Percentage royalties punish growth. Steve Geddes breaks down the "Flat Fee" franchise model that lets you keep 100% of your profit upside while building a scalable asset.
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🎙️ Episode 24 - Steve Geddes chased the Canadian dream of pro hockey until 11 concussions forced a career pivot. He transitioned from furniture sales into Fibrenew (leather, vinyl, and plastic restoration), and over seven years has built what started as an owner-operator gig into a million-dollar business with a team of nine, a full upholstery shop, and the freedom to spend weeks golfing in Cabo.
In this conversation, Steve reveals how Fibrenew's unique flat-fee royalty structure removes the "tax on success" that traditional percentage-based franchises impose, why commercial B2B accounts create sustainable recurring revenue, and the critical validation mistakes that lead people to buy the wrong franchise. Learn why "busy doesn't mean profitable" in franchise ownership, how Steve scales by asking his team what they're actually good at (not what he thinks they should do), the hidden markets for restoration services across healthcare, hospitality, marine, and automotive sectors, and the honest conversation Steve has during validation calls when he talks people out of Fibrenew. Whether you're exploring franchise ownership for the first time or looking for a model that rewards growth without punishing it through escalating royalties, this episode delivers a masterclass in building a service franchise that works for you instead of the other way around.
⏱ Video Chapters
0:00 - Teaser: The Flat Fee Model That Rewards Your Growth
0:28 - Welcome & Introduction: From Hockey to $1M Restoration Business
1:30 - The Journey: Pro Hockey Dreams to Furniture Sales
3:24 - Discovering Fibrenew Through a Podcast (While Selling Furniture)
5:21 - What is Fibrenew? Leather, Vinyl & Plastic Restoration Everywhere
7:28 - The Flat Fee Royalty Model: No Tax on Your Success
9:38 - Building with Your Son & the COVID Pivot
11:56 - B2B Commercial Accounts: The Foundation of Recurring Revenue
14:00 - Business Without You: Building a Transferable Asset
16:33 - The Markets: Automotive, Healthcare, Hospitality & Beyond
19:03 - Owner-Operator vs. Scaled Team: Two Valid Paths
21:05 - Steve's Operation: Mobile + Shop + Full Upholstery
23:08 - Manufacturing Mindset: Just-In-Time for Service Business
24:13 - Steve's Role Today: Running the Business, Not Working in It
26:56 - The Lifestyle: Taking Time Off When You've Built It Right
28:07 - Coaching New Franchisees: Common Struggles & Solutions
30:23 - "Busy Doesn't Mean Profitable": The Fatal Mistake
32:41 - Sales Isn't Selling: It's Practicing Like an Athlete
34:47 - Hockey Lessons Applied to Business: Team Over Individual
37:18 - Asking Your Team What They're Actually Good At
40:05 - The Owner-Operator Trap: You Still Need a Team
42:11 - Year Three Reality Check: Getting Honest About Your Strengths
46:52 - Advice for Corporate Professionals: Do Your Homework
48:18 - Validation Calls: When Steve Talks People Out of Fibrenew
51:15 - Small Market, Big Revenue: 190K Population, Largest Franchise
52:17 - Making the Most of What You've Got
🔗 Resources & Mentions
▸ Athlete to Owner Franchise Coaching: https://athletetoowner.com
▸ Schedule a free consultation: https://athletetoowner.com/ready
▸ Download "The Franchise Fit Playbook" for free: https://athletetoowner.com/playbook
▸ Fibrenew: Leather, vinyl, and plastic restoration franchise
▸ Steve Geddes: https://www.linkedin.com/in/steve-geddes-sge-furniture-a539a7139/
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⭐ READY TO EXPLORE FRANCHISE OWNERSHIP? Alan helps successful professionals find the perfect franchise match and prepare for championship-level success. As a franchise coach, he works one-on-one with qualified candidates to navigate the entire franchise selection process—completely free of charge. Visit https://athletetoowner.com to get started on your path to greater autonomy, wealth, and purpose through business ownership.
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