PODCAST: Buy, Build or Franchise?

Do you want to buy an existing business?

Do you want to build a business from scratch?

Or, do you want to invest in and build a franchise?

I recently explored these different options on a podcast with a career change guru, Scott Anthony Barlow. Scott helps people figure out their ideal career path in life and invited me on to talk about entrepreneurship and some of the hidden stories that most people don’t know about when thinking about starting their own business.

I cover a lot in an hour and if you’re interested in listening on your way to/from work or whenever you can listen to it to below.

If you ever want to talk about franchising, get in touch with me.

I help people who are serious about starting their own business figure out if there is a high-quality franchise out there that can help them achieve their financial and lifestyle goals.

It’s a free service and you never sign a contract.

I can help save you a ton of time and energy and teach you how to dissect franchises so you can get the key information to make the best decision for you and your family.

Just book a time on my calendar that is convenient for you. You can access my calendar online here: https://calendly.com/dcarpenito/intro

I hope you enjoy the podcast.

Here’s a preview of what we talked about…

You know those pictures you see on the internet and magazines of “entrepreneurs” sailing on the Mediterranean sea, traveling to exotic places, playing golf or whatever?

If you don’t, just go to any of the franchise directories or open Entrepreneur magazine and look at the ads and you’ll see what I’m talking about.

Whenever I see those images I smile because none of those glorious images are remotely close to what entrepreneurship is about.

Where are the pictures of the hard work?

Where are the pictures of the sacrifices?

Where are the pictures of the sweat, tears and even a little bit of blood that goes into building a successful business?

Bottom line, the journey that entrepreneurs experience to build a successful business is flat out hard work.

But (and this is a big “but”), it’s worth it (at least it is to me).

The juice can indeed be very much worth the squeeze if you approach it the right way.

To be very blunt with you…I believe that entrepreneurship is one of the, if not the, most rewarding career option. In fact, I believe entrepreneurship is one of the most powerful and significant financial and personal opportunities available to us.

Here’s why…

The lifestyle and financial upsides are endless – you control your own comp plan, you work on your own terms, and you set the boundaries.

You call the shots – there are no meetings about meetings, you don’t have to deal with headwinds that follow a merger or acquisition, and you’re not going to lay yourself off.

There is also a huge benefit to building a successful business that most people don’t think about and that’s the fact that when you have a successful business, you have a cash flowing asset that someone will pay you a healthy premium for (it’s like a 401(k) plan…only better).

But entrepreneurship has to be approached in the right way.

And the first part of doing it right is figuring out which path is the right one for you.

Everyone’s entrepreneurial journey is highly personal. And the destinations we are marching towards can be unique.

However, you know what’s funny?

When I have some candid conversations with fellow entrepreneurs, our destinations end up being eerily similar. And so are our journeys.

The journey for most of us ends up looking something like building a business that…

helps other people in some form or fashion (whether that’s helping customers or providing our employees with an opportunity they can’t find anywhere else)

delivering a positive impact in our community

and ultimately putting in the hard work building a business that enables us to have the lifestyle flexibility we want and rewards us financially (which the W-2 world doesn’t offer).

And the destination ends up looking something like selling the business for a big ole pile of cash.

Sorry, don’t mean to get capitalistic, but I’m being honest. The majority of the entrepreneurs, business owners and franchise owners I know have the intention of building a business and then selling it for a premium.

Here’s why.

The reality is that the byproduct of building a successful business that doesn’t rely on you to run day-to-day and produces a healthy amount of cash flow is the creation of an incoming producing asset that you can sell (as in someone will pay you a premium for it).

So, if you’re thinking about starting your entrepreneurial journey a big question to ask yourself is do you want to be the one building the business or the one paying the premium for the cash flowing asset?

There is no right or wrong answer.

However, how you feel about that question can help you figure out which entrepreneurial option may be best for you.

I cover a lot in an hour and if you’re interested in listening on your way to/from work or whenever you can listen to it to here:

Cheers,

Dru

P.S. – I’m obviously a bit biased towards investing in a franchise since I’ve helped a few hundred people (including myself) find, grow and sell (as in cash out) franchise businesses. So, if you ever want to talk about investing in a franchise, my schedule is open to you. Just book a time on my calendar that is convenient for you. You can access my calendar online here: https://calendly.com/dcarpenito/intro