148. Running a 1000 ATM Machine Empire, with ATM Guy Mitchell Sorkin

The Freedom Formula Podcast: Achieving Financial, Location and Time Freedom

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Mitchell Sorkin, known as the ATM guy, shares his journey of building a portfolio of almost a thousand ATMs across the country. He explains how he got into the ATM business and the qualities he looked for in a business, such as low labor intensity. Mitchell discusses the business model of ATMs, including the risks and benefits. He also talks about the negotiation process with store owners and the potential income generated by ATMs. Mitchell emphasizes the importance of finding a business that suits your personality and interests.

Takeaways

The ATM business can be a profitable source of passive income, with low labor intensity and low overhead costs.
The cash in the ATM machine is not owned by the ATM operator, reducing the risk of robbery.
ATM fees can vary depending on the location and type of business, with some high-volume locations generating significant income.
Negotiating agreements with store owners is a key aspect of the ATM business, with fees and revenue sharing arrangements varying.
Finding a business that aligns with your personality and interests is important for long-term success.

174 episoder

#Entrepreneur #Business #Neel Parekh