fbpx

Scaling A Multi-Unit Empire Across Multiple States With Jay Palmer

by | Sep 18, 2023 | Podcast

FM 2 | Multi-Unit Empire

 

Jay Palmer is a 14-unit franchisee of Floyd’s 99 Barbershop with locations across multiple non-contiguous states. During this episode, Jay takes us through his journey of how a chance encounter on a bike in Colorado led him to become a franchisee in 2006. Right now, he runs a multi-unit-multi-state operation with locations in Colorado and Kentucky managed by 250 employees. He shares some great advice around scaling multi-units, funding his growth, engaging with his growing number of employees through a daily email, structuring his company, and more.

Listen to the podcast here

 

Scaling A Multi-Unit Empire Across Multiple States With Jay Palmer

In this episode, I am joined by Jay Palmer, who is a multi-unit franchisee with Floyd’s 99 Barbershop. Jay has fourteen locations with a number of others in development. Jay, welcome. Thanks for joining us.

Thank you, Dru. Thanks for having me.

Jay and I are kindred spirits and we like to make our own t-shirts, and that’s our work attire. If you ever see us in person, we’re probably wearing a self-made t-shirt. Jay, you’ve been with Floyd’s for a while. When did you get in with Floyd’s?

2007 is when we got going, I believe December 11th, 2007 in the first store. I always mixed up that in 2008 because it’s so close. Within that first year, we went from 1 store to 4.

In one year?

Yes, we did Boulder, we had Harmony, Fort Collins, and Longmont, and then we bought the Austin, Texas Market on Halloween of 2008.

We’re going to talk about that, but you mentioned 2007. You’ve been through two massive things that happened in the world with the Great Recession back in ’08, ’09, and the pandemic. You might be the only franchisee I’ve talked to who’s gone through both of those. What was it like during the Great Recession in the business as you’re getting ramped up?

It was interesting. That first year in 2008, we opened up our Longmont store in November, right before Thanksgiving. We’re going through construction with that store, and it was difficult. Banks were collapsing. The housing market crushed. We had an SBA loan, which was tied to my parents’ house, and they went bankrupt. We ended up losing the loan after we had already put in our 40%. We had half of the store built with no money. That was pretty stressful. That was our first year even being in business.

We had to go private and find some very nice investors, and we did. It was a crunch, but we were able to get it done. It worked out. In a number of years, we were able to pay them off and everyone walked away happy, but it was stressful. We also purchased the Austin market on Halloween of that same year. We bit off a lot more than we were prepared for. It was a learning experience. We managed to hold all of them, grow all of them, and build a great business. It was stressful, but at the same time, it was a lot of fun.

You figured it out.

Problems come up and you solve each one of them one at a time.

The first year, I can’t imagine that gut punch. It’s like Mike Tyson saying, “Everybody has a plan to get punched in the face, and it’s how you respond.”

It changes everything. My parents are in the residential development business outside of New York City. They got hit incredibly hard. All of those bankers coming out of Wall Street were no longer moving out of New York. The area in Connecticut, there were thousands of homes on the market all in the same price range. Every one of those builders went out of business. It was tough.

I don’t mean to be getting into this with you, but you’ve persevered through two massive things that have happened in our world and economy. You built a very successful business and persevered through it. I can imagine the pandemic was different in a lot of ways in its own thing. As you think back through those two big events, were there some things that stuck out to you as big lessons learned or things that you had learned prior that helped you push through this?

One of the things that’s helped me be successful is focusing on our staff and making sure to take care of the staff. It’s the most important part of what we’re doing because once they’re happy, that trickles down to our customers, and the customers hopefully will receive the same treatment. We’re still dealing with the pandemic right now even though people forget about it. In our business, we are struggling every day to staff the stores.

FM 2 | Multi-Unit Empire

Multi-Unit Empire: Taking care of their staff is the most important part of business leadership. If they are happy, it trickles down to the customers.

 

During the pandemic, a lot of people left the industry because of the proximity that you’re in with your clients. Whatever family issues they have, whatever relatives they have that were sick or have underlying conditions, they left, they went to some other stay-at-home business and they haven’t come back. We’re struggling to find staff. We’re doing great. We could be doing so much better if we had the employees. That’s our struggle right now, and that’s what we’re trying to do.

It is getting better every day. I know the schools are flush. Hopefully, we’ll start seeing more people come our way. We also don’t hire out of school, so that’s another issue. We want to see people come out of school. We want to see them take some time, get behind the chair, and build the dialogue that they want to have when they’re talking to their clients. We want to see them be comfortable with the shears and not shake. Nobody wants a stylist who’s shaking. You don’t want to lose an ear or something. It’s important that these people have a little bit of history behind them.

Can you talk us through a little bit about what Floyd’s is, the essence of it, and how it’s different than a lot of the other traditional?

Let me go back to even the beginning. I didn’t know what Floyd’s was. I was training for Ironman in ’06. I was on a training ride, on a bike ride from Lyons, Colorado to Boulder. I passed a gentleman on a bike, and then he passed me. We started jockeying back and forth. Next thing I know, for the next 30 miles, we were chatting away. I was talking about how I was with Noodles & Company, which is a great Boulder-based company that I was with for almost seven years and I was part of the franchise development team. My children’s mother is a hairstylist, and we owned a salon.

As we’re discussing all of these things over 30 miles, he starts talking about Floyd’s and how he and a couple of his friends are trying to franchise it. I had brought up that I was trying to franchise Noodles. One thing led to another, and we sat down the next day to go through the FDD. I love the concept. I thought it was the coolest thing in the world. Floyd’s was a rock and roll barbershop. It is a unique experience. You walk in the door. The walls are plastered with music posters, stainless steel countertops, hardwood floors, and loud music. It’s an experience. When you walk in, you know you’re in Floyd’s.

Let’s say you walk into the Sport Clips, Supercuts, or Great Clips, you might not know which one you just walked into. They serve a purpose. I’m not saying anything bad about them. They all have the same feel, and so I love that about Floyd’s. In my mind instantly, I’m thinking Floyd’s presents Red Hot Chili Peppers at the bowl of reds, like something crazy.

I love the idea, so we took it a step further. They invited me the next week to go meet the founders at their Colorado corporate headquarters. When I went down there, the woman in charge of Floyd’s Franchising was a woman who also worked at Noodles & Company, who I worked closely with. We hit it off. They’re brothers and I, there are three founders. I seemed to have all the right questions. Again, I hit it off with them. I was only 31 at the time.

After the meeting, I realized that the gentleman who brought me in didn’t have any experience and didn’t have any capital. I decided to reach out to Dana who was the woman in charge of franchising for Floyd’s, and offered if I could do it on my own. They said, “Sure.” I weaseled my way in there, and then from there, Floyd’s took a risk on me. I was young. We had some growing pains, but I’m one of their oldest franchisees, one of their largest. We have an incredible relationship. I am thankful for them every day. I hope that they’re thankful for me. It’s been fun.

Which number of franchise owners were you in the system?

The Dallas Market was first. Those guys have sold and the new Dallas owners are wonderful people. They’re big. They have 27 or 28 stores. They’re in Dallas, Houston, and Oklahoma City as well. I am number two behind the first group that sold. I’m the oldest and second largest with fourteen units.

Floyd’s is interesting because they’re also operating a lot of their locations as well. There are 120, 130 locations, or something like that total.

Somewhere around there, 140, I could be wrong. I think they had 80 of them.

They’re in the game in a big way. To me, it’s like one of these unique little data points about Floyd’s as an organization and a franchise company because a lot of what I see in the emerging franchise world is you see the franchise companies phasing out of operating 2 or 3 corporate locations may be, and then focusing on franchising the rest. Floyd’s has done it almost the opposite way in a way.

Over the years, they’ve battled within themselves to decide if they wanted to continue franchising or if they wanted to do all corporate-owned. Now, they are focusing on a lot of franchise growth. They’re still always focusing on their corporate stores. One thing that I like about Floyd’s and being from a franchise world, I’ve always truly believed the nice thing about franchise companies is that their franchisor has already made all the mistakes. They’ve already screwed up. They figured out the best practices and that’s what they deliver to you. You can be confident that what you’re going to get is at the moment the best that they found. You have to trust the process. So far, it’s worked out pretty well.

Franchise companies that make all kinds of mistakes are the ones who know the best practices to deliver their customers. Click To Tweet

I could imagine that within the Floyd’s organization being a franchise owner because Floyd’s is operating so many locations, there’s an added benefit to them being side by side and operating throughout multiple states across the country and real-time from the trenches’ perspective. Sometimes as a franchise company gets bigger, they phase out of that from the trenches, pulse, and feedback.

Honestly, it’s a lot of fun because right now, even when they have something new, or let’s say a new POS operating program, they will test it out with one of the franchisees. They’ll have a couple of stores and the franchisees use it. They’ll have some of their corporate stores use it. We then have weekly meetings and talk about what works, what doesn’t work, what we can fix. It’s fun because we get to work together, build it together, and see what works best for everyone. It’s neat. It’s a fun process.

I was poking around. I pulled Floyd’s FDD up and I can’t talk too many numbers on this thing. It looks like Floyd’s, their AUVs or Average Unit Volume per their stores are more than double what the average of Sport Clips, Supercuts, or Great Clips may be. What do you attribute that to?

I have a friend who owns quite a few of the Great Clips. We almost triple what they do per store. Our price point is a little bit higher. We want to make sure we’re in a different class from them because we know what our product is. Again, I’m not saying anything bad about what they offer. They hold a place and it’s important for the economy and where we’re at. We just happen to be that next level. The price point helps. It’s the atmosphere. It’s the whole product that we deliver, our Floyd’s signature services. You walk in the door and it’s a different vibe. It’s fun. You want to be there. Kids want to be there. Adults want to be there. It’s cool.

It has Barbershop in its name, but it’s a barbershop for everyone.

We do full color. We even do waxing head up. We do color, we do men’s coloring. We do everything. I would say women’s business varies from store to store. Every market is slightly different. It could be 30% to 40% of our business.

You’re able to tap into, in some markets, the female crowd probably a lot better, much more than Sport Clips because they exclude that segment of the population.

Sport Clips is Sport Clips. You might get some women in there, but guys go in there because there’s sports on the TV, and they’ve got a uniform, they all look like referees. I haven’t been in one.

That’s what it is. I have a buddy who owns fifteen of them here in Charlotte. He’s never cut anybody’s hair and he doesn’t have a background in it. Just a good ops guy and takes care of his people. He was so giddy the other week because he tracks his applicants for stylists coming in. He’s starting to see it tick back up. I was like, “Let’s say you open a bunch more chairs. You have more stylists. You have to increase your advertising in order to meet the new capacity you have with more stylists.” He’s like, “Nope. I opened more chairs and I’m making more money. I need more stylists.” It’s a fascinating business model.

I have eleven stores in Colorado. I could probably hire 45 to 50 stylists and barbers. We have the business for it. We just simply don’t have the stylists and the technical employees. It’s frustrating, but I know we’re going to get there. This is the extended COVID part of it. It lingers. We’ll get through it, but it’s tough.

You have a big presence in Colorado, eleven stores, and then you’re in Kentucky and Austin. What was that jump like?

The Austin market, I no longer have. We had a business transaction. My uncle now runs it. They own it. They’re building their fifth and sixth store in the next couple of months. Those guys have been operating it since 2013 or 2014. For a number of years, I bought 1 store and then built 3 more.

What was that like as an operator to go from having the stores probably within drivable distance in Colorado in your backyard to being many states away?

I would plan on going every other week or every two weeks or so. Sometimes I’d go every week depending on what my needs were. As far as scaling goes, once I had the stores in Colorado, I had three in that first year. I was able to hire an area manager. That way, when I was gone, I had someone in the area who could still drive around stores and take care of business while I was in Austin. In Austin, as I was growing that market, I was able to bring someone who I was very familiar with from Colorado. She moved down there and she was the area manager. She was more of a shop manager at first. As that scaled out, she became the area manager.

That was how we scaled. As soon as we had enough stores, we were able to bring someone in to manage those. The same thing we’ve done with Lexington. We ended up buying the market, which had one store, and then we built two stores between December and March in the last couple of months. Once we did that, we were able to hire an area manager that we brought out to Colorado. We spent almost two weeks with him out here training, working in the shops, seeing how we run things here. He then went back to Lexington. He’s now doing a great job out there as we’re building that market.

It’s a new market for Floyd’s, and so we’re spending quite a bit of money on advertising. We have a booth with all the home football games for the University of Kentucky. We are on TV. We’re on the radio. We are doing all sorts of local marketing. It’s hard work. It’s a grind, but we’re seeing growth week after week. It’s a positive number. It’s not fast, which I’d love it to be quicker, but we’re getting there. As we are growing, we’re going to build another 2 stores in Lexington, and then we’re going to do 6 in Louisville.

You’re going to have 5 or 6 in Lexington, and then 5 or 6 in Louisville too. How did you pick Lexington, Kentucky from your third market?

It picked me. I won’t get into this deep detail, but I was playing s practice round for our local member-guest tournament. It’s a three-day tournament here in Boulder. The director of franchising called me and said, “I’ve got an opportunity for you. The franchisee in Lexington wants outs.” It is a long story. The gentleman is a real estate developer, very successful, a great guy. His business operating partner left to follow her dream in marketing.

All of a sudden, he was left with this 1 store and a development agreement for 29 more between Louisville, Lexington, and Nashville. He’s a real estate guy. He’s like, “I don’t want to operate a barbershop.” He wanted out. Floyd’s came to me because I had worked and operated in multiple states, and I knew how to do it. I made an offer. I took over the store and negotiated a 10-store development deal on top of the 1 store, so 11 stores total. That’s how it happened.

It was an acquisition opportunity inside the system.

We’re looking at some other markets. My daughter goes to the College of Charleston, so I’m looking to do a deal in that area. Charleston’s a great city, Mount Pleasant. That area is a 4-store or 5-store market. It’d be pretty awesome. We’re always looking for an opportunity. Things are interesting right now in construction, so we’re taking our time. We don’t need to rush it because things are delayed everywhere. It’s post-COVID and it’s different than what it was.

More expensive everything. You’ve said people a lot and it sounds like you’ve done a great job of leveraging your core base of stores in the Colorado market to then help train other leadership folks in your organization who are in Kentucky or used to be in Austin. The people piece of things, especially in any service-based business tends to be what can separate the good performers from the average performers in any franchise system. It’s like the franchise owners who can do the people piece well.

If this is the prospective franchisee that’s tuning in or a new franchisee who’s getting their sea legs in their business and building their team, are there things that you have found that you look for or how you assess prospective hires at different levels in your organization, or tips or tricks that you’ve used during the hiring process or recruiting process to define good people and develop them?

My VP of Operations who loves my shops on a day-to-day basis was my first hire. She was a hairstylist, and then she went from that to a barber. She managed 1 store, and then a couple of stores, and then 2 markets. It’s a lot of hands-on work. You want to find people who are empathetic and caring and who are like-minded as yourself. Our success is about how we treat our people. Those are questions you want to talk about. As you’re going through the training process, when you are putting them in place, just keep an eye on what they’re doing, address it, and help point them in the right direction.

Almost anyone can grow and be the person they want to be. You just have to be hands-on and help them get to that place. There are some great books out there that you can read. Most of it’s hands-on. Treat people the way that you want to be treated. If you see some traits that aren’t quite like that, you want to let them go before you want. You don’t want to invest time in someone only to find out that they’re not going to be the right person. Asking the right questions upfront. Making sure that you are like-minded and you work well together is a good start. It’s an interesting industry. I love it. I’ve been a part of it since 2003, so over 20 years. There’s a lot of good people. You want to find the right people and make sure they’re a good fit for you.

As you’re talking, I’m sitting here, us getting to know each other for 35 minutes, but it seems like you set the tone at the top. You’ve mentioned people throughout this whole conversation. Even before when we were talking, the culture. It starts at the top with the culture and the values and how you want your team of people and your company to be reflected to the customers. You got to establish it and set the tone. If you expect it from your employees, then you need to show it to them too. At some point, as you get bigger, it becomes contagious.

We go out of our way to help our employees. Floyd’s corporate is big with 80-plus stores. It gets harder to do the small things when you get bigger. They do a great job with their employees. For me, as I’ve grown, it’s been nice because I can do cash advantage for people. We’ve got some employees that have had some interesting situations where we will help them out. All of these things do come with contracts. Depending on how we help them, we’ll be like, “Here’s the deal. You don’t have to pay us back but sign this. You have to stay with us for four years. If not, we’ll figure out that later.”

It’s been nice because we can do things. We’ve had people who needed help with an apartment because they had to take care of their children and put them in a safe place. We help with security deposits. We’ll help with last month’s rent, that sort of thing. It’s been fun. The staff sees that. They know that we’re willing to go to bat for them and they do the same for us.

It’s those little things that can have such a meaningful impact on the people who are working for you who might be at a different phase of life.

Payrolls come on Friday. We had an employee whose car was in the shop and needed money. We were able to cut the check and drive it up to him in Fort Collins. It’s not that big of a deal, but to them, that meant the world.

A lot of times, folks from all different walks of life might not have a lot of people in their lives who are willing to do that for them, to help them go out of the way. It might be a minor thing in the grand scheme of the company or whatever, but to them, it’s meaningful. This is the stuff you don’t learn in textbooks. Maybe they’re in some books, but you learn through experience a lot of times. He ran a senior care franchise. He said, “If I track this, I’m sure it was a meaningful stat in relation to how long their caregivers would stay with them.”

He was like, “If their car broke down, I’d go pick them up and take them to the job.” During that fifteen-minute car ride, we had a chance to get to know each other better, one-on-one. Those caregivers stuck with me longer than folks that I didn’t have the opportunity to do that with. You don’t learn that when franchise training. Going back to your point, doing the right thing a lot of time with a longer vision and knowing that you need to build a team of people and whatnot can go a long way to building that team that’s going to stick with you.

It served us well. Most of my managers are 8 to 9 years. We’ve had a long time. It’s nice.

What are the grand plans for your company and your operation?

We’re going to keep plugging along. We just built 4 stores between December and March, 2 in Colorado, and 2 in Kentucky. We have another couple of leases in Lexington that we are working on right now. We have a development agreement with Floyd’s. The goal was 10 stores in 5 years or 3 years. I’m not sure we’re going to make that because of the environment out there in the construction world, but we’ll be pretty close. We have the two stores that we just opened. We’re letting those mature a little bit before we jump in and do 2 more in the next 12 months. Overall, if we finish up with our development agreement, we’ll be at 23 stores. If I can somehow figure out Charleston, there’ll be another four.

We’re going to keep going. As we’ve scaled to the size that we’re at, I have a nice corporate office with an assistant controller. I’ve got a VP of Operations. We’ve got three area managers and store managers. We’ve worked hard to build the infrastructure. From here, we can keep going. I don’t see that there’s a limit. Part of the benefit of franchising, I don’t need a marketing department. We are looking right now for an HR person to help me. We’ve managed with 250 employees. So far, we’ve never had any issues, whatsoever. Like I said earlier, our goal is we treat people properly, and that’s paid off for us. We’re in a position to keep growing and there’s no limit. We’ll see. Our only limit is what Floyd’s will let us do.

FM 2 | Multi-Unit Empire

Multi-Unit Empire: Jay Palmer and his team are in a position to keep growing. The only limit they have is what Floyd will let them do.

 

Do you mind if I ask a personal question? You can tell me to F off if you’re not comfortable sharing this on the show. From capitalizing your growth or funding your growth, have you pursued the private investor angle or traditional?

We started private because the housing market collapsed in 2008. 3 or 4 of our stores were private-funded. Since then, we’ve been able to pay them back entirely. We generally now go bank. I prefer not to have any investors or partners for that matter with a lot of everything we do with SBA. It’s a process. It is not ideal because it takes a lot of man-hours to close the deal. We closed our last one for four stores. It was $1.6 million. The SBA is a great group. What they do is amazing for small businesses but it’s a process. There are hoops that you have to jump through and sometimes you feel like you’re jumping through the same hoop over and over again every week. It’s grounded.

We get through the process and it’s worked out well for us. We also found a small bank that only has four branches that do all the administration for us. That’s the secret for us because they’re easy to work with. We work directly with the president. We go and show him our new lease. We show him the demographics of the area and our projections for five years. He takes it to the committee and then we get approval in four days. It’s pretty cool.

You found a good small regional bank that got to know you guys. It’s interesting. How did you find them? Any words of wisdom?

We have a lot of small marketing deals. Avery and Left Hand Brewing Company are all in our backyard. They’ll do all these crazy events. Left Hand does this crazy snowboarding event in March where they set up a huge ramp. Hops + Handrails is what it’s called. They truck in all of this fake snow, and they have a giant beer garden with all these different booths. Floyd’s would always have a booth. High Plains Bank would always have a booth. They’re generally right next to each other. Through all these different events, that’s how we ended up meeting these guys. They loved what we did. They could see that we were always part of the community, like-minded. That’s how we met.

You were able to find a partner that can help get to know your company even though they’ve got to dot all their I’s and cross all their T’s with the SBA stuff.

The SBA is a process. Sometimes it’s not fun but it does serve a great purpose for small businesses. It worked well for us and still does.

Sometimes, the SBA process is not fun. Still, it serves a great purpose for small businesses. Click To Tweet

What does your role look like on a week-to-week basis? Are you focused on the real estate piece of things trying to stay out front? Is your VP of Ops involved in that?

The development side of things right now is what I spend a lot of time with. I do send out morning emails every morning. People think I’m crazy. I get up at 3:00 AM most days and I’ll work for a couple of hours. I track the sales from the night before. I track our rock stars who are retail. Anyone who sells more than 20% in a single day, I’ll give them a shoutout in that morning email. I talk about our Floyd’s signature services. I’ll have a daily quote. I try to help people.

I talk about setting goals for the week. Every Monday, I’m like, “Did you set your goals?” On Friday, I’ll ask people, “How are you doing?” I’ll let people know they can come to me if you need help with goals. There’s always a morning email that goes out. I print it out and put it at the front desk so that when people clock in, they read it. That’s one of the things I do.

Every day, you send out a morning email.

On weekends, I might pass. Every once in a while, I might not send it out, but it’s generally 5 or 6 days a week.

I’ve never heard of that before.

It’s a way for me to stay in touch. With COVID, things changed a little bit. I wasn’t able to visit all the stores as much as I’d like, but I have done this since day one. It’s not new, but it helps me stay in touch. It helps me deliver my message. It helps my managers understand where I’m at and what I expect from them. It’s a nice piece.

I would imagine that. In the power of recognition, it sounds like if you identify somebody who’s doing something great, you call them out. In front of 250 employees, they get recognized and they get their names in the lights.

I hope they all read it. I’m pretty sure they don’t, but that’s the goal. Whether it’s just the retail, we’ll do shout-outs if people get a good review on Google. I’m not particularly a huge fan of Yelp, so I don’t pay attention to them. Google is amazing. Floyd’s uses a company called Listen360, which is pretty cool. They send out text messages to maybe 5% or 10% of our clients run after service. It’s a quick survey. I’m not a survey guy. I don’t like surveys, but it’s like three questions. That’s it. They can leave a comment if they want, but that’s also been very helpful for us. I’ll post some of those comments too. You want to keep people accountable, but you also want to give them praise. It’s nice.

For many years, you’ve been sending out a daily email to your team. I love it. It does send a message that you’re engaged where you might not be visible to all 250 of your employees all the time, but you’re there engaged in the business and they know they can reach out to you if they ever have anything too. It makes you a little more accessible.

My managers love it when I send emails at 4:00 in the morning. They’re thrilled. I’m available all the time. I try to answer real quick. I am very patient, but one of the things I like to do is, if someone asks me for a meeting on Monday and it’s Friday, I’ll be like, “Why don’t you tell me what’s going on right now? I know you want to do it face-to-face.” More likely than not, it’s because they want to cash advance or something. I understand they want to be professional about it, but I’d rather take care of things. That’s what I do. I like to fix things and get them taken care of right away, so it’s not on my shoulders and there’s something I’m thinking about.

Especially on my morning hike, that’s generally what I do. I think about my day and about how I’m going to handle situations, how I’m going to have discussions with maybe an employee who I have to deal with. I’ll walk through three different scenarios, the best, the worst, and have answers to all of those in my mind before I go into a meeting. That’s one of the reasons why I get up early, so I’m prepared.

FM 2 | Multi-Unit Empire

Multi-Unit Empire: When handling situations with your employees, walk through three different scenarios. Explore every option from best to worst.

 

You get up early, you send the email, and then you go for a hike. That’s your routine?

Yes, that’s my routine.

What do you do for the rest of the day?

I will answer emails for quite a while, and then, at 1:00, I go play golf. I’ll do paddle boarding. I haven’t done a triathlon since nineteen, but I might get on my bike here and there. I like to spend the afternoon on myself. The nice part of this business, I can be anywhere and still answer my phone, send emails, and send texts.

Jay, I appreciate it. Thanks for coming on, opening up, and sharing a little bit more about your story and the success that you’re having. Do you grow in twos? It seems like you kept talking about opening two shops at once. Is that how it lands?

Since 2018, we’ve generally been doing 2 stores a year. In 2023, we did 4. It’s a nice way to scale. If you’re already going to be able to build 1, you’ll build 2. When you’re ordering for the store, you order double. It’s a nice way to do it. It’s the way it happens. Right now, real estate is great. The prices aren’t amazing, but the options are out there. There’s a lot of availability. When we find a location to jump on, even if we’re not prepared capital-wise, we still work through it and figure out a way to make it happen.

A nice way to scale a multi-unit business is to open at least two stores a year. Click To Tweet

I love it. I’ll let you get on. Thank you for letting me talk to you. Jay, I appreciate it.

Thank you. Have a great day.

 

Important Links

 

About Jay Palmer

FM 2 | Multi-Unit EmpireJay Palmer is a 14-unit franchisee of Floyd’s 99 Barbershop.

The First Step is a Conversation.

If you have that burning desire to build your own successful business so you can live a life you can only have working for yourself, let’s talk.

The First Step is a Conversation

The first step is a pretty simple one: We have a conversation.

After we speak, we’ll be able to figure out if there is a good fit to work together.