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CATEGORIES: Business, Franchising
What does absentee ownership actually mean in franchising? Is it really possible, or is it just another myth in the industry?
In this replay, Erik talks to his business partners, Luke Jacobson and Terry Rackley from StretchLab, who share their raw and honest journey from hopeful semi-absentee franchisees to successful business partners.
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After experiencing the reality of burning through 6 managers in 8 months and watching their "10-hour work week" transform into something completely different, they reveal what actually makes absentee ownership possible. Their partnership story shows how the right structure can change everything, leading to profitability increases of up to 200% in some locations.
The conversation pulls back the curtain on franchise success: the truth about support systems, the power of systematic organization, the critical role of employee retention, and most importantly - what it really takes to be a successful absentee owner in franchising.
“We're not a franchisee that does something totally different than what the franchise is asking. We actually stay pretty close. We're not trying to reinvent the wheel, but on the people side, we try to go above and beyond. They'll take care of customers, which in turn will get us good results.” ~ Terry Rackley
In This Episode:
- Luke's background and how he got into franchising
- Terry's background and how he met Luke and Erik
- How Luke and Terry became business partners
- The importance of speed in opening new locations
- Erik's role in the partnership
- Why leadership and organizational skills matter in business
- Critical factors in running a successful business
- Is absentee ownership a myth?
- What comes to mind when you hear the term top franchisees?
- What does a healthy franchisee-franchisor relationship look like?
- Why is aggressive organization necessary when managing a business?
- What makes partnerships a good thing?
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/
🌐 Franchise Equity Partners - www.frontstreetep.com
Connect with Luke and Terry:
🌐 Website
Connect with Erik Van Horn:
🌐 Website
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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