Why would a banking executive invest in a boutique fitness franchise (and keep his job)?
As you may know, I spend a lot of my time (and my money) researching and finding high-quality franchises.
I actually added up the time and money I spend in my research and I figured out that I spend few hundred hours a year and many thousands of dollars flying around the country and meeting personally with founders and executives from high-quality franchises.
Well, a couple of weeks ago, I attended a very exclusive event. I’m humbled to have been invited to it and boy am I glad I went.
You see, I was fortunate to spend three full days with about a hundred of the highest quality franchises in the country (and none of them were fast food businesses). I met with CEOs, founders, and key management personnel learning about their business model, technology, support, company, culture, unit economics, and a bunch of other stuff.
It was a ton of work (and a lot of fun).
So, why am I telling you this?
It’s because of something a private candidate of my mine told me the other day at the grand opening of his franchise.
He said, “Dru, I’m so grateful that you knew about this franchise, introduced it to me and helped me figure this out.” And then I met his wife and she told me the exact same thing.
For them, “figuring it all out” means a better lifestyle, greater happiness and more opportunity for their family.
That was a proud moment for me. And you know what? I’m happy to share all that I know with people who are serious about starting their own business (not charge a dime for any of it).
This private candidate has an interesting story. He is a very successful banking executive who wanted to build an exit plan from the corporate world while he kept his job. Like many of my private candidates from the corporate world, he was tired of the bureaucracy and the sacrifices he was making as he climbs the corporate ladder.
He knew there had to be a better way and was curious if there might be a franchise out there that could help him enjoy a better lifestyle and provide a very comfortable life for his family.
He was right.
However, he needed a very particular franchise.
One that could thrive under a manager-run ownership structure so he could keep his job type in the short-term. The right franchise needed to have a strong technological infrastructure and corporate support in place that he could leverage to train and manage his staff. It also needed to have strong unit economics and a financial upside to make it attractive to a successful executive like him.
And, most importantly, he needed to a due diligence strategy that would help him learn every aspect of this franchise so he could make the right decision.
Fast forward today and this private candidate is off to the races and building a multi-location operation that will provide him with a safe exit from the corporate world.
Now look, business ownership, let alone franchise ownership, is not for everyone. Success with franchising requires a commitment, mindset and money (typically at least $50K).
My point in sharing this with you is to illustrate this: certain franchises are a fit for certain people. It’s not a one-size-fits-all approach.
If you’re serious about starting your own business this year or perhaps making a career change and are curious if investing in a franchise is something that could be a good fit, I’m happy to chat with you and share with you all that I know about franchising (and I’ll never ask you for a dime).
Just find a time on my calendar that is most convenient for you and I’ll call you then. You can access my calendar online here:
Upward and onward!