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On today’s episode we interview Sarah Brown, with Pinnacle Franchise Development. Sarah has tremendous insight that she’s able to share with our listeners as she has owned her own Franchise, worked as a franchise Broker and Consultant and currently she oversees Franchise Development for two national brands. A list of the topics covered in this are as follows:
Who buys franchises?
What is the biggest misconception of owning a franchise?
How passive are franchises?
What type of experience is necessary for a franchisee?
Spectrum of Franchise’s: Retail - Service
If someone is interested in franchise ownership, where should they start?
Best due diligence practices
Retail vs. Service Franchises
Serial Franchisors
Franchises: Millennials and Gen X
How does a recession affect franchise ownership?
Resources mentioned:
- SBA - Business or Franchise? Differences and benefits and downside of each: SBA - which type of business should I buy?
- SCORE - Volunteer Counselors and classes: SCORE - Find a Local Counselor
- IFA (International Franchise Association): Largest Trade Organization for Franchising: IFA Website
- Franchise 500: Entrepreneur.com's List of Franchise Rankings: Entrepreneur.com Franchise 500
- Franchise Dictionary - Rankings and good online resource: Franchise Dictionary Gamechanger
- Franchise Consultants/Brokers - help find the right franchise - FranNet is a Franchise that helps people find the right franchise or determine if franchising is correct for them: FranNet Find your Local Consultant
- FBR (Franchise Business Review): Rankings and resources: FBR
- ROBS: https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project