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CATEGORIES: Business, Franchising
A lot of people agree that franchising is more effective than starting a business from scratch. However, it's not as simple as just buying a franchise and waiting for the money to come.
Before investing in a franchise, it is essential to have a thorough understanding of all the costs involved in buying and running it. You must know if the ROI would be worth it. Also, choosing the right franchise founder is a critical component before deciding which brand to invest in.
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Today, Erik is joined once again by his Business Partner, Jeff Herr, from Front Street Equity Partners. Together, they share insights from their conversations with different brands on what they look for in franchise founders and why some brands are more expensive than others.
If you're thinking about buying a franchise, this conversation is something you'd want to listen to.
“If you launch the right way, then that's typically how you're gonna perform.” - Jeff Herr
In This Episode:
- A super interesting conversation with a founder
- When talking to buyers, how open should franchisors be regarding things they know and don't know about the business?
- Where to see examples of a robust Item 19 and why it's important to look at FDDs
- What separates weaker brands from better brands?
- Two-fold purpose of technology in a business
Resources:
🌐 Consult with Erik: https://form.jotform.com/222685728939070
🌐 Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
🌐 Want to franchise your business? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
🌐 Franchisees and franchisors find proven tactics and strategies to scale YOUR businesses https://scalablefranchise.com/
🌐 Front Street Equity Partners - https://www.frontstreetep.com/
🌐 Tribe of Investors - https://tribeofinvestors.com/
Connect with Jeff Herr:
🌐 Website
Connect with Erik Van Horn:
🎥 YouTube
Ⓜ️ Medium
Erik Van Horn is a franchising specialist and expert in multi-unit, semi-absentee franchise business ownership. From entrepreneur to regional developer and investor to consultant, Erik has worn many hats over the last two decades, which has provided him unique insight into complex aspects of the industry. If you're a franchisee, a franchisor, or one aspiring to be, subscribe to the Franchise Secrets channel and visit www.FranchiseSecrets.com for even more tactical and practical tools to help you buy, grow, and sell franchises like an expert.
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