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CATEGORIES: Business, Franchising
Is investing in the food industry a wise move? Does owning multiple locations guarantee profitability? In today's episode of Franchise Secrets, Erik and his guest, Raj Patel, tackle these crucial questions and more. They explore the intricacies of the food industry, highlighting the significance of unit economics and how franchisors can support their franchisees in achieving success.
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Raj Patel, the President of The Hari Group, knew early on that the corporate desk wasn't for him. Co-founding The Hari Group, Raj dedicated himself to transforming his community by opening new restaurants and spearheading real estate development projects.
His efforts have not gone unnoticed—Raj was named Dealmaker of the Year by Franchise Times and recognized as a Young Leader to Watch by QSR Magazine. Serving on the Board Advisory Committee for Dunkin’ and other subcommittees, Raj owns nearly a hundred locations across brands like Dunkin' and Dave's Hot Chicken.
Ready to uncover the secrets to thriving in the competitive restaurant industry? Join us as we reveal the strategies that turn challenges into profitable opportunities, featuring insights from a franchise profitability expert.
“We don't want to open a location just to open a location. If we're going to open a location, it's got to make money financially.” - Raj Patel
In This Episode:
- How Raj and his family got involved in franchising
- Balancing the number of locations with profitability
- Exit strategy and using the money to accelerate your growth
- Identifying your superpowers and hiring top talent
- How brands help their franchisees with unit economics
- Things to consider when choosing a brand to invest in
- Pros and cons of investing in the food industry
Resources:
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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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