b'PAGE 12 / NACLOTHESLINE / DECEMBER, 2019TIONALL koo ing for the pendulum to swingContinued from page 1 the useful life of an item from one year to hours, uninspired store fronts, confusing ers?Howabouttheirubiquitousback-Politicsmakesstrangebedfellows, two years reduces carbon emissions by 24 pricing, slowness to adapt new technology packs? Nealis remarked. You have to take your percent, a pitch that should appeal to envi- and a lack of communication and marketing Ignore offering wash-dry-fold or clean-friends where you find them. At this point ronmentally-minded Millennials. But it will are issues that can keep the industry from ing athletic wear at yourperil, she said.they are ringing the bell on the problems of take more than that to bring in the younger reaching its future potential. They want one-stop shopping for all theirthe textile industry. customers. These are all areas that a disruptive com- cleaning needs.Its a dark, dirty environmental story. Nealis believes the pendulum that has petitorwilltargetwhenmovingintoa By not offering quality wash and fold,You have an amazing opportunity to com- been swinging away from drycleaners the drycleaning market.you are sending them somewhere else, shemunicate to customers, Nealis said.past few years will swing back with a return So what should cleaners do? said.Polyestersshedmicrofiberswhen to natural fibers and quality garments and Wegottaactnow.Reactingdoesnt She also suggested that cleaners expandwashed, she noted. That doesnt happen as Millennials age and move into the next help. Youve gotta be ahead of the curve. they way they think of software.in drycleaning. The microfibers dont get stage of their lives marriage, home own- Otherwise you are a day late and a dollar Its not just a cash register and inven-in waterways. ership, childrenthey will be part of the short and youre copying them, she said. tory control, she said. It is the nervousThis ties in with the environmental con- pendulum swing coming back to dryclean- Add services, such as wash-dry-fold and system of your business. Its for communi-cerns of Millennials, that segment of the ers. hand-washing. Offer pickup and delivery. cating with customers, staff and drivers, itpopulationthatprovidesthefuturecus- You have to be positioned to do busi- Upgrade the appearance of your store. Be- ties together your marketing effort. Opentomers of cleaners.ness the way they want to do business, come an active part of your community. your mind to the possibilities. To get theInstead of banning plastic straws, tell Nealis said. They like nice. They demand And promote and advertise what you do. benefit, youve got to use it. themtogiveupfastfashion,shesug- convenience. Consider new services that younger peo- Its never going to be like it was. Wegested. Buy natural fibers. Buy quality so Drycleaners will need to correct some ple would be interested in, she suggested. have to take it like it is, she said. Weyou can wear it for a couple of years. of their weaknesses if they want to benefit They may not care about cleaning that $6 have to figure out how to make what isLooking for a way out of the business Greenpeace has claimed that doubling from that pendulum swing. Inconvenient sweater, but what about those $200 sneak- work for us.Continued from page 1 daughter is qualified and the another is not. petitor. This can lead to a quick sale to a make a decision based on emotions. Some cleaners will choose to optimize Or it may be that the offspring just dont competitor who is interested in acquiring Looking at his own experience in sellingpersonal income while planning for a sale. have the talent for running a business, or your customer base. But beware of the un- his drycleaning business, Spielvogel said,In this scenario, you can maximize cash they may not even be interested in or like scrupulous buyer who just wants to steal I was the stupidest person in the world be-withdrawals from the business and maintain the business. your customer base, Spielvogel said. Get cause I sold a business based on somebodyyour lifestyle while preparing to sell, but This could lead to another possibility: earnest money upfront from the buyer as a giving me more than what I thought it wasthe resulting reduced growth may impact selling the business to employees. Employ- deposit. worth, I was 43 years old and I sat homethe sale price while the money you draw ees are familiar with the business and have Be careful and talk to a lawyer before and watched soap operas.from the business is taxed as personal in- establishedrelationshipswiththecus- entering into an agreement, he said. A mu- Go into it with open eyes. Consider thecome. tomers. You can also mentor an employee tual confidentiality agreement should be in impactofthesaleonyourneedsandAnother common strategy is to sell to a to ensure a smooth transition. place before going into this type of trans- lifestyle and make sure you have a planfamily member. This can lead to a seamless This assumes that the employee would action. that fits your needs, consult your accountanttransition as you groom a son or daughter be capable of running the business, a dif- Another downside to selling to a com- and financial advisor and make sure yourto take over while easing yourself out. ferent skill set than being a good worker, petitor is that existing employees may not financials are in order.This is a good way to keep your legacy and is financially capable of buying the be retained after the sale. And finally, be flexible. You may notgoing, Spielvogel said. But it could be- business.Developanexitplanbasedonyour get exactly what you want, but if it fits income a problem in the family if one son or Another possible buyer would be a com- needs and circumstances, he urged. Dont with your plans, do it,he said.To learn more, see the Index of Advertisers on page 38 or visit www.natclo.com/ads'