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    Laundromat Millionaire: The Grit to Elevate an Industry
    Laundromat Millionaire: The Grit to Elevate an Industry
    Laundromat Millionaire: The Grit to Elevate an Industry
    Ebook187 pages2 hours

    Laundromat Millionaire: The Grit to Elevate an Industry

    By Dave Menz

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    About this ebook

    Coined the Laundromat Millionaire, Dave Menz is a working class guy who grew up in poverty and overcame superhero-like obstacles. His story depicts a life and business journey that doesn’t stop at rags to riches—it begins with a stubborn and obsessive mission to become a business owner with the tenacious purpose of helping others to do the same. 

    In Laundromat Millionaire, Dave Menz reveals his necessary strategies for success: preserving a thirst for knowledge, “keeping your hand out of the cookie jar” or delaying gratification, accelerating new revenue streams, and having a stellar business plan and infinite business model—and mentality. Menz provides practical insights and actions to encourage aspiring or seasoned entrepreneurs to be savvy and take smart risks.
    LanguageEnglish
    PublisherMorgan James Publishing
    Release dateFeb 1, 2022
    ISBN9781631957871
    Laundromat Millionaire: The Grit to Elevate an Industry
    Author

    Dave Menz

    Known as The Laundromat Millionaire, Dave Menz is the proprietor of the Queen City Laundromat Chain in Cincinnati, OH. His initial foray into business ownership was a side hustle alongside his corporate gig with Cincinnati Bell. After finding his first laundromat on Craigslist, Dave overhauled it from a struggling, outdated investment that was losing money to one that became a valuable proposition that served as a vital community asset.  In essence, he cared—for those who needed this service and deserve it. Dave and his family live in Cincinnati, Ohio.

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      Book preview

      Laundromat Millionaire - Dave Menz

      PREFACE

      My mission is to elevate an industry, specifically the Laundromat Industry. I didn’t exactly start with that objective in mind. I just wanted to be a business owner.

      Here is a brief progression:

      I thrived through family hardship, and learned the essence and value of grit.

      I reveled in many insomniac-ish nights studying and learning from the greats in business.

      And, I became a business owner of a laundromat after discovering it on Craigslist.

      And then, the owner of a chain of businesses, Queen City Laundry.

      And, I continuously practiced disciplined reinvesting of earned money.

      And, I was rewarded with a phenomenal team.

      And then, flourished in even more obsessive reading, and researching, and networking.

      And, subsequent to that, I became the owner of real estate.

      And, I prospered with a heckuva a lot of faith in God and myself.

      Okay, enough ANDs, I’m out of breath.

      Well, the books don’t typically lie—accounting or otherwise—Yup, I’m a millionaire.

      As you know and will read, laundry just isn’t sexy. Not on the surface. But as a business venture it certainly is. It’s a vital community resource. It fills a fundamental need—whether your machine broke down at home or you do not have one there in the first place. And, when operated in a modernized and elite service manner, the local laundromat can be a welcome neighbor in the neighborhood—for economic reasons, and for convenience too.

      I know my mission is to elevate an industry. It is also a vision to elevate lives. If a working guy like me can do it, so can you. Maybe you will read this story and be inspired. Maybe you will change the way you perceive that laundromat structure in your town or city, and maybe, just maybe you will be encouraged to follow what might be considered a path less traveled, but a path that sets you on a course to enjoying your day, your family, and personal freedom. The dollars count in personal freedom, but the feeling counts more.

      Read on. Let me know what you think when you are done…or ready.

      Own the grit within. Never give up,

      Dave Menz

      The Laundromat Millionaire

      SECTION 1

      WHAT ABOUT US?

      Chapter 1

      FAMILY ROOTS—THE RELEVANCE

      Growing up very poor, in a fairly rough environment, you either have grit, you develop grit, or you don’t make it.

      —Dave Menz, The Laundromat Millionaire

      A BIT OF BACKSTORY

      On my mom’s side of the family, my Grandma and Grandpa Whitley grew up very poor in the literal sense. They were raised in rural Arkansas during the Great Depression and their families literally picked cotton for a living. After a stint in the Navy and starting a family they moved from Arkansas to Flint, Michigan in search of a factory job at General Motors.

      In the 1950’s, American automobile manufacturing was helping to shape America into an economic superpower. At that time, it was well known throughout America that the automobile factories were hiring nearly all able-bodied men on the spot for jobs that had great pay and benefits. By the 1960’s, one-sixth of all working Americans were employed directly or indirectly by the automobile industry, my family, on both sides, were no exception.

      On the other side of my family, my Grandma Menz was born in Flint, and my Grandpa Menz’s family moved there when he was around 11 years old. Both had grown up very poor during the Great Depression.

      Married at a very young age, my Grandpa Menz dropped out of high school, lied about his age on his application (he was only 17), and began working in the GM factory to support his family. After being drafted into the Army and serving during the Korean War, he eventually returned to his job at GM.

      My parents, Mark and Marlene Menz, met during the late 1960’s and became high school sweethearts during the early 1970’s. Although they lived in different parts of the Flint area, they met and spent a lot of time together in the Bristol Road Church of Christ youth group.

      My brother, Danny, was born to 17 year old newlyweds in October, 1973. Danny had been conceived before my parents were married, but by the time he was born, they had married and were living in my Grandma and Grandpa Menz’s basement trying to figure out what they were going to do next. After getting married, they realized that they needed a plan. Dad still had another year of high school in order to graduate.

      Luckily, my dad was a pretty good student and only needed one credit in Civics in order to receive his diploma. Given the circumstances, the school worked it out so that he could take the class the first hour of the day, and then be dismissed. From there he would go to his full-time job at the local supermarket.

      To this day, I can’t imagine how scared Mom and Dad were to be married with a newborn at such a young age, but they trusted each other and trusted that God would show them the way. After my dad graduated from high school, he left the supermarket and obtained a full-time job at the school board office doing entry level work. I am sure he may have asked if this was his future. Therein, comes the advice of Grandpa Menz.

      My Grandpa Menz was always the loving and protective type. One day he decided to have a talk with his son about his future. He told him that the GM factory was still hiring, and he could likely get him on if he wanted. My dad pondered the opportunity to immediately make good money and have full benefits for his young family.

      However, knowing that Grandpa had been miserable working in the factories for his entire life, he decided that he wanted something more for his career. While he greatly respected those that worked hard in the factories, he knew it wasn’t for him. He wanted more than just a paycheck and benefits, but he didn’t know what.

      Shortly after this conversation, my dad took the Air Force admissions test and scored very high. The recruiter was impressed. He told Dad that he could likely enter into the Air Force, go through basic training, and then enter a high skill area where he would get valuable training. This training could no doubt set him up for a career path outside the military.

      My dad liked the sound of this a lot better than his other options, so off to boot camp he went. After boot camp my dad chose his career path, went through his training program, and was eventually stationed at the National Security Agency (NSA) in Fort Meade, Maryland. My parents lived there for the next few years and in May of 1976, had another baby boy that they named David. (That’s me!) I was named after King David in the Bible.

      THE RELEVANCE?

      Why do I tell you these things about my background? Well, as I’ve aged and matured, I’ve learned that, like a foundation to a house, if we are going to learn from and inspire each other to achieve success, then we must start with the foundation.

      The foundation of everyone’s life is their backstory, and often their extended families’ backstory. So, this is mine. While genetics certainly play a small part in who we become later in life, the reality is, our backstory and life story play a much more important role.

      WHILE GENETICS CERTAINLY PLAY A SMALL PART IN WHO WE BECOME LATER IN LIFE, THE REALITY IS, OUR BACKSTORY AND LIFE STORY PLAY A MUCH MORE IMPORTANT ROLE.

      As mentioned, during my young childhood, we were very poor. My parents were trying to live on entry level military pay with a family of three, and then eventually four. It was tough, very tough. We lived in military housing on base, and would often run out of money before the next paycheck. The fact that we were a long way from Michigan and didn’t have any nearby family or friends in Maryland didn’t make it any easier.

      I suspect this is part of what bonded my parents together for life. It’s amazing what adversity with nowhere else to run can do for bonding a young couple together. They married as teenagers and literally grew up and figured out life together - side by side, in a seemingly far-away place.

      VALUE IN ADVERSITY

      Adversity can be a tough, but a good teacher assuming you don’t give up and quit.

      One thing about my parents, neither of them have the word quit in their vocabularies. I guess that’s likely where I get it from too. To this day, if you want to see me accomplish something, just go ahead and tell me that I can’t do it. That’s all of the motivation that I need, and I will not quit until I’ve proven you wrong. Equally important is the grit that was instilled in me at a young age. Growing up poor, in a fairly rough environment, you either have grit, you develop grit, or you don’t make it.

      Over the next few years, my dad saved up his military leave and went back home to visit family near the end of his enlistment. It was then that his old boss from the school district called, and offered him a better job working with computers at nearly double his military pay. While double of very little is still quite small, it was a move that he knew he had to make for his family. With this, Dad returned to civilian life and back to Flint, Michigan we moved.

      The next few years of our childhood was spent in Flint, a blue-collar suburb outside of Detroit. But, that was home to us, and really all we knew.

      After moving back home, my parents continued to struggle financially. After exiting the military, they quickly realized that they weren’t much better off financially as civilians than they were in active duty with many of the perks received by military families. Every family I knew struggled. The ones with jobs at the GM shop (factories) did better than most, but no one was exactly thriving.

      Despite the factories being seen as the best career opportunity in my hometown, like my dad, I aspired for something different, even from an early age. Although I don’t remember this, Dad has told me the story of how at kindergarten graduation, they would ask all the kids what they wanted to be when they grew up. Apparently, while other kids answered with "I want to be Batman or A professional baseball player," I answered that I wanted to own my own business.

      All the adults in the audience likely laughed at how cute I was. Most people that we knew from Flint saw being an employee of someone else’s business was the only option. Owning and building businesses was really no more removed than being Superman or a professional baseball player to them. In their minds, these were all naive pipe dreams, but we’d likely all end up either working at GM or in trouble with the law.

      It’s unfortunate, but oftentimes in poor environments, the well-meaning adults tamper with and even kill the dreams of young people by telling them to be reasonable or practical. In their minds, working at GM was the ceiling for our lives. If anyone in your family worked at GM, you had money. If not, you were likely poor, and we were poor, even if our grandparents were middle class…which was a bit of a big deal in the ‘olden days’.

      A QUICK STORY

      During my childhood, our family experienced a fair amount of adversity, mostly financial, but the environment wasn’t great either. As kids, we had what we needed for the most part, even if it meant that our extended family was helping to make ends meet. We drove unreliable and downright embarrassing cars, but then again, so did most people we knew.

      I recall our unreliable family car breaking down in the middle of a snowstorm and us having no money for a tow or the repairs. We were parked on the side of the road, and I huddled with my brother and sister as the temperature dropped. I clearly remember the frustration and helplessness my parents felt.

      My dad, being a proud man, would never really ask for help from anyone except his parents. Fortunately, my grandpa and grandma Menz were always there for us, over and over again.

      Having grown up that way and knowing what I know now about my younger days, I understand how easily and quickly we could’ve been homeless or destitute if not for our extended families having good jobs at the factory. Most weeks, they didn’t have a lot of extra in their budget. Yet, they were always there to help.

      PEDAL OR PEDDLE

      Though I didn’t realize it at the time, I think these memories had a huge impact on me. Like my father, I am a proud man and never want to feel as they did when on the side of the road with their children. It also taught me the value

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