Welcome to the week. We are tracing how United became Newark’s predominant airline by acquiring Continental’s hub and building on that lead, a 250-machine California ATM portfolio asking $1.97 million at about 3.3x reported cash flow, and Florida’s minimum wage rising to $15 an hour on September 30.

Before its merger with Continental, United had a small presence at Newark. Continental had made the airport one of its main hubs, with routes connecting cities across the United States and overseas. When the two airlines agreed to merge in 2010, a company document listed an average of 393 daily Continental departures from the New Jersey area, compared with 17 for United. United inherited a large Newark hub through the merger and, over the following years, extended its Terminal C agreement, moved its premium flights from JFK to Newark, and announced plans to use larger jets for its Newark flights.

The hub had a history of its own. People Express made Newark the center of its low-fare network in 1981, and as it grew, it signed a lease with the Port Authority in 1985 to complete Terminal C and make it the airline’s new home. Financial losses led to its acquisition by Texas Air, which, in 1987, combined People Express and New York Air with Continental. Continental finished Terminal C, expanded its routes, and later added a third concourse and international arrivals facilities. By 2010, Continental had built the Newark operation that United would acquire through the merger.

In 2013, United extended its lease for parts of Terminal C by 20 years and committed $150 million to upgrades at Newark. The agreement secured its long-term use of the terminal. The upgrades were intended to improve how the terminal handled passengers and flights, including the connections on which the hub depended.

In 2015, United moved its premium Los Angeles and San Francisco flights from JFK to Newark. United had flights arriving at Newark from cities across its network, so passengers could connect to the West Coast without changing airports or airlines. The Los Angeles and San Francisco flights could now draw from both the local New York area market and passengers arriving on other United flights. United also gave travelers on those connecting trips access to its premium service for the cross-country leg. 

In 2015, the Justice Department said United held 73% of Newark’s allocated takeoff and landing slots, more than ten times its closest competitor’s share. It sued to stop United from buying another 24 slots from Delta, and the airlines abandoned that transaction in 2016. 

In 2021, United set a goal to use larger mainline jets on 70% of its Newark departures by 2026, up from 55% in 2019. A larger plane can carry more passengers without adding another flight to the schedule. That was important at Newark, where congestion made it difficult to add departures. In March 2026, United reported that it had replaced more than 100 regional jets with larger aircraft across its network.

United’s position at Newark stemmed from both the acquisition and the decisions that followed. United had a much larger operation at Newark than its competitors after the merger with Continental. It built on that lead by securing Terminal C and moving its premium West Coast flights there from JFK. For a business owner, the lesson is to put resources behind an existing advantage when each investment makes that advantage more valuable. At Newark, more routes brought passengers to the hub, and those passengers helped support more routes.

California ATM portfolio asks $1.97M on $590K annual cash flow

Asking price: $1,972,805
Annual cash flow: $590,130 SDE
Asking multiple: 3.34x SDE
ATM terminals: Approximately 250
Seller support: 90 days

The portfolio has operated for approximately 15 years, with ATMs placed across California and a strong presence in the San Francisco Bay Area. Third parties handle cash loading, servicing, and maintenance, while an employee assists with operational oversight and another with portfolio management. The seller plans to retire and says existing vendor and loading relationships are expected to transfer at closing.

Translation, if you own one: at 3.34x SDE, the asking price rests on the reported $590,130 cash flow continuing under a new owner. A buyer should check the earnings by terminal, the terms of the merchant placements, and whether the cash-loading and servicing arrangements will transfer. Those details determine how much of the reported cash flow the buyer can expect to retain.

Source: 250-Unit California ATM Portfolio

Florida’s minimum wage rises from $14 to $15 an hour on Wednesday, September 30. The minimum direct wage for eligible tipped employees rises from $10.98 to $11.98 an hour, with tips making up the difference to the full minimum wage. This is the final scheduled $1 increase under the amendment Florida voters approved in 2020. Starting in 2027, the rate will be adjusted annually for inflation.

For an employee working 40 hours a week, the additional $1 adds $2,080 a year in base wages before payroll taxes or overtime. Across 20 employees at that schedule, it adds $41,600. Owners may also need to review pay for employees earning $15 or $16 an hour so experienced workers remain above the new starting rate.

The increase could also affect overtime costs. For a minimum-wage employee eligible for overtime, the rate for hours above 40 in a workweek rises from $21 to $22.50. Businesses that regularly rely on overtime should account for those hours separately when updating their labor budgets.

Dave Menz bought a money-losing Cincinnati laundromat for $85,000 in 2010. He and his wife, Carla, now run four stores with about 250 machines and 40 employees, and expect the chain to bring in about $2.38 million this year.