0:10

Welcome to Tailoring Talk . I'm Roberto

0:12

Rivera , bespoke tailor and weaver

0:14

of superpowers . I prepare my clients

0:16

and listeners to win . We'll meet

0:18

self-starters and creators , diving

0:21

into their journeys and uncover valuable

0:23

lessons to help you be the very best

0:25

you can be . Please help the show to

0:27

grow and help more people by hitting subscribe

0:29

and giving us a rating . Today's

0:32

guest is a visionary entrepreneur

0:34

, wall Street Journal best-selling

0:36

author and the driving force behind

0:38

Franchise Maven . His journey

0:41

from a seasoned microelectric

0:43

circuit engineer to CEO

0:45

and founder of a thriving franchise

0:47

empire is nothing short of inspiring

0:50

. Here to teach us all about the power

0:52

of franchises and how franchising

0:54

could be a potential key to your success

0:57

. Tailoring Talkers , please welcome

0:59

Greg Moore to the show . Greg , how

1:01

are you ?

1:03

Beautiful day in the neighborhood , Roberto , and I appreciate

1:05

you having me today , sir .

1:07

Thank you so much for joining me all

1:09

the way from Missouri where

1:11

we established in our

1:13

pre-talk . You're the third person I've met

1:15

from Missouri because I have my client there

1:17

and his wife , and now I know

1:19

you .

1:22

Cool .

1:22

Yeah , Missouri's a great place place .

1:24

When you're in the neighborhood . Stop on by . We're out in the

1:26

ozarks yeah , well , oh , the

1:28

ozarks .

1:29

I see now I should make that connection

1:31

. I love that show .

1:33

It was really dark it

1:35

was , and I I have yet

1:37

to find , uh , anybody that I can

1:39

help with money laundering around here . I've searched

1:42

everywhere and I just can't find anybody .

1:45

No , colombian drug dealers have approached you

1:48

about you know starting up a franchise

1:50

Not that you could tell me but you know

1:52

starting up a franchise to just wash

1:54

their money through . I'm

1:57

just looking for any clues in the

1:59

background there to see if you're being coerced

2:02

into talking to me today or

2:05

being kept an eye on . No , I'm kidding , but

2:07

ozarks was great . It was such a well-written show

2:09

as well and and we were just glued

2:11

to our seats on that one . But my wife

2:13

at one point thought the ozarks was made

2:16

up , um . So I had to show

2:18

her on a map and everything and say , no , it's actually

2:20

a real place and right yes

2:22

, it is beautiful too yeah , it

2:25

looks stunning , it looks absolutely gorgeous

2:27

. So no , definitely I'll hit you up when

2:29

we're around there . Um . So , greg

2:32

, um engineering

2:34

background which

2:37

conceptually would come in handy for

2:39

what you then go on to do later

2:41

in life and present day , rather

2:43

, um , but where

2:46

did you kind of start off ? So just take me

2:48

back to you know , child

2:51

Greg , and how you

2:53

kind of when did your way into engineering

2:56

and then when did your

2:58

way back out again into business ?

3:01

Okay , we're going to go back to the way back machine then Roberto

3:04

, because that was way back . So

3:06

first , starting out as an entrepreneur , back

3:08

in my day we had paper boys

3:10

and paper girls , paper delivery people

3:12

, so I delivered- .

3:13

Oh , so they go on their bikes and just throw the newspapers

3:15

at the front doors ? Yep , hopefully

3:18

, miss the window and throw it at the front door

3:20

and then walk from door to door collecting

3:23

for the Democrats .

3:24

So we collect our money from them . We get a portion

3:26

of it , give the portion of it there . So it was my first

3:28

entrepreneur enterprise . On

3:30

that . Moving up from

3:32

there , I went into , of course

3:34

, back in high school . Most of us in

3:36

high school got jobs at fast food places . I

3:39

just happened to pick a Taco Bell . Maybe they were

3:41

hiring at the time , but I ended up working

3:43

for a master franchisor . She owned about 50

3:45

Taco Bells throughout the Sacramento California

3:47

area . So I moved up in Taco Bell , became

3:50

restaurant manager there and started helping

3:52

her build up her restaurants . So that was my first

3:54

foray into franchising itself

3:56

and learning about franchising . On

3:58

that I went on to manage another restaurant

4:01

, did restaurant management for 15 years . I

4:04

got bored with that , went to college , got a degree

4:06

in electrical engineering and physics , became a microelectronic

4:08

circuit engineer . While I was doing

4:10

that I got my degree in business , a master's degree

4:12

in business , and a friend of mine , another

4:15

engineer myself . We bought a privately owned dry

4:17

cleaners with storage units and then I bought

4:19

some rental properties as well . So that

4:21

was kind of like my side hustle , doing that on the side

4:23

While I was getting my

4:25

business degree , I read Robert Kiyosaki's

4:28

books Rich Dad , poor Dad and

4:30

that just about ruined my corporate career . For me , that

4:32

was the end of that . It's like , wow , there's something better

4:34

out there and I don't have to do the 95

4:37

or 75 in my case . So

4:47

that's when I decided or actually the front Motorola semiconductors or Freescale semiconductors

4:49

. At the time they decided it was time for me to go , which was perfect timing , right before

4:51

I hit 50 , which was just exactly when I wanted to get

4:53

out of the corporate world . It was before 50 , but

4:56

they decided for me , which is great . They decided

4:58

for my partner as well . So I sold off all

5:00

my business shares to my partner let him do

5:02

that on the side , since he got laid off as well

5:04

. And I said I got to go back and do that franchising

5:07

thing . That was a lot of fun . I don't have the

5:09

latest greatest idea , and that privately

5:11

owned dry cleaner business was a bit of a challenge

5:13

when you don't know anything about dry cleaning and

5:16

you got to go figure it all out on your own . So

5:18

I went into franchising at that point in

5:20

time .

5:21

Yeah , wow , wow . So my only previous

5:23

exposure to franchising uh

5:25

was one of my really close friends , she

5:27

. I remember once we we lost

5:29

touch for a few years and then we we

5:32

got reconnected and

5:34

uh , at the time she was a

5:36

franchise owner franchise

5:38

owner , franchisee of a branch

5:41

of subway , oh cool

5:43

, which which kind of started off well

5:45

, because you know all rainbows and sunshine

5:47

, all of that , and then as things kind of

5:50

progressed and you know managing staff

5:52

and all the rest of it , it just turned into an absolute

5:54

nightmare for her . And

5:57

you know , I

5:59

guess there are different ways to kind of approach

6:03

franchising . There are different ways to kind of approach franchising

6:05

and from our pre-talk I'm already guessing

6:08

that finding the right

6:10

fit is very important . You

6:12

can't just go and do

6:14

anything . I guess it helps

6:17

if you find something that you're particularly passionate

6:19

about .

6:21

Not necessarily , roberto . A lot of my people

6:23

. What they're passionate about is

6:25

making a good income . So

6:28

, as long as it's legal , ethical and moral

6:31

, uh , there are quite a few

6:33

of them are just looking to get a great income and then

6:35

from there it is what

6:37

is your , uh , what

6:39

is your interest ? Most importantly , what I ask people is

6:41

what do they want to stay away from ? What

6:43

do you not like ? Because most people don't know

6:45

what they like . They know what they don't like on

6:48

there . So we look at industries where

6:50

. So you know , we'll go through quite a few questions and

6:52

if you're doing this yourself , you've got to think of some things yourself

6:55

. What are you looking to do throughout

6:57

the day ? A service industry where you have a small office

6:59

or you work from home and you go out and talk

7:01

with your clients ? Do you prefer like a brick and mortar ? On that

7:03

, you don't necessarily have to be absolutely

7:05

passionate about it , but you do have to have some interest

7:07

in it , because that franchise is going to be talking

7:10

to you , the franchisor , and they're going to

7:12

want to make certain that you've got a really good interest in

7:19

what they're doing . There's a lot of good business models

7:21

out there . It's just finding the right . I like the fact

7:23

that I know they're going to be around for a long time . I

7:25

know that , the fact that a lot of people are going to use them . That's

7:28

the sort of thing that really drives and can

7:30

motivate you .

7:32

Yeah , yeah , cause I hadn't

7:34

thought about it like that . Because you know , in my mind

7:36

very narrow minded view , you

7:38

know you look at , but you look at all the

7:41

big brands like McDonald's

7:43

and Kentucky Fried Chicken

7:45

and Subway , and

7:48

over here we've got actually

7:51

I don't even know if they're franchises

7:53

or not , like Starbucks isn't a

7:55

franchise , is it ?

7:57

No , it's not .

7:58

Yeah , but the ones that I've mentioned

8:01

before certainly , but then you

8:03

don't realize that there are other types

8:05

of businesses . So all three

8:07

of the businesses I mentioned are fast food . I

8:11

haven't even thought about franchises

8:13

in other industries , whether

8:15

it , like you mentioned , dry cleaning straight

8:17

away . Oh my God , is that a cat ?

8:22

It's one of my dogs .

8:23

It's a dog , I thought it was a cat . No

8:27

what , I'm gonna go tiny

8:30

. Oh yeah

8:32

, go , go and pick up . Sorry anyone who's listening

8:35

and not watching the video version of this on

8:37

youtube . I've just gone absolutely mental

8:39

because greg's dog

8:41

just looks so cute . Oh

8:43

my god , I just want to reach down the camera

8:45

and pick . Is it a he or a she ? A

8:48

little boy , boy , oh

8:51

, he's so cute . What breed Yorkie

8:53

? A Yorkie , wow

8:56

, got really big ears .

8:59

Yeah , he does . He's been shaved down a little bit

9:01

for the summertime . Ah , okay .

9:05

Yeah , my two are right behind me here snoring away . Um , anyway , I'm so sorry

9:08

. Um , I interrupted myself . Um

9:10

, so , yeah , so I hadn't even you mentioned dry

9:12

cleaning . I hadn't even thought of under other

9:14

industries when it came to franchising

9:17

. So , um , you

9:20

know so . So it's like in

9:22

my immediately thinking

9:24

, franchising fast

9:26

food , long hours

9:28

, coming

9:30

home smelling of what you used to love

9:32

having as a treat and then just being sick

9:34

of it all the time . That doesn't really sound

9:36

attractive to me . But then

9:39

there's a lot of other stuff out there , right

9:41

? Because then again I was talking in to

9:43

you in our pre-talk that my wife had the

9:45

idea that one day maybe

9:47

we could take our

9:49

business , which is clothing , and

9:51

actually package that up and give the opportunity

9:54

to people to go and , you

9:56

know , work off the back of our brand and all the

9:58

hard work that we've done putting all of our systems

10:01

into place and actually being able to make an

10:03

income and create an opportunity for

10:05

themselves wherever they happen to be in the country

10:07

or wider world .

10:10

Yeah , the only competition you have is Pierce Bespoke

10:12

, who also does the same thing as you do makes

10:15

clothing , and they're a franchise , so

10:17

you've already got a precedent for it and

10:20

they do real good on that one . Yeah

10:22

, wow , you know . You also

10:24

talked about Roberto . You talked about passion

10:27

. I mean , how many people are really passionate about hamburgers

10:29

? I like hamburgers , but they want

10:31

to get into McDonald's . They're not necessarily passionate

10:33

about , you know , flipping burgers

10:35

all day and then selling burgers . Passionate about , you

10:38

know , having the money and that's you know . Those are

10:40

the franchises . We see , you and I driving down the

10:42

road . Road . That's what most people think about is

10:44

what , the brick and mortar franchises , what you see

10:47

on a regular basis . There's so many different

10:49

franchises and so many different industries out

10:51

there , uh , that I think that's some

10:53

of the most of the time when people come to me , they

10:55

don't realize just how many different industries have

10:58

franchises and yeah , well , we came

11:00

across one the other day actually , where

11:02

so we had a rent but we have , we

11:04

have a rental property which

11:08

we're about to rent back out , but regulations

11:10

have changed and so on .

11:11

So we've got to get it up to code and

11:16

you know , the loft , as an example

11:18

, needed to be stripped out , re-insulated

11:21

, boarded , all of that stuff , and

11:23

so we were trying to get quotes and so

11:25

on , and people were coming up with

11:27

ridiculous figures

11:29

. And then eventually

11:31

my wife found two companies , not

11:34

one , two . One was called the

11:36

Loft Boys and the other one was called I can't

11:38

remember what it was called the Loft Company

11:40

or something I don't know . Um

11:42

, and she said they're both really

11:44

reasonably , reasonably priced

11:47

. And she

11:49

said it's really funny because , um

11:51

, she said , I kind of feel like they

11:53

, they have quite a strict kind

11:55

of pricing model that they don't really deviate

11:58

from . They're not just turning up sticking a finger up in

12:00

the air , and so you know , pulling a finger out of the proverbial , a figure up in the air , and say

12:02

, you know , pulling a finger out of the proverbial , a

12:04

figure out of the proverbial , right ? So

12:06

I was like let me just

12:08

check them out . And then what I discovered

12:11

was they're franchises

12:13

. That's why they have a structure

12:15

, that's why they have a pricing system that they

12:17

don't deviate from and that's why they

12:19

can quote quickly . They

12:22

have a um , a

12:24

standard , kind of uh , customer

12:26

charter and service level expectation

12:29

, um , and

12:31

they came and they did the work . Unfortunately

12:34

, the first guy that came

12:36

to do the work , halfway

12:38

through the job there was a problem

12:41

, so we we had to

12:43

complain to , ultimately , the franchise

12:45

owner . It was who we got hold of

12:48

and she was like okay

12:50

, fine , sorry about that , she just passed

12:52

the whole job over to a different franchisee

12:54

, apologized . They came absolutely

12:57

fantastic , five stars . Couldn't rate

13:00

them highly enough . We didn't pay

13:02

a penny more than we were told

13:04

we would pay . There was no arguing

13:06

. They were the nicest people . That

13:09

franchisee

13:13

, right . So the franchise

13:15

owner is the

13:19

one that sits above , owns the

13:21

whole thing . So the

13:24

the problem that that they see as

13:28

a , as a group or an organization or

13:30

entity , is that the building trade is

13:32

full of builders and

13:34

the problem with builders is that

13:36

they don't know how to run businesses and deal

13:38

with customers most of them in

13:40

this country anyway , I don't know . It's like in the United

13:43

States . Yeah , same here , right , kind

13:45

of same Right . And so so

13:48

he said that the people that that

13:50

you met that did the work at

13:52

your place . They've been trained to

13:55

do that job , but they're

13:57

not builders , they're

13:59

customer service people , and

14:01

those are the types of people that we employ

14:03

and that's why

14:06

we get . And then when I looked at their google reviews

14:08

, it's like five stars all the way through

14:10

and I was like , oh my god , what a great business

14:12

model . And and

14:15

this guy , carolina , said like seriously

14:17

, you should meet him because he's

14:19

doing really really well for himself and

14:21

he looks like he loves his clothes as well , um , and

14:23

I was like , I mean , the guys you know , he's taking this opportunity with both himself and he looks like he loves his clothes as well . Um , and I was like , I mean , the

14:25

guys you know , he's taking this opportunity

14:27

with both hands and he's run with it , um

14:30

, and and doing really really well , which

14:33

is , I guess , what you're you're guiding

14:35

people towards exactly

14:38

right .

14:38

well , girls , things that they can really get into . So

14:40

you're going to go through the due diligence process and

14:43

you're going to eventually I mean mean , most people want to make

14:45

a decent amount of money , some more than others but

14:47

what you want to do is , as you're talking

14:50

to the franchisees that are running the business and the ones

14:52

that are most successful is find out

14:54

what they do on a daily basis and

14:56

then try and picture yourself doing that . If you can

14:58

picture yourself doing that especially

15:01

the franchisees that are making the most money you

15:03

really know that you're on the right track . If you can't

15:05

, then move on to another franchise

15:08

or hire somebody to do it for you . But

15:10

you've really got to just picture in your mind getting

15:12

that business and doing that business , and if it feels good

15:14

to you , you can picture yourself doing it . That's really

15:16

what counts .

15:18

Yeah , yeah , some

15:21

people . They

15:23

kind of like the idea of you

15:25

know . They look at people who run

15:27

their own businesses . So I get this all the time

15:30

from friends and other people

15:32

who meet me for the first time and they're like , wow

15:34

, you run your own business . That

15:36

sounds awesome . You tell them it

15:38

looks great on the surface but

15:40

at the end of the day you know I'm

15:42

working a lot , I'm

15:44

working hard . You

15:46

never , ever , switch off Franchise

15:50

. Being a franchisee sounds

15:52

like it's kind of like that . Is

15:54

that a myth ? Am I wrong ? Does

15:56

it just depend on the approach that you take ?

16:00

It depends on the approach you take Roberto , definitely on

16:02

that one and it depends on how involved

16:04

you want to be in that franchise system . I

16:07

think , with me and starting my

16:09

own business , I think about it all the time because I enjoy

16:11

it all the time . It's not like

16:13

it's a job on

16:15

that , it's just it's something I enjoy doing , helping

16:18

others and I make money

16:20

at it on that , so I can think about

16:22

it all the time . With a franchise system

16:24

it just depends on how involved you want to get

16:26

. If you don't want to be involved on a

16:28

daily basis and for most franchises and

16:32

most businesses in particular , any kind of business

16:34

you get into you really don't want

16:36

to necessarily be involved on a

16:38

daily basis . You don't want that business revolving

16:41

around you on that , because

16:43

you want a couple of things . You're trying to get a couple of things

16:45

out of business , a couple things . You're trying to get a couple things out of business . One

16:47

you're trying to get , you know , the family fed and the bills paid . I mean

16:49

, that's basic number one . But the second

16:51

thing is , when you're running your own business , you want that business to run

16:53

itself so you can go out and do what you

16:56

want to do when you want to do it and

16:58

if at some point in time you want an exit strategy

17:01

where you're getting out of the business , you don't want it revolving

17:03

around you because it's easier to sell off

17:05

that way . So you really don't want to be

17:07

actively involved

17:09

, working in the business on a regular basis

17:12

. And that helps with a franchise . With a franchise

17:14

you've got that system in place , that step-by-step

17:16

process to where you're never

17:18

wondering or guessing what to do next on

17:20

there . And then also it makes it very easy to train

17:22

a manager or somebody else to do it for you

17:24

. Where you oversee it , you're working on

17:26

the business itself , building that business up , and

17:28

not working specifically in the business . So

17:31

at first , yeah , you know any kind

17:33

of business that you get into , anything that you do , you

17:35

probably want to get you know a little bit more

17:37

involved with that , because you've got to do a little building up

17:39

. You can still do it semi-absentee , but

17:42

you're still going to be thinking , no matter what . You're going to be thinking about it

17:44

all the time , but if you get into

17:46

the right one , you're going to be thinking in a positive

17:49

way . You think how wonderful this is , I've

17:51

got you know . You see the future , you see the

17:53

end , you've got a positive mindset

17:55

on it . So it's not like a negative thing , like you're

17:57

worried about it . It's like a positive thing , like how can

17:59

I help this grow ?

18:00

yeah , I guess , um , unlike

18:03

traditional business

18:05

for entrepreneurs where , you know

18:07

, we're kind of figuring it out as we go along and

18:10

then at some point we realize that we're getting

18:12

burnt out and we're like there are things that

18:14

we shouldn't be doing and there are things that

18:16

we should be doing more of and

18:18

we need to systemize and we need to have

18:20

proper processes in place and

18:22

we need to stop getting emotional about stuff

18:24

and just stick to those processes , because if we

18:27

do that , then life is a lot easier

18:29

. Right , set your ground rules

18:31

, know your principles , know

18:33

what your vision is , know where you're going

18:35

. Don't deviate , because as soon as you start

18:37

doing that , that's when your head explodes With

18:40

a franchise . You've got the Bible

18:43

, you've got all of that set out for you , because

18:45

the person that originally had the vision so , if

18:47

we use the mcdonald's analogy

18:49

because it's the most famous and

18:51

probably the most successful one in the world

18:53

um , you know they

18:55

well , ray crock , the mcdonald's

18:58

brothers had a great little

19:00

thing going , you know

19:02

, amazing . They were able

19:04

to , from checkout

19:07

to putting the paper bag in your

19:09

hand . They had that process down neat

19:11

. They lacked the vision and

19:14

possibly the will

19:16

to relinquish control

19:19

to make that bigger

19:21

, which is what Ray Kroc came in . He saw

19:24

and had the vision and he was also

19:26

willing to take the risk to

19:28

get it to where it needed to go . I can't

19:31

remember where I'm going with this . Um

19:33

, anyway

19:35

, the point is that you have the blueprint right . It's

19:37

given . So , I imagine , because I really like

19:39

using visual examples or analogies

19:42

. I imagine that . Imagine that

19:45

getting into a franchise

19:47

is like when you have

19:50

to get a roundabout going

19:52

. But this roundabout

19:54

merry-go-round you might call

19:56

it you

19:58

always have to give a roundabout , a really

20:00

hard push , and you've got to put a lot

20:02

of energy in at the start . And

20:05

then , for most entrepreneurs who

20:08

aren't running a franchise

20:10

, you find that

20:12

very often you're

20:14

running around with that thing putting

20:17

so much energy to keep it going . It's almost

20:19

constant and it can be exhausting , whereas

20:22

with a franchise , if you start off the right

20:24

way , you've already got your people

20:26

, your friends , your employees on

20:28

the merry-go-round . You

20:31

kind of give it that initial push . But

20:33

once you've got it going , if you follow the

20:35

blueprint , you follow the principles , then

20:37

all you're doing to keep that thing going is you're just

20:40

tapping it . You're just tapping it just

20:42

to keep it spinning around , all

20:44

right , Exactly right , roberto

20:46

.

20:47

Somebody has already done all the footwork for you

20:49

. That franchisor has already made

20:51

all the mistakes , so there's a lot of things you don't need to

20:53

worry about as far as mistakes making . They did it

20:55

before . They said follow my

20:58

outline here , my game plan , and

21:00

we'll get you to where you want to be two to three years quicker

21:02

and do it yourself . Now that doesn't mean

21:04

you can't be creative . You can still be creative

21:07

, and that's how a lot of franchises grow is because the

21:09

franchisees become creative . So there's still a lot

21:11

of creativity in there from a personal standpoint

21:13

. But you're getting into that franchise , you're

21:15

paying their franchise fee , you're paying those royalties

21:17

for that blueprint of everything

21:20

that all the mistakes have been

21:22

taken care of . You just do this , this , this

21:24

and this steps

21:26

. The chances of your success are that much

21:28

greater , yeah .

21:31

Let's talk about financing , because

21:33

obviously you know okay

21:36

. So you identify the things that you don't like

21:38

doing , which

21:41

leaves you with the things that you might like doing . You find an opportunity

21:43

, you go through all the due diligence

21:45

and so on . Franchise owner

21:48

says , hey

21:55

, I think you would be a perfect fit as well , let's take this forward . Then you've got

21:57

to find some money from somewhere because there is an investment

21:59

involved . Talk to me about financing and how you

22:01

kind of guide people through that , because you're going to

22:03

have people at different levels . You're going to have people who

22:05

are going to maybe have an amount

22:08

of cash in the bank that they are ready

22:10

. I'm going to put this money and I'm going to invest and

22:12

I'm going to take one franchise

22:14

, see how it goes , then start building up and

22:16

so on . And then you've got other people

22:19

that are coming from a very different place . They

22:21

might not have two cents to rub together

22:23

and

22:28

this is something they can't see any other way than

22:30

this opportunity as being the

22:32

thing that might help them to achieve

22:34

their hopes and dreams . So

22:37

two very different examples that I've given

22:39

you there how do you handhold them through

22:43

the process of financing in a responsible

22:45

way ?

22:47

Great question , roberto . So , along

22:50

with the due diligence and along with what I do , you

22:52

could do it yourself if you want to go out there and look for franchises

22:54

. But as far as our due diligence goes , we're

22:56

going to be looking . Each franchise has a specific

22:59

requirement for cash and for net worth

23:01

, in addition to other requirements , but we're just talking

23:03

about funding here on that one . So

23:06

we've identified together or you'd identify

23:09

it yourself a franchise that

23:11

you have the required net worth and you

23:13

have the required cash to get involved in . So

23:15

use your own money or use somebody else's

23:17

money Two different ways to go . You either have cash

23:19

in the bank . You just simply write a check for

23:22

it . Here in the US

23:24

we also have what's called our retirement plans

23:26

, which is 401k plans , iras

23:28

. If you have a 401k plan from

23:30

a previous employer or an IRA

23:32

, you can roll it over into a self-directed plan

23:34

on that , and that's

23:36

where you create a C corporation . You buy

23:38

stock in your C corporation and then your 401k

23:41

just transfers money into the checking account

23:43

for your C corporation Definitely

23:45

a personal decision , because that's your retirement money

23:48

that you're using . That's what I did to start my business

23:50

, because I did not want to go into debt to

23:52

start my business , but that's

23:54

how you do it using your own money , using

23:57

other people's money . What we have

23:59

here in the US is probably the easiest explanation

24:01

would be go with the SBA loan on that one . So

24:04

two different types of people . If you

24:06

got plenty of net worth , you got plenty

24:08

of cash for an SBA loan

24:10

. Then the

24:13

only thing that really matters is your credit

24:16

and the fact that you do meet

24:18

the requirements for the net worth

24:20

on that one . So the

24:23

franchises themselves . One of

24:25

the other benefits is that they have that proven track

24:27

record of success . So the funding people

24:29

I work with . They fund franchises all the time , so

24:31

that part's already taken care of . As long as you've

24:33

got good credit , you're good . Now , as far as how much

24:35

money you have to come up with on that

24:37

one , that one's going to vary by the type of franchise you

24:39

get into . So we talked about the brick and mortars . Those

24:42

are the big ones . Those

24:50

are the ones where you get an SBA 7A loan . You put about 20% down on it . So , yeah , if you're looking at a $400,000 or $500,000

24:52

investment , you're looking at $80,000 , $100,000 cash that you're going

24:54

to need up front . Now , if you go with a service industry where

24:56

you are a small office

24:59

or you work from home , those are , right , around $150,000

25:02

total investment give or take . So you'd be looking

25:04

at an SBA Express loan , which is

25:06

around $150,000 , $200,000 . What

25:09

they're looking for then is your

25:11

good credit , of course , but

25:17

now they're only looking at $20,000 down on that one . So that one's a little bit

25:19

easier to come up with . Lots of great businesses in the service industry , lots of essential businesses

25:21

in the service industry senior care

25:23

, tutoring , heating and air conditioning , plumbing

25:26

, electrical , many

25:28

, many different things that you can do in there . Groundskeeping

25:30

all sorts of things . Great money

25:32

makers . It doesn't matter if you get into the service

25:34

industry or the brick and mortar . The

25:36

amount of money you can make is pretty

25:38

much the same . Each franchise is a little bit different

25:40

. But direct answer to the question about

25:42

$20,000 . Good

25:45

credit and you're good to go for any

25:47

service franchise almost yeah

25:49

, wow , I'm

25:52

just realizing now as we

25:54

talk .

25:57

So yesterday I pulled up outside

25:59

my house . Now I own two

26:01

cars I , I have a Supra and

26:04

I also have a Mini , which

26:07

you would expect me to because I'm British , I

26:10

love my German cars and someone

26:14

had walked past my beautiful Mini

26:16

John Cooper Works , it's the full thing , you know

26:18

, with the rally spoiler , all the rest of it

26:20

. It's a beautiful car and down

26:22

its rebel

26:24

green exterior , someone walked

26:26

past it with a key straight

26:29

down the side . Why like

26:32

? Why right , but

26:34

anyway . Um , and

26:36

so you know bmw , they

26:38

want , like in the region of four or five thousand

26:40

pounds , to respray

26:43

it , because they're saying that they need to . They can't just treat the scratch

26:45

, they need to respray it because they're saying that they need to . They can't just treat the scratch , they need to respray the entire

26:47

wing of the car , blah , blah , blah . I've

26:51

been to some other independent garages

26:53

and they've said similar for

26:55

not quite as much money as BMW want , but

26:57

anyway . And then

26:59

I remember getting my alloys repaired

27:01

a few years ago , um , by

27:03

a company called chips away , and

27:07

they come around to your home in a van and

27:09

they can do alloy repairs

27:12

and they can do scarves and sort

27:14

dents out . I'm sure you , you guys , have

27:16

your similar version in the united states

27:18

as well . Um , and

27:21

now I think about it . I

27:23

just realized that's a franchise Because

27:26

I pulled up outside my house yesterday my neighbor

27:28

, I think , had some accident damage and a chips

27:30

away van was on her front drive repairing

27:33

her car . And I went over to the guy and he's got

27:35

his name there with his cell phone number and

27:39

I was like I was actually thinking about calling you

27:41

guys because I , can you come and have a look at

27:43

my car when you finish dealing with that ? And

27:49

he came and looked at it and he was like , yeah , he said I'm going to give you a quote

27:51

, but this is . I'm going to tell you verbally now . This is how much it's going to be 160

27:54

pounds plus sales tax . Awesome

27:57

, I said so you don't need to respray the

27:59

whole thing . He said no , I do this every single day

28:01

, so don't worry , it'd be absolutely perfect . You'll

28:03

have a full guarantee . And

28:14

here's my card Just go online , book an appointment . And it was that same reassurance

28:16

that I got with service level standards and so on , that we got with

28:18

the loft people and that you

28:20

get with McDonald's when you go in there

28:22

. Right , it doesn't matter if I go into McDonald's

28:24

here or in London , in New York or

28:26

or Spain . Even I

28:29

know the level of service I'm pretty much going to get

28:31

and I know that the food I'm going to get

28:33

is pretty consistent as well . And

28:36

I've just realized that's a freaking franchise Now

28:38

that I'm thinking about

28:40

it and you've opened up my mind , I'm actually Wendy's

28:44

franchise , chick-fil-a or

28:46

Filet , because that's just come over here

28:49

. Franchise UPS

28:52

, like you have those UPS stores

28:54

. Franchise , right , am

28:57

.

28:57

I right Okay .

28:59

Yeah , Snap-on HerTech

29:03

. I think there's a place called

29:05

Ace Hardware that I remember from

29:07

my time when I used to live out in the States

29:09

.

29:10

Yep .

29:12

There's fundamental , because

29:14

I always look for business fundamentals

29:16

and principles in different types

29:18

of business , because , you know , you might have a hardware

29:20

store , a place that flips burgers

29:23

, but sometimes you see

29:25

businesses and the underlying principles are

29:27

kind of the same man

29:31

, that's just mind blowing

29:33

. So now we come at it from the other point

29:35

of view , which is and I'm sure you

29:38

help people with this as well you have

29:40

a business , you have a great business

29:42

and you're thinking

29:44

you know , actually there

29:46

are people out there that probably want to do

29:48

what I do , but they don't know where

29:50

to start . Maybe we could package

29:53

up what we do and give the opportunity

29:55

to other people . So

29:57

let's let's talk about that

29:59

side of the coin for a little bit

30:01

. Where does an

30:04

owner start ? They've got a business

30:07

, they've got a product . What

30:10

now ?

30:11

So I have

30:13

people that will turn businesses into franchises . Easy

30:16

enough to do About $50,000 , give

30:18

or take will turn your business into a franchise

30:20

. This is here in the US

30:23

. There's other ones . I'm sure I can find somebody for the

30:25

UK . If you're over in the UK you want to do the same thing , simple

30:28

enough , I can find somebody for you . But I've got people to

30:30

do that . So where do we start ? So , first

30:32

off , what we're going to be looking for there with

30:34

that business , probably one of the main things

30:36

that we want to look at is how reproducible

30:39

it is . How

30:41

many people in any city

30:44

or state can use that product

30:46

or service . The more the merrier

30:48

, obviously , because now you've got not only

30:50

more clients for your franchisees but you have more franchisees

30:53

that you can build up . Now there are

30:55

boat rental franchises out there . So

30:57

obviously , if you're not near a body of water , you

31:00

know you're not going to be getting a boat rental franchise . That's

31:02

pretty obvious . But there's enough cities

31:04

and states next to bodies of water that

31:06

will make it feasible . So that's what you're looking at . Can

31:09

it be reproduced ? Can

31:11

many people use that product or service ? The

31:13

more the better . The other thing we're going

31:15

to be looking for to attract franchisees

31:17

to your business is how much

31:19

do you make ? Generally speaking , if

31:22

you're bringing in a good , you know , $100,000

31:24

or more , it's going to be attractive and you'll get

31:26

more people that want

31:28

to be involved in that business . If

31:31

you've reproduced it more than once , that's

31:33

also a good plus . So you've got one location

31:36

. We've done . Many franchises started off

31:38

with just that one corporate location and they

31:40

built on from there . But if you've already

31:42

reproduced it a couple of times , that's always

31:44

a plus as well . So

31:46

those are the main things . Is that can many people

31:48

use it in any city or state ? If

31:53

you reproduced it , which is great , um

31:55

. And if you have make a hundred thousand more , that's

31:57

also great . The last two not quite

31:59

um , as necessary

32:01

. It just makes a little more challenging to find people

32:03

yeah but my people will turn that

32:06

business into a franchise

32:08

system . get all the paperwork done , help

32:10

you with your policies and procedures and your

32:12

step-by-step manuals on that , so you

32:14

can just walk right in and start offering franchises

32:16

.

32:22

Yeah , so it's like you come at it from the point of view where

32:24

you forget about franchises for a second . But you know a lot of business

32:26

owners don't think early enough about what

32:29

the end game is and how they're going to exit . Now

32:31

you are someone who has built a business and you've

32:33

exited as well . But

32:35

in order to exit , you need

32:37

to take your hand off the tiller and

32:40

that business needs to be able to run itself without

32:42

you . And in order to do that , you need to put

32:44

systems , processes in place , you need to have

32:46

good people that can be trusted

32:49

and you need to

32:51

have that blueprint , that manual , that anybody

32:53

could like . If you died or dropped dead

32:55

or just disappeared off the face of the earth , that

32:58

was a bit extreme , sorry , but you know what I mean

33:00

. You still have to . I mean , look , let's be

33:02

realistic . You have to plan for that If you want your

33:04

business to survive and thrive without you . If

33:07

you took yourself out of the business

33:09

, could it run ? And if the answer

33:11

is yes , you

33:14

also have a business . Potentially

33:16

that is franchisable , if

33:18

you can tick those other boxes

33:20

of how replicatable is it . Well , if

33:22

you've got a system already , it probably is replicatable

33:25

. How big is the audience ? Is there

33:27

a market for it ? In multiple locations

33:29

. Suddenly , you start to see where

33:31

the opportunities are , all

33:34

over the place . Yep

33:37

, exactly right . Wow

33:40

, I've learned so much today . I feel

33:42

like I've like done four years of university

33:44

in like half an hour or whatever . How

33:46

long we've been talking ? This is freaking awesome

33:48

um , wow , um

33:51

. So , and , by the way

33:54

, you know , the majority of my audience is

33:56

actually based in the united states , not in

33:58

the uk . It's like 60

34:00

us , 35

34:03

, I think . Uk it must be my accent

34:05

, right , they think I'm smart over there

34:07

. Um , and then the rest is sort

34:09

of spread out all over the rest of the world . Um

34:12

, so any of you you guys

34:14

and girls that are listening to this that want to

34:16

get in touch with greg because

34:18

you're thinking actually my

34:21

business , because we've had a lot of those conversations

34:23

about how to get your business

34:26

to a stage where you can exit

34:28

if you're thinking actually do you know what ? I want to

34:30

hang in there a bit longer and actually maybe package

34:32

this up .

34:37

Greg would love to talk to you . Right , great to have

34:39

options . You always got to have options on that

34:41

. If you want to grow , you're going to

34:43

grow either linearly , where

34:45

you are putting your money into the next unit

34:47

, you're overseeing the operations , you're managing

34:49

that . You can only do that if you have your own

34:51

money to do it . You

34:57

want to grow exponentially . That's where you get into franchising . You don't get as much money back

34:59

but you don't have to put as much money in .

35:01

You've got that annuity . You've got those royalties ? Yeah , absolutely . And then , similarly

35:03

, for anyone that's thinking I'm

35:06

kind of bored of this nine to five stuff and I'd

35:08

like to kind of have my own business . But you know

35:10

, without all of the amount of graph

35:12

that poor people like me have put in to get

35:14

our businesses to where they currently are

35:16

, then again franchising is something that you might

35:19

want to consider , right , greg ?

35:21

Absolutely Good to have options . Always check

35:23

out your options . I'm all about education

35:25

. There's a lot of great information on my website about

35:28

franchising to educate you on that . Franchising

35:30

is not necessarily right for everybody . I

35:32

will not try and convince you it is . It's

35:35

just good to have options , good to check out your

35:37

options , compare and contrast .

35:40

Exactly Wow . And

35:42

you know the thing I love about you , greg , is you're

35:44

so , so passionate about

35:46

this as an from a point

35:49

of view of . You know

35:51

we all get one life view

35:58

of of . You know we all get one life and you know you try and make the best shot of it that

36:00

you can . We talked in our pre-talk about Ray Kroc and how I felt the movie

36:02

. Having read his book and read his own

36:04

words , I think the movie with Michael Keaton

36:06

if anyone listening has not seen it , check the

36:08

founder out , um it

36:11

. It kind of did

36:13

him a disservice in a way , because

36:16

he was someone who I think he was

36:18

in his early 50s trying

36:20

to sell those milkshake

36:23

making machines right , I mean driving

36:25

thousands , of thousands of miles

36:27

. There was no Zoom calls or anything like

36:30

that back then it was all on foot

36:32

. You're doing the hard miles in your car , gas

36:35

miles and just

36:37

not having any success at all . Comes

36:39

across this little diamond

36:42

of a hamburger restaurant in the middle of

36:44

nowhere just straight

36:46

away , is like oh my God , what the

36:48

hell is this ? This is awesome . Then

36:51

starts to learn more about how the business

36:53

operates and then sees an opportunity and he

36:55

just goes for it and takes his best shot

36:57

at life . And the thing that I love having

36:59

spent some time with you is that

37:01

I can see that you are

37:03

truly passionate about taking

37:06

people by the hand and helping

37:08

them to take that best shot

37:10

at life . And you know it might not

37:12

be for them , as you say , but

37:15

it's good to look at your options and , if it is

37:17

, I truly believe you're someone

37:19

that will just be right in there in the journey with

37:21

the people that you help and

37:23

just helping them to really just knock it out

37:25

the park absolutely

37:28

.

37:28

the more you help people get what they want

37:30

, the more you will get what you want

37:32

, zig Ziglar .

37:36

I was just about to say , Greg

37:38

, thank you so , so much

37:40

. Right , all of you listening

37:42

. Franchisemavencom

37:45

. Right , Greg ?

37:46

Yes , sir , People

37:54

will click on book

37:56

a call if they want to have a call with you . What happens , basically

37:58

? You book a call , we're going to talk . First call

38:00

is going to be you asking me anything . You

38:02

want anything about me , anything

38:08

about franchising . I'll ask you some things about what you're looking to get out

38:10

of a franchise , making certain that your expectations are there . I don't want anybody

38:12

with you know I want to be a millionaire in a year . Well , that ain't

38:14

going to happen , so we're going to get those out of the way

38:16

to begin with . So first call , you

38:19

ask me anything , get to know me . Everything's

38:22

okay . We move on to the next call . I send you out

38:24

a questionnaire to fill out so

38:26

we can get to know you . Second call is going

38:28

to be all about you . Half hour hour

38:30

, whatever it takes . I need to know as

38:32

much about you as I can , about

38:38

where have you been , where are you at now , where do you want to be , so that I can

38:40

tailor franchise opportunities around you . I will come up with five or ten opportunities

38:43

that are where the franchisors are looking

38:45

for people like you and you are

38:47

looking for people like them . We'll narrow it down to

38:49

two or three . We'll go through the process itself

38:51

of investigating those franchises and

38:53

education All about education

38:56

along the way we will determine one

38:58

if franchising is right for you to begin with and

39:00

, if it is , which is the right franchise for you

39:02

.

39:04

Wow , you really really do

39:06

hold people through

39:08

the entire process

39:11

and I'm free .

39:14

Yeah , really yes

39:16

to uh to anybody for my services

39:19

the franchisors that

39:21

will pay me a referral fee . So if you decide to invest

39:23

in one of the franchises I introduce you to , they

39:26

will pay me a referral fee , even if you don't

39:28

get involved in the in those franchises

39:30

and said it's not you , by the time you're through working

39:32

with me , you'll know how to investigate any

39:34

franchise .

39:36

Wow . So

39:38

I looked up the meaning of the word maven

39:40

. It means an expert accumulator

39:42

of knowledge . And there you are Maven

39:46

by name , maven by nature . I

39:48

love it , greg . Thank you so

39:51

so much . Have you had fun today .

39:54

Yes , You're a great host , Roberto . I love all

39:56

the questions . You keep it very lively and active

39:58

and fun .

40:00

Yeah thank you . I'm very curious as well

40:03

. I don't know if you got that , but

40:05

when I get excited about something , my mind

40:07

is racing at like 300 miles an hour

40:09

and then , because I'm very visual , so

40:11

like everything's just popping off in here . But

40:14

you've really really impacted my thinking today

40:16

, open my eyes as well , and

40:18

I've learned so much , and if I have

40:21

, I'm sure everybody listening will

40:23

have as well . So , um , so

40:25

yeah , I just book a call with this

40:27

, this fine young man and

40:30

um and and start your path

40:32

to um . Whatever success

40:34

looks like for you , I wish everybody luck

40:37

if you do decide to engage

40:39

with Greg . Greg , thank

40:42

you for your time , sir . I

40:45

hope that we connect again in future

40:47

and when we bring our swim

40:49

costumes and stuff to the Ozarks , then I'll definitely

40:51

look you up .

40:53

Please do . I'm here for you . It'll be a lot of fun

40:55

. We'll enjoy ourselves .

40:56

Awesome . Thank you all so much

40:58

for joining . Greg and I Follow

41:02

the show on Instagram at Taylor and Talk Podcast for the latest episode updates , highlights and

41:04

news . The podcast is also on YouTube at

41:06

Roberto Revilla , london , and you can email

41:08

the show at taylorandtalkpodcast at gmailcom

41:10

. Hit subscribe . Give the show a rating

41:12

and a review . Click the share button

41:15

in your player . Very important send

41:17

this episode to someone you know who

41:19

needs to hear what greg taught us today

41:21

. And if you love tailoring talk and

41:23

you want to support the show , hit the support show link

41:25

in the show notes . Have a great week , be

41:27

good to each other and I'll catch you on the next

41:30

one .