Have you ever considered franchising as a business opportunity or a side hustle? On this episode of CFO at Home, Vince talks with Greg Mohr, CEO and founder of Franchise Maven, about the ins and outs of franchising, how to avoid common pitfalls and missteps, and the critical due diligence process. Vince also shares his own experience with a failed franchise, and what he learned from it. You can learn more about Greg and Franchise Maven by going to FranchiseMaven.com
Key Takeaways:
Franchise vs. Independent Business: Franchises offer a quicker path to success with a proven playbook, but come with franchise fees and royalties.
Coachable Trait: Being coachable is essential for franchise success. If you prefer complete autonomy, franchising may not be for you.
Due Diligence: Conduct thorough research, including talking to multiple franchisees and reviewing franchise disclosure documents to understand where the franchise makes its money.
Red Flags: Be wary of franchises that make most of their money from franchise fees rather than royalties, and those that steer you towards talking to only certain franchisees.
Financing Options: Service industry franchises often require lower initial investments and can be financed through SBA loans.
Key Links:
Website - Franchise Maven
Facebook - Franchise Maven
Instagram - Gregory K Mohr (@franchisemaven)
LinkedIn - Gregory K. Mohr
Contact the Host - vince@thecfoathome.com
