Nick Lopez and Merri Cronk dive into what makes FranNet’s matchmaking process so effective at helping people find franchises in the marketplace of over 4,000+ available brands. Merri also dives into what a prospective franchise owner should do in navigating a franchise brand’s discovery process and awards franchise licenses when done right, not sold. It is paramount to not buy a franchise but rather navigate who you want and should be in business. Navigating the discovery process is an art as much as a science. Merri shares some of what makes her process unique but highly effective. When done right, the match can be lightning in a bottle.
Nick and Merri also call out fear, which is generally a driving force during the discovery process, and how to address and navigate it effectively. Merri speaks to some key motivators that help candidates achieve their dream of business ownership, as success often leaves clues. Finally, the conversation wraps up with Merri diving into some of her tips for successfully buying, operating, and selling a business. This episode is most certainly a must-watch.
Welcome to the show where we get the absolute pleasure of learning from thought leaders in business, franchising, and high-performance personal development. This guest goes without exception to all those things. She has purchased, owned, and sold multiple franchise companies. She’s a franchise owner as well. She is one of the best matchmakers at one of the top franchise consulting firms in the world. She specifically focuses on the Central Texas and West Texas markets. She is with FranNet. Miss Merri Cronk, welcome to the show.
Thank you so much, Nick. That was so nice. What a wonderful introduction. I appreciate that.
It is well-deserved. I appreciate the way that you have supported LIME and brought us some phenomenal franchise partners here at LIME. I’ve respected and have always appreciated you not only supporting LIME, helping us grow, and finding great matches, but you’ve been a client. You have supported the franchise owner or one of them that you helped come on board with LIME. That meant so much to me.
That speaks so much of you, your character, and your values. I admire that. It is deserved, and I hope I did it justice. Not everyone gets into franchising, raising their hand and saying, “I’m going to specifically go after franchising.” In fact, most people think, “Franchising is McDonald’s, restaurants,” and whatnot. There’s not even an understanding of what franchising is. I’m curious. How did franchising find you?
It’s interesting. I started this business in franchise consulting at FranNet when I was 28 years old. It’s been a while. When I did, it was in Central Indiana. I worked with another FranNet office. It was out of Kentucky. I worked to support Central Indiana with franchise growth and in FranNet. The way that I found it was interesting.
I worked for an IndyCar team and represented the portion of the team that handled all the merchandising and promotional products. I worked with all of the sponsors and the tracks, things for the midway, and also for entertainment on the inside of the track. I decided that I wanted my own business. I knew that coming out of college.
I met my predecessor at that point. I started looking at franchise ownership myself and realized that my timing was off. I used to do all the business and all the planning between January and the end of May for the Indy 500. I had to cut my process short, but this gentleman decided he was going to retire. We recognized things in each other that we knew could be helpful in a consultancy. He and his partner asked me if I’d be willing to take over Central Indiana. I told him that my timing was off. I’d had to look at it later. They told me that wasn’t going to work. They pulled me into it, which was a wonderful thing for me.
I eventually took over his business and moved here to Central Texas. The reason I got that connection was through the Small Business Administration. My stepfather worked for the SBA. He had heard me banging my head against the wall with all the corporate bureaucracy that I was dealing with on a regular basis. He knew I’d always wanted my business, so he made that introduction to FranNet for me. That is how franchising found me and I found franchising and FranNet for that matter.
Franchising didn’t just find you. It pulled you in. You didn’t have an option down the road. It was, “Right now.” That’s incredible. I love how fate has a way of coming up. Even when we’re not expecting or planning it, some of our most impactful ventures are generally that way. Thanks for sharing. You’ve been in consulting for quite some time. Why do you think you’ve stayed as a consultant?
It fits me. When I first became part of FranNet, one of the big drivers for me was wanting to do something better for somebody else and help them achieve their goals. That was a big piece of my overall business model. I also wanted something that was going to give me flexibility. At the time, my oldest son was two years old. It became a lifestyle play for me as well.
Do something better for somebody else. Help them achieve their goals.
It’s an interesting thing because a lot of people miss those elements when they start looking for business ownership. They are so incredibly important. There are a number of important goals and criteria to have. Those were the driving forces in all of that. I knew that if I could use the skillsets I had to transfer into this type of consultancy, I felt like I could be very successful with it. Luckily, that’s the way that it has been. I had some good learning curves along the way, but I had great support and great systems, which is the key to a great franchise. You have that at LIME. That’s what’s making the folks that I’ve worked with be successful in that. We saw that in FranNet as well.
You mentioned something that I would love to hear a little bit more about. You said, “I felt like some of my skills would translate.” What were some of those skills? Would you mind sharing?
I come from a sales and marketing background. As a part of my corporate training, I was lucky enough to have Sandler Training. Sandler itself is a franchise that’s been around for many years. It has been a very long time. When I first met with my predecessor, I recognized that he was using some of those methodologies as we talked. I told him, “I know what you’re doing. I know what this is.” That was one of the reasons that he and his partner came to me when he was ready to retire. It was because I already had those pieces.
In franchising, if you’re a great implementer or you are the type of person that can take all the processes, all the systems, and all the training that is laid out by the franchisor and implement them in your local market, you’ll be very successful. That’s who does well and shines in franchising. I had that personality. I was great at implementation. I was good on the uptake and great at being trained for the most part. I kicked and screamed a little bit here and there, but who doesn’t? That’s how that worked for me.
For those that don’t know, including me, what exactly is Sandler Training?
Sandler Training is sales training. It is to help people come to their own conclusions. It’s a methodology that allows people to come to realizations on their own. You’re not push selling. We could never push sell franchising. It doesn’t fit everybody. It’s about making those right fits. That Sandler Training is helpful in helping people come to realizations on their own by doing good research and putting those things together.
I love that style of sales. It’s education-based. LIME subscribes to a similar methodology. We even call it the No Close. We’re not transactional in our sales strategy. We’re relational, but we take it another step. We get into that educational element as well. It’s relational and educational, and through that relationship, trust is established.
Folks can learn and embrace what you’re educating them about more easily. Ultimately, they can make a decision for themselves, one in which they ideally have options and can choose. Clearly, you, as a matchmaker, are providing options. It’s not a low-ticket item. It’s a pretty high-ticket item. Even a low-cost franchise is not $100. I would even call transactional being a smaller dollar amount than even $100 or something that’s going to require minimal thinking. It is transactional.
You start getting up into a franchise. That’s in the big picture of a pretty sizable investment. It’s not just financial, but time and everything else that goes into making that business successful has to be education-based. I can see why that skillset gave you confidence. It is Sandler Training. That’s awesome. With FranNet, I know they provide some training as well. What makes FranNet so successful at the matchmaking process?
We’re clearly talking about the fact that the matchmaking process is a big deal. You think about setting the stage here. You think about somebody considering this world of business ownership. They have hopes, dreams, and aspirations for the American dream. They’re doing it in the context of owning a business. Franchising provides a method for doing that is less risky. This process of matchmaking is a great responsibility.
FranNet is an organization that helps folks find this whole world or navigate through this whole world of franchising. There are so many different options. The due diligence process is critical. Somebody like yourself, a franchise consultant, ultimately helps somebody navigate that world and get into business ownership through franchising. FranNet is one of the top franchise consulting firms in the world. What do you think it is about FranNet that is able to make that matchmaking process so successful?
There are a couple of things. What we do every day is to drive focus and efficiency and help people get to businesses that can truly fit their goals, criteria, strategies, and budgets more quickly. To drive that focus and efficiency is a big thing. We remain close to our clients and to the franchisors to make sure that there is proper information flowing in both directions.
A good franchisor is going to choose its franchisees. They are going to want to make sure that they have the same success criteria as people that are doing well in their business. Prospective franchisees want a great franchisor. They want an opportunity to make good money. Being able to marry these things together and understanding that chemistry is what makes FranNet successful. Those are the things that we are complimented on the most by our clients and our national partners, of which we have many, like the Small Business Administration, SCORE, and the Small Business Development Centers. They appreciate that we do those things.
Like you, we educate upfront. We help people get to their own decisions on whether or not this is even a path worth taking from the beginning. We also do not throw things up against the wall to see if they stick. The goal is to make sure that someone is finding concepts that can be aligned with what it is that they’re trying to achieve and that they understand how those things work in play. It’s not always about the industry.
I don’t get many people that wake up in the morning and say, “I’ve always wanted to own a painting business.” It’s more of how that business works and operates, the relationship with the customers, and what that’s going to be like. The ability to have those proper estimates and the ability to manage the operations, hire the subcontractors, and handle the logistics of the business are skillsets that we would look for someone who would want to own a LIME painting.
Not everybody has those skillsets. Some other people have different skillsets that are better aligned with other things. They may be pleasantly surprised to find that there are franchises out there that are the vehicle that can get them to where they want to be. If the overall goals for passion are about time, money, and freedom, having the right franchise gives you those things despite what that industry is.
That’s so true. No one says, “I’m going to own a painting franchise. That’s going to provide me with all of those things that you mentioned.” How does that matchmaking process unfold? How are you able to evaluate their skillsets? The requirements of a brand like LIME, being that we’re using that as an example, I feel that isn’t necessarily high-level. I feel like you need to uncover some things. How do you go about that?
That is also a two-way street. From a LIME perspective and spending time with you and Rep’ M, understanding who the proper candidate is for you and getting a clear understanding of how your business works and operates is incredibly important in order to help you all find the right franchisee. On the prospective franchisee side, we start with an entrepreneurial profile.
We like to look closely at someone’s values and attributes and how that correlates with motives for getting into different types of businesses. We like to look at their leadership style, management ability, and sales ability. We want to understand financially that this is going to work for them. All of those things are included in that profile.
Once I have that profile in my hands, then I begin to prepare. I’m thinking through what the possibilities could be knowing what I know about the franchisors. I sit down with them one-on-one, and we build out a detailed business model. I want to understand what they did in their previous career and what the elements were of that that they liked that they’d want to repeat again in a new business. The same goes for things they would want to avoid.
We then talk about their lifestyle goals. What should this business allow them to be, have, or do? We talk about what they’re hoping for in terms of earnings once the business is established. Granted, I cannot make earnings claims. A lot of franchisors cannot make earnings claims. Even the ones that do still have to be validated.
I can understand that as criteria, but we also want to understand how they want to grow the business and what they’re looking for in the future. Should we be looking for an exit strategy? We look at criteria with how it should go to market and who the customers are going to be. We look at employees, types, numbers, and even the structure and maturity of franchise systems in terms of their evolution and where that person’s going to be comfortable with it.
We establish budgets, one for what they live on as the business is ramping up and the other for what they’re going to need to cover getting into the business. We’re also going to look at maybe what their possible funding options are so they can explore that. Once I understand that greater picture, then my expertise is bringing them franchises that could be fit for that. I’m helping them to begin the research process and working with them through that process to drive focus and efficiency.
I’m taking detailed notes on what works and what doesn’t. In the event that the business model chain changes or there is some evolution to it, we have a more efficient path to take to get to something else based on the feedback. We’re working together closely all along the way. If I’m able to help someone find a business that fits them, my services had no cost to them, but the franchisor pays me a fee that’s transparent to the person I’m working with. It’s a free service. My help doesn’t inflate their cost of entry. It’s not for everyone, but it’s for people who appreciate getting down to business and getting down to the focus and efficiency piece of it.
It’s not for everybody. I would assume probably more people is not for it than it is. What do you think is the percentage of folks that ultimately don’t move forward with a franchise? Where do you feel like that percentage is at?
I know that out of 100 that will look at business ownership at all, 1 takes the leap. I know that for a lot of franchisors who help people get to the end of the process, about 70% of them will jump into it. It’s funneling down and getting to that point in the process. It’s hard to say. We help a lot of people say no to this, but we do help a lot of people say yes to it as well.
I love that you clarified that. It’s not for everybody. It is for people that want to get down to business. Through this whole process, clearly, you’re going to know whether this is something for you or not. You talked about building that profile. It covers so many different elements. It’s more than, “Do you want to buy a franchise? Here are some options, and here’s an intro.” It’s quite diligent. That is unique to FranNet. That is a pretty unique process there. Your skillsets, coming in, align with the FranNet process or FranNet way. It helps to get down to folks that are serious. It’s then, “What is going to line up with who you are and what your skillsets are?”
You mentioned something about being in the market and building a relationship. You’re working with a lot of folks that are right there in your community or right there in your backyard in Central Texas or West Texas. We were talking, and you had shared with me, “Jason,” who you helped come on board with LIME, “He drives by my house almost every day. I see him driving by heading out for work.” He’s one of your neighbors. He’s in your community. That is such a unique approach. You have specifically focused on the Central and West Texas markets. Why are those great markets for business ownership?
To clarify, I work with people all over the country and often get referrals all over the country. I’m not afraid to go outside of Texas, but Texas is such a business-friendly state. That helps quite a bit. These are high-growth areas that we’re in, and that helps quite a bit, too. We also have great infrastructure for people wanting to look at business ownership. We have a wonderful SCORE chapter here in Austin. We have a wonderful Small Business Development Center in San Antonio.
We have people that are actively wanting to help people grow their existing businesses or invest in new ones. That’s cool about this whole area and West Texas as well. People don’t realize that El Paso, Texas is where I’m from. That’s a big town. It’s a big city. I don’t think people realize that, but there are a lot of people there and a lot of good people that stay in that area as well. There are lots of good opportunities in the state here.
FranNet was so regionally-focused but has become nationally focused. I can see that you are focused on Zoom and so many ways to communicate virtually. You’re taking that neighborly approach that those systems and that philosophy can scale nationally. The FranNet way is clearly such an impactful process. As a franchisor myself working with many different franchise consulting firms, I know when we get somebody from FranNet, this is somebody that has gone through a very diligent process. That individual is ready to get down to business. It’s a different individual that is coming and looking at LIME.
I am a total advocate of FranNet. It’s been an honor to be a partner of FranNet. In fact, initially, when I had inquired to join FranNet, I was told, “Right now’s not a good time. You’re not quite ready.” I also know that FranNet is looking to partner with great brands that have all the right elements. It’s not just about great consultants and a great process. It’s also about great franchise brands as well.
There are some fundamental elements of going through what is known in the industry as the discovery process. If you’re somebody looking into a franchise, what are some of those tips? What are some of those fundamental elements that a candidate needs to take when they’re going through the process of exploring business ownership with a franchise company?
One of my associates here in Austin, a gentleman named Kyle De Haas, put it best. He said, “Our franchisee prospects should be able to display basic executive function.” What he meant by that is they should recognize that they are investing in a franchise because they are investing in the processes that the franchisor has already created in order for them to be successful in the market. They conduct their due diligence process the same way.
Our franchising prospects should be able to display basic executive function.
As hard as they’re looking at the franchisor, the franchisor is also looking very closely at them. They need to bring their A-game. They need to make sure that they show up on time for their meetings and their calls, and that they’ve done their homework. They’re showing the franchisor that the way that they’re participating in the due diligence process will be the way that they participate as an owner.
You brought up Jason. Jason’s a great example of that. Jason did tremendous due diligence to make his choice to get into LIME. He was methodical and followed all along the way. That is one thing to consider. Another tip would be, and you may have a question for me in relation to this, but you’ve got to recognize that it is scary getting into the business. You have to see that as a part of it, jump into that, and recognize it.
Get as many facts together as you can to be able to make a good decision, but recognize there is always going to be a leap of faith. What’s left is that person’s belief in themselves that they can do what needs to be done to make that business home. Those are big things that people should know. I also think that people should think hard about not mistaking what the business is for the main decision criteria for getting in. That can be problematic in a number of ways because it takes the skillsets out completely.
Owning the hamburger franchise because you love to eat hamburgers isn’t always the best reason to own a hamburger franchise. You’ve got elements of shrinkage, spoilage, HR, and hourly employees. All of those things need to be considered. Another thing I would give as a tip is don’t think you need to have industry experience. Someone shouldn’t think they need industry experience to get into a specific industry. It’s about leveraging the skillsets they have that may apply to a number of industries that can allow great growth for them.
There is one other thing, and I heard it. Don’t mistake passion for a product or a service for a sales element. That means that if I believe in it, I can sell anything. The reality of it is if they don’t go to market in a comfortable way for them with the product or service they’re providing, it doesn’t matter how much they believe in it. If they’re going to be selling, they’re going to be taking some rejection. You’ve got to be able to handle that. Those are big things to consider.
The last one is sometimes, I have people that have a particular hobby and would like to turn that into a business. What they don’t realize is that they’ve mistaken the role of the business owner for working in the business. Most franchises are looking for executive owners that are people who want to work on the business, not necessarily perform the function of what the business is. That can be problematic because you may not have anybody at the helm. Nobody is driving the business the way it’s supposed to be, in your case, if they’re trying to paint houses themselves. Those are things that I see that everyone should know when looking at business ownership in general regardless of whether it’s a franchise. Hopefully, that’s helpful.
What great tips to be able to help people level up going through that discovery process. You had mentioned not necessarily getting into business for something that’s your passion or something that you know. For example, in this case, painting. For most people, it’s not their passion and they know nothing about it, yet it provides the ability to work on the business, not in it. It ultimately gives them that platform for business ownership, which then provides all the things that they want. They can still have their passions.
You also mentioned something that it has to be something that you’re passionate about because adversity will come. That’s staying power. You have to align. It may not be your passion and something that you love upfront, but it has to become something by the end. In the long haul, that’s what will give you staying power. It is your passion and love for the business.
You also mentioned fear. It is an element of taking the leap. You may be up for getting into the business. You may be ready to get down to business but ultimately, that comes with uncertainty, which produces plenty of fear. That is very much a part of this process. It’s scary. You’re putting, in many cases, a significant portion of your savings, retirement, and all the time and resources that it requires. It comes with a price.
Evaluating that price, the risk, opportunity, and opportunity payoff, all those things are in their seasons and ups and downs of fear. More knowledge produces more uncertainty as you continue to navigate new things throughout the process. It comes and goes. How does fear play a part? You are clearly a matchmaker and are helping people realize, “This may not be for you,” or for those select few. You said that 1 out of 100. For those 1 out of 100, how does fear influence that process?
It’s always there. If the person isn’t scared themselves, chances are, their spouse or significant others are. You got to take all of those things into consideration. You need support from your family if you’re going to do this. It’s not necessarily in the business, but that you-can-do-it attitude and that belief in yourself is incredibly important coming from the family.
You reduce that fear by getting your facts together. I can’t think of any other form of business and getting into a business where you can get all your facts together except in franchising. Maybe if you’re buying an existing business, the sellers are pretty upfront and helpful to you. For the most part, when you’re looking at franchising, there’s a lot to do there.
It always creeps up in the end when people start to get serious. I ask them all the time. I’ll say, “Are you scared yet?” They usually say yes. I liken it to being at the top of the rollercoaster. You’re super excited for the ride, but you’re fearful of that first dip-in because that’s usually the biggest one. Recognizing that that’s coming and recognizing that you’ve done your due diligence, or assuming the person has done all the proper due diligence, they’ve taken as much of the risk out of it as possible.
One of the biggest, coolest things about franchising is the opportunity to talk to other owners within the same franchise and validate their experiences with them. I often advise my clients to ask them what they wish they had known when they started the business. What were their a-ha moments when they were getting started? What do they wish they had researched more?
It’s those sorts of questions that are very open-ended. Would they choose the business again? Those things can be telling and helpful in reducing that fear because other people have taken that leap. They’re not alone in getting into a franchise. They’ve got the support of the franchisor. What is even cooler is the family element of being part of the other franchisees who have also done what they’re considering doing.
Fear clearly plays a factor. Similarly, there are motivators. I’m sure you’ve come across many different scenarios of motivations. Everybody is wired differently and has a different why. What are some of those motivators that you see throughout this process?
I have a client who said to me that he’d hit the ceiling in his job. He would never be able to be a partner in the company. Therefore, he wanted to own something for himself. Some people do it for pure control over the decision-making process. Some people do it for fulfillment or time flexibility. Here in the Austin area, we have a lot of high-tech industries with computers, software, information technology, and all kinds of things. What’s interesting to me is a lot of these people, by the time I’m talking to them, feel like they’ve missed time with their family or their children because they were taking calls at all hours of night or day or having to travel a whole lot. That’s not fun for them.
A lot of people realize that when you work for somebody else, you’re helping them better their company. People are coming to the conclusion that they want to do something for themselves, and they may have a myriad of reasons for doing it. The overarching reason is it’s for them. They get to control it and decide what they’re going to do with it. It allows them to have more freedom in the things that they want to do.
Financially, if someone does well in building this business, it’s not about taking income out of it year after year. It’s about creating equity in it. That’s interesting because it’s the most overlooked assessment factor when people look at getting into the business. It’s important because it’s the selling worth of the business on the open market. It allows them to have a saleable asset.
One of my clients told me if he wants to have his big liquidity event, he can, and he can get into other businesses as a part of it. I’ve had clients in the past that have gotten into one franchise and gotten into a different one in a different industry with the goal of diversification of their assets, too. That is a cool thing to do also.
How often is not wanting regret a motivator? That means somebody wanted to be in business ownership. They’ve thought about it, and they don’t want the regret down the road of not fulfilling that dream.
I don’t think regret is enough of a motivator. That does come into play for some people. It’s about they’re trying to get away from a situation that they’re in, whether they’re unhappy or they’re going the other direction completely. It’s all about the gain piece of it for them. It does come into play, but it’s not a main decision criteria for getting into business for most people. I talk to people all the time who kick the tires of different businesses and different franchises for maybe a fear of regret that at the end of the day, they’re way more comfortable in their jobs and doing that.
That makes sense. You mentioned diversification. You mentioned a hidden element there in considerations, which is the equity that grows. You often think about the year-over-year dividends that are paid out, but oftentimes, the asset itself is overlooked. It has value. There’s an exit. You should be planning for that exit from day one. You should be building the business that way and planning for that day. Everything is about creating equity. You have purchased and sold businesses. What tips do you have for doing that?
Everything is about creating equity.
Be ready to give it some time. You’ve got to be able to find the right buyer. In the franchising world, the franchisor has to bless that buyer coming in. You can expect that they’re going to have to perform their due diligence and show that they have what it takes to be able to be a part of the franchise. I would be very cognizant of that. I would also be thinking that your business is going to have the most value once you’ve established it for a couple of years.
Getting into any business and being in it for six months or maybe getting into cashflow break-even or so and trying to sell at that point isn’t advantageous. I always recommend to my clients when they’re getting into business, “Be ready to have it for a while. If the goal is to sell it, get it ready for sale.” I also recommend when people are looking at selling franchises as I have to let the franchisor know that’s your intent so they can help you as a part of the process of finding the right candidate.
You said it’s not going to happen overnight. Being in the business over the long haul ultimately creates a sellable business. There are year-over-year performance and P&Ls. It’s a real business. There are folks that are employed by the business and have a whole track record of clients, brand reputation, and dividends that have been paid out. What are some tips for staying in business ownership over the long haul?
I said it earlier. Be ready for the ups and downs. I always joke with my clients. When we talk about the fear, I tell them, “In the first year, you’re going to have some of those ups and downs. You’re going to have a little bit of trial and error even with the best systems.” There are going to be some days where you’re going, “I’m glad I did this. It’s been wonderful.” The next day, you’re going, “I can’t believe I did this.” That’s a normal part of it, but over time, it tends to even out.
Go into it thinking that you’re going to get through that and that you’re going to build that business up. A lot of it is attitude and strategy. If they’re working with a good franchisor, the franchisor is always going to help them with the strategy for growth despite whatever the economic conditions are. That’s an important piece. Recognize that if you have a business with a lot of employees, you’re going to be hiring regularly.
Know that it’s a normal part of the business. Find out how the franchisor is going to help you with being able to hire the right people and what training is and guidance they’re going to give you. There are a lot of different elements that go into having the business for the long haul, but be in that mind frame that you want to keep this business for at least a few years. That’s incredibly important. I hope that answers your question. I’m not sure I exactly hit the tips there.
You mentioned in the first year, there are ups and downs. I always say that staying power in order to be in the business in the long haul, you need to get through year one. Year one has growing pains. I always say between months 6 and 12, you’re going to wake up one day and you’re going to say, “I have to do this today.” Your shoulders are going to go down, and you are going to say, “Another day,” but that’s a good day.
You’re going to be frustrated at that moment, but it is a good day because that means that you have mastered the basics. There was excitement to learn the basics and to get into the business. You’re frustrated or demotivated at this moment, but ultimately, that’s good news because you’ve mastered the basics. It’s time to go back and get your Master’s. Start leveling up on other elements of the business. You are closing gaps in all the different aspects that are within the business.
Each business is different. That is something that is so paramount. Communicating is key. There are some rhythms and habits that you need to have as a franchise owner. One of them is communicating. When that moment comes in 6 to 12 months, you can’t stay in silence. You have to reach out and lean on the community within the franchise system. It could be fellow franchise owners or the leadership and support team. You have to communicate and not sit in silence there because it’s time to go back and get your Master’s. There are so many different elements of the business that you can level up and close some gaps.
In that first year, you’re most certainly going to have moments of complete confidence and then moments of scratching your head. It’s along the lines of fear. We were talking about fear earlier. You’re coaching fear through a discovery process. Our team as a franchisor is coaching fear around what’s next, but it’s always the unknown. The clarity in that fear is always getting answers.
The key is to communicate in all those different elements. Everyone’s wired differently. They react differently to fear. The best thing you could do with fear is to turn it into motivation. It is most certainly a great motivator. You have to love and have passion for the business because that’s what’s needed in those moments. I appreciated you being on the show. I know I have most certainly leveled up and learned quite a bit here. I have one final question for you. Why do you love franchising so much?
I love the familial element of it. I love knowing that I have friends for life that are doing the same things that I’m doing and that I have those people to work with. I love seeing franchisees thrive in my local community. I participated in nonprofit boards and things like that here locally. It’s nice to know the owners of these businesses and to see them grow. Those are the big reasons why I love franchising. I see so many people succeed. Especially if they do the proper due diligence, they rock these things. It’s fun to watch. I’ve been around for a long time, so I got to see a lot of that. Thank you so much for having me. I do appreciate it.
So many people succeed, especially if they do the proper due diligence.
If anybody wants to get in touch with you, how would they do that?
Probably the best way would be to go to our website at FranNet.com. If you’d like to reach out to me directly, you can go to our consultant page and look me up. I’d be glad to help you with your franchise search and have some fun with that.
Thank you so much for getting on the show. We have covered so much. Clearly, you can see why FranNet is such an amazing organization and why Merri Cronk is such an amazing matchmaker, Founder, CEO of a franchise company, and partner of FranNet. I can firsthand tell you that whether you’re a franchise owner or you’re somebody looking to become a franchise owner, or you’re a franchisor looking to grow your national footprint, these are amazing folks to partner with, so please reach out and learn more.
In terms of this conversation, please contribute. Drop a comment down below. We’ve covered so many things ranging from the discovery process and what makes a successful franchise owner. Please subscribe. It helps us to grow and do this, which is to contribute, share knowledge, and help others level up when it comes to business, franchising, and high performance. As always, level up.
Serving Central Texas, West Texas, and the Rio Grande Valley including McAllen, Mission, Harlingen, Brownsville and Laredo. There are thousands of franchises for sale in Austin, Texas and we help you find the right one for you at no charge! There are various different franchise opportunities and business opportunities in Texas that I can help you with. If you want to open a franchise business, have unrestricted earning potential, and benefit from an established brand that customers already know and trust, I would be happy to help you make it a reality. Call, email or message me today to begin the process of starting your own franchise in Austin, TX.
All franchise FranNet Podcast Franchise Ownership Business Ownership Fear Selling a Business