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CATEGORIES: Business, Franchising
What does semi-absentee ownership actually mean? Is it possible in a franchise setting, or is it a myth?
In this episode, Erik talks to his business partners, Luke Jacobson and Terry Rackley from StretchLab, who share their journey as franchisees and business partners.
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They discuss the importance of finding the right franchise opportunity and the myths surrounding semi-absentee franchising. They emphasize the need for speed in opening new locations and the challenges of finding and retaining good employees.
Luke and Terry also discuss their partnership with Erik, who serves as their business consultant and advisor. The partners also highlight their organizational skills and the importance of building a strong team.
In essence, the conversation covers topics such as the support system provided by the franchisor, the importance of trial and error, the role of aggressive organization in managing the business, the focus on employee development and retention, the relationship between franchisees and the franchisor, and the significance of business partnerships.
“Unless you're already a multi-millionaire, I don't think absentee ownership exists. I don't think you'll have the right attitude if you go into this saying, “Hey, I just wanna throw money at something as an investment.” You're gonna have to put in blood, sweat, and lots and lots of tears.” - Luke Jacobson
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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