NEW ORLEANS — Bob Neiman, editor at Coin Laundry Association (CLA), moderated a panel titled The Keys to Successful Multiple Store Management as part of the association’s educational sessions at Clean 2013.
The session featured multiple store owners, like Brian Brunckhorst, owner of Advantage Laundry, Inc. in Dublin, Calif.; Michael Finkelstein, owner of Associated Services Corp. in Danville, Va.; John Henderson, owner of Liberty Laundry in Tulsa, Okla.; and Jeff Hooper, owner of Salem Laundry Co. in Salem, Mass.
The panelists discussed several aspects of being a multiple store owner, like day-to-day operations, financing a growing business and the overall advantages of owning more than just one location.
For Finkelstein, having multiple stores safeguards an owner from losing their overall business in the event of an economic downturn, particularly if they are in diverse areas.
“By having multiple locations in different towns, it minimizes downturn,” said Finkelstein.
While Henderson highlighted the possibility of an increased cash flow for opportunities like hiring employees, both Brunckhorst and Hooper talked about the overall possibility of growth for the owner’s business.
“[You] develop an organization you can rely upon,” said Hooper.
“As you continue to grow…you get to focus on growing your business, instead of working at your business,” said Brunckhorst.