Episode Details
Back to Episodes
Episode 6: Josh Minturn, VP of Franchise Development and Karen Riker, Resale Development Manager with Authority Brands
Description
1:35 Josh Minturn introduces Authority Brands (AB)
2:15 Josh says that across all AB franchises, there is a network of almost 1,500 franchisees
2:40 Josh explains the difference between AB’s legacy, mature and emerging franchise brands
4:59 Karen Riker explains why a franchisee would want to sell/exit their business
6:14 Karen outlines the advantages of acquiring an operating franchise and what a “franchise-minded” entrepreneur is seeking
8:20 Karen outlines the advantages offered by a franchise system over an independent business
10:25 Josh explains the training that a new franchisee receives in an acquisition scenario
11:42 Josh explains AB’s role as facilitator in the acquisition process
13:39 Karen explains a selling franchise owner’s options to procure a buyer
16:02 Karen outlines the acquisition process participants in addition to Buyer/Seller/Franchisor
18:10 Josh discusses business valuation best practices
20:30 Josh discusses how funding and business valuation may or may not be handled by the same 3rd party vendor
22:10 Karen and Josh explain how some franchise resales are acquired by neighboring franchise owners and some are acquired by new incoming candidates
25:17 Karen equates joining a franchise to joining a family
26:50 Karen outlines the additional documentation required to successfully transact a franchise resale
28:33 Karen talks about working hand-in-hand with buyer and seller to make sure they stay on task with checklist items to move towards closing
29:00 Josh explains how Authority Brands handles resales regularly and helps buyers and sellers through the process, since it’s usually the first time buying and selling for both parties
30:40 Josh answers the “hard-hitting” question of how many active resales is healthy in a mature franchise system
32:26 Josh explains how you can view Item 20 in the FDD to see how many units were added or subtracted in the previous year
33:20 Karen outlines the timeline for a successful resale transaction
36:00 Josh encourages new franchise owners to think with the end in mind because at some point, all franchise owners will have an exit
36:40 Karen encourages entrepreneurs to bet on themselves and explore franchise ownership
Free Resource for Franchise QB Listeners:
The Franchise QB Playbook will guide you through the process of finding your perfect franchise fit.
Free Franchise Doc: 👉https://www.franchiseqb.com/playbook
#franchiseownership #FranchiseOpportunities #OwnABusiness #FranchiseSuccess #FranchiseQB
Contact me and my team with any questions along the way. www.calendly.com/franchiseguy
Mike Halpern, CAFC
mike@franchiseqb.com