Mitchell started with three ATMs for $36,000 and hit $1,000 a month within six weeks by raising fees. He now runs 900 machines and makes $864,000 yearly. ATM businesses typically sell for about 3x annual profit.
$864,000 per year.
Three ATMs.
$36,000 (36 grand).
Within six weeks.
About 900 ATMs.
My friend Mitchell here owns an ATM empire that profits him $864,000 a year. But he didn't start off big. He started in his garage with three ATMs. Here's how anyone watching this could copy what he's done. Mitchell was looking to buy a business, but he wanted to buy something that didn't have very many employees and that sold for two to four times yearly profit. Then he found the ATM business. ATM businesses sell for about three times annual profit, which is the same as, like an electrical company, 90% less employees or headache. He found a listing that had 400 ATM machines sale, which was way too much for him. So he asked the seller something that sellers usually say no to. Hey, can I just buy three of these? The seller agreed. He paid 36 grand for three of them, and within six weeks, he had raised fees and was making a thousand dollars a month in net profit. Then he went back to the seller and said, let me get 20 more. Then he went back and said, let me get 40 more. And today he's running a network of 900 ATMs and makes 864 grand a year in profit. Full interview here.
