Mastering the Art of Franchising: From Fast Food to Financial Freedom with Greg Mohr

When you hear “franchise,” do you immediately think of golden arches? Greg Mohr, former engineer turned franchising expert, invites you to broaden your horizons. His journey—from newspaper delivery to mastering the Taco Bell playbook—reveals the art of thriving in the franchise world.

But it’s not just about burgers and shirts. Greg and I explore how to choose the perfect franchise—one that aligns passion with profit. Dive into due diligence, envision day-to-day realities, and discover why the franchise model could be your key to success, whether it’s loft renovations or automotive repair services.

And let’s talk funding. Greg shares financial insights, from brick-and-mortar setups to service-oriented models. We’ll guide you through retirement funds and loans, ensuring you’re well-prepared. As we wrap up, discover the strategic benefits of franchising for growth and how to build an independent business that thrives. Join us on this franchising journey with Greg as your expert guide! 🌟

Enjoy!

Connect with Greg and book a free call:

https://gregmohr7-franchisemaven.zohobookings.com/#/franchisemaven

Schedule a Call.  It is good to have options and my services are free to you.  The over 500 franchises I work with pay me  a referral fee.

Transcript

Speaker 1: 0:10

Welcome to Tailoring Talk. I'm Roberto Rivera, bespoke tailor and weaver of superpowers. I prepare my clients and listeners to win. We'll meet self-starters and creators, diving into their journeys and uncover valuable lessons to help you be the very best you can be. Please help the show to grow and help more people by hitting subscribe and giving us a rating. Today's guest is a visionary entrepreneur, wall Street Journal best-selling author and the driving force behind Franchise Maven. His journey from a seasoned microelectric circuit engineer to CEO and founder of a thriving franchise empire is nothing short of inspiring. Here to teach us all about the power of franchises and how franchising could be a potential key to your success. Tailoring Talkers, please welcome Greg Moore to the show. Greg, how are you?

Speaker 2: 1:03

Beautiful day in the neighborhood, Roberto, and I appreciate you having me today, sir.

Speaker 1: 1:07

Thank you so much for joining me all the way from Missouri where we established in our pre-talk. You're the third person I've met from Missouri because I have my client there and his wife, and now I know you.

Speaker 2: 1:22

Cool.

Speaker 1: 1:22

Yeah, Missouri's a great place place.

Speaker 2: 1:24

When you're in the neighborhood. Stop on by. We're out in the ozarks yeah, well, oh, the ozarks.

Speaker 1: 1:29

I see now I should make that connection. I love that show.

Speaker 2: 1:33

It was really dark it was, and I I have yet to find, uh, anybody that I can help with money laundering around here. I've searched everywhere and I just can't find anybody.

Speaker 1: 1:45

No, colombian drug dealers have approached you about you know starting up a franchise Not that you could tell me but you know starting up a franchise to just wash their money through.

Speaker 1: 1:57

I'm just looking for any clues in the background there to see if you're being coerced into talking to me today or being kept an eye on. No, I'm kidding, but ozarks was great. It was such a well-written show as well and and we were just glued to our seats on that one. But my wife at one point thought the ozarks was made up, um. So I had to show her on a map and everything and say, no, it's actually a real place and right yes, it is beautiful too yeah, it looks stunning, it looks absolutely gorgeous.

Speaker 1: 2:27

So no, definitely I'll hit you up when we're around there. Um. So, greg, um engineering background which conceptually would come in handy for what you then go on to do later in life and present day, rather, um, but where did you kind of start off? So just take me back to you know, child Greg, and how you kind of when did your way into engineering and then when did your way back out again into business?

Speaker 2: 3:01

Okay, we're going to go back to the way back machine then Roberto, because that was way back. So first, starting out as an entrepreneur, back in my day we had paper boys and paper girls, paper delivery people, so I delivered-.

Speaker 1: 3:13

Oh, so they go on their bikes and just throw the newspapers at the front doors? Yep, hopefully, miss the window and throw it at the front door and then walk from door to door collecting for the Democrats.

Speaker 2: 3:24

So we collect our money from them. We get a portion of it, give the portion of it there. So it was my first entrepreneur enterprise. On that.

Speaker 2: 3:31

Moving up from there, I went into, of course, back in high school. Most of us in high school got jobs at fast food places. I just happened to pick a Taco Bell. Maybe they were hiring at the time, but I ended up working for a master franchisor. She owned about 50 Taco Bells throughout the Sacramento California area. So I moved up in Taco Bell, became restaurant manager there and started helping her build up her restaurants. So that was my first foray into franchising itself and learning about franchising. On that I went on to manage another restaurant, did restaurant management for 15 years. I got bored with that, went to college, got a degree in electrical engineering and physics, became a microelectronic circuit engineer. While I was doing that I got my degree in business, a master's degree in business, and a friend of mine, another engineer myself. We bought a privately owned dry cleaners with storage units and then I bought some rental properties as well. So that was kind of like my side hustle, doing that on the side While I was getting my business degree, I read Robert Kiyosaki's books Rich Dad, poor Dad and that just about ruined my corporate career.

Speaker 2: 4:31

For me, that was the end of that. It's like, wow, there's something better out there and I don't have to do the 95 or 75 in my case. So that's when I decided or actually the front Motorola semiconductors or Freescale semiconductors. At the time they decided it was time for me to go, which was perfect timing, right before I hit 50, which was just exactly when I wanted to get out of the corporate world. It was before 50, but they decided for me, which is great. They decided for my partner as well. So I sold off all my business shares to my partner let him do that on the side, since he got laid off as well. And I said I got to go back and do that franchising thing. That was a lot of fun. I don't have the latest greatest idea, and that privately owned dry cleaner business was a bit of a challenge when you don't know anything about dry cleaning and you got to go figure it all out on your own. So I went into franchising at that point in time.

Speaker 1: 5:21

Yeah, wow, wow. So my only previous exposure to franchising uh was one of my really close friends, she. I remember once we we lost touch for a few years and then we we got reconnected and uh, at the time she was a franchise owner franchise owner, franchisee of a branch of subway, oh cool, which which kind of started off well, because you know all rainbows and sunshine, all of that, and then as things kind of progressed and you know managing staff and all the rest of it, it just turned into an absolute nightmare for her. And you know, I guess there are different ways to kind of approach franchising. There are different ways to kind of approach franchising and from our pre-talk I'm already guessing that finding the right fit is very important. You can't just go and do anything. I guess it helps if you find something that you're particularly passionate about.

Speaker 2: 6:21

Not necessarily, roberto. A lot of my people. What they're passionate about is making a good income. So, as long as it's legal, ethical and moral, uh, there are quite a few of them are just looking to get a great income and then from there it is what is your, uh, what is your interest? Most importantly, what I ask people is what do they want to stay away from? What do you not like? Because most people don't know what they like. They know what they don't like on there.

Speaker 2: 6:48

So we look at industries where. So you know, we'll go through quite a few questions and if you're doing this yourself, you've got to think of some things yourself. What are you looking to do throughout the day? A service industry where you have a small office or you work from home and you go out and talk with your clients? Do you prefer like a brick and mortar? On that, you don't necessarily have to be absolutely passionate about it, but you do have to have some interest in it, because that franchise is going to be talking to you, the franchisor, and they're going to want to make certain that you've got a really good interest in what they're doing. There's a lot of good business models out there. It's just finding the right. I like the fact that I know they're going to be around for a long time. I know that, the fact that a lot of people are going to use them. That's the sort of thing that really drives and can motivate you.

Speaker 1: 7:32

Yeah, yeah, cause I hadn't thought about it like that. Because you know, in my mind very narrow minded view, you know you look at, but you look at all the big brands like McDonald's and Kentucky Fried Chicken and Subway, and over here we've got actually I don't even know if they're franchises or not, like Starbucks isn't a franchise, is it?

Speaker 2: 7:57

No, it's not.

Speaker 1: 7:58

Yeah, but the ones that I've mentioned before certainly, but then you don't realize that there are other types of businesses. So all three of the businesses I mentioned are fast food. I haven't even thought about franchises in other industries, whether it, like you mentioned, dry cleaning straight away. Oh my God, is that a cat?

Speaker 2: 8:22

It's one of my dogs.

Speaker 1: 8:23

It's a dog, I thought it was a cat. No what, I'm gonna go tiny. Oh yeah, go, go and pick up. Sorry anyone who's listening and not watching the video version of this on youtube. I've just gone absolutely mental because greg's dog just looks so cute. Oh my god, I just want to reach down the camera and pick. Is it a he or a she? A little boy, boy, oh, he's so cute. What breed Yorkie? A Yorkie, wow, got really big ears.

Speaker 2: 8:59

Yeah, he does. He's been shaved down a little bit for the summertime. Ah, okay.

Speaker 1: 9:05

Yeah, my two are right behind me here snoring away. Um, anyway, I'm so sorry. Um, I interrupted myself. Um, so, yeah, so I hadn't even you mentioned dry cleaning. I hadn't even thought of under other industries when it came to franchising. So, um, you know so. So it's like in my immediately thinking, franchising fast food, long hours, coming home smelling of what you used to love having as a treat and then just being sick of it all the time. That doesn't really sound attractive to me. But then there's a lot of other stuff out there, right? Because then again I was talking in to you in our pre-talk that my wife had the idea that one day maybe we could take our business, which is clothing, and actually package that up and give the opportunity to people to go and, you know, work off the back of our brand and all the hard work that we've done putting all of our systems into place and actually being able to make an income and create an opportunity for themselves wherever they happen to be in the country or wider world.

Speaker 2: 10:10

Yeah, the only competition you have is Pierce Bespoke, who also does the same thing as you do makes clothing, and they're a franchise, so you've already got a precedent for it and they do real good on that one. Yeah, wow, you know. You also talked about Roberto. You talked about passion. I mean, how many people are really passionate about hamburgers? I like hamburgers, but they want to get into McDonald's. They're not necessarily passionate about, you know, flipping burgers all day and then selling burgers.

Speaker 2: 10:37

Passionate about, you know, having the money and that's you know. Those are the franchises. We see, you and I driving down the road. Road. That's what most people think about is what, the brick and mortar franchises, what you see on a regular basis. There's so many different franchises and so many different industries out there, uh, that I think that's some of the most of the time when people come to me, they don't realize just how many different industries have franchises and yeah, well, we came across one the other day actually, where so we had a rent but we have, we have a rental property which we're about to rent back out, but regulations have changed and so on.

Speaker 1: 11:11

So we've got to get it up to code and you know, the loft, as an example, needed to be stripped out, re-insulated, boarded, all of that stuff, and so we were trying to get quotes and so on, and people were coming up with ridiculous figures. And then eventually my wife found two companies, not one, two. One was called the Loft Boys and the other one was called I can't remember what it was called the Loft Company or something I don't know. Um, and she said they're both really reasonably, reasonably priced. And she said it's really funny because, um, she said, I kind of feel like they, they have quite a strict kind of pricing model that they don't really deviate from. They're not just turning up sticking a finger up in the air, and so you know, pulling a finger out of the proverbial, a figure up in the air, and say, you know, pulling a finger out of the proverbial, a figure out of the proverbial, right? So I was like let me just check them out. And then what I discovered was they're franchises. That's why they have a structure, that's why they have a pricing system that they don't deviate from and that's why they can quote quickly. They have a um, a standard, kind of uh, customer charter and service level expectation, um, and they came and they did the work.

Speaker 1: 12:33

Unfortunately, the first guy that came to do the work, halfway through the job there was a problem, so we we had to complain to, ultimately, the franchise owner. It was who we got hold of and she was like okay, fine, sorry about that, she just passed the whole job over to a different franchisee, apologized. They came absolutely fantastic, five stars. Couldn't rate them highly enough. We didn't pay a penny more than we were told we would pay. There was no arguing. They were the nicest people. That franchisee, right. So the franchise owner is the one that sits above, owns the whole thing. So the the problem that that they see as a, as a group or an organization or entity, is that the building trade is full of builders and the problem with builders is that they don't know how to run businesses and deal with customers most of them in this country anyway, I don't know. It's like in the United States.

Speaker 1: 13:44

Yeah, same here, right, kind of same Right. And so so he said that the people that that you met that did the work at your place. They've been trained to do that job, but they're not builders, they're customer service people, and those are the types of people that we employ and that's why we get. And then when I looked at their google reviews, it's like five stars all the way through and I was like, oh my god, what a great business model. And and this guy, carolina, said like seriously, you should meet him because he's doing really really well for himself and he looks like he loves his clothes as well, um, and I was like, I mean, the guys you know, he's taking this opportunity with both himself and he looks like he loves his clothes as well. Um, and I was like, I mean, the guys you know, he's taking this opportunity with both hands and he's run with it, um, and and doing really really well, which is, I guess, what you're you're guiding people towards exactly right.

Speaker 2: 14:38

well, girls, things that they can really get into. So you're going to go through the due diligence process and you're going to eventually I mean mean, most people want to make a decent amount of money, some more than others but what you want to do is, as you're talking to the franchisees that are running the business and the ones that are most successful is find out what they do on a daily basis and then try and picture yourself doing that. If you can picture yourself doing that especially the franchisees that are making the most money you really know that you're on the right track. If you can't, then move on to another franchise or hire somebody to do it for you. But you've really got to just picture in your mind getting that business and doing that business, and if it feels good to you, you can picture yourself doing it. That's really what counts.

Speaker 1: 15:18

Yeah, yeah, some people. They kind of like the idea of you know. They look at people who run their own businesses. So I get this all the time from friends and other people who meet me for the first time and they're like, wow, you run your own business. That sounds awesome. You tell them it looks great on the surface but at the end of the day you know I'm working a lot, I'm working hard. You never, ever, switch off Franchise. Being a franchisee sounds like it's kind of like that. Is that a myth? Am I wrong? Does it just depend on the approach that you take?

Speaker 2: 16:00

It depends on the approach you take Roberto, definitely on that one and it depends on how involved you want to be in that franchise system. I think, with me and starting my own business, I think about it all the time because I enjoy it all the time. It's not like it's a job on that, it's just it's something I enjoy doing, helping others and I make money at it on that, so I can think about it all the time. With a franchise system it just depends on how involved you want to get. If you don't want to be involved on a daily basis and for most franchises and most businesses in particular, any kind of business you get into you really don't want to necessarily be involved on a daily basis. You don't want that business revolving around you on that, because you want a couple of things. You're trying to get a couple of things out of business, a couple things. You're trying to get a couple things out of business. One you're trying to get, you know, the family fed and the bills paid. I mean, that's basic number one. But the second thing is, when you're running your own business, you want that business to run itself so you can go out and do what you want to do when you want to do it and if at some point in time you want an exit strategy where you're getting out of the business, you don't want it revolving around you because it's easier to sell off that way. So you really don't want to be actively involved, working in the business on a regular basis. And that helps with a franchise.

Speaker 2: 17:13

With a franchise you've got that system in place, that step-by-step process to where you're never wondering or guessing what to do next on there. And then also it makes it very easy to train a manager or somebody else to do it for you. Where you oversee it, you're working on the business itself, building that business up, and not working specifically in the business. So at first, yeah, you know any kind of business that you get into, anything that you do, you probably want to get you know a little bit more involved with that, because you've got to do a little building up. You can still do it semi-absentee, but you're still going to be thinking, no matter what. You're going to be thinking about it all the time, but if you get into the right one, you're going to be thinking in a positive way. You think how wonderful this is, I've got you know. You see the future, you see the end, you've got a positive mindset on it. So it's not like a negative thing, like you're worried about it. It's like a positive thing, like how can I help this grow?

Speaker 1: 18:00

yeah, I guess, um, unlike traditional business for entrepreneurs where, you know, we're kind of figuring it out as we go along and then at some point we realize that we're getting burnt out and we're like there are things that we shouldn't be doing and there are things that we should be doing more of and we need to systemize and we need to have proper processes in place and we need to stop getting emotional about stuff and just stick to those processes, because if we do that, then life is a lot easier. Right, set your ground rules, know your principles, know what your vision is, know where you're going. Don't deviate, because as soon as you start doing that, that's when your head explodes With a franchise. You've got the Bible, you've got all of that set out for you, because the person that originally had the vision so, if we use the mcdonald's analogy because it's the most famous and probably the most successful one in the world um, you know they well, ray crock, the mcdonald's brothers had a great little thing going, you know, amazing. They were able to, from checkout to putting the paper bag in your hand. They had that process down neat. They lacked the vision and possibly the will to relinquish control to make that bigger, which is what Ray Kroc came in. He saw and had the vision and he was also willing to take the risk to get it to where it needed to go.

Speaker 1: 19:30

I can't remember where I'm going with this. Um, anyway, the point is that you have the blueprint right. It's given. So, I imagine, because I really like using visual examples or analogies. I imagine that. Imagine that getting into a franchise is like when you have to get a roundabout going. But this roundabout merry-go-round you might call it you always have to give a roundabout, a really hard push, and you've got to put a lot of energy in at the start. And then, for most entrepreneurs who aren't running a franchise, you find that very often you're running around with that thing putting so much energy to keep it going. It's almost constant and it can be exhausting, whereas with a franchise, if you start off the right way, you've already got your people, your friends, your employees on the merry-go-round. You kind of give it that initial push. But once you've got it going, if you follow the blueprint, you follow the principles, then all you're doing to keep that thing going is you're just tapping it. You're just tapping it just to keep it spinning around, all right, Exactly right, roberto.

Speaker 2: 20:47

Somebody has already done all the footwork for you. That franchisor has already made all the mistakes, so there's a lot of things you don't need to worry about as far as mistakes making. They did it before. They said follow my outline here, my game plan, and we'll get you to where you want to be two to three years quicker and do it yourself. Now that doesn't mean you can't be creative. You can still be creative, and that's how a lot of franchises grow is because the franchisees become creative. So there's still a lot of creativity in there from a personal standpoint. But you're getting into that franchise, you're paying their franchise fee, you're paying those royalties for that blueprint of everything that all the mistakes have been taken care of. You just do this, this, this and this steps. The chances of your success are that much greater, yeah.

Speaker 1: 21:31

Let's talk about financing, because obviously you know okay. So you identify the things that you don't like doing, which leaves you with the things that you might like doing. You find an opportunity, you go through all the due diligence and so on. Franchise owner says, hey, I think you would be a perfect fit as well, let's take this forward. Then you've got to find some money from somewhere because there is an investment involved.

Speaker 1: 21:59

Talk to me about financing and how you kind of guide people through that, because you're going to have people at different levels. You're going to have people who are going to maybe have an amount of cash in the bank that they are ready. I'm going to put this money and I'm going to invest and I'm going to take one franchise, see how it goes, then start building up and so on. And then you've got other people that are coming from a very different place. They might not have two cents to rub together and this is something they can't see any other way than this opportunity as being the thing that might help them to achieve their hopes and dreams. So two very different examples that I've given you there how do you handhold them through the process of financing in a responsible way?

Speaker 2: 22:47

Great question, roberto. So, along with the due diligence and along with what I do, you could do it yourself if you want to go out there and look for franchises. But as far as our due diligence goes, we're going to be looking. Each franchise has a specific requirement for cash and for net worth, in addition to other requirements, but we're just talking about funding here on that one. So we've identified together or you'd identify it yourself a franchise that you have the required net worth and you have the required cash to get involved in.

Speaker 2: 23:15

So use your own money or use somebody else's money Two different ways to go. You either have cash in the bank. You just simply write a check for it. Here in the US we also have what's called our retirement plans, which is 401k plans, iras. If you have a 401k plan from a previous employer or an IRA, you can roll it over into a self-directed plan on that, and that's where you create a C corporation. You buy stock in your C corporation and then your 401k just transfers money into the checking account for your C corporation Definitely a personal decision, because that's your retirement money that you're using.

Speaker 2: 23:48

That's what I did to start my business, because I did not want to go into debt to start my business, but that's how you do it using your own money, using other people's money. What we have here in the US is probably the easiest explanation would be go with the SBA loan on that one. So two different types of people. If you got plenty of net worth, you got plenty of cash for an SBA loan. Then the only thing that really matters is your credit and the fact that you do meet the requirements for the net worth on that one. So the franchises themselves. One of the other benefits is that they have that proven track record of success. So the funding people I work with. They fund franchises all the time, so that part's already taken care of.

Speaker 2: 24:33

As long as you've got good credit, you're good. Now, as far as how much money you have to come up with on that one, that one's going to vary by the type of franchise you get into. So we talked about the brick and mortars. Those are the big ones. Those are the ones where you get an SBA 7A loan. You put about 20% down on it. So, yeah, if you're looking at a $400,000 or $500,000 investment, you're looking at $80,000, $100,000 cash that you're going to need up front. Now, if you go with a service industry where you are a small office or you work from home, those are, right, around $150,000 total investment give or take. So you'd be looking at an SBA Express loan, which is around $150,000, $200,000. What they're looking for then is your good credit, of course, but now they're only looking at $20,000 down on that one. So that one's a little bit easier to come up with.

Speaker 2: 25:20

Lots of great businesses in the service industry, lots of essential businesses in the service industry senior care, tutoring, heating and air conditioning, plumbing, electrical, many, many different things that you can do in there. Groundskeeping all sorts of things. Great money makers. It doesn't matter if you get into the service industry or the brick and mortar. The amount of money you can make is pretty much the same. Each franchise is a little bit different. But direct answer to the question about $20,000. Good credit and you're good to go for any service franchise almost yeah, wow, I'm just realizing now as we talk.

Speaker 1: 25:57

So yesterday I pulled up outside my house. Now I own two cars I, I have a Supra and I also have a Mini, which you would expect me to because I'm British, I love my German cars and someone had walked past my beautiful Mini John Cooper Works, it's the full thing, you know, with the rally spoiler, all the rest of it. It's a beautiful car and down its rebel green exterior, someone walked past it with a key straight down the side. Why like? Why right, but anyway. Um, and so you know bmw, they want, like in the region of four or five thousand pounds, to respray it, because they're saying that they need to. They can't just treat the scratch, they need to respray it because they're saying that they need to. They can't just treat the scratch, they need to respray the entire wing of the car, blah, blah, blah. I've been to some other independent garages and they've said similar for not quite as much money as BMW want, but anyway. And then I remember getting my alloys repaired a few years ago, um, by a company called chips away, and they come around to your home in a van and they can do alloy repairs and they can do scarves and sort dents out. I'm sure you, you guys, have your similar version in the united states as well. Um, and now I think about it. I just realized that's a franchise Because I pulled up outside my house yesterday my neighbor, I think, had some accident damage and a chips away van was on her front drive repairing her car.

Speaker 1: 27:34

And I went over to the guy and he's got his name there with his cell phone number and I was like I was actually thinking about calling you guys because I, can you come and have a look at my car when you finish dealing with that? And he came and looked at it and he was like, yeah, he said I'm going to give you a quote, but this is. I'm going to tell you verbally now. This is how much it's going to be 160 pounds plus sales tax. Awesome, I said so you don't need to respray the whole thing. He said no, I do this every single day, so don't worry, it'd be absolutely perfect. You'll have a full guarantee. And here's my card Just go online, book an appointment.

Speaker 1: 28:15

And it was that same reassurance that I got with service level standards and so on, that we got with the loft people and that you get with McDonald's when you go in there. Right, it doesn't matter if I go into McDonald's here or in London, in New York or or Spain. Even I know the level of service I'm pretty much going to get and I know that the food I'm going to get is pretty consistent as well. And I've just realized that's a freaking franchise Now that I'm thinking about it and you've opened up my mind, I'm actually Wendy's franchise, chick-fil-a or Filet, because that's just come over here. Franchise UPS, like you have those UPS stores. Franchise, right, am.

Speaker 2: 28:57

I right Okay.

Speaker 1: 28:59

Yeah, Snap-on HerTech. I think there's a place called Ace Hardware that I remember from my time when I used to live out in the States.

Speaker 2: 29:10

Yep.

Speaker 1: 29:12

There's fundamental, because I always look for business fundamentals and principles in different types of business, because, you know, you might have a hardware store, a place that flips burgers, but sometimes you see businesses and the underlying principles are kind of the same man, that's just mind blowing. So now we come at it from the other point of view, which is and I'm sure you help people with this as well you have a business, you have a great business and you're thinking you know, actually there are people out there that probably want to do what I do, but they don't know where to start. Maybe we could package up what we do and give the opportunity to other people. So let's let's talk about that side of the coin for a little bit. Where does an owner start? They've got a business, they've got a product. What now?

Speaker 2: 30:11

So I have people that will turn businesses into franchises. Easy enough to do About $50,000, give or take will turn your business into a franchise. This is here in the US. There's other ones. I'm sure I can find somebody for the UK. If you're over in the UK you want to do the same thing, simple enough, I can find somebody for you. But I've got people to do that.

Speaker 2: 30:30

So where do we start? So, first off, what we're going to be looking for there with that business, probably one of the main things that we want to look at is how reproducible it is. How many people in any city or state can use that product or service. The more the merrier, obviously, because now you've got not only more clients for your franchisees but you have more franchisees that you can build up. Now there are boat rental franchises out there. So obviously, if you're not near a body of water, you know you're not going to be getting a boat rental franchise. That's pretty obvious. But there's enough cities and states next to bodies of water that will make it feasible. So that's what you're looking at. Can it be reproduced? Can many people use that product or service? The more the better.

Speaker 2: 31:14

The other thing we're going to be looking for to attract franchisees to your business is how much do you make? Generally speaking, if you're bringing in a good, you know, $100,000 or more, it's going to be attractive and you'll get more people that want to be involved in that business. If you've reproduced it more than once, that's also a good plus. So you've got one location. We've done. Many franchises started off with just that one corporate location and they built on from there. But if you've already reproduced it a couple of times, that's always a plus as well. So those are the main things. Is that can many people use it in any city or state? If you reproduced it, which is great, um. And if you have make a hundred thousand more, that's also great. The last two not quite um, as necessary. It just makes a little more challenging to find people yeah but my people will turn that business into a franchise system.

Speaker 2: 32:08

get all the paperwork done, help you with your policies and procedures and your step-by-step manuals on that, so you can just walk right in and start offering franchises.

Speaker 1: 32:22

Yeah, so it's like you come at it from the point of view where you forget about franchises for a second. But you know a lot of business owners don't think early enough about what the end game is and how they're going to exit. Now you are someone who has built a business and you've exited as well. But in order to exit, you need to take your hand off the tiller and that business needs to be able to run itself without you. And in order to do that, you need to put systems, processes in place, you need to have good people that can be trusted and you need to have that blueprint, that manual, that anybody could like.

Speaker 1: 32:54

If you died or dropped dead or just disappeared off the face of the earth, that was a bit extreme, sorry, but you know what I mean. You still have to. I mean, look, let's be realistic. You have to plan for that If you want your business to survive and thrive without you. If you took yourself out of the business, could it run? And if the answer is yes, you also have a business. Potentially that is franchisable, if you can tick those other boxes of how replicatable is it. Well, if you've got a system already, it probably is replicatable. How big is the audience? Is there a market for it? In multiple locations. Suddenly, you start to see where the opportunities are, all over the place. Yep, exactly right. Wow, I've learned so much today. I feel like I've like done four years of university in like half an hour or whatever. How long we've been talking? This is freaking awesome um, wow, um.

Speaker 1: 33:52

So, and, by the way, you know, the majority of my audience is actually based in the united states, not in the uk. It's like 60 us, 35, I think. Uk it must be my accent, right, they think I'm smart over there. Um, and then the rest is sort of spread out all over the rest of the world. Um, so any of you you guys and girls that are listening to this that want to get in touch with greg because you're thinking actually my business, because we've had a lot of those conversations about how to get your business to a stage where you can exit if you're thinking actually do you know what? I want to hang in there a bit longer and actually maybe package this up.

Speaker 2: 34:37

Greg would love to talk to you. Right, great to have options. You always got to have options on that. If you want to grow, you're going to grow either linearly, where you are putting your money into the next unit, you're overseeing the operations, you're managing that. You can only do that if you have your own money to do it. You want to grow exponentially. That's where you get into franchising. You don't get as much money back but you don't have to put as much money in.

Speaker 1: 35:01

You've got that annuity. You've got those royalties? Yeah, absolutely. And then, similarly, for anyone that's thinking I'm kind of bored of this nine to five stuff and I'd like to kind of have my own business. But you know, without all of the amount of graph that poor people like me have put in to get our businesses to where they currently are, then again franchising is something that you might want to consider, right, greg?

Speaker 2: 35:21

Absolutely Good to have options. Always check out your options. I'm all about education. There's a lot of great information on my website about franchising to educate you on that. Franchising is not necessarily right for everybody. I will not try and convince you it is. It's just good to have options, good to check out your options, compare and contrast.

Speaker 1: 35:40

Exactly Wow. And you know the thing I love about you, greg, is you're so, so passionate about this as an from a point of view of. You know we all get one life view of of. You know we all get one life and you know you try and make the best shot of it that you can. We talked in our pre-talk about Ray Kroc and how I felt the movie.

Speaker 1: 36:02

Having read his book and read his own words, I think the movie with Michael Keaton if anyone listening has not seen it, check the founder out, um it.

Speaker 1: 36:12

It kind of did him a disservice in a way, because he was someone who I think he was in his early 50s trying to sell those milkshake making machines right, I mean driving thousands, of thousands of miles. There was no Zoom calls or anything like that back then it was all on foot. You're doing the hard miles in your car, gas miles and just not having any success at all. Comes across this little diamond of a hamburger restaurant in the middle of nowhere just straight away, is like oh my God, what the hell is this? This is awesome.

Speaker 1: 36:50

Then starts to learn more about how the business operates and then sees an opportunity and he just goes for it and takes his best shot at life. And the thing that I love having spent some time with you is that I can see that you are truly passionate about taking people by the hand and helping them to take that best shot at life. And you know it might not be for them, as you say, but it's good to look at your options and, if it is, I truly believe you're someone that will just be right in there in the journey with the people that you help and just helping them to really just knock it out the park absolutely.

Speaker 2: 37:28

the more you help people get what they want, the more you will get what you want, zig Ziglar.

Speaker 1: 37:36

I was just about to say, Greg, thank you so, so much. Right, all of you listening. Franchisemavencom. Right, Greg?

Speaker 2: 37:46

Yes, sir, People will click on book a call if they want to have a call with you. What happens, basically? You book a call, we're going to talk. First call is going to be you asking me anything. You want anything about me, anything about franchising. I'll ask you some things about what you're looking to get out of a franchise, making certain that your expectations are there. I don't want anybody with you know I want to be a millionaire in a year. Well, that ain't going to happen, so we're going to get those out of the way to begin with. So first call, you ask me anything, get to know me. Everything's okay.

Speaker 2: 38:22

We move on to the next call. I send you out a questionnaire to fill out so we can get to know you. Second call is going to be all about you. Half hour hour, whatever it takes. I need to know as much about you as I can, about where have you been, where are you at now, where do you want to be, so that I can tailor franchise opportunities around you. I will come up with five or ten opportunities that are where the franchisors are looking for people like you and you are looking for people like them. We'll narrow it down to two or three. We'll go through the process itself of investigating those franchises and education All about education along the way we will determine one if franchising is right for you to begin with and, if it is, which is the right franchise for you.

Speaker 1: 39:04

Wow, you really really do hold people through the entire process and I'm free.

Speaker 2: 39:14

Yeah, really yes to uh to anybody for my services the franchisors that will pay me a referral fee. So if you decide to invest in one of the franchises I introduce you to, they will pay me a referral fee, even if you don't get involved in the in those franchises and said it's not you, by the time you're through working with me, you'll know how to investigate any franchise.

Speaker 1: 39:36

Wow. So I looked up the meaning of the word maven. It means an expert accumulator of knowledge. And there you are Maven by name, maven by nature. I love it, greg. Thank you so so much. Have you had fun today.

Speaker 2: 39:54

Yes, You're a great host, Roberto. I love all the questions. You keep it very lively and active and fun.

Speaker 1: 40:00

Yeah thank you. I'm very curious as well. I don't know if you got that, but when I get excited about something, my mind is racing at like 300 miles an hour and then, because I'm very visual, so like everything's just popping off in here. But you've really really impacted my thinking today, open my eyes as well, and I've learned so much, and if I have, I'm sure everybody listening will have as well. So, um, so yeah, I just book a call with this, this fine young man and um and and start your path to um. Whatever success looks like for you, I wish everybody luck if you do decide to engage with Greg. Greg, thank you for your time, sir. I hope that we connect again in future and when we bring our swim costumes and stuff to the Ozarks, then I'll definitely look you up.

Speaker 2: 40:53

Please do. I'm here for you. It'll be a lot of fun. We'll enjoy ourselves.

Speaker 1: 40:56

Awesome. Thank you all so much for joining. Greg and I Follow the show on Instagram at Taylor and Talk Podcast for the latest episode updates, highlights and news. The podcast is also on YouTube at Roberto Revilla, london, and you can email the show at taylorandtalkpodcast at gmailcom. Hit subscribe. Give the show a rating and a review. Click the share button in your player. Very important send this episode to someone you know who needs to hear what greg taught us today. And if you love tailoring talk and you want to support the show, hit the support show link in the show notes. Have a great week, be good to each other and I'll catch you on the next one.