Welcome back to another episode of The Richer Geek Podcast! Today, we're joined by Greg Mohr, author of "Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used for Building Wealth." Greg dives deep into the world of franchising, exploring its different forms, investment levels, and how it can be a path to financial freedom.
In this episode, we're discussing:
Diverse Franchise Models: Franchising is not confined to traditional brick-and-mortar brands like McDonald's or Taco Bell. It spans essential services (e.g., HVAC, plumbing, senior care), boutique fitness centers, and innovative e-commerce or cloud-based franchises.
Investment Ranges and Risks: Initial investments vary significantly. Brick-and-mortar franchises often require $250K+ with higher overhead, whereas service-based or home-run models may start around $150K. Each option presents unique risks and rewards.
Tailored Involvement: Franchising offers flexibility for different involvement levels. Semi-absentee owners typically spend 10–15 hours per week managing finances and overseeing teams. However, thoroughly vetting managers and franchise systems is critical.
Post-COVID Shifts: Investors are increasingly drawn to essential services like home maintenance or tutoring, which remain in demand during economic shifts, rather than high-overhead, location-dependent franchises.
Due Diligence and Strategy: Passion alone doesn't guarantee success. Prospective franchisees should analyze financial projections (pro forma), assess market potential, and consult existing franchisees about profitability and risks. Collaborating with a franchise consultant, like Greg, can align business goals with the right opportunities.
Resources from Greg
LinkedIn | Franchise Maven | Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used For Building Wealth
Resources from Mike and Nichole
