Pressbox and Tide Cleaners: Vijen Patel. The $1.99 Gamble That Built a National Brand

Pressbox and Tide Cleaners: Vijen Patel. The $1.99 Gamble That Built a National Brand

What if the best startup isn’t sexy at all? In 2013, Vijen Patel left private equity to pursue “the least-worst idea”: dry cleaning. No patents. No app wizardry. Just laundry lockers in high-rises, ruthless unit economics, and a $1.99-a-shirt price that was seared into America’s brain.

From bootstrapping routes at 5 a.m. to breaking even in 6 weeks, Vijen and co-founder Drew McKenna scaled Pressbox to hundreds of locations, stared down well-funded competitors, and ultimately sold to Procter & Gamble, where Pressbox became Tide Cleaners (now ~1,200 locations). After the exit, Vijen launched The 81 Collection, a VC fund backing “boring” businesses that quietly power the economy.

This episode is a masterclass in building profit first, creating user behavior (not changing it), and protecting customer retention like your life depends on it.


What you’ll learn:

  • How the “least-worst idea” found product-market fit
  • How sidestepping rent + labor can flip margins from 15% to ~40%
  • The efficiency insight that beat “Uber-for-X” rivals
  • The new-residence edge: creating customer habits with a welcome-kit
  • Why Pressbox had to set crazy-high retention goals (98%!)
  • How to keep competitors close—and turn a Goliath into your buyer
  • The post-exit premise: “boring” businesses are engines of the middle class


Timestamps:

  • Choosing dry cleaning with a private equity lens: don’t do it for passion–focus on practicality — 00:09:30
  • The SMS “app”: low tech, high convenience — 00:14:14
  • Unit economics breakthrough: lockers (26 transactions per hr) versus scheduled pickup (4-6) — 00:18:55
  • The $1.99 insight: a price everyone expected — 00:24:58
  • How getting into Chicago’s top high-rise was a game-changer — 00:31:11
  • Margins that work: if you’re a high-rise “amenity,” you don’t pay rent — 00:33:08
  • Competing with Washio: convenience wins — 00:39:07
  • Vertical integration: building the plant, staffing via Spanish newspapers — 00:41:48
  • P&G looms: head-to-head, then the acquisition dance — 00:51:25
  • Burnout, trade-offs, and life after exit: launching a VC fund that specializes in boring businesses — 01:03:28


This episode was produced by Alex Cheng with music composed by Ramtin Arablouei. It was edited by Neva Grant with research help from Olivia Rockeman. Our engineers were Patrick Murray and Maggie Luthar.


Follow How I Built This:

Instagram → @howibuiltthis

X → @HowIBuiltThis

Facebook → How I Built This


Follow Guy Raz:

Instagram → @guy.raz

Youtube → guy_raz

X → @guyraz

Substack → guyraz.substack.com

Website → guyraz.com

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jaksot(773)

Zappos: Tony Hsieh

Zappos: Tony Hsieh

Computer scientist Tony Hsieh made millions off the dot-com boom. But he didn't make his mark until he built Zappos — a customer service company that "happens to sell shoes." Now Zappos is worth over a billion dollars and known for its completely unorthodox management style. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

23 Tammi 201728min

Honest Tea: Seth Goldman

Honest Tea: Seth Goldman

In 1997, after going for a long run, Seth Goldman was frustrated with the sugar-filled drinks at the corner market. So he brewed up a beverage in his kitchen, and turned it into Honest Tea. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

16 Tammi 201729min

Drybar: Alli Webb

Drybar: Alli Webb

A decade ago, full-time mom Alli Webb noticed a gap in the beauty market: there was nowhere that just focused on blow-drying hair. Now with 70 locations, Drybar is testament to Webb's motto: Focus on one thing and be the best at it. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

9 Tammi 201732min

Zumba: Beto Perez & Alberto Perlman

Zumba: Beto Perez & Alberto Perlman

Zumba began as a mistake: aerobics teacher Beto Perez brought the wrong music to class, then improvised a dance routine to go with it. For his students, it was more fun than work — and it eventually grew into one of the biggest fitness brands in the world. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

2 Tammi 201737min

Warby Parker: Dave Gilboa & Neil Blumenthal

Warby Parker: Dave Gilboa & Neil Blumenthal

In 2008, it was nearly impossible to buy a fashionable, affordable pair of glasses online. That simple frustration inspired the idea behind Warby Parker – and disrupted the eyewear industry. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

26 Joulu 201630min

Melissa & Doug: Melissa And Doug Bernstein

Melissa & Doug: Melissa And Doug Bernstein

Melissa and Doug Bernstein's first success was a wooden 'fuzzy puzzle' of farm animals. Today, Melissa & Doug makes over 2,000 kinds of toys and serves as an antidote to the rise of digital toys. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

19 Joulu 201636min

Patagonia: Yvon Chouinard

Patagonia: Yvon Chouinard

In 1973, Yvon Chouinard started Patagonia to make climbing gear he couldn't find elsewhere. Over decades of growth, he has implemented a unique philosophy about business, leadership and profit. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

12 Joulu 201625min

Serial Entrepreneur: Mark Cuban

Serial Entrepreneur: Mark Cuban

Mark Cuban made millions off of tech startups, then billions off of stocks — and later went on to buy and revive the Dallas Mavericks. He has come to define the persona of the serial entrepreneur. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

5 Joulu 201633min

Suosittua kategoriassa Liike-elämä ja talous

sijotuskasti
mimmit-sijoittaa
psykopodiaa-podcast
rss-rahapodi
pomojen-suusta
ostan-asuntoja-podcast
rahapuhetta
rss-johdon-aarella
herrasmieshakkerit
yrittaja
rss-myyntipodi
rss-startup-ministerio
rss-paasipodi
taloudellinen-mielenrauha
oppimisen-psykologia
rss-porssipuhetta
rss-h-asselmoilanen
rss-lahtijat
rss-hr-plus-podcast
rss-turvacast