Episode 106: On this episode of Pursuit of Profit, Cliff talks with Mitchell Lee, senior director of franchise development at Buddy's Home Furnishings. Buddy's fills a void for credit challenged customers by providing access to home furnishings, electronics and appliances without the traditional barriers through a rent-to-own business model. It has built one of the most resilient businesses we have ever seen. The numbers behind this brand will surprise you. Take a listen...

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Timestamps:

00:00 - Intro

02:14 - Buddy's history

08:06 - # of franchisees

13:35 - Starting a Buddy's Franchise: real estate, marketing, etc.

19:15 - Buddy's business model

20:45 - Who's the Buddy's customer

25:56 - Profit on stores

29:15 - Tax benefits of rent-to-own

33:15 - How much inventory

36:35 - Labor model

40:00 - Item 7: what it costs to get into a Buddy's franchise

41:37 - Item 19

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Links:

Buddy's Home Furnishings

Innovative Financing booklet - email [email protected]

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Welcome to "Pursuit of Profit," the raw and unfiltered podcast where Cliff pulls no punches to guide aspiring entrepreneurs, business owners, and franchisees on their journey to create wealth, financial abundance, and ultimate personal growth. If you're seeking sugar-coated advice and constant reassurance, this podcast may not be for you. But if you crave unapologetic honesty and a dose of tough love, then you've come to the right place.