WEBVTT 00:00:14.830 --> 00:00:18.410 Welcome back to Networking Unleashed, Building 00:00:18.410 --> 00:00:21.649 Profitable Connections, the podcast where we 00:00:21.649 --> 00:00:25.109 uncover the strategies, stories, and systems 00:00:25.109 --> 00:00:28.609 that turn relationships into real results. I'm 00:00:28.609 --> 00:00:31.629 your host, Michael Forman, and today's episode 00:00:31.629 --> 00:00:34.509 is going to challenge the way we think about 00:00:34.509 --> 00:00:37.590 career growth, collaboration, and connection. 00:00:37.869 --> 00:00:41.210 We're diving into three main doors into business, 00:00:41.549 --> 00:00:44.409 starting one, buying one, and stepping into the 00:00:44.409 --> 00:00:49.450 franchise world. My guest today knows these paths 00:00:49.450 --> 00:00:53.409 inside and out, and will explore how networking 00:00:53.409 --> 00:00:56.969 plays a pivotal role in each. Spoiler alert, 00:00:57.329 --> 00:00:59.850 franchising isn't just following a playbook. 00:01:00.229 --> 00:01:03.390 It's about building real, profitable, and local 00:01:03.390 --> 00:01:06.900 relationships. So let's get into it. I'd like 00:01:06.900 --> 00:01:10.560 to introduce Chris Ramo. He is my guest today. 00:01:10.920 --> 00:01:13.799 He's got really quite a background, but I'll 00:01:13.799 --> 00:01:16.200 let him tell you. Chris, welcome to the show. 00:01:17.000 --> 00:01:19.299 Thank you, Michael. It's a pleasure to be here. 00:01:19.739 --> 00:01:23.159 I have plenty to say about growing business. 00:01:23.379 --> 00:01:26.379 And the reason for that is we started really 00:01:26.379 --> 00:01:30.329 with an idea and built everything from... scratch 00:01:30.329 --> 00:01:34.370 and along that path, had other experiences, opportunities 00:01:34.370 --> 00:01:37.650 to buy, sell, eventually get into franchising. 00:01:38.109 --> 00:01:41.329 And while I may not be as, as experienced as 00:01:41.329 --> 00:01:43.829 some, I've been at this for about 20 years now 00:01:43.829 --> 00:01:46.530 and happy to share anything that I can with, 00:01:46.530 --> 00:01:50.269 with the audience. All right. So let's dive right 00:01:50.269 --> 00:01:54.069 in. You've worked across all three entry points 00:01:54.069 --> 00:01:57.829 into business startup acquisition and franchise. 00:01:58.530 --> 00:02:02.230 Which one requires requires the strongest network 00:02:02.230 --> 00:02:07.409 and why? I think the that's a tough one. Startup. 00:02:07.870 --> 00:02:10.449 Startup for sure. And the only other one that 00:02:10.449 --> 00:02:13.110 that may be neck and neck with that is is is 00:02:13.110 --> 00:02:16.409 franchising the startup. Though we'll focus on 00:02:16.409 --> 00:02:21.900 that for a moment. That's. Boy when you have 00:02:21.900 --> 00:02:24.819 nothing but an idea right you do need help you 00:02:24.819 --> 00:02:27.599 need help finding your way and There's so much 00:02:27.599 --> 00:02:30.840 to learn so many mistakes to be made and the 00:02:30.840 --> 00:02:33.969 more people that you can bring into your network 00:02:33.969 --> 00:02:36.830 to help you through those mistakes, help you 00:02:36.830 --> 00:02:39.289 not run into those trees. And if you do run into 00:02:39.289 --> 00:02:42.210 those trees, help you get reoriented and continue 00:02:42.210 --> 00:02:45.289 on. You can't do any of it by yourself. And so 00:02:45.289 --> 00:02:47.469 you absolutely need a network. And above all, 00:02:47.629 --> 00:02:50.669 I think a mentor or series of mentors in that 00:02:50.669 --> 00:02:53.870 startup realm, it's really hard, extremely hard. 00:02:53.969 --> 00:02:56.370 Look at the numbers, number of businesses that 00:02:56.370 --> 00:02:59.259 fail. after year one, after year two, after year 00:02:59.259 --> 00:03:01.819 five, after year 10, that's because it's really 00:03:01.819 --> 00:03:03.819 hard. And so you need people around you to help 00:03:03.819 --> 00:03:08.379 you do that. Wouldn't you agree that you really 00:03:08.379 --> 00:03:12.120 make the most progress from your failures than 00:03:12.120 --> 00:03:16.539 your successes? A hundred percent, at least for 00:03:16.539 --> 00:03:20.180 me. I've always long time ago, I saw the acronym 00:03:20.180 --> 00:03:24.150 FAIL. First attempt in learning. And I don't 00:03:24.150 --> 00:03:26.629 know if there's been a truer way to look at the 00:03:26.629 --> 00:03:33.090 situation. If you're if you're hell bent on accomplishing 00:03:33.090 --> 00:03:35.689 said goals, said feet, whether, you know, you're 00:03:35.689 --> 00:03:38.110 an Olympic swimmer in the pool or you're an entrepreneur 00:03:38.110 --> 00:03:40.710 trying to build a business. Each of those mistakes, 00:03:40.909 --> 00:03:44.229 each failure, each time you lose. Yes, you are 00:03:44.229 --> 00:03:46.050 walking. You got to lick your wounds. You got 00:03:46.050 --> 00:03:47.689 to walk away and you got to put that to good 00:03:47.689 --> 00:03:50.539 use. Don't waste that. Don't waste that loss, 00:03:50.819 --> 00:03:53.340 that experience and that education in that loss 00:03:53.340 --> 00:03:56.020 and not go back out there and use that to your 00:03:56.020 --> 00:03:59.919 advantage. That's terribly unfortunate when people 00:03:59.919 --> 00:04:02.860 lose and they just walk away, right? It is. And 00:04:02.860 --> 00:04:06.900 I 100 % totally agree with you. I'm a former 00:04:06.900 --> 00:04:09.789 business owner myself. brick and mortar business 00:04:09.789 --> 00:04:13.349 owner from pizzerias to restaurants to ice cream 00:04:13.349 --> 00:04:16.250 stores, graphic design studio. I've run the Gambit, 00:04:16.250 --> 00:04:19.829 but those were only my successful businesses 00:04:19.829 --> 00:04:23.990 and my businesses that flopped. I had, I learned, 00:04:24.209 --> 00:04:26.389 I went to the school of hard knocks. I had to 00:04:26.389 --> 00:04:28.589 learn everything the hard way, but that's all 00:04:28.589 --> 00:04:33.639 right. Okay. So in franchising. People often 00:04:33.639 --> 00:04:37.120 underestimate the power of relationships. How 00:04:37.120 --> 00:04:41.199 does a strong network influence franchise success? 00:04:41.759 --> 00:04:44.259 Well, I think there's two streams there. There's 00:04:44.259 --> 00:04:48.560 the network as a franchisor, right? And franchising 00:04:48.560 --> 00:04:51.439 is a very unique business model. It's heavily 00:04:51.439 --> 00:04:54.699 regulated. It's extremely expensive, but it can 00:04:54.699 --> 00:04:59.360 be a model and a path that brings tremendous 00:04:59.360 --> 00:05:04.300 success to everybody involved. And so as a franchisor, 00:05:04.620 --> 00:05:06.459 similar to the startup, and that's why I felt 00:05:06.459 --> 00:05:10.939 like those two were really neck and neck. There 00:05:10.939 --> 00:05:14.740 are so many layers to doing it successfully. 00:05:15.420 --> 00:05:18.600 that you need you need mentors, you need coaches, 00:05:18.819 --> 00:05:22.040 you need lawyers, you need professionals with 00:05:22.040 --> 00:05:25.579 that with a franchise specialty to help you navigate 00:05:25.579 --> 00:05:28.459 those waters and including vendors and suppliers 00:05:28.459 --> 00:05:30.660 and people who are going to bring your franchise 00:05:30.660 --> 00:05:33.480 concept, their skills, talent and expertise. 00:05:33.899 --> 00:05:36.819 And so you have to you have to build a strong 00:05:36.819 --> 00:05:40.279 network to Help your franchise grow and what 00:05:40.279 --> 00:05:43.980 that's doing is bringing all of those same resources 00:05:43.980 --> 00:05:47.079 to your franchisees And that's the second part 00:05:47.079 --> 00:05:50.540 of the equation is building a network of franchisees 00:05:50.540 --> 00:05:52.699 and those franchisees building networks within 00:05:52.699 --> 00:05:55.620 their community right as a small business owner 00:05:55.620 --> 00:06:02.600 and Boy relationships are everything in franchising 00:06:02.600 --> 00:06:06.649 in my estimation primarily between the franchisor 00:06:06.649 --> 00:06:09.970 and the franchisee. A lot of the short talk language 00:06:09.970 --> 00:06:12.750 that goes on around franchising is profitability 00:06:12.750 --> 00:06:16.990 and AUV and it's numbers oriented and it's about 00:06:16.990 --> 00:06:19.490 growth and scalability and all of those things. 00:06:19.670 --> 00:06:25.170 And that's absolutely a huge part of what everyone's 00:06:25.170 --> 00:06:26.810 doing in franchising. There's an opportunity 00:06:26.810 --> 00:06:29.930 to scale a business here, but you cannot do it 00:06:29.930 --> 00:06:33.230 if you do not have strong relationships with 00:06:33.230 --> 00:06:37.290 your franchisees right because it is based entirely 00:06:37.290 --> 00:06:41.129 on trust and then from trust to validation right 00:06:41.129 --> 00:06:44.589 franchisees looking at a franchise concept they 00:06:44.589 --> 00:06:46.850 think they want to do it i like this brand i 00:06:46.850 --> 00:06:50.490 like what it's about i'm going to become a franchisee 00:06:50.490 --> 00:06:53.990 there's oftentimes a significant upfront investment 00:06:53.990 --> 00:06:56.149 especially if it's a brick and mortar right they've 00:06:56.149 --> 00:06:58.649 got to do go through a construction build out 00:06:58.649 --> 00:07:01.360 and renovations you can be talking about hundreds 00:07:01.360 --> 00:07:03.720 of thousands of dollars and whether that's through 00:07:03.720 --> 00:07:05.500 a bank loan or they're funding that themselves 00:07:05.500 --> 00:07:09.420 that's a separate part but at the end of the 00:07:09.420 --> 00:07:13.360 day they're putting their money where their mouth 00:07:13.360 --> 00:07:16.459 is right and they expect the same from the franchise 00:07:16.459 --> 00:07:23.019 or and You it's you have to be Open transparent 00:07:23.019 --> 00:07:25.420 honest you have to let them know we don't have 00:07:25.420 --> 00:07:27.480 resources for that yet. We're still working on 00:07:27.480 --> 00:07:30.220 that We're building that that or we do that well, 00:07:30.220 --> 00:07:33.199 and we know that well And here's what we're gonna 00:07:33.199 --> 00:07:36.240 tell you should do because we know this and so 00:07:36.240 --> 00:07:38.740 everything is relationship oriented It's essentially 00:07:38.740 --> 00:07:41.339 a marriage. It's a business marriage for five 00:07:41.339 --> 00:07:44.259 years or ten years however long your your agreement 00:07:44.259 --> 00:07:48.180 is and Through thick and thin and there is trust 00:07:48.180 --> 00:07:52.180 there is both thick and thin. A franchisor cannot 00:07:52.180 --> 00:07:55.660 protect. There's not a force field to challenge 00:07:55.660 --> 00:07:58.120 for the franchisees. That's not what it is. It 00:07:58.120 --> 00:08:01.579 is mentorship and guidance and coaching and resources. 00:08:01.860 --> 00:08:04.199 But those curve balls still come, right? We're 00:08:04.199 --> 00:08:05.779 not standing in front of the curve balls. They're 00:08:05.779 --> 00:08:07.839 still coming at you. And we're just trying to 00:08:07.839 --> 00:08:12.279 teach you how to swing. It is very deeply relationship 00:08:12.279 --> 00:08:16.149 oriented in a business setting. I agree a hundred 00:08:16.149 --> 00:08:19.170 percent. I've been a franchise owner as well. 00:08:19.170 --> 00:08:23.149 And I realized the relationships are so important 00:08:23.149 --> 00:08:28.550 between myself and the franchise or that relationship 00:08:28.550 --> 00:08:32.490 is so important, but my relationship with my 00:08:32.490 --> 00:08:36.389 customer base as well. And the days of building 00:08:36.389 --> 00:08:40.710 your customer list really is gone. The days of 00:08:40.710 --> 00:08:43.450 building relationships is there because you never 00:08:43.450 --> 00:08:46.169 know who, who knows who. Right. You're talking 00:08:46.169 --> 00:08:49.990 to not only those people, but those people networks. 00:08:50.750 --> 00:08:52.809 Right. So you're talking to a grand audience. 00:08:53.009 --> 00:08:55.250 And nowadays it's a, there's a digital network. 00:08:55.509 --> 00:08:57.230 Right. So if you don't have a great relationship 00:08:57.230 --> 00:08:59.409 with one of your customers or one of your clients, 00:08:59.809 --> 00:09:02.049 they're not just talking to their circle of friends 00:09:02.049 --> 00:09:06.289 during the dinner party. You're talking to 300 00:09:06.289 --> 00:09:11.110 million people via a Google review. Okay. Very 00:09:11.110 --> 00:09:15.240 good point. Very good point. Okay. So. What makes 00:09:15.240 --> 00:09:19.440 networking essential when someone is evaluating 00:09:19.440 --> 00:09:25.299 or buying a franchise? It goes back to the trust. 00:09:25.700 --> 00:09:28.639 They, I think they need to see and know and understand 00:09:28.639 --> 00:09:32.299 that you have a network of resources available 00:09:32.299 --> 00:09:35.419 to them. That's part of what they are entering 00:09:35.419 --> 00:09:39.960 into that brand for. Hey, I have the gumption. 00:09:40.080 --> 00:09:42.279 I've got the tenacity to start and run a business, 00:09:42.320 --> 00:09:44.879 but I don't have the resources. I don't have 00:09:44.879 --> 00:09:47.840 the know -how. And this brand seems well prepared 00:09:47.840 --> 00:09:50.379 and they have, maybe they don't have all of the 00:09:50.379 --> 00:09:52.399 resources that will ever be needed, but they 00:09:52.399 --> 00:09:56.080 have a marketing team. They have accountants 00:09:56.080 --> 00:09:58.399 and bookkeepers that might be available to me, 00:09:58.580 --> 00:10:00.340 whether required or through a recommendation. 00:10:00.539 --> 00:10:04.809 Okay. I'm stepping into. network a system that 00:10:04.809 --> 00:10:08.309 already exists with all of these resources That 00:10:08.309 --> 00:10:10.590 that's a significant value. Otherwise, I have 00:10:10.590 --> 00:10:13.330 to go develop that and build that myself I'm 00:10:13.330 --> 00:10:15.509 gonna go through four accountants before I find 00:10:15.509 --> 00:10:17.169 the accountant. That's right for me I'm gonna 00:10:17.169 --> 00:10:19.789 go through six marketing agencies before I find 00:10:19.789 --> 00:10:21.909 the marketing agency That's right for me and 00:10:21.909 --> 00:10:24.490 these folks have done a lot of that and vetted 00:10:24.490 --> 00:10:27.750 that and so I'm almost It's not business in a 00:10:27.750 --> 00:10:30.169 box and a lot of people say that but it's not 00:10:30.169 --> 00:10:34.600 that it is You do and it's not turnkey, but you 00:10:34.600 --> 00:10:36.340 are turning the key and opening the door and 00:10:36.340 --> 00:10:39.000 you're walking into a lot of opportunities and 00:10:39.000 --> 00:10:41.340 a lot of networking opportunities and then on 00:10:41.340 --> 00:10:45.919 the other side in terms of That's once they become 00:10:45.919 --> 00:10:50.220 a franchisee, I think before they become a franchisee 00:10:50.220 --> 00:10:54.059 There's a part of that process that we refer 00:10:54.059 --> 00:10:59.110 to as validation And that's where existing franchisees 00:10:59.110 --> 00:11:01.950 are given the opportunity to speak to a candidate. 00:11:02.610 --> 00:11:05.250 And that is that can be no holds barred. Right. 00:11:05.350 --> 00:11:06.990 If they're happy, they're going to say good things 00:11:06.990 --> 00:11:08.629 about the franchise. And if they're not happy, 00:11:08.750 --> 00:11:10.009 they're not going to say good things about the 00:11:10.009 --> 00:11:12.330 franchise. And there's no limitations. They're 00:11:12.330 --> 00:11:15.460 an independent business. It's. has virtually 00:11:15.460 --> 00:11:19.539 nothing to do with us. And that network of franchisees, 00:11:20.000 --> 00:11:22.340 existing franchisees, is what the prospective 00:11:22.340 --> 00:11:26.159 franchisee is looking to build, right? To build 00:11:26.159 --> 00:11:28.860 with and learn from. And then they become a franchisee 00:11:28.860 --> 00:11:30.860 inevitably. And now, okay, these were the people 00:11:30.860 --> 00:11:34.799 who helped me make my decision or not make my 00:11:34.799 --> 00:11:36.500 decision, if that was the case, and they ended 00:11:36.500 --> 00:11:41.519 up doing something else. But it is so much relationship 00:11:41.519 --> 00:11:45.490 driven. Sometimes I'd argue before numbers driven. 00:11:45.870 --> 00:11:48.970 What's the family I'm stepping into here? Do 00:11:48.970 --> 00:11:52.750 you find that a lot of the franchisees communicate 00:11:52.750 --> 00:11:57.429 with one another and help them out? Yeah, we 00:11:57.429 --> 00:12:00.490 encourage it. Absolutely. And I think we I think 00:12:00.490 --> 00:12:03.710 it's easy for us to encourage it because we're 00:12:03.710 --> 00:12:06.309 very confident of the culture that we have here 00:12:06.309 --> 00:12:08.370 and that we've developed in our particular brand. 00:12:08.929 --> 00:12:11.509 But that's so important. And they'll cite that 00:12:11.509 --> 00:12:14.389 too. There's a, we have an internal communications 00:12:14.389 --> 00:12:18.090 hub that we, that we use to, to share information 00:12:18.090 --> 00:12:20.570 from franchises or franchisees and they have 00:12:20.570 --> 00:12:23.710 their own chats developed where they're problem 00:12:23.710 --> 00:12:26.110 solving and working with each other. The ones 00:12:26.110 --> 00:12:28.590 that are more senior are certainly passing down 00:12:28.590 --> 00:12:31.070 anything that they've learned, any of their takeaways. 00:12:31.710 --> 00:12:34.490 Don't let that contractor tell you this stuff 00:12:34.490 --> 00:12:38.590 like that. And, and it just, it just. It grows 00:12:38.590 --> 00:12:41.850 and it fosters a positive Culture and then if 00:12:41.850 --> 00:12:44.409 there's one that that just doesn't fit in and 00:12:44.409 --> 00:12:46.649 they don't want to participate and they want 00:12:46.649 --> 00:12:50.269 to do their own thing or whatever like The groups 00:12:50.269 --> 00:12:53.090 understand the group sees that group senses that 00:12:53.090 --> 00:12:55.950 right and it's always open doors because a franchisee 00:12:55.950 --> 00:12:58.870 is franchisee But we're gonna we're gonna continue 00:12:58.870 --> 00:13:01.750 helping each other over here And if you want 00:13:01.750 --> 00:13:03.529 to do your own thing over there, that's fine. 00:13:03.549 --> 00:13:06.309 The results are being driven through participating 00:13:06.309 --> 00:13:10.039 in the family and the network in the cohort, 00:13:10.159 --> 00:13:14.100 maybe would be the best term for it. OK, great. 00:13:14.460 --> 00:13:19.539 OK, so tell me about a time when a single relationship 00:13:19.539 --> 00:13:24.320 changed the trajectory of a business purchase 00:13:24.320 --> 00:13:28.320 or franchise opportunity. I would I think I would 00:13:28.320 --> 00:13:31.159 cite there's really two that come to mind. One 00:13:31.159 --> 00:13:37.399 is upon meeting our attorney. Our franchise attorney 00:13:37.399 --> 00:13:40.860 we had been with a couple of attorneys throughout 00:13:40.860 --> 00:13:43.899 the Previous two years of setup and development 00:13:43.899 --> 00:13:46.259 and and that probably doesn't sound good. Like 00:13:46.259 --> 00:13:47.940 we got fired from two attorney No, that wasn't 00:13:47.940 --> 00:13:50.519 the case. The first one created our initial documents 00:13:50.519 --> 00:13:53.740 retired shortly thereafter. So we had to go find 00:13:53.740 --> 00:13:57.759 a new group to work with and That wasn't it just 00:13:57.759 --> 00:14:00.940 was not a good fit and so then we moved on from 00:14:00.940 --> 00:14:03.419 there and found our current attorney and once 00:14:03.419 --> 00:14:07.000 that happened boy everything fell into place 00:14:07.000 --> 00:14:11.120 and Just because he understood our place in the 00:14:11.120 --> 00:14:13.980 world as a micro emerging franchise or as a startup 00:14:13.980 --> 00:14:17.259 franchise or certainly confident with his legal 00:14:17.259 --> 00:14:19.720 advice and so on and so forth. But a lot of good 00:14:19.720 --> 00:14:22.580 franchise business advice as well. And to this 00:14:22.580 --> 00:14:25.259 day, before we make a big decision, we turn to 00:14:25.259 --> 00:14:27.259 him and say, hey, bouncing this off you, what 00:14:27.259 --> 00:14:29.159 do you think? What do you see out there? Is this 00:14:29.159 --> 00:14:32.840 something franchises are doing? And and it's 00:14:32.840 --> 00:14:34.960 just it's good general all around counsel. And 00:14:34.960 --> 00:14:37.779 so what that did was once we were in alignment. 00:14:38.649 --> 00:14:41.710 We it opened the doors to how are we going to 00:14:41.710 --> 00:14:44.929 really develop this this brand for ourselves? 00:14:45.169 --> 00:14:47.690 And the other one I think is our probably our 00:14:47.690 --> 00:14:50.850 first franchisee when they came into the picture 00:14:50.850 --> 00:14:55.649 and they had inquired We I mean it took it was 00:14:55.649 --> 00:14:58.909 about a year. So they inquired at the very February 00:14:58.909 --> 00:15:02.139 of 2020 So there's something starting to develop 00:15:02.139 --> 00:15:04.899 around that time across the globe February of 00:15:04.899 --> 00:15:11.080 2020 and and so there was a lot going on we Liked 00:15:11.080 --> 00:15:15.320 them a lot what they and they were Looking at 00:15:15.320 --> 00:15:18.440 becoming our first franchisees and that took 00:15:18.440 --> 00:15:20.440 there were a lot of challenges as you can imagine 00:15:20.440 --> 00:15:24.169 and that took the better part of that year, all 00:15:24.169 --> 00:15:28.090 of 2020, to work on that relationship, work on 00:15:28.090 --> 00:15:29.669 what's going on in the world, what is this going 00:15:29.669 --> 00:15:33.129 to mean? How are we going to proceed? It was 00:15:33.129 --> 00:15:35.070 a registration state. We had to figure that out. 00:15:35.149 --> 00:15:38.490 There were things and it all came together end 00:15:38.490 --> 00:15:40.570 of year. December, I think they signed December 00:15:40.570 --> 00:15:47.730 28th of 2020. And that changed everything for 00:15:47.730 --> 00:15:51.220 us. had done it. We had our first franchisee. 00:15:51.240 --> 00:15:54.000 They were completely bought in. They saw how 00:15:54.000 --> 00:15:58.539 we handled the pandemic from a business perspective. 00:15:58.840 --> 00:16:01.759 That gave them the confidence that like, look, 00:16:01.840 --> 00:16:03.799 no matter what challenges may be around the corner, 00:16:03.940 --> 00:16:06.059 we're with the right people, the right brand. 00:16:06.919 --> 00:16:09.399 And that opened the doors for number two, three, 00:16:09.519 --> 00:16:13.220 four, five, six. They all came based on the validation, 00:16:13.460 --> 00:16:15.019 right? Going back to that validation question. 00:16:15.370 --> 00:16:17.750 of those first franchisees and everything that 00:16:17.750 --> 00:16:21.450 they had to say and share in their experience 00:16:21.450 --> 00:16:24.110 with us as the first ones through the door. Wow, 00:16:24.110 --> 00:16:26.330 that was great. That was a great story, by the 00:16:26.330 --> 00:16:30.110 way. OK, you had mentioned turnkey. That's really 00:16:30.110 --> 00:16:34.370 not turnkey. There's a myth that franchises are 00:16:34.370 --> 00:16:38.330 just plug and play. Where does networking still 00:16:38.330 --> 00:16:45.440 come into play post purchase? Lot of two -part 00:16:45.440 --> 00:16:48.360 answers. I feel like today to answer one. I think 00:16:48.360 --> 00:16:52.659 the strongest Network that the franchisee post 00:16:52.659 --> 00:16:56.320 post Franchise signing post agreement is with 00:16:56.320 --> 00:16:58.779 the other franchisees which we touched on a moment 00:16:58.779 --> 00:17:01.799 ago that that is far and away the number one 00:17:01.799 --> 00:17:04.680 Network they rely on each other Validate for 00:17:04.680 --> 00:17:07.460 each other even sometimes it's emotional right 00:17:07.460 --> 00:17:10.240 man. This buildup process is really challenging 00:17:10.240 --> 00:17:13.849 and hey, I've been there. That's the You're going 00:17:13.849 --> 00:17:15.670 through what everyone goes through and here are 00:17:15.670 --> 00:17:18.450 some things that I learned and so on and so forth 00:17:18.450 --> 00:17:21.890 so that that network is number one and I think 00:17:21.890 --> 00:17:25.369 for the franchisee and we have a lot of conversations 00:17:25.369 --> 00:17:28.589 about this on the front end There's that personal 00:17:28.589 --> 00:17:31.210 network for them because whether they're stepping 00:17:31.210 --> 00:17:34.309 into a franchise or Starting something on their 00:17:34.309 --> 00:17:37.349 own their friends their family their partners 00:17:37.349 --> 00:17:41.579 in home their spouse their children They're about 00:17:41.579 --> 00:17:44.759 to step into a life with a franchise with an 00:17:44.759 --> 00:17:46.640 entrepreneur. I'll put it that way and in our 00:17:46.640 --> 00:17:53.420 case. It's a franchise or so When they're When 00:17:53.420 --> 00:17:57.619 they're considering Joining the franchise we 00:17:57.619 --> 00:18:00.640 require that at the very least even if your partner 00:18:00.640 --> 00:18:03.980 whoever You know is closest to you in your life. 00:18:03.980 --> 00:18:07.339 Usually it's a spouse or a living partner domestic 00:18:07.339 --> 00:18:11.920 partner They have to at least get one, maybe 00:18:11.920 --> 00:18:14.279 two calls with us. Oh, no, they're not going 00:18:14.279 --> 00:18:17.240 to be involved. This is my endeavor. We understand. 00:18:17.619 --> 00:18:19.859 But we want to talk to them and we want them 00:18:19.859 --> 00:18:21.859 to ask us questions. And we want to all be on 00:18:21.859 --> 00:18:25.640 the same page because they're about to be the 00:18:25.640 --> 00:18:28.440 partner of an entrepreneur. And that's a completely 00:18:28.440 --> 00:18:32.180 different life. And if they're not on board, 00:18:32.740 --> 00:18:38.180 that's going to come to roost at some point. 00:18:38.329 --> 00:18:40.190 Why are you working so late? Why are you working 00:18:40.190 --> 00:18:42.450 so many days? Can't we you haven't been around 00:18:42.450 --> 00:18:45.089 and that's going to wear on you and that's going 00:18:45.089 --> 00:18:48.269 to stress you and the division can start to to 00:18:48.269 --> 00:18:52.430 creep in and so that personal network is Extremely 00:18:52.430 --> 00:18:55.650 important after the signing as well, right? So 00:18:55.650 --> 00:18:57.890 going up to getting through the finish line and 00:18:57.890 --> 00:19:00.470 then post franchise agreement because they're 00:19:00.470 --> 00:19:04.410 going to need continued support emotional and 00:19:04.410 --> 00:19:08.690 otherwise and Just like we were talking about 00:19:08.690 --> 00:19:10.650 at the onset. You can't do it by yourself We 00:19:10.650 --> 00:19:12.930 can't do it within the franchise system by yourself 00:19:12.930 --> 00:19:14.910 or the business system by itself, but you can't 00:19:14.910 --> 00:19:18.990 do it personally either It takes a lot to be 00:19:18.990 --> 00:19:22.730 a business owner and you have to have a strong 00:19:22.730 --> 00:19:25.890 Personal network that's going to support you 00:19:25.890 --> 00:19:30.250 through thick and thin Yeah, no listen being 00:19:30.250 --> 00:19:34.230 a for business owner. I worked eight days a week. 00:19:34.309 --> 00:19:38.269 I worked 25 hours a day. I worked 366 days a 00:19:38.269 --> 00:19:41.150 year. That's what, and my wife understood that. 00:19:41.269 --> 00:19:43.029 She said, look, you're just starting a business. 00:19:43.390 --> 00:19:47.650 You've got to put the time in. But I didn't really 00:19:47.650 --> 00:19:51.210 realize how much time I need to put in until 00:19:51.210 --> 00:19:54.609 I got in there. Yeah. And then it all happened. 00:19:54.839 --> 00:19:57.400 But it was all, it was good for the most part. 00:19:57.619 --> 00:20:00.180 That's the duck. That's the duck meme, right? 00:20:00.200 --> 00:20:02.920 Or the ducks, the duck video. So I think people 00:20:02.920 --> 00:20:05.559 who are not familiar with business ownership 00:20:05.559 --> 00:20:07.880 and they see the duck, that's the business owner 00:20:07.880 --> 00:20:10.680 gliding across the water, right? Oh, they get 00:20:10.680 --> 00:20:12.920 everything in life they wanted. And what's happening 00:20:12.920 --> 00:20:15.700 underneath the surface of the water, paddling 00:20:15.700 --> 00:20:22.859 like a mad person. Absolutely. Absolutely. And 00:20:22.859 --> 00:20:26.619 that's all that I can remember. Okay. So how 00:20:26.619 --> 00:20:30.160 should someone who's buying a business network 00:20:30.160 --> 00:20:32.980 differently from someone starting from scratch? 00:20:33.940 --> 00:20:38.599 So in, in a business purchase, I think the network 00:20:38.599 --> 00:20:41.700 really starts with how are you finding, how are 00:20:41.700 --> 00:20:43.980 you finding that business and how are you vetting 00:20:43.980 --> 00:20:47.000 that, that business, right? A lot of times a 00:20:47.000 --> 00:20:48.819 transaction like that will be represented by 00:20:48.819 --> 00:20:52.609 a business broker. And that broker is bringing 00:20:52.609 --> 00:20:56.529 the network of available businesses to your table 00:20:56.529 --> 00:21:00.490 for consideration. And so finding the right business 00:21:00.490 --> 00:21:03.549 broker, business consultant to do that and trusting 00:21:03.549 --> 00:21:06.130 that, hey, you and that person are in alignment 00:21:06.130 --> 00:21:08.289 with what you're looking for. Do you want to 00:21:08.289 --> 00:21:10.029 be in manufacturing? You want to be in service? 00:21:10.089 --> 00:21:12.109 Do you want to be in the restaurant industry? 00:21:12.349 --> 00:21:14.730 And what can you afford to do? And what's your 00:21:14.730 --> 00:21:17.569 experience? And are they bringing you a complicated 00:21:17.569 --> 00:21:20.259 business that you shouldn't be? Getting involved 00:21:20.259 --> 00:21:22.700 in if you're if this is your first time through 00:21:22.700 --> 00:21:25.380 through the process Can they find something simpler 00:21:25.380 --> 00:21:28.000 that might be available and find finding that 00:21:28.000 --> 00:21:31.119 right? Consultant to to help you through that 00:21:31.119 --> 00:21:33.839 journey is probably step number one That's probably 00:21:33.839 --> 00:21:36.000 the most important part of that that network 00:21:36.000 --> 00:21:38.299 outside of that are the other people who are 00:21:38.299 --> 00:21:42.559 going to vet That opportunity right your accountant 00:21:42.559 --> 00:21:45.960 certainly your legal counsel again, we can go 00:21:45.960 --> 00:21:49.130 back to to your personal network, right? What 00:21:49.130 --> 00:21:51.089 are the requirements of this new business that 00:21:51.089 --> 00:21:53.630 you're thinking about buying? What does that 00:21:53.630 --> 00:21:57.049 look like? And so, because it's established, 00:21:58.250 --> 00:22:00.910 there are, like, when we talk about the accounting 00:22:00.910 --> 00:22:03.250 part, there's already numbers flowing through, 00:22:03.470 --> 00:22:05.890 right? So you need hard analysis on that. Is 00:22:05.890 --> 00:22:08.190 this viable? Does it make sense? Whereas when 00:22:08.190 --> 00:22:10.819 you're a startup, There are no numbers. It's 00:22:10.819 --> 00:22:13.960 all conceptual and any accountant that you work 00:22:13.960 --> 00:22:16.039 with, network with, they're not going to have, 00:22:16.119 --> 00:22:18.420 they might have some general guidance. Hey, just 00:22:18.420 --> 00:22:20.779 make sure your profit margins here and make sure 00:22:20.779 --> 00:22:24.400 your expenses don't go above this general consensus 00:22:24.400 --> 00:22:27.880 number, but they can't really give you any deep 00:22:27.880 --> 00:22:29.920 analysis because there's nothing to analyze. 00:22:30.059 --> 00:22:31.640 So you're starting that process. You're going 00:22:31.640 --> 00:22:33.140 to build that business and you're going to work 00:22:33.140 --> 00:22:36.259 with them as it develops. When you're buying 00:22:36.259 --> 00:22:38.720 a business, all that stuff exists and you need 00:22:38.720 --> 00:22:42.180 hard eyes to help you work through, does this 00:22:42.180 --> 00:22:44.240 make sense? And there's so many different components, 00:22:44.420 --> 00:22:46.940 right? The team, the existing labor, what kind 00:22:46.940 --> 00:22:49.539 of technologies, what is the reputation of the 00:22:49.539 --> 00:22:52.839 business out in the world? You need a network 00:22:52.839 --> 00:22:55.740 of good analysts to help you through that process. 00:22:57.839 --> 00:23:02.500 Okay. What's a small networking action a new 00:23:02.500 --> 00:23:06.019 franchisee could take that leads to big long 00:23:06.019 --> 00:23:11.940 -term gains? So know that some of that answer 00:23:11.940 --> 00:23:14.019 is going to be dependent on the brand, right? 00:23:14.039 --> 00:23:18.480 So we have a pet oriented brand and for us networking 00:23:18.480 --> 00:23:21.880 with veterinarians is far and away one of the 00:23:21.880 --> 00:23:25.339 most beneficial. relationships that you can start 00:23:25.339 --> 00:23:29.799 to develop as a franchisee of our brand. Whereas 00:23:29.799 --> 00:23:32.880 another brand, it could be a very different group 00:23:32.880 --> 00:23:37.960 or subset of professionals. But in general, it 00:23:37.960 --> 00:23:41.700 is finding the top, we'll call it one, two, maybe 00:23:41.700 --> 00:23:44.579 three referral sources for yourself, right? So 00:23:44.579 --> 00:23:47.019 you always want to network with customers, but 00:23:47.019 --> 00:23:50.960 that's one relationship for each customer. It's 00:23:50.960 --> 00:23:54.109 one to one the whole way through. If you can 00:23:54.109 --> 00:23:57.630 find that B2B relationship, you know, is there 00:23:57.630 --> 00:24:01.670 another professional industry that kind of accentuates 00:24:01.670 --> 00:24:04.970 your business? There's some synchronicity there. 00:24:05.210 --> 00:24:08.089 So we're in the pet care field. So what doesn't 00:24:08.089 --> 00:24:11.460 it make sense? Veterinarians. And so finding 00:24:11.460 --> 00:24:15.700 that B2B and working your network through those 00:24:15.700 --> 00:24:18.920 other connections can bring a it's almost like 00:24:18.920 --> 00:24:21.400 a pyramid, right? You have the one referral source, 00:24:21.559 --> 00:24:24.000 that B2B referral source at the top, and you're 00:24:24.000 --> 00:24:26.640 benefiting with all of the referral opportunities 00:24:26.640 --> 00:24:28.740 from just that one relationship. You made one 00:24:28.740 --> 00:24:30.859 relationship, you get all those referrals. It's 00:24:30.859 --> 00:24:33.400 exponential versus having to go through one one 00:24:33.400 --> 00:24:37.240 by one with each individual customer. That's 00:24:37.240 --> 00:24:41.140 where where stoking your relationship really 00:24:41.140 --> 00:24:44.000 comes in handy. It's not just a customer. You're 00:24:44.000 --> 00:24:45.960 not selling widgets. I have three for a dollar, 00:24:46.039 --> 00:24:48.380 you want to buy it good. It's very transactional, 00:24:48.420 --> 00:24:51.880 right? What we're doing, both you and I in different 00:24:51.880 --> 00:24:55.099 ways, is we're building relationships and you 00:24:55.099 --> 00:24:58.500 don't know what type of relationship you're building 00:24:58.500 --> 00:25:01.240 because not only building a relationship with 00:25:01.240 --> 00:25:03.740 that person, but you're building a relationship 00:25:03.740 --> 00:25:06.960 with all... of their relationships so it can 00:25:06.960 --> 00:25:11.039 go even longer. Yeah. And people hold that tightly, 00:25:11.039 --> 00:25:13.480 right? Like a recommendation. If I'm going to 00:25:13.480 --> 00:25:17.960 make a recommendation, I want to know that recommendation 00:25:17.960 --> 00:25:22.259 is going to work well. And if it doesn't or it 00:25:22.259 --> 00:25:24.759 hasn't, I feel horrible. And it may not even 00:25:24.759 --> 00:25:29.180 have been in my control or whatever. That's something 00:25:29.180 --> 00:25:32.039 that people hold dear pretty dear to them is 00:25:32.039 --> 00:25:34.599 their reputation because it's what's carried 00:25:34.599 --> 00:25:37.640 through that recommendation and so if you can 00:25:37.640 --> 00:25:40.039 Build positive relationships where people are 00:25:40.039 --> 00:25:41.920 opening up and yeah, I have a guy for that. Yeah, 00:25:41.920 --> 00:25:44.339 I have a woman for that Sure. I got I have a 00:25:44.339 --> 00:25:46.640 professional for that. You're well on your way 00:25:46.640 --> 00:25:51.180 now working is Nine -tenths of the equation of 00:25:51.180 --> 00:25:54.400 success. There's no question crucial. I believe 00:25:54.400 --> 00:25:59.200 that networking is the base or basis of all businesses. 00:25:59.500 --> 00:26:02.940 Everyone, whether it's digital or in person or 00:26:02.940 --> 00:26:06.799 both, probably both, you just have to go out 00:26:06.799 --> 00:26:09.680 there. They have to see your face, see you, feel 00:26:09.680 --> 00:26:13.079 you, touch you. You have that whole networking 00:26:13.079 --> 00:26:16.400 mantra, know you, like you, trust you. They'll 00:26:16.400 --> 00:26:18.839 do business with you. Everything has to come 00:26:18.839 --> 00:26:22.940 to pass in order for you just to Go to the next 00:26:22.940 --> 00:26:26.660 step. And that's part of what I do, but that 00:26:26.660 --> 00:26:30.299 is all inclusive. So let's bring this podcast 00:26:30.299 --> 00:26:35.299 full circle. How has your personal network evolved 00:26:35.299 --> 00:26:38.799 as you've moved through these three models? What 00:26:38.799 --> 00:26:46.039 do you lean on most today? Really dependent for 00:26:46.039 --> 00:26:49.980 me to continue my entrepreneurial journey, I 00:26:49.980 --> 00:26:54.680 really have to rely heavily on on instincts and 00:26:54.680 --> 00:26:57.059 those instincts. Certainly they're a part of 00:26:57.059 --> 00:26:59.240 DNA. That's what's instinctual about them. But 00:26:59.240 --> 00:27:02.460 as you go through life, journey, challenges, 00:27:02.660 --> 00:27:05.460 successes, all of that, it certainly gets refined. 00:27:05.460 --> 00:27:09.059 And from a human to human networking perspective, 00:27:09.339 --> 00:27:14.960 it's relying on the people who are walking that 00:27:14.960 --> 00:27:18.880 path with you. for you, but they also have to 00:27:18.880 --> 00:27:20.819 be doing it for themselves. And that means that 00:27:20.819 --> 00:27:23.660 they believe in what we're doing here. Right. 00:27:23.920 --> 00:27:27.759 So whether it's my CEO, my ops director, our 00:27:27.759 --> 00:27:29.980 managing or I'm sorry, our marketing director, 00:27:30.180 --> 00:27:33.859 whether it's investors, whether it's the franchisees, 00:27:34.619 --> 00:27:38.960 it's it is relying on them to a degree to do 00:27:38.960 --> 00:27:44.119 what they do best. And in in that delegation 00:27:44.119 --> 00:27:46.900 of that sort of that responsibility, they're 00:27:46.900 --> 00:27:49.940 bringing the organization to a level that I could 00:27:49.940 --> 00:27:54.700 not possibly do myself. And you build that network, 00:27:55.200 --> 00:27:58.500 internally, externally, whatever both sides really, 00:27:58.500 --> 00:28:01.940 and you have to rely on it, you have to trust 00:28:01.940 --> 00:28:05.019 it. And there's, there's only blind trust at 00:28:05.019 --> 00:28:08.220 the very beginning, right, but those instincts 00:28:08.220 --> 00:28:11.599 kind of bridge that gap. And then from there, 00:28:11.980 --> 00:28:14.799 the trust is developed because you see the results. 00:28:16.420 --> 00:28:19.059 Absolutely. Chris, I can probably talk to you 00:28:19.059 --> 00:28:22.720 for another hour about all of this because I've 00:28:22.720 --> 00:28:26.440 learned so much and it makes me rethink everything 00:28:26.440 --> 00:28:30.279 with networking itself, especially with a brick 00:28:30.279 --> 00:28:32.799 and mortar and everything else. But networking, 00:28:33.099 --> 00:28:37.000 I still believe, is the basis of all businesses. 00:28:37.740 --> 00:28:40.259 And at the end of the day, it doesn't matter 00:28:40.259 --> 00:28:43.359 if there's a monitor in front of us and 3000 00:28:43.359 --> 00:28:47.440 miles between us, there's still a human on either 00:28:47.440 --> 00:28:51.720 end of that connection. And so I think business, 00:28:51.920 --> 00:28:54.259 we're worried about AI. We're worried about what 00:28:54.259 --> 00:28:56.299 does technology mean for things? And we're going 00:28:56.299 --> 00:28:58.839 to have to figure that out as a species. But 00:28:58.839 --> 00:29:05.619 as, as long as we're here. Businesses is transacted 00:29:05.619 --> 00:29:09.240 between. to humans and it always will and forever 00:29:09.240 --> 00:29:12.000 till we're not here anymore. Very good. As a 00:29:12.000 --> 00:29:13.319 matter of fact, if you don't mind, I'm going 00:29:13.319 --> 00:29:18.740 to steal that because I like that. Have at it. 00:29:19.019 --> 00:29:22.079 Chris, this has been great. If somebody wanted 00:29:22.079 --> 00:29:25.940 to get hold of you, either to talk about a franchise, 00:29:26.299 --> 00:29:28.859 to talk about business or just anything, just 00:29:28.859 --> 00:29:31.039 to wave hello, how would they get hold of you? 00:29:31.980 --> 00:29:34.240 Primarily the, our franchise websites, great 00:29:34.240 --> 00:29:37.539 place to start. So it's happy cat franchising 00:29:37.539 --> 00:29:40.799 .com. Happy cat is our, our franchise brands, 00:29:40.920 --> 00:29:43.680 a luxury cat boarding and grooming concept. So 00:29:43.680 --> 00:29:46.299 if you're pet oriented, have at it there, there's 00:29:46.299 --> 00:29:48.980 a, an online form. You can fill that out and 00:29:48.980 --> 00:29:50.819 it'll go to the necessary party. If you put a 00:29:50.819 --> 00:29:52.819 note in there trying to reach me, I'll certainly 00:29:52.819 --> 00:29:56.740 get it. And then we do a podcast of our own actually. 00:29:56.880 --> 00:29:59.720 And I do that. separate from happy cat, but that's 00:29:59.720 --> 00:30:03.440 really for small businesses and aspiring entrepreneurs 00:30:03.440 --> 00:30:06.900 primarily. And so if your audience is listening 00:30:06.900 --> 00:30:09.400 because they're trying to learn, that's a, that's 00:30:09.400 --> 00:30:11.839 another avenue. It's at the end of the day podcast. 00:30:12.079 --> 00:30:15.279 They can catch us over there. That's great. Chris, 00:30:15.680 --> 00:30:17.680 thank you very much for coming on today. And 00:30:17.680 --> 00:30:20.000 I hope to speak with you soon. You got it, Michael. 00:30:20.059 --> 00:30:27.619 Anytime. I really appreciate it. Thank you. Well, 00:30:27.779 --> 00:30:31.079 hold on, folks. Don't go anywhere. Let's hear 00:30:31.079 --> 00:30:34.759 from our sponsors. David Neal, co -founder Rev'd 00:30:34.759 --> 00:30:38.539 Up Kids. Rev'd Up Kids is on a mission to protect 00:30:38.539 --> 00:30:42.420 children and teens from sexual abuse, exploitation, 00:30:42.759 --> 00:30:45.599 and trafficking. They provide prevention training 00:30:45.599 --> 00:30:49.119 programs for children, teens, and adults. To 00:30:49.119 --> 00:30:53.859 learn more, go to rev'dupkids .org. Henry Kaplan, 00:30:54.099 --> 00:30:57.019 Century 21. When it comes to making the biggest 00:30:57.019 --> 00:30:59.980 financial decision of your life, leave it in 00:30:59.980 --> 00:31:02.880 the hands of a proven professional, Henry Kaplan. 00:31:03.359 --> 00:31:06.359 Henry is a global real estate agent with Century 00:31:06.359 --> 00:31:10.819 21, celebrating his 41st year in business. No 00:31:10.819 --> 00:31:13.220 matter where you're moving, Henry has the right 00:31:13.220 --> 00:31:16.839 connections for you. You can contact Henry at 00:31:16.839 --> 00:31:27.160 561 -427 -4888. insights today. And of course, 00:31:27.240 --> 00:31:30.259 a big shout out to you, our amazing listeners, 00:31:30.700 --> 00:31:33.200 for tuning in and spending your time with us. 00:31:33.539 --> 00:31:36.619 If you're interested in my digital courses, being 00:31:36.619 --> 00:31:39.500 coached, or having me come and talk to your company, 00:31:40.059 --> 00:31:43.220 just go to Michael and fill out the request form. 00:31:43.920 --> 00:31:46.940 Remember, networking isn't about being perfect. 00:31:47.180 --> 00:31:50.079 It's about being present. So take what you've 00:31:50.079 --> 00:31:53.099 learned today, get out there, and make some meaningful 00:31:53.099 --> 00:31:56.079 connections. If you've enjoyed this episode, 00:31:56.480 --> 00:31:59.099 please don't forget to subscribe, leave us a 00:31:59.099 --> 00:32:01.720 review, and share it with someone who could use 00:32:01.720 --> 00:32:04.839 a little networking inspiration. Let's keep the 00:32:04.839 --> 00:32:07.839 conversation going. You can find me on Apple, 00:32:08.140 --> 00:32:12.859 Spotify, Pandora, YouTube, or my website foreman 00:32:12.859 --> 00:32:15.400 .com slash podcasts.