My First Acquisition 🤔

Goood Morning Store Fam..A..Lam

Day of 3s yesterday …..

3 Reservations ✅ ….

3 Move Outs ✅ …..

And 3 Move Outs ❌

On to yesterdays results …..

Self Storage Secrets Course Waiting List

Yesterdays Stats …

• 3 Reservations

• 3 Move Ins

• 3 Move Outs

Lets … Do … This …

Here's what's coming your way today 😎🎯

🤐 A Self Storage Tip - “My First Acquisition”

🤝 3 Self Storage News Stories

🧐 Yesterday’s figures for each facility

🥸 1 Meme of the day

Self Storage Tip 💡 💰

I bought a self storage business for 12 times multiple 😳

However, it was still an amazing deal ✅

It’s been months since I’ve spoken about my Wrexham Acquisition 

Let’s revisit it …

In 2023, I acquired a self storage in Wrexham 

The sites revenue was around £100,000 (turns out it wasn’t that much as customers weren’t paying)

Expenses were around £92,000

• The owners wanted £80k 

• I offered £90k 

£10k over the asking price 🤷‍♂️

• They wanted it paying in 3 years
  I offered it paying in 2 years 🤷‍♂️

Haha … I know I need to learn to negotiate better 🔫

But what most people forget is, been fair is far more important than an ROI 

Doing the right thing is never the wrong thing 

Laying your head on the pillow at night knowing you have done the right thing is priceless 

I never want to succeed because I took advantage of someone’s situation or lack of understanding 

Don’t get me wrong …. I’m not whiter than white and I’m a capitalist but all that can be true and be fair to people 

Anyway back to the acquisition -

• I acquired it for £90k 

• £45k paid upfront 

• £45k over 2 years 

There was £20k in the bank at the time 

So the money I personally put in was £25k 

Obviously, with these numbers, the deal didn’t make sense ...

But I knew we could add revenue and decrease costs 

So that’s exactly what we did 

First, we looked at decreasing over heads as …. 

The couple who owned the facility were retiring 

So the first thing we did was make the site manless (There was Capital Expense to do this) 

This saved around £20k per year 

Our first win ✅

Then we looked at increasing revenue 

2 things stood out 

1 - Introduce insurance to all current customers (good for them and good for us)

2 - There hadn’t been price increases for 15 years at this site 😲

So we introduced price increases to every customer 

Nothing major but in line with other storage facilities in the area 

That’s wasn’t really enough to move the revenue needle 

We had to increase the Sq Ft we offered 

So we utilised the parking area and brought in containers 

Fast forward 15 months we’ve increased the revenue by around 80% and decreased the expenses by just over 20%

Increasing revenue and decreasing expenses is a win by anyone’s standards 

Pat on the back time … ha 

We’ve turned a site from making next to nothing to netting £100k a year 

Annddd that’s just the start, I think this site could push £200k profit a year

Industry News 🧐

• Cinch Self Storage having problems at proposed new site

• Crikey …. Something for us storage operators to be aware of.

• Was Pink storage in the right or wrong?

• 3 Self Storage Signals to Watch This Summer

The Fun Bit - My Business .... Bare Butt Naked! 😲 🤫 🤭

Willerby (Hull) … My Big Site

• 2 Reservations

• 0 Move Ins

• 0 Move Outs

Month to Date -

• PLUS 295 Sq Ft

Reservations so far this week = 4

Move Ins so far this week = 2

Clough Rd Figures ... The Automated Site

• 1 Reservations

• 2 Move Ins

• 2 Move outs

Month to Date -

• PLUS 700 Sq Ft

Reservations so far this week = 9

Move Ins so far this week = 7

Beverley … My Baby (First Site)

• 0 Reservation

• 0 Move Ins

• 0 Move Outs

Month to Date -

• MINUS 160 Sq Ft

Reservations so far this week = 0

Move Ins so far this week = 0

Wrexham's Figures (Indoor) ... My First Acquisition

• 0 Reservation

• 0 Move Ins

• 1 Move Outs

Month to Date -

• MINUS 280 Sq Ft

Reservations so far this week = 2

Move Ins so far this week = 2

Mansfield Figures … My New Site

• 0 Reservation

• 1 Move Ins

• 0 Move Outs

Month to Date -

• PLUS 1465 Sq Ft for the month

Reservations so far this week = 0

Move Ins so far this week = 2

Meme / GIF of the day - 👀 😂

Health and Fitness ... Move More = Live Longer - 🏋️‍♀️ 🏃

Weekly goals -

• Gym - 3 times

• Run - 25 miles

• Boxing - 0

Results so far -

• Gym - 1

• Run - 13 Miles

• Boxing - 0

Yesterday’s Steps - 20,157 Come on!!

Loads of self storage love,

Dean ❤️ 🙃 

th M