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Welcome back to the Laundromat Resource Podcast! In episode 163, we're thrilled to have Jeimy Flournoy, an inspiring entrepreneur who's successfully transitioned from hair salons to laundromats, joining host Jordan Berry.

Jeimy shares her journey of building a laundromat from the ground up, including hiring her architect landlord, overcoming construction delays, and managing the complexities of opening a new business in PG County, Maryland. We'll dive into her strategic decisions, from selecting the perfect layout to incorporating the lucrative "eighties" machines.

Jeimy speaks candidly about the challenges she faced, the importance of resilient attitudes, and her efforts to support her community by employing single mothers and recent immigrants. Plus, she shares her unique approach to business, emphasizing the value of flexibility, strong customer service, and maintaining a positive mindset.

Whether you're a seasoned laundromat owner or just starting out, you won't want to miss this episode packed with practical advice and inspiring stories. Tune in to learn from Jeimy's experiences and get actionable tips to help you succeed in the laundromat industry!

In this episode, Jordan & Jeimy discuss:

00:00 Jamie Flournoy: From janitor to successful business owner.
10:00 Manager oversees salon and laundromat operations completely.
13:49 Research, plan, take action, ask questions, buy machines.
18:05 Consistently ask for and respond to reviews.
23:51 PG County Maryland small business construction challenges.
29:43 Frustration and anger result from mismatched expectations.
32:24 Challenges are part of the journey.
38:19 Freedom to live your dream and life.
43:31 Hair salon specializing in Dominican blowouts, recruiting.
53:10 Learning process with pricing and distribution challenges.
57:29 Expanding to 40 salons, aiming for national presence.
59:16 Gratitude for sharing and seeking help advice.
01:07:38 Embrace ChargebeeTAI for easier, efficient tasks.
01:10:10 Great interview discussing business and mindset.

Show Notes

https://laundromatresource.com/show163

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Welcome back to another episode of the Laundromat Resource Podcast! Today we're diving into the world of tax-saving strategies with our special guest, Scott Snow, a seasoned CPA from ProVision.

In this episode, Scott shares invaluable insights on how real estate and laundromat business owners can maximize their tax advantages, from the importance of material participation to setting up your business for sale from the start. We'll explore how to offset W-2 income with business losses, the benefits of accelerated depreciation, and the strategic use of LLCs and S corporations. Scott also offers a sneak peek into the nuances of entity sales versus asset sales and their respective tax implications.

Whether you're an entrepreneur looking to optimize your tax planning or just curious about the financial perks of owning a business, this episode has something for you. Stick around for practical tips and actionable advice to keep more of what you earn and grow your wealth. Plus, don’t miss our live Q&A session coming up on July 17th, where we’ll delve even deeper into tax strategies. Let's get started!

In this episode, Jordan and Scott discuss:

00:00 Join live Q&A about taxes.
08:39 Episode not a sales pitch, live Q&A.
11:38 LLC can elect S corporation for benefits.
19:16 Separate entities for legal and liability protection.
23:45 Foreign investors require a US person involvement.
26:12 Separate personal and business accounts for clarity.
32:32 Active involvement determines tax implications for investors.
41:53 Market fluctuations, own assets offer more control.
46:32 Deductions for home office and business travel.
51:03 Encourage legitimacy, provide jobs, maximize tax deductions.
54:18 IRS uses term to tax income.
01:01:08 Detailed records essential for business valuation confidence.
01:06:10 Finance or sell, consider taxes and planning.
01:10:16 Form 8594: Buyers and sellers allocate purchase.
01:17:53 Proactive mindset, strategic planning, and financial empowerment.
01:18:54 Exciting tax talk, live q&a on July 17th.

Show Notes

https://laundromatresource.com/show162

Resources

https://www.provisionwealth.com/

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Welcome to Episode 161 of the Laundromat Resource Podcast! I'm your host, Jordan Berry, and today we have an incredibly insightful and dynamic conversation lined up for you with Amanda Sidell, proud owner of The Laundry Basket in Bangor, Maine. After a successful career as a clinical social worker and a series of real estate ventures, Amanda took a bold step into the world of laundromat ownership. In this episode, we delve into her fascinating journey of resigning from her hospital job just one hour after buying a laundromat and navigating the challenges of balancing business, family, and personal goals.

Amanda shares her systematic approach to managing her laundromat, from writing step-by-step instructions to embracing the importance of understanding the "why" behind every task. We'll also cover topics like expanding pickup and delivery services, the power of delegation, and how she leverages her background in social work to create a human-centered business environment.

Additionally, we dive into the importance of mentors, mastermind groups, and taking risks to drive personal and entrepreneurial growth. Whether you're a seasoned laundromat owner or just thinking about getting into the business, this episode is packed with useful insights and inspiring stories. So sit back, relax, and get ready to be inspired by Amanda Sidell's remarkable path to laundromat success!

In this episode, Jordan and Amanda discuss:

00:00 Podcast guest offers helpful laundromat tips and resources.
07:27 Impulsive decision leads to changing lives forever.
14:01 Tax-deferred exchange for reinvesting capital gains.
17:00 Bought, fixed, rented, sold, chaotic real estate experience.
21:35 Reality of life and business can be tough.
27:57 Endure struggles for long-term success and growth.
36:38 Create business model, travel full time.
37:25 Building business with systems, revenue, rebranding.
44:22 Treating people well in business can be challenging.
49:30 Having a strong why is crucial.
57:58 Evaluate time use, outsource tasks and advertise.
01:02:13 Hopes for growth and travel after graduation.
01:05:45 Recognize progress and avoid frustration in growth.
01:14:10 Money is essential for freedom in life.
01:16:40 Seeking financial and time freedom is admirable.
01:24:07 Offering discounted laundry services to local businesses.
01:29:45 Tanning beds bring revenue, but pose distraction.
01:33:49 Focus on understanding your business goals.
01:38:58 Embracing challenges and growth through adversity.
01:43:53 Join mastermind group or create your own. Utilize Facebook groups for technical support.
01:48:56 Humility and gratitude for guests on show.

Show Notes

https://laundromatresource.com/show161

Resources

Contact: amanda@thelaundrybasket.me
Website: www.thelaundrybasket.me
LinkedIn: www.linkedin.com/in/Amanda-sidell
Facebook: www.facebook.com/thelaundrybasket.me
Instagram: www.instagram.com/thelaundrybasket.me
TikTok:www.tiktok.com/@thecleanest_messylady

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