Summary

In this episode of the Franchise QB Podcast, host Mike Halpern interviews John Mollica, Co-Founder and President of My Franchise CPAs. They discuss the role of accounting and financial strategies in the franchise industry. John shares how he got started in accounting and how his firm found its niche in serving franchisees. They explore the gap between franchisee expectations and the services provided by franchisors, and how My Franchise CPAs fills that void. They also discuss the various services offered by the firm, including business formation, accounting, and tax advisory services. John provides insights into the cost structure and benefits of these services for franchise owners. The episode concludes with a discussion on upcoming initiatives and year-end tax planning tips.

Takeaways

• Accounting and financial strategies play a crucial role in the success of franchise businesses.
• Franchisees often have different expectations than what franchisors provide, creating a gap that can be filled by specialized accounting firms.
• My Franchise CPAs offers a range of services including business formation, accounting, and tax advisory services tailored to the needs of franchise owners.
• The cost of engaging My Franchise CPAs varies depending on the extent of services required, but the firm aims to provide a strong return on investment for its clients.

Chapters

00:00
Introduction

01:15
Getting Started in Accounting

02:13
Entering the Franchise Industry

03:09
Filling the Gap in Franchise Services

04:07
Maximizing Return on Investment

04:53
Business Formation Services

07:41
Accounting Services for Franchise Owners

09:31
Tax Advisory Services

15:08
Reviewing Franchise Financials

17:51
Pro Forma Analysis and Cash Flow

18:50
Evaluating Existing Franchise Businesses

20:16
Determining Service Needs for Clients

23:37
Case Studies: Solving Franchise Challenges

26:01
Upcoming Q&A and Year-End Tax Planning

27:20
Conclusion

Free Resource for Franchise QB Listeners:

The Franchise QB Playbook will guide you through the process of finding your perfect franchise fit.
https://docs.google.com/document/d/1XlbD8oyl3uyeiqaM73poH67BX1jRRyCGR7l7qB-3Nz0/edit?usp=sharing. Also, you can view the Franchise QB podcast at www.youtube.com/@franchiseqb.

Contact me and my team with any questions along the way. www.calendly.com/franchiseguy
Mike Halpern, CAFC
[email protected]