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New Investors...don't spend 2 million dollars without...

3 replies created over 11 years ago
posted by PanamaJim over 11 years ago

It never ceases to amaze me how easy it is for some to spend a couple of million dollars without doing tons of research. There's a great opportunity for new investors to pick the brains of some of this industry's best operators & distributors.

SECWA meeting Sunday Sept 23, Orlando...New Invester Seminar presented by the ICA.

I'm intimidated by being on this panel with these "all star" car washers:

John Pierce, Jimmy Jaffa, Scott Oster, Bruce Arnett Jr, Frank Lash, Frank Lynch, Carl Howard, Steve Kirkpatrick, Neil Hitchcock, Tim Jones, Jimmy Belanger and me.

I guess, I'll have to watch what I say and maybe even wear a sports coat to measure up to these guys.

It should be a great program...

www.carcarecentral.com www.secwa.org

50thann1

Replies

reply by PanamaJim over 11 years ago

I've got to add a post script to this also.

I've heard it said, we'll there goes that association(pick one) encouraging more competition for the rest of us.

My humble opinion:

1) This is America...thank God...I'll take more competition to insure my rights to build more myself.
2) If more investors had done their research, we might have less washes on top of each other and fewer washes built were they should never have been.
3) All associations have a fudiciary duty to raise the professional level of this industry and education is their greatest tool.
4) I heard some old timers state that the associations should act like the "Gestapo" and prevent competition...God forbid. Even a set of standards could be intrepreted that way.
5) Greed is a much greater motivator than education. Don't over-rate the power of education to motivate more competition.

reply by wwrapidwash over 11 years ago

Hey Jim:

I counldn't agree more. Competition keeps us from being lazy. I hear about too many people who tell me that they think that the CW business is just a big cash cow and how they can retire and I see operators who think they can build one of these and run the wash the same way for 25 years. They don't hear about the other investors who lose their shirts or just srape by. People really need to take this investment seriously, get good advice and do their research. I'll be on the panel for the western car wash association in Vegas this year. It should be interesting.

reply by PanamaJim over 11 years ago

Thanks David,

The stakes(investments) are much higher than they used to be. Not just in money but also the time investment it takes to find, finance, engineer, permit, and construct has become discouraging. The variety of car wash formats, the variety of equipment, and the variety of price formats have never been this diverse. Too many choices...On top of that, the variety of successes and failures has added even more un-certainty to what we think is the norm. I've seen some locations do far beyond what I thought they could do and some do far less. The failures are a little easier to peg. I can't imagine the level of confusion a new investor would be having in today's car wash market.

Good luck with the Western program.

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