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CATEGORIES: Business, Franchising
Opening a franchise is an opportunity to start and run your own business without building a brand from scratch. However, it’s essential to understand what’s involved before taking advantage of this rewarding option for starting a business.
Franchising is a good way to find business success. But it is not a magic pill. You have to consider a lot of different factors before jumping into a franchise, like how to choose a brand, how to determine enterprise value, what questions you must ask from the founders, and so on.
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In this episode, Erik invites Joe Attia to engage in an argument about all things franchising. Joe, a Ph.D. in Economics, used to hate franchising and didn't want anything to do with it. Now, he is a multi-unit owner and has owned multiple brands. He is the KidStrong Area Developer in Boston, New Hampshire, Maine & Detroit area.
Joe is a strategic investor with over 30 years of extensive finance, strategy, operations, and investor experience in dynamic, fast-paced environments and global organizations.
If you need help in deciding whether or not to invest in a franchise, the insights in today's episode are priceless, and they will benefit both franchisees and franchisors.
“You can be an investor in franchising, but you've got to have somebody that is there operating these things on the ground and learning the business.” - Joe Attia
In This Episode:
- What an anti-franchising guy thinks about franchising
- Joe unpacks the first rule of being a franchisee
- Should you choose the franchising route or not?
- Erik shares his playbook for choosing a brand
- Where do the franchisee and the franchisor align? Where are they not aligned?
- Validating the franchise profitability
- How to select the right franchise
- Determining the franchise value
- Joe's perspective on multi-unit development for a brand
And more!
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 Joe Attia:
🌐 Website
Connect with Erik Van Horn:
🌐 Website
Ⓜ️ 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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