Finding your franchise: one size does not fit all
A couple of weeks ago, I attended an exclusive event in Tucson, Arizona, where I spent three full days with CEOs, founders, and executives from more than 100 of the highest quality franchises in the U.S. These companies are the high-flyers, the MVPs, the gold-standard franchises. Not one was a fast food restaurant.
In my meetings with these franchise leaders, I dug into the details of their companies, including operations, technology, support, company culture, unit economics, and a bunch of other stuff. It was a ton of work (and a lot of fun).
So, why am I telling you this?
It’s because I was recently reminded of the exact reason why I travel to events like this one. It was something one of my candidates mentioned to me at the grand opening of his franchise.
He said, “Alex, I’m so grateful that you knew about this franchise, knew that it could be a match for me, told me all about it, and helped me figure this all out. I never would have found this franchise without your help.” And then I met his wife, and her words echoed his.
For them, “figuring it all out” meant being able to check off everything on their list: a better lifestyle, greater happiness, and more opportunity for their family members.
That was a proud moment for me. And it illustrates the reason I do what I do. I’m happy to share all of my knowledge with people who are serious about starting their own business, and I’m happy to do so at no charge.
I’ll share an example—a candidate I helped find his perfect fit in franchising. I’ll call him Charlie.
Although Charlie had a lucrative career as a banking executive, he was tired of the bureaucracy and the sacrifices he was making while climbing the corporate ladder. He was wondering whether there might be a franchise out there that could help him enjoy a better lifestyle and provide a very comfortable life for his family.
Charlie’s goal was to create an exit plan from the corporate world. He needed to keep his job while he put all the pieces into place.
He was looking for a very particular type of franchise:
He needed a franchise business that he could hire a manager to run, so he could keep his job for the short-term.
The right franchise would have a technological infrastructure and corporate support that he could leverage to train and manage his staff.
It also needed to have strong unit economics and a financial upside to make it a feasible replacement (eventually) for his successful corporate career.
Most important, he needed a due diligence strategy that would ensure he gathered every detail he needed in order to make a wise and fully informed decision.
Where is Charlie now? He’s off to the races, building a business operation with multiple locations, which will provide him with a comfortable exit from the corporate world.
Certainly, franchise ownership is not for everyone. Success in franchising requires a strong commitment, the right mindset, and money (typically at least $50k as a cash injection).
My point in sharing this with you is to illustrate this: certain franchises are a fit for certain people. It’s not a one-size-fits-all approach.
If you’re serious about starting your own business or making a career change, and wondering whether investing in a franchise could be the right move, I’m happy to chat with you and share all that I know about franchising.
Just schedule a time on my calendar that is most convenient for you and I’ll call you.