Greg Mohr: [00:00:00] what I do as a franchise consultant, i'm gonna find out where have you been. So where have you been? What kind of [00:00:05] skill sets do you have? What do you bring to the table? What skill set do you like using on a [00:00:10] daily basis? Where are you at now, as far as how much [00:00:15] time do you wanna invest in your franchise, full-time, part-time? How much are you comfortable investing in a [00:00:20] franchise, uh, money-wise?
Not how much you have, but what are you comfortable investing? And then we wanna [00:00:25] look at, you know, what does success mean to you two years, five years, 10 years down the road. Where do you see [00:00:30] yourself going? The franchise will teach you everything you need to know for that
George Wright III: [00:00:35] [00:00:40] Okay, guys. Welcome back to The Daily Mastermind. George Wright III with your [00:00:45] daily dose of inspiration, motivation, and education. And I'm excited to be featuring and talking a [00:00:50] little bit about franchising today with Greg Mohr. Greg, how are you doing?
Greg Mohr: Excellent, George. Thank you very [00:00:55] much for having me today, sir. I appreciate it
George Wright III: Yeah, no, I, I'm, I'm excited about this, and I'll tell you why. You know, some of [00:01:00] you may be thinking franchises in a certain perspective or filter, but we're gonna talk today a [00:01:05] little bit about how you can really identify some benefits and systems that are available in [00:01:10] franchising. And I thought it was very important for our audience to, to take a look at, because we're gonna be talking about the idea of [00:01:15] anti-founder, as well as types of different businesses and structures and systems.
So [00:01:20] before we do, I wanna give you a quick introduction, because Greg has a great background. You know, he's had [00:01:25] 14 years in franchising, and he's founder of Franchise Maven. He's a two-time Wall Street [00:01:30] Journal bestselling author. He's helped over 300 entrepreneurs open 500-plus franchise [00:01:35] territories. He's also a two-time franchise consultant of the year and, and built his net worth from, you know, [00:01:40] 180K to over a million dollars through strategic franchise investing.
So he's very [00:01:45] qualified to help us talk about this subject that keeps coming up. So Greg, help me understand why you [00:01:50] are such a passionate advocate of franchising. What, what, what took you into [00:01:55] franchising? Because I think there's a lot of people wondering, you know, "Should I even go into franchising?" So I'd love your [00:02:00] perspective.
Greg Mohr: Absolutely, George. Well, actually, what took me into franchising was, I can go back [00:02:05] into the way back machine for that one. I was 16 years old. I had to get a job somewhere, so I, I knew [00:02:10] the owners, or not the owners, but the managers of a local Taco Bell, and back then we all [00:02:15] got, uh, most of us got jobs at fat- fast food places, so I ended up working at Taco Bell.[00:02:20]
Moved up in the Taco Bell world and found out I was working for a master franchiser, and she owned 50 Taco Bells [00:02:25] throughout the Sacramento, California area. I helped her build up her restaurants. So [00:02:30] looking back, I probably should've stu- stuck with it and bought a Taco Bell, but, uh, fast forward, I was a restaurant...
[00:02:35] Yeah, I was a restaurant manager for 15 years and, uh, then went on to microelectronic circuit engineering for [00:02:40] 15 years. But after 30 years ag- of the corporate world, I had enough of that. I, uh, [00:02:45] decided to go out and say, "You know, I gotta do something of my own." You know, you indicated that you, uh, [00:02:50] uh, interviewed, uh, Robert Kiyosaki.
I read Robert Kiyosaki's book, "Rich Dad Poor Dad." That just about [00:02:55] ruined my corporate career for me, uh, in a good way on that one. So I thought, "There is something better [00:03:00] out there." So I, I didn't have the latest, greatest idea, so I remembered that franchising thing that I had gotten involved in [00:03:05] back when I was 16.
I said, "I gotta go out there and get myself a franchise," 'cause I don't, I [00:03:10] can't think of anything to do myself. So when I got that, that proven model, the Taco Bell was great. I'd go into any [00:03:15] restaurant and it'd all be the same. Everything's the same. Systems, processes, presto, you're, you're [00:03:20] good to go.
George Wright III: Yeah, Greg, you know what's funny is I, I, and I don't-- This doesn't happen [00:03:25] very often anymore with, uh, with kids nowadays, but I started at McDonald's. So, you [00:03:30] know, back in the day, I even saw a pay stub a while back. I'm like, "I made that little money? That's crazy." But, [00:03:35] but it's, it, it really was something I, I, I started working there and I, you know, learned systems and [00:03:40] things, right?
So I think a lot of very successful people I know kinda started out in the fast food [00:03:45] restaurant industry
Greg Mohr: Good way to learn how to interact with [00:03:50] others
George Wright III: Yeah
Greg Mohr: to work with other people. So I think it's good, uh, it's good for kids, good [00:03:55] for-- It was good for us back then. I think it'd be still good for kids now. You, you know, you get to working with the public
George Wright III: and [00:04:00] you said, you said something that was key, and I, that's why I wanted to talk about that today is you said, "I, I wanted to find something that [00:04:05] had a system that was kinda working." So you use this term anti-founder, 'cause it's [00:04:10] really a buzzword right now for people to say a founder. "I'm gonna found a business.
I'm gonna s- I'm an entrepreneur. I'm gonna start [00:04:15] my own business." Why do you use the term anti-founder? What does that mean? And wh- and help us [00:04:20] to really dissect this, 'cause I want people listening to really understand why you feel this [00:04:25] way and what they need to do to kind of really open up their minds to some things.
Greg Mohr: So if you're gonna-- [00:04:30] George, if you're gonna find, found your own restaurant or n-not restaurant, but your own business and start your own [00:04:35] business, you've got to figure out everything from the scratch. So everybody's telling you, you know, "Here's a business. Do this [00:04:40] business. Do that business." But at that point, you've got to do it all yourself.
You're the [00:04:45] founder of it. You gotta figure it out. Every single one of the franchises that I work with, they're founders. They [00:04:50] started it out. They started it from scratch. My anti-founder, [00:04:55] uh, prospect is really looking at the fact that you're stepping into a business that already [00:05:00] has systems and processes in place, so you can get to where you wanna be two to three years [00:05:05] quicker.
You're not making the same mistakes that other founders have to make and usually make [00:05:10] along the way. It's a little bit of a learning curve when you get in there and you found, found your own business. [00:05:15] If you go into a franchise system, that person that founded that franchise system already went through that [00:05:20] process, already knows what not to do, and more, more importantly, they really know what to do, [00:05:25] who to market to, where to find the good employees, how to get to your clients, what to [00:05:30] talk to them about, how to get their attention.
So you're just stepping into a business that has all those [00:05:35] systems and processes in place. Anti-founder, you're not founding something new. You're just stepping into [00:05:40] basically a business in a box, where that franchise is gonna show you, "This is what you do. This is what [00:05:45] I did to make it work. This is what you do."
Your chances of success are that much greater. [00:05:50] Lot of transparency in that, because now you can look at other franchisees who started that [00:05:55] business and are still running it. So now you've got a whole team of people to go call upon before you [00:06:00] invest in that franchise, before you decide to get there, so that you can find out from them how well did that [00:06:05] franchisor help you open up your business?
How well do they support you? So you've got a lot of great [00:06:10] background information if you go the anti-founder strategy as far as determining whether or not that [00:06:15] business is right for you to begin with, because as a founder, you may, you know, found your business, then you may decide, [00:06:20] "You know, this wasn't exactly what I wanted to do to, uh, after all, what I thought about."
But with a franchise [00:06:25] system, now when you start talking to people, you can find out from them, "How much do you make? How long did it [00:06:30] take you to get there? What do I gotta do to get it?" So that way, you get a feel for that [00:06:35] business as far as what you've gotta do, and you make certain that you can picture yourself doing that
George Wright III: Yeah, that [00:06:40] is such a great, uh, thing for people to really consider because I think a lot of times the, the [00:06:45] hype and the, you know, the exposure of being an entrepreneur or founder, people don't think of that [00:06:50] second level, which is what is it gonna take? And they just think, "Well, it takes hard work and effort."
No, it... [00:06:55] You have to develop systems. You've gotta create the model. You've gotta prove the success. You've gotta, you [00:07:00] know, learn everything from, you know, operations, sales, logistics, finance, and everything. [00:07:05] And so a lot of people are not suited to do that. But you also said something that was pretty important, and that [00:07:10] is a franchise doesn't just come with a lot of those things figured out.
It also comes with [00:07:15] your ability to look at transparency in talking to other franchise owners, [00:07:20] talking to customers, talk... You know more about what the recipe is for success, not [00:07:25] just have the systems. So I really like that a lot, and I, I'm curious your thoughts on [00:07:30] types of franchises. Well, b- actually, before I do that, what is the kind of person [00:07:35] that is best suited for franchising?
Is there a, a particular type of [00:07:40] individual you work with a lot that really is more suited for or wants [00:07:45] franchises a better fit?
Greg Mohr: Absolutely. So what we're looking for there [00:07:50] in, in a good fit is a self-starter, first of all. Uh, it-- [00:07:55] You still gotta go out there. You still gotta get up in the morning. You still gotta go out there and execute that plan. The franchisor's not [00:08:00] gonna call you up and say, "Greg, it's time to get up and get your business going."
So you've gotta be a self-starter. You gotta go out there and [00:08:05] do that. You're gonna have to have a little bit of risk tolerance. It's still a business. There's [00:08:10] still gonna be some risk, a little bit less when you get into a franchise or a lot less when you get in there. Uh, [00:08:15] but you, there's still at that risk.
Uh, you've gotta be able to be, um, [00:08:20] uh, uh, mentored. Um, mentorship is good. People are gonna mentor you, [00:08:25] so you gotta be able to be mentored and want to be mentored as well. Uh, and you [00:08:30] have to be able to follow systems and processes because that's what it's all about. You don't want to be the [00:08:35] one... And some of the t-things that I look for is people that don't necessarily want to follow my process.
[00:08:40] I've got a little simple process that I take people through, so I can really, uh, kinda judge them [00:08:45] right away. If they'll follow my process, then it's a good step that they'll follow the franchisor's process. But [00:08:50] when they wanna not follow my process and wanna skip some steps, that's when I have to tell them, "You know, we have-- [00:08:55] The franchise system process is gonna be a little bit more involved with than mine.
If you don't like my process, [00:09:00] you probably don't wanna get into a franchise."
George Wright III: Yeah, 'cause there's some people that are just like to be free and [00:09:05] entrepreneurial and wanna figure it out and be creative, and you're like, "Look, there's a lot of benefits for [00:09:10] franchise models, but the benefit is to follow a model, not to create your [00:09:15] own." If you wanna create your own, that's probably not the best way for you to go, right?
I, I, I think that's very important. [00:09:20] What type of, um... You know, before we get into types of franchises, what kind of capital, [00:09:25] uh, does it, does it require? Is there, there may be some misconceptions as to what it takes to get a [00:09:30] franchise going, 'cause people think of like McDonald's and some of these franchises.
Talk to me about the [00:09:35] kind of capital that's required and realistic to get into a franchise.
Greg Mohr: [00:09:40] Absolutely, George. Two different types of franchises or businesses out there that you can get into today. You got your [00:09:45] usual brick and mortar, brick and mortar, the ones we see when we're driving around. So that was like McDonald's, Taco [00:09:50] Bell, Amco, Meineke, Supercuts, all those. Those you're looking at [00:09:55] around a $300,000, uh, investment on up from there.[00:10:00]
So y- the franchises are gonna be looking for people with about a $500,000 net [00:10:05] worth and probably around 100,000 liquid or so to get into that, so you can get a loan for it and you don't [00:10:10] run out of money. Those are the bigger ones. They can go up from 300,000 on there. The other end [00:10:15] of the spectrum is what we're looking at is service in...
service type industries. That's where, you know, home [00:10:20] services that you see out there, lawn care, uh, um, [00:10:25] taking care of the house, remodeling kitchens, pest control, roofs, [00:10:30] all sorts of things. And that can be for not only homes, but businesses as well. Those, what you're looking [00:10:35] at are around $150,000, give or take, depending on how much equipment that you [00:10:40] may need.
And for those, uh, as long as you have about a $200,000 net worth [00:10:45] and you've got about 50,000 liquid or so, uh, you're good to go for those. It's very easy to get a [00:10:50] loan for a franchise, and you're probably looking at like, for a service industry, a SBA [00:10:55] Express loan. So you... basically, if you had about $20,000 down and a [00:11:00] $200,000 net worth, you can get into an SBA Express loan, uh, for something like that.
Very [00:11:05] inexpensive, and you don't always have to run them full-time. They can be semi-passive for some of these as well
George Wright III: [00:11:10] So you're doing, you're, you work with clients and individuals to help them to find the right fit, and then, [00:11:15] and then take them through a process and stuff like that. What do you do? Like how do you... And this might help [00:11:20] individuals trying to figure out what to do and how to do it. How do you match individuals with the right [00:11:25] franchise?
And, um, you know, is there a process that you've kind of found that really helps people [00:11:30] to make the fit r- short of them just going out and starting to research?
Greg Mohr: [00:11:35] Sure. That's what I did when I first started and found out that didn't work out too well. I had about 20 different franchise, [00:11:40] uh, uh, development people calling me up and telling me, "These are the greatest things since sliced bread." [00:11:45] So, uh, but I found a franchise consultant, fortunately, to do that. So what we do, and what I do as a [00:11:50] franchise consultant, what I'm looking at, and we're gonna go through a couple, two or three different phone calls for this to [00:11:55] get to know you.
I'm gonna find out where have you been. So where have you been? What kind of skill sets do you [00:12:00] have? What do you bring to the table? What skill set do you like using on a daily basis? [00:12:05] Where are you at now, as far as how much time do you wanna invest [00:12:10] in your franchise, full-time, part-time? How much are you comfortable investing in a franchise, [00:12:15] uh, money-wise?
Not how much you have, but what are you comfortable investing? And then we wanna look at, you know, [00:12:20] what does success mean to you two years, five years, 10 years down the road. Where do you see yourself going? [00:12:25] And I've got a whole list of different types of questions that I'll ask people to come up with, uh, different [00:12:30] ideas for it.
And you don't necessarily have to have [00:12:35] knowledge of the industry that you get into. Franchisors are really looking for people who are [00:12:40] interested in that. So I've had people that, from totally different industries, go into something [00:12:45] entirely different, but they're enthusiast about it-- enthusiastic about it.
They like the model, they like the [00:12:50] business, and they said, "I wanna do that." The franchise will teach you everything you need to know for that
George Wright III: So do, do most [00:12:55] franchises really, are they looking for, or if let's say you're an individual looking to invest in a franchise, [00:13:00] are you looking for something or are franchises looking for someone that wants to be [00:13:05] embedded in the franchise, in other words? Or is this something that professionals and individuals that are just looking to [00:13:10] invest and create some maybe semi-passive, uh, [00:13:15] return, is that something for them as well?
Or does it just depend on the franchise?
Greg Mohr: George, a lot of [00:13:20] it really depends on the franchise itself. There's very few franchises that want you to be or that you're going [00:13:25] to be the one working, um, in the business itself.
George Wright III: Got it
Greg Mohr: I [00:13:30] chose that for my first franchise. That was my choice, because after being a, a restaurant manager for 15 years, I [00:13:35] did not want any more employees.
So I said, "I'm gonna do it all myself." End of story. [00:13:40] 99.9% of the people that I work with are, are just the opposite of that. They're working... And [00:13:45] what I tell everybody is, "If you treat this like a job, it's gonna be a job. Don't treat it like a job. [00:13:50] Treat it like an asset. You treat it like an asset, it's going to be an asset, so you can have other people working for you."
Franchisors [00:13:55] are looking for people who wanna work on the business and grow the business, so they are really [00:14:00] looking for people who know how to build teams, are comfortable building teams. Some of the [00:14:05] franchises will require that you've done some hiring and firing before, before they'll let you into the [00:14:10] franchise, because that's gonna be part of what you have to do.
So it, a lot of it does depend on the franchise, but [00:14:15] most franchises want you to work on the business, build a business. Other people are gonna be doing [00:14:20] the actual work. You're gonna be out there shaking hands, kissing babies, and letting everybody know what you do, 'cause you're [00:14:25] the name and the face of the franchise in your community.
George Wright III: Yeah, that gives you that ability to really [00:14:30] leverage your time and money to be able to create more. So leadership is really required. I, I think that that's huge. [00:14:35] Um, how important is it, um, to tap into, and [00:14:40] obviously as well start depends on the franchises, but tap into [00:14:45] franchises that have corporate assets that are kind of doing the marketing and doing the, the [00:14:50] promotion and things like this.
Um, is that a pretty common thing for most [00:14:55] franchises, that they do provide the sort of corporate marketing and, and, and, and [00:15:00] global awareness for the franchises? Or a lot of the franchises that are booming right now, do [00:15:05] you need to be able to be the one kind of driving some of that?
Greg Mohr: For the most part, George, the [00:15:10] franchise is gonna have, to a certain extent, all of the marketing that you'll need to do. [00:15:15] Now, that's gonna vary a little bit between them. They'll have all the marketing material for you, so [00:15:20] you'll never have to, you know, create an ad slick or anything like that. Everything will-- there will be in [00:15:25] place.
You'll pay for it, but they'll have all the advertising and marketing. Now, various [00:15:30] franchises are gonna do different things. So if you have, like, a fitness franchise, like a brick-and-mortar franchise, [00:15:35] they're gonna have a grand opening or a pre-grand opening event. So they're gonna try and get you filled [00:15:40] up even before you open up your doors.
So it's gonna be a membership model. They're gonna fill [00:15:45] up that membership, and they're gonna really try and get you to break even by the time you open up your doors, and that's gonna [00:15:50] vary, again, by franchisor. Each one's a little bit different. When you're looking at the services industry [00:15:55] franchises, if you're looking to do as less work as possible in the marketing area, then you are looking for a franchise that's going to [00:16:00] do a lot of that marketing for you.
So with the service industry, your clients don't necessarily know you [00:16:05] exist until they need you. So at that point, you need that franchisor to drive people to you when that need [00:16:10] arises. Now, when they drive people to you, that means that somebody's calling you up, reaching [00:16:15] out to you. So if you're looking for a great franchise system that does a lot of that work for you, which quite a few of them do, then [00:16:20] you're looking for one with a call center.
You're also looking for ones that have great advertising and marketing, so they can [00:16:25] turn up the dial if you need to be busier to bring more people in. And then once you get booked out to [00:16:30] eight weeks, they turn the dial down a little bit, so now you can just keep a steady flow of people coming in [00:16:35] at, uh, so you're booked out eight weeks at a time, uh, as you're going through that.
So different [00:16:40] franchises will do different things. Those are the sort of things you need to look for when you're looking into a franchise.
George Wright III: [00:16:45] Yeah, I like that because I think there's a difference between like global branding and m- and [00:16:50] marketing n- you know, nationally, geographically, or even locally versus actual, you know, lead generation and [00:16:55] booking. So what do you, uh, what's the difference, or you kinda talk about doing, you know, [00:17:00] investigation before investment, but like what is, what is it someone should be looking for in the due [00:17:05] diligence process, and are there any red flags that they need to kinda be looking for?
Greg Mohr: [00:17:10] Yes, George, quite a few, uh, different little things to look for in there, especially when you're looking through the franchise [00:17:15] disclosure documents, which is one of the things that makes the franchising transparent. What you wanna see in there, [00:17:20] and most people when they look at the, when they look at the franchise disclosure documents, they wanna go to their item [00:17:25] 19, which is their financial disclosures, and see what people are making, because they wanna know what they can make.
You know, we all wanna [00:17:30] know what we can make with that. Uh, but under item number 20, which is the number [00:17:35] of franchises that are currently running the business and the ones that have started it and are no longer running it, what-- [00:17:40] That's where you can really see the growth rate on there. So you wanna see...
And they'll show the growth rate, and they'll usually break it [00:17:45] down by state on there. So you wanna see a good, steady growth rate as, over the years [00:17:50] as the franchise are doing that. And you don't wanna see a whole lot of franchises, uh, falling off. If you see a [00:17:55] lot of franchises falling off, then you really wanna know, uh, what was the issue there.[00:18:00]
Do they, do the franchise just not know how to pick out good franchisees, [00:18:05] or is there, is there an issue with the business itself? So if you see a lot of them, we like to see 85, [00:18:10] 90% success rate or better on those. So if it gets a little below that, then there's something to question, something [00:18:15] to look at.
When you're looking at the numbers, people get kind of, uh... [00:18:20] I think the numbers, you really gotta know what you're looking at there. So one of the things you wanna look at, [00:18:25] I know it's kinda technical, but they have average, uh, amounts as average [00:18:30] sales or average income, and they have median incomes on there.
And most of us are not like me, [00:18:35] statisticians from engi- engineering background. But the median number is the one you wanna look at, 'cause the average can be [00:18:40] skewed by if somebody's way off on there. So you wanna, or you wanna make certain that you see if they have [00:18:45] average and medium, you wanna make certain those numbers are pretty close, 'cause if you got somebody that, somebody that's [00:18:50] making a lot of money and, uh, some franchises that are making a lower amount, one [00:18:55] number could really throw that off.
So that's a red flag. Couple other things to look for in the franchise [00:19:00] disclosure documents is any bankruptcies in there and any litigation in there as well. [00:19:05] Uh, you don't wanna see any bankruptcies, hopefully, on that, on that. And [00:19:10] after you had a lot of franchisees, you're probably gonna get some litigation in there.
But you [00:19:15] don't wanna see any patterns of, what do we say, bad behavior by, by the [00:19:20] franchisor. And you really wanna find out, if there is litigation, what that was all about. So those [00:19:25] are a few of the things that you wanna take a look at and a few of the red flags. In the brick-and-mortar [00:19:30] industry, when you look at those, one of the red flags you could be looking at is if they've got a lot [00:19:35] of franchises sold, but they haven't been opened yet Hmm, you [00:19:40] wanna make s- yeah, so you wanna make certain that... So if they have, you know, 100 franchises [00:19:45] sold and five open, you know, do they have the team in place, the real estate team in place to really [00:19:50] get that thing going? What's the hold up on getting those open? Are they just selling too many of them? So that one's... [00:19:55] be careful about that one if they have too many. You wanna make certain that they have the infrastructure to [00:20:00] take care of all the franchises, franchisees that are opening up, and can get them opened up, and the [00:20:05] support team to help them
George Wright III: That's interesting. Yeah, stuff you wouldn't think about normally. Obviously, you've got the [00:20:10] background, so you've seen that many, many times. Is there any trends or sectors or types of [00:20:15] franchises that seem to be really hot right now or seem to be really trending in the [00:20:20] positive direction for numbers opening and things?
Is there particular industries or types of [00:20:25] franchises that you're seeing really take off right now?
Greg Mohr: Since the, uh, the COVID [00:20:30] area, um, essential businesses are the ones that have really, really taken [00:20:35] off. So essential business, HVAC, plumbing, electrical, [00:20:40] restoration, senior care, medical type franchises, uh, those ones that are [00:20:45] not gonna close down if there's an issue, the ones that people need on a regular [00:20:50] basis. It opens up you to many different customers, so your [00:20:55] client base is huge. HVAC, you know, everybody
George Wright III: Yeah, the trades, yeah
Greg Mohr: That's right. Everybody's [00:21:00] gonna need it. I mean, if you're in Texas and your air conditioning breaks down, I mean, you can-- It doesn't matter [00:21:05] how much money you make, you're probably gonna get that fixed pretty quick
George Wright III: and HVAC. I mean, you can't have your roof [00:21:10] leaking, right? You can't... Or, or flood restoration or whatever. I think those are pretty [00:21:15] critical. That's interesting. So, um, how... I wanted to ask you one other question kind of before [00:21:20] we get going here. I, I, I've really, I feel that I've had a few individuals I know [00:21:25] that have started to mention things like using franchising for long-term wealth [00:21:30] strategies.
How do you, how would you view using franchising [00:21:35] to become kind of a long-term wealth strategy in your portfolio?
Greg Mohr: So [00:21:40] again, what you wanna look at, the fact that your franchise is an asset. It's not a job. It's just something that you're gonna build on. [00:21:45] You're not gonna be the one running it. And most importantly, you are gonna want to get a, [00:21:50] a manager to run it, because you don't want that business to revolve around you.
If it revolves around you, it-- [00:21:55] I-- The whole point of being an entrepreneur is to do what you want, when you want, and have [00:22:00] the money to do it, and the fact that we don't like other people telling us what to do on a regular basis. [00:22:05] So there's that. But for a wealth strategy, what you wanna do is you want to build that franchise up.
You don't wanna [00:22:10] just get one unit. You wanna build more than one. So if you're looking at... And [00:22:15] probably some of the easiest ways to do that, again, is with the, uh, uh, home services type [00:22:20] franchises, where, uh, you don't have a huge investment right away. Uh, it'll [00:22:25] depend on you and what you like. Some people like brick and mortars.
But for your strategy, what you wanna [00:22:30] do is there's a couple different ways to go. There's the horizontal growth, where you pick up more than one territory. You have a [00:22:35] manager run it, it's an asset, and then you just pick up more territories as you grow. You can do that. [00:22:40] But a good thing that you can do also with the home services franchise is that you can pick up other home [00:22:45] services as well.
So now what you're looking at there is vertical growth. So if you're outside--
George Wright III: [00:22:50] hmm
Greg Mohr: Exactly. So you're outside there doing the lawn care, and then you say, "How about if I send [00:22:55] my, uh, my team over to clean your house? Give you a free house cleaning, and you can [00:23:00] see if you like them." Okay? So now you've got... Now you take care of the lawn.
Now [00:23:05] you take care of the, uh, uh, inside cleaning of the house. How about general maintenance? How [00:23:10] about I send my maintenance man over to see what needs to be done, painting what needs to be done? So now you've got that f- uh, vertical [00:23:15] asset. N-now what you have is that you're marketing to the same people, the same group of [00:23:20] people on there, so you've got that vertical thing, so no matter what happens in the home, you've got somebody that can take care [00:23:25] of it.
And again, you're not being the one d-doing it. You've got the manager running it. You got the manager, [00:23:30] the whole team of management running it. Uh, it's a good thing to do. You can do it in, in, uh, [00:23:35] brick and mortar too. When I was, uh, helping Supercuts sell their corporate locations, I had a gentleman [00:23:40] who was a doctor, and he wanted to provide services to underprivileged people.[00:23:45]
So he said, "I wanna get as many Supercuts as I can." So we got him up to about 80 different [00:23:50] Supercuts salons, uh, on that, and he only had like four or five people that he had to deal [00:23:55] with, because every seven or so salons, each one had a manager, but every seven or so salons, he'd have [00:24:00] a regional manager take care of that.
And then we just built them up. So he only was dealing with like four or five [00:24:05] people at a time, but he had-- was able to build up that asset, long-term asset, then use that money [00:24:10] then to help underprivileged people get, uh, doctor services.
George Wright III: Wow, that's amazing. Yeah, it really is, like you [00:24:15] said, it's an investment. It's part of your portfolio. It's not sp- meant to be a job. It's not meant to, uh, [00:24:20] replace kinda w- your income. It's, it's part of your portfolio. I really do like that, and I've seen that in the home [00:24:25] services as well. I mean, I've seen people, um, you know, go from, you know, pesticides to alarms to solar to, [00:24:30] you know, uh, all kinds of different things that are vertically stacked, um, but, but [00:24:35] benefit and synergize off each other.
So there's some good ways there, too. Well, this is great. This has been very [00:24:40] informational. I'm hoping if individuals listening have been, or, or even if they haven't been considering a [00:24:45] franchise, they'll look at this as an investment type strategy. So where is the best way, [00:24:50] Greg, for people to be able to touch base with you?
'Cause I know you have some good systems in play and [00:24:55] some, you know, basically processes that can help to expedite and also ensure [00:25:00] quality with individuals that are looking. Where's the best place for people to contact you?
Greg Mohr: You can go to my [00:25:05] website, uh, franchisemaven.com. That's franchise, M-A-V as in [00:25:10] Victor, E-N.com. Email me at greg@franchisemaven.com. [00:25:15] Or as you can see, I'm a little bit older and a little bit old-fashioned. You could try doing it the old-fashioned way and just pick up the [00:25:20] phone and give me a call
George Wright III: Yeah, we'll put links in the show notes. I'll just put all that stuff in there so they have it, but I, [00:25:25] I I think that would be helpful. Yeah. Is there any other final thoughts you have? If somebody's considering or looking [00:25:30] at or even thinking about franchises, what, what other... Any final thought you wanna leave them with?
Greg Mohr: [00:25:35] Absolutely. There's probably a franchise out there for everyone, but everyone is not for [00:25:40] franchising. We'll figure that out along the way for you. You can always say no. No is my second [00:25:45] favorite answer
George Wright III: I love it. I love it. That's great. Well, thanks, Greg. I appreciate you, uh, [00:25:50] sharing your thoughts. And, and guys, if you're listening to this episode, do me a favor and share the episode, [00:25:55] but also send us some feedback. Let us know what you're working on. Let us know what you're dealing with. You know, no matter where [00:26:00] you're at in your life, in your personal business, finance, whatever it is, you know, [00:26:05] there's, there's n- no reason to wait, and you can start to create the lifestyle that you wanna [00:26:10] create.
But there's, there's a lot of ways to do that, so just have to take some action. So thank you so much for [00:26:15] listening to the episode. I look forward to talking with you soon. Once again, this is George Wright III with Greg Moore, [00:26:20] and we'll talk with you in the next episode
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