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Archive for the ‘General Business’ Category

The importance of homework

By: TRistaino, 3/09/15

None of us liked being assigned homework when we were in school but in hindsight homework helped us deepen our understanding of certain conepts that were being taught. Also, it gave the teacher an insight into how well we learned the lessons that were taught. Homework is important in the laundry industry as well.

No one would ever buy a business with doing a lot of homework, often called “due diligence”. This exercise allows you to investigate the financial, legal, environmental well-being of the business. Also, it enables you to determine if the business or market segment it serves will grow or is declining. Accountants, attorneys, industry colleagues are great sources of information as you do your homework.

Once you own your business homework continues especially when purchasing laundry equipment. While several manufacturers build equipment to be sold under different labels most laundry equipment are engineered with important differences between brands. Warranties, frame construction, water consumption, extraction rate, cycle time, energy consumption are all factors that require homework. Maybe they do not hold equal importance to you but they will factor into your buying decision to some degree. Occassionally, you get the response ” All these machines are alike” or ” There is no real difference between our machine and their’s”. Do your homework. You may find he hasn’t done his and that there are diffferences, important differences, between his machine and the one you are considering.

Homework was never easy but usually enlightening. This time it can put more money in your pocket.

Utility costs on the rise

By: TRistaino, 9/29/14

On Friday, September 26 there was a front page article in the Boston Globe regarding the pending, dramatic increase in electric rates in Massachusetts. Other states have posted similar stories recently as well. The announce increase by National Grid in MA was 37% over last winter!! Why the increase? Basically, it is due to the …

Capital Budgeting

By: TRistaino, 12/16/13

Recently we discussed the importance of developing an operating budget for your business. Today, we will review the importance of developing a capital budget.  Unlike the operating budget which plans month to month activities for the year, the capital budget takes a longer view. In some cases it covers several years. Your capital budget plans …

Budgeting for Laundromat Part 1

By: TRistaino, 11/04/13

Each year businesses of all sizes and in all industries create budgets for the upcoming year. Since 2013 is winding down and we begin to look ahead to 2014 lets review some budget basics for a Laundromat. There are two types of budgets to create: operating and capital. An operating budget, as its title indicates, …

The Clean Show

By: TRistaino, 7/03/13

Every two years the major trade associations in the laundry and dry cleaning industries sponsor the Clean Show. It is a world – class event in which virtually all manufacturers of commercial laundry and dry cleaning equipment display their products. In addition, supply manufacturers of all types, laundry and dry cleaning parts dealers, and consultants participate. …

Defining “Long Term Relationships”

By: JJones, 3/22/13

“We form long term relationships with customers to help them manage profitable and environmentally friendly laundries.” This is the mission of Yankee. This past weekend at Yankee’s 35th Annual Vended Laundry Trade Show this Mission was defined by the site of many familiar faces in attendance. None more so than John and Bonnie Demars of the Village Wash Tub in …

Gerry Guertin Name #1 Salesperson by Set-O-Matic/Spyderwash

By: JJones, 3/22/13

Gerry Guertin, Yankee Sales Representative covering Maine, New Hampshire and Vermont has been actively promoting new technologies in the Vended Laundry Market. Gerry has taken part in converting 9 Coin Laundries this past year from accepting only coins to allowing for Credit/Debit Cards, Loyalty Cards, and Coin payment using the Spyderwash payment system. We congratulate …

The Benefits of Strategic Equipment Replacement

By: TRistaino, 2/23/13

There is a popular saying that goes ” If you don’t know where you are going, any road will take you there.” This saying applies to many aspects of our lives, especially our business lives. As managers, owners, directors of businesses what is our roadmap to success? Where are we going? How will we get …

I agreed to this ?

By: TRistaino, 2/08/13

Every so often a customer wants to upgrade their equipment but can’t because of a clause in their lease or financing documents or other contracts. Some common clauses that catch people by surprise are automatic renewals in multi-housing contracts, renewal options on real estate leases, or blanket liens on new equipment by lending institutions. Automatic renewals …

Breaking Down Multi-Housing Laundry Options

By: JJones, 12/27/12

Having options is always nice. Owners of Multi-Housing Properties might not know that there are different options when it comes to making a decision about adding or upgrading a laundry room facility. Today I hope to explain all of the options Yankee provides to Multi-Housing Owners. 1.Purchase Option This is probably the option most people …

Giving Thanks

By: TRistaino, 11/21/12

In 2000 I began riding in the Pan Mass Challenge which is a 190 mile two day cycling event to raise money for Dana Farber Cancer Institute. Each rider solicits donations from family, friends, and colleagues. Our team captain at that time made it clear that a key element of fund raising was to thank …