Welcome to Episode 22 of the Preferred Shares Podcast.

In this episode, we explore the evolution of the dry cleaning industry. To guide us, we are joined by Tim Maxwell. Tim is an industry veteran, having started working at his parent’s wholesale suede and leather cleaning business at age twelve and eventually founding a company that would ultimately disrupt the dry cleaning space; GreenEarth Cleaning.

In This Episode

[02:12] Tim’s background, the family business, education, and partnering

[03:05] The idea behind GreenEarth Cleaning

[03:45] Exiting the family business to pursue the new opportunity in 1999

[08:25] The dynamics of a durable, multi-generation family business

[14:40] Changing technologies in the dry cleaning space

[19:00] Industry headwinds, trends, and adaptation

[27:30] Additional margin pressures

[30:40] The rise of green cleaning methods

[44:20] Production, logistics, and the idea of being a partner rather than a vendor

[52:00] The ultimate winners and losers of industry evolution

Below, the Maxwell family is featured on the cover of FabricareCanada in 2005 celebrating 30 years of the family’s ownership of SuedeMaster. Tim had already left the family business in 1999 for the GreenEarth Cleaning opportunity.

Below is Tim Maxwell (center in green shirt) with a handful of GreenEarth Cleaning teammates.

Data

Sources

* GreenEarth Cleaning website

* 2025 State of the Dry Cleaning Industry Report

Articles

* “Clean and Green”, Washington Post, Nov. 9, 2000.

* “Tim Maxwell is GreenEarth's Man in Canada”, Fabricare Canada, Sept/Oct 2000: 24.

* “New Formulas and Machines are Sprucing Up Dry Cleaning”, CityBusiness, The Business Journal, February 4, 2002.

* “How Kimco is helping dry cleaners replace perc with environmentally safe alternative”, Kimco Blog, April 2012.

* “How Well Do You Know Jim Douglas?”, Cleaner and Launderer, July 26, 2019.

* GreenEarth co-founder, Jim Douglas, was inducted into the Drycleaning & Laundry Institute Hall of Fame in 2024.

Additional Reading & Listening

Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:

* Douglas Ott (Andvari Associates and @yesandnotyes)

* 📖 The Long Road From Metro-Tel to EVI Industries

* Lawrence Hamtil (Fortune Financial and @lhamtil)

* 🎙️ The Future of Defense — The History, Advances, And Outlook

* Devin LaSarre (Invariant and @DevinLaSarre)

* 📖 Nicotine in Japan

Enjoy this episode? Share it with someone who loves business history as much as you do!

You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.

Disclaimer

All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com