Following the playbook, building the right systems to permit multiple unit expansion and investing in the right locations are among the lessons for franchisees to build life-changing wealth, revealed guests on the just-concluded first season of “Smart Franchising with Fransmart,” hosted by Fransmart CEO Dan Rowe. Over the series’ original 10 weekly podcasts, joined by a bonus episode in June, industry legends offered their stories and guidance about building multiple-unit companies that can create generational wealth while reducing the workload of owners. Listeners can find links to the episodes on the Smart Franchising with Fransmart podcast’s home page.. “We were thrilled to share the stories wisdom of so many industry giants, who’ve changed their own lives with franchising,” Rowe said. “What was especially gratifying personally was to see that they ascribe to the same principles we tell all of our clients: that playbooks, systems and the right real estate will allow a franchisee to invest profits from their first locations into more and build not just a job but a company.” Industry legends shared insights including:
- Execution matters above all, said Greg Flynn, Founder, Chairman and CEO of Flynn Group LP, the world’s largest operator of quick-service food franchises. “Judge people not by what they say but by what they do, and they need to do it over a matter of years,” Flynn said.
- Follow the franchisor’s playbook. “The franchisor knows more than you do about their concept,” said Marc Magerman, who with partners owned more than a dozen Five Guys franchises in New England early in the chain’s growth.
- Love your concept. “I’ll talk someone out of being a franchisee before I talk them into it,” said franchise broker Ewell Smith, founder of Smith Strategies for Career Transitions.
- Create systems to permit multi-unit expansion. Owning multiple locations is much different from that first store. By the sixth unit, the ability to delegate is critical, yet the franchisor usually doesn’t supply much in the way of advice and systems. The owner/operator of multiple locations is essentially operating two businesses, said Aicha Bascaro, founder of the American Franchise Academy and author of “Multi-Unit Franchise Mastery. “The first is the product/service that you’re acquiring to acquire revenue,” she said. “The other half is your business systems, which you put in place to control your costs and increase your revenues year over year.”
- Ignore corporate at your peril, observed Bill Gellert, who began building and acquiring Five Guys locations when the brand had just 90 stores, and ended up with 56 units on his own.
- Invest in the right real estate. “Everyone tells you, ‘location, location, location,’” Shawn Walchef, founder of Cali BBQ restaurant and Cali BBQ Media said.
These were just a few of the nuggets supplied by Fransmart’s first season guests — and viewers and listeners should stand by for more. “We were thrilled to have so many great stories and advice in our inaugural season,” Rowe said. “And we’re delighted to announced that Season Two of ‘Smart Franchising with Fransmart’ is in production now, with more amazing leaders and advice. We’ll be announcing our launch date soon!” The podcast is available on Apple Podcasts, Spotify, Youtube Music, or iHeartPODCASTS with a visual version also available on the Smart Franchising with Fransmart YouTube channel.