As we delve into the exciting world of franchising, the question that waves at every entrepreneur's mind is, should I buy a franchise? Franchising, indeed, is a dynamic concept in the business world that thrives on the foundation of systemized procedures and proven business models. But is it the right fit for you?
Join us on Average Joe Finances as our guest Gregory Mohr shares about the process of turning a business into a franchise and the potential for significant growth.
In this episode:
Key Moments:
00:04:31 - Discovering Franchising
00:08:41 - Semi-Absentee Franchising
00:11:53 - Being the Face of the Business
00:12:22 - Benefits of Local Ownership
00:12:33 - Importance of Being the Local Face of a Franchise
00:13:26 - Franchise vs. Private Business
00:15:51 - Trade-Off Between Time and Money
00:17:17 - Investment Levels in Different Types of Franchises
00:21:31 - Mistakes to Avoid When Selecting a Franchise
00:25:20 - Importance of Funding and Debt Servicing
00:27:27 - Genuine Intent to Help
00:28:54 - Financing and Debt to Income Ratio
00:35:00 - Risk Tolerance and Emerging Franchises
00:39:02 - Assessing Fit for Franchise Ownership
00:39:21 - Individual Factors in Franchise Investment
00:40:10 - Importance of Due Diligence
00:41:18 - Process of Turning a Business into a Franchise
00:44:19 - Selling a Successful Franchise
00:46:08 - Lessons Learned and Tips for Success
Find Patrick Elsner on:
Website: www.franchisemaven.com
LinkedIn: https://www.linkedin.com/in/gregorykmohr/
Instagram: https://www.instagram.com/franchisemaven/?hl=en
Twitter: https://twitter.com/Franchise_Maven
Facebook: https://www.facebook.com/FranchiseMaven/
Average Joe Finances®
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About Mike: https://mikecavaggioni.com
Show Notes add-on continued here: https://averagejoefinances.com/show-notes/
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See our full episode transcripts here: https://podcast.averagejoefinances.com/episodes