How to Make $864K/Year Profit with ATMs. ATM Biz Deep Dive. Ep #072
How to Make $864K/Year Profit with ATMs. ATM Biz Deep Dive. Ep #072  
Podcast: The Koerner Office - Business Ideas and Small Business Deep Dives with Entrepreneurs
Published On: Mon Sep 30 2024
Description: I sat down with Mitchell Sorkin, the ATM guy from Twitter. He owns 900 ATMs across Los Angeles, bringing in $864,000 a year in net profit. We talk about how he bought these locations rather than using cold calling to get them, and why this is an approachable business for anyone. The multiples are much lower than you'd think, making it a great opportunity in a well-established industry.At the end, we talk about few different business ideas beyond the ATM industry, including a unique AI business idea that you probably haven’t heard of.  Timestamps below. Enjoy!---Watch this on YouTube instead here: tkopod.co/p-ytAsk me a question on or off the show here: http://tkopod.co/p-askLearn more about me: http://tkopod.co/p-cjkLearn about my company: http://tkopod.co/p-cofFollow me on Twitter here: http://tkopod.co/p-xFree weekly business ideas newsletter: http://tkopod.co/p-nlShare this podcast: http://tkopod.co/p-allScrape small business data: http://tkopod.co/p-os---00:00 Highlights00:14 Introduction to Business Ideas and ATMs01:12 Meet Mitchell: The ATM Guy01:48 Starting Small: The First ATM Deal02:35 Scaling Up: From 3 to 900 ATMs04:45 Challenges and Strategies in the ATM Business06:18 The Importance of Location and Contracts16:25 Revenue and Margins in the ATM Industry17:44 Acquisition Strategies and Market Insights20:12 The Best ATM Locations: A Case Study24:09 Managing High-Volume ATMs25:06 Cash Loading Strategies26:40 Surprising ATM Locations28:19 Dealing with Theft and Insurance29:25 Challenges in the ATM Business31:00 Advice for Aspiring ATM Owners32:51 Future Plans and Market Insights36:22 Exploring New Business Ideas38:54 Diving into Comfy UI44:14 Resources and Tools for Comfy UI46:57 Conclusion and Contact Information