RE #73: Nick Huber - Self Storage & Sweaty Businesses
The Fort
The History and Purchase of a Glove Factory in Gloversville
Exploring the history and decline of Gloversville, once a thriving town known for its glove industry. From the impact of air conditioning on manufacturing to the challenges of selling an abandoned glove factory.
Today's episode features Nick Huber, the founder of The Sweaty Startup - a podcast packed with the principles, strategies, and methods used to grow successful companies and Storage Squad which provides student storage, self storage, and moving services.
Today, Nick and Chris discuss the importance of the 'un-sexy' jobs that keep the country running, Nick's additional startup Storage Squad that he founded during college, his unique capital structure when doing deals, how Nick incorporates technology into his business, the benefits they both have gotten from Twitter & more. Enjoy!
Follow Chris on Twitter! www.Twitter.com/FortWorthChris
Learn more about Chris Powers & Fort Capital: www.FortCapitalLP.com
(02:23) - Nick’s Journey
(03:09) - How did you come up with the idea for Storage Squad?
(06:11) - Is Storage Squad still running today?
(06:34) - Where do you see that business going?
(07:21) - How did you meet Dan? How did he become your business partner?
(08:06) - What was it like being a decathlete and training for the Olympics?
(09:31) - How do you describe your podcast The Sweaty Startup?
(12:22) - What are you thinking about in terms of ‘Sweaty’ businesses that can do really well in this unique COVID environment?
(14:30) - What’s it going to take to get this next generation of people excited about blue collar work?
(16:05) - Nick’s Twitter Rebuttals to the VC/Tech World
(16:58) - When did you buy your first self-storage deal?
(19:03) - Why did you choose to develop a deal in this market?
(19:45) - What factors play into analyzing a market you are interested in?
(21:13) - When do you go boots on the ground while finding deals?
(22:04) - Why are you hyper-focused on tertiary markets instead of core markets?
(23:13) - What’s the difference between a Class A storage unit and what you are buying?
(23:52) - What makes you bullish about self-storage?
(26:00) - Nick Explains His ‘Weird’ Capital Structure
(29:33) - When you’re buying a deal, are you calling local banks in that market or do you have a go-to bank that will travel with you?
(30:11) - Are you planning to turn this into a franchise?
(31:05) - Nick’s Family Values and Living Frugally
(34:49) - One of the Most Interesting Deals Nick has Done
(38:47) - What do you actually have to do to evict someone from a storage unit?
(39:53) - Do you see the selling of left over stuff as a profit center or a pain in the ass?
(40:46) - The Gloversville Deal
(44:53) - The Technology Nick Uses to Remotely Manage Properties
(47:44) - What’s the average length of a lease in your portfolio?
(48:16) - What does an average unit lease for?
(49:19) - What’s the craziest thing you've seen left behind and the most expensive thing left behind in a unit?
(50:08) - Nick’s Crazy 10-Year Prediction for the Future
(52:37) - How do you incorporate digital marketing into your business?
(54:42) - How do you think about risk?
(57:21) - Where do you want your business to be in 10 years?
(58:46) - Do you have a morning routine?
(1:01:35) - The Pros and Cons of Twitter and Media
(1:05:53) - What’s the best advice you have ever received?
(1:07:27) - How can people contact you?
Contact Nick: @sweatystartup
Books Mentioned: The Ruthless Elimination of Hurry
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