laundry distributor’s customers.

“I am very proud to have John, with all his experience in customer service and sales,” says Michael Davis, president of Star Distributing. “He is going to be a great addition to the Star Distributing team.”

Delaware Gov. John Carney (right) and Splash Laundromat owners Enrique Nunez (left) and Veronica Nunez hold a mock check representing the Downtown Development Districts rebate the Nunezes received for their Georgetown, Del., building project that created the Laundromat along with two other businesses and three residential apartments. (Photo: Delaware State Housing Authority)

DELAWARE LAUNDROMAT PROJECT EARNS SIZABLE INVESTMENT REBATE Delaware Gov. John Carney, State Housing Authority Director Anas Ben Addi, local legislators, town officials and business community members celebrated the grand opening of Splash Laundromat, Georgetown, Delaware, on Oct. 16 and presented a Downtown Development Districts (DDD) rebate check for $457,997 to owners Enrique and Veronica Nunez.

“This project demonstrates how the DDD program can be used as a valuable resource during this time for small businesses looking to expand, entrepreneurs opening new businesses, and homeowners completing renovation projects in our state’s downtowns,” says Carney.

The Nunezes purchased the property where Splash Laundromat is located in September 2015. They renovated and expanded the vacant structure to include the Laundromat, a hair salon, and a coffee shop and snack bar on the first floor with three apartments on the second floor. Total development cost for the project was nearly $2.7 million.

The Nunezes applied for and received a DDD reservation in fall 2017 in support of the project.

“We could not have completed this project without the support of the DDD program,” says Enrique Nunez. “This program gave 24

AMERICAN COIN-OP DECEMBER 2020

TLC Tri-State Laundry Companies’ Matt Stephenson (left) and Keith Quarles display the top dealer award for 2019 from Pellerin Milnor Corp. (Photo: Pellerin Milnor Corp.)

PELLERIN MILNOR CORP. RECOGNIZES TOP DEALERS OF 2019 Equipment manufacturer Pellerin Milnor Corp. reports that TLC Tri-State Laundry Companies, a dealer headquartered in Valdosta, Georgia, has been awarded first place for machinery sales among Milnor’s worldwide distributor network in 2019.

“Pellerin Milnor’s strong distributor network is one of the cornerstones of our success,” says Rick Kelly, vice president of sales and marketing for Milnor. “TLC Tri-State’s achievement for the highest machinery sales for 2019 is well-deserved.”

Rounding out Milnor’s top five dealers for the 2019 machinery sales year are Pellerin Laundry Machinery Sales Co., Kenner, Louisiana, in second place; in third, Western State Design in Hayward, California; Yankee Equipment Systems in Barrington, New Hampshire, in fourth place; and in fifth, Steiner-Atlantic Corp. in Miami.

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