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.

Avsnitt(771)

Celebrity Chef: José Andrés

Celebrity Chef: José Andrés

As a kid, José Andrés tended fires for his father's backyard paella cookouts. Later, he trained with the best Spanish chefs, and began building a restaurant empire that would transform the way many Americans dine out. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

14 Nov 201627min

Music Mogul: L.A. Reid

Music Mogul: L.A. Reid

L.A. Reid began his music career as a drummer. Then he co-founded LaFace Records, discovering dozens of future pop superstars. Reid is now one of the most influential executives in the music industry. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

7 Nov 201631min

Samuel Adams: Jim Koch

Samuel Adams: Jim Koch

In 1984, Jim Koch felt suffocated by his cushy but boring corporate job. So he left, dusted off an old family beer recipe, started Sam Adams, and helped kickstart the craft beer movement in America. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

31 Okt 201633min

Dermalogica: Jane Wurwand

Dermalogica: Jane Wurwand

Jane Wurwand moved to Los Angeles with a suitcase and a beauty school diploma. She started what would become Dermalogica, an international beauty empire that set the standard for skin care. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

24 Okt 201638min

Airbnb: Joe Gebbia

Airbnb: Joe Gebbia

A chance encounter with a stranger gave Joe Gebbia an idea to help pay his rent. That idea turned into Airbnb — a company that now has more rooms than the biggest hotel chain 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.

17 Okt 201641min

VICE: Suroosh Alvi

VICE: Suroosh Alvi

Suroosh Alvi was a recovering addict when he started a scrappy underground magazine in Montreal. It grew into VICE Media — a multi-billion dollar company that has shaken up the world of journalism. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

10 Okt 201635min

Clif Bar: Gary Erickson

Clif Bar: Gary Erickson

Gary Erickson asked his mom, "Can you make a cookie without butter, sugar or oil?" The result was Clif Bar, an energy bar named after his dad — now one of the most popular energy bars in the U.S. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

3 Okt 201627min

Radio One: Cathy Hughes

Radio One: Cathy Hughes

As a kid, Cathy Hughes practiced her DJ routine while her siblings banged on the bathroom door. As an adult, she founded Radio One, the country's largest African-American owned broadcasting company. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

26 Sep 201631min

Populärt inom Business & ekonomi

badfluence
framgangspodden
varvet
rss-borsens-finest
svd-ledarredaktionen
avanzapodden
rss-svart-marknad
lastbilspodden
24fragor
borsmorgon
rss-dagen-med-di
fill-or-kill
rikatillsammans-om-privatekonomi-rikedom-i-livet
dynastin
uppgang-och-fall
rss-kort-lang-analyspodden-fran-di
rss-en-rik-historia
affarsvarlden
rss-inga-dumma-fragor-om-pengar
rss-veckans-trade