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Episode 90: The Art of Franchising
184 Plays4 years ago
Franchising is a great opportunity to go from 0 to 60 as an entrepreneur, but it also comes with risks and limitations. In this episode, we discuss how to find the right franchise opportunity, understanding different franchise models and agreements, plus the importance of knowing the territory you’re looking to franchise in. Finally, you’re not just buying a franchise, you’re buying a business relationship with a corporation, so what that company values and how they see you as a franchisee is important. We’ll call out what to watch for.
Also, if you hang on to the end we’ll reveal the secret franchise opportunity we think is a slam dunk...just not quite yet.
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Transcript
Introduction and Podcast Goals
00:00:01
Speaker
Are you finding you just can't get enough of the Uncommon Life Project? We've got just the solution for you. Go to our website uncommonwealth.com and you can click on resources and get your own book for you to explore all of the ways that you can start going down your uncommon path. We hope it really helps. Let's get back to the show.
00:00:21
Speaker
Everyone dreams about living an uncommon life, but how we define that dream is very different for each of us. And for most, it's a lifelong pursuit. Welcome to the Uncommon Life Project podcast. We're going to introduce you to people who are living that life or enjoying the journey to get there. We're going to also give you some tools, tricks, and tips for starting or accelerating your own efforts to live an uncommon life.
Franchising: Opportunities and Challenges
00:00:46
Speaker
A life worth celebrating and savoring. Please welcome your hosts, Brian Dewhurst and Philip Ramsey.
00:00:54
Speaker
Hello, everybody, and welcome to another episode of the Uncommon Life Project. I'm your host, Philip Ramsey. And I am Brian Dewhurst. Thank you for tuning in. We're grateful that you are. I love our listeners. There's more and more coming, so we appreciate you, and hopefully you guys can get, or girls, or folks, is probably what I should be saying, some tips and tricks for you to walk down your own uncommon path.
00:01:18
Speaker
because that is our goal. So we are financial advisors, but I always say we're kind of quirky financial advisors that really believe that you're your best asset. We've written a book, which is super exciting. We have a whole bunch of podcasts and we hope that you get a lot of value out of that. But our goal is to make sure that you are pursuing what you love to pursue
00:01:40
Speaker
and not worrying about money, but like trying to get paid while doing it. And our motto is, if you love what you do every day, you'll never want to stop doing it. Therefore, you'll never want to retire. So that's kind of our motto. If that resonates with you, then keep listening. Because today, me and the Brian Dewhurst are going to be talking about franchises, the good, the bad, the ugly, the awesome, the not so awesome. We're going to talk about them. We do think that franchises are a
00:02:10
Speaker
interesting tool, good and sometimes not so good. But they are a good tool to start down this path. And my favorite thing about it is you don't have to, let's say carve out of the jungle, it's already been paved out for you. That's probably my favorite thing about franchises is there's a proven track record that they've walked down before. I think for my personality, the bad part about it is
00:02:36
Speaker
you have to go down that path. So that can be difficult for some personalities. But Brian, where do you want to start with the old franchising model? But why would anybody even think about it in the first place from your perspective?
00:02:49
Speaker
Yeah, I think when we look at what we started the podcast for was really to highlight the seven sources of residual income, probably one of the most powerful ones in there is just business in general. So franchising falls under the business umbrella.
00:03:08
Speaker
for the seven sources of residual income. I think franchises are a great way for entrepreneurial minded people to go from zero to 60 in launching a business. Launching a business is very difficult and some people don't have the experience or the expertise to do all the stuff that running a business requires and so franchises
00:03:34
Speaker
It was like a business in a box, so to speak, and a lot of those challenges or processes have been figured out.
Due Diligence and Franchise Selection
00:03:41
Speaker
And so it's a great way, I think, to have a turnkey entrepreneurial experience and have guidance and systems set up for you so you can do the part that you like within the franchise.
00:03:55
Speaker
Right. Yeah, that's a really good point. And in that, when trying to do diligence on which franchise to get and how to run it, how much flexibility you have is all taken into account when you're looking at maybe a franchise to purchase
00:04:12
Speaker
And also like their past record, like their history. What's kind of like, what are they thinking about? I think Chick-fil-A is one of those ones are like, ooh, that franchise is amazing. But when you really dive into it, it's just an interesting model that, I mean, it definitely works for Chick-fil-A, so hear that. But one that I'm like, I don't know if I'd get into that. So I want to talk about, you know, like maybe,
00:04:37
Speaker
even understanding from a, like a perspective of, Hey, I want to purchase a business that helps me get up and running. What franchises, like, where do you even go to the, is there's a website like, Oh, franchises, doc. Um, and you know, what do you do and how do you start analyzing some of these, or do you just talk to your family and friends? Well, I think it's all of those. I mean, there's definitely aggregator sites on the internet that, you know, have information and.
00:05:05
Speaker
data points on how to compare franchises. I think also the company websites themselves have those information and data points. Most of the time, so we've looked at franchises a lot. I wanted to bring my first foray into franchising and was a failure, so here that, but I wanted to bring Jimmy Johns into Omaha before there ever was one.
00:05:31
Speaker
And I went to my parents, I went, you know, to a couple wealthier people that I knew and I was like, we got to do this. I was right out of college.
00:05:38
Speaker
no money. I had eaten at one. Candidly went out with a buddy who was in law school in Iowa City and we're eating Jimmy Johns at two in the morning. I'll let you deduce what we were doing from there. We were eating Jimmy Johns and I was like, oh my gosh, we got to open one of these in Omaha, this would kill. Tried to get it going and it just never went anywhere.
00:06:02
Speaker
Now there's probably 30 or 40 of them in Omaha. So anyways, but yeah, you go to the company website and then you got to put in your information. And then there's typically a packet that they send you if you're serious and meet their requirements. And a lot of those requirements are financial, right? I mean, that's typically the first major step. I think we've all heard McDonald's, you got to have like 1.2 million in a net worth and everything to do a McDonald's.
00:06:29
Speaker
So each franchise is a little bit different in terms of their requirements and the capital you got to put up and the, you know, expense to set one up. And so that's just part of the due diligence process, you know, and especially if you get into, you know, like those sandwiches will stay on the Jimmy John's train. I mean, you got like Jersey Mike's, Subway, Firehouse Subs. I don't think they're a franchise. I think they're corporately owned. And some things, I mean, you'll see a chain
00:06:57
Speaker
You're like, oh, I want to open one of those. And they're not franchises. The corporation owns all of them, dictates the stores that are set up. You know, there's nothing to you could really participate in there. And then other ones, you know, kind of like Chick-fil-A, like you alluded to, they only let you own one and you only own, I think, 10% of it. Right. So, you know, that is a very limited deal saying, I love Chick-fil-A, but
00:07:19
Speaker
like you said, I don't know that I'd be racing out to get involved with that just for the way we're wired. So I think that is a lot of it. You got to go there, you got to eat there or use the service and then just kind of start investigating from there. But the company
00:07:37
Speaker
to actually be a franchise. There's actually a lot of laws in this in the United States. They actually have to follow quite a few guidelines to hold themselves out as a franchise. And so there's financial reporting requirements and there's a lot of different requirements that they have to meet and provide to you as part of getting into a franchise.
Understanding Franchise Purchases
00:07:56
Speaker
So it's gotten somewhat more regulated so that people aren't taken advantage of.
00:08:01
Speaker
Right. So I think maybe the first point that we would say would try to learn everything you can about the franchising models in general high level, and then start diving into the one that is starting to be appealing to you. So once you start learning that, and then you can start really, especially from multiple avenues, like let's say you are Jimmy John's, for example, and then you look to do a scooters coffee hut. I don't know.
00:08:28
Speaker
But the more that you get a look underneath the hood, the better you can say, Hey, this one's a good one or sports clips haircut. I mean, there's so many out there. I don't think it's bad to, to look at a couple just to see and understand what they are providing. And I always love this when one of our clients comes to say, Hey, I got a franchise model. Um, and it's maybe newer in the process. Brian is always like, what are you buying exactly? Like, are you buying like a, uh,
00:08:59
Speaker
Like a development, like are you buying the website? Are you buying the accounting of all this? Like are you buying clients or just the brand and the logo? Like what are you buying and trying to understand what you're buying is huge component of this. And I love that. So do you want to riff on that for a second? Like there is value in maybe like an accounting software that's already proven to work exactly the way it should for the business you're buying.
00:09:24
Speaker
Yeah, franchises are essentially, I mean, I said it earlier, it's a business in a box, but they've created a formula that is proven to generate cash.
00:09:33
Speaker
I think a lot of other business owners discount the fact, if you're in America and you've created a business, whether you're self-employed or whatever, and you're generating over six figures of revenue, you can probably be a franchise. Now, there's a lot of fees and expense. We've actually tried to help a couple businesses launch as a franchise and it's very expensive because of all the regulations I mentioned earlier.
00:10:01
Speaker
But yeah, you're purchasing a formula that they're saying is proven to generate cash, I think at the core of what you're buying.
00:10:09
Speaker
And then the systems that go along with facilitating that from accounting, the point of sale, inventory, marketing, brand recognition, hiring employees, all those different things that go into a franchise should be included in the package that you're purchasing.
00:10:32
Speaker
And so, yeah, we just helped another client. We're gonna try to get them on the podcast, help them purchase a franchise that they had worked at for several years. And the owner wanted to step down and she was able to step in and purchase that franchise. And the franchise helped them, the franchise owner helped them purchase that business. And it's a very, it's, we've all, I think the thing that's,
00:10:59
Speaker
We've all been to that franchise, I think we've, you know, if you're entrepreneurial minded, you step into a business and you have a really good experience, you know, just like, Oh, wow, that was really nice. Like, I wouldn't mind on one of these, you know, I actually love sports clips just for my boys and I to get a haircut. It was like, you know, it's kind of hard to pin down a time sometimes.
00:11:20
Speaker
And I did sports clips for the first time, I was like, man, this is a breeze. And, you know, very kind of recession proof type business and, and it's a franchise, you know, and so I think, obviously, we all you drink coffee, we've all been to, you know, several coffee franchises, or, you know, when you go out of town, I think that's when you're really, senses get tripped, you know, you're on vacation, you go into a business you never heard of before, you have this amazing experience, you're like, Oh, my gosh, I could bring this back to my town.
00:11:49
Speaker
and it would kill. We're hearing a lot about Crumble Cookies right now. We just keep hearing about it. I mean, Sioux Falls has one and Des Moines doesn't. Explain that to me. No offense, Sioux Falls.
00:12:03
Speaker
And so I think those are the things that that's kind of the power to me of the franchise model is that like, oh, I had a great experience in this other town. I could bring that to this town and you get that network effect and be able to be a part of that. It's pretty neat. Right.
00:12:19
Speaker
Once you've done the due diligence and you've figured out the franchise, maybe company that you want to bring into your town or a town, I think the thing then is to understanding the franchise agreement. You've got to know that thing inside and out just so you know what you're getting into. You've got to read that disclosure statement very carefully.
00:12:42
Speaker
And then ultimately it goes down to identifying your financial risk. And that's where Brian and I love to hunt. Like we live in this area and I would say, are you unified with your spouse in this? Like are they excited? And that example that you mentioned when one of our clients bought in,
00:13:01
Speaker
The client, the husband was dialed in. He was like, this is what I want to do. My wife has wanted to do this for so long. I can't wait to help and support
Aligning Personal and Financial Goals
00:13:09
Speaker
her in buying this franchise. That is a huge deal. Now, do you understand the financial risks? Is your risk tolerance that you and your wife are together? Does it match up with the financial risks that you're taking in purchasing that franchise?
00:13:25
Speaker
It has a track record, but it's always different when you're driving. You have to make sure that you're planning for the worst, expecting the best, or whatever. But you do have to understand what the financial risks are and what you're undertaking.
00:13:41
Speaker
when you jump into these things. And the franchise agreement, disclosure statement, those things are huge. And then also too, some franchises really do let you kind of put your own personal flair to it. Others do not. It was interesting because I just saw this thing on Facebook where Plato's Closet, I guess, is a franchise. Didn't even know that. But they were saying that you have to bring a plastic tote in
00:14:09
Speaker
uh, and don't yell at our employees because we're making it. And I, we know that Des Moines doesn't, but we're all individually owned franchises. So the Ankeny one has a little bit more stricter rules. The Des Moines one's like, just bring them into plastic bag. We'll figure it out. So that's interesting.
00:14:26
Speaker
probably under the franchise agreement, she and said that the Des Moines one should be having that where anyway, it was interesting to then kind of a glimpse underneath the hood a little bit of how franchises work. I think that's interesting. So for sure.
00:14:40
Speaker
And then I'd love for you to talk about, you have to understand your territory. Because that's a big thing with these franchises. It's a huge part of it. One last thing on the franchise agreement, we were helping another gentleman evaluate a franchise. And that's ended up where he backed away from a deal because of the franchise agreement. It was just very restrictive. He had actually a franchise attorney that he had found look at it.
00:15:09
Speaker
guys looked at probably 20,000 of these, and he just pointed out some things that were just really, really important. He ended up walking away from the deal because of the franchise agreement. If you're going to go down this road, you've got to engage, I think, an attorney
00:15:26
Speaker
to really look at this because it is a very important document and it's binding and depending on what kind of franchise you're getting, you can be spending hundreds of thousands of dollars upfront. If you don't fully understand what you're getting yourself into, there's going to be some downside there for sure.
00:15:46
Speaker
Good point. We can move on, but I think maybe something outside the box, uncommon, is how many other franchises owners are there and can you talk to them before you jump into this for due diligence outside the box thinking just to hear their experience, I think would be super valuable. Yeah. The territory thing I think is just obviously huge. Part of the appeal of a franchise is they're going to open multiple locations.
00:16:13
Speaker
The downside is somebody could open that location next to you or too close to you and impede your market share, so to speak. I think when you look at this, we've talked to several people, clients that own franchises or involved in franchises. It really seems to me
00:16:31
Speaker
And to us that you really probably want to own multiple locations. And you almost probably want to go into it with that mindset. That might seem a little overwhelming, you know, if you're a nine to five and you're buying your first franchise to go to like two or three locations. And obviously it's franchise specific, you know, some are going to be more intensive than others may not lend to multiple locations, but
00:16:56
Speaker
If you can figure out how to get one coffee shop up and running, what is to stop you from getting five or six up and running? Understanding the territory, the demographics of that territory, so how many people per whatever, if it's square miles or what that radius is to your store relative to the population.
00:17:21
Speaker
that's super critical. And we'll stick with Starbucks just because they're probably obviously one of the more known and they're everywhere. I mean, I've seen a Starbucks like you go to bigger cities. I mean, you literally see those things like two blocks away from each other. I mean, they're pretty tight. So I think you really got to have a clear understanding of what is your territory? Could you buy multiple locations?
00:17:48
Speaker
to protect your territory and then potentially even thinking through where would you put the next one if you did get to two or three you know and then how do you secure that or how does that make sense. I just think the same thing of like hey can you buy one but then secure different locations as well you know even if you don't even open them up but just have them like no one can put them in there to kind of protect yourself.
00:18:11
Speaker
Yeah, we ran into that with two people we just spoke to. They wanted to do two different franchises, but wanted to put one in their town and someone had already bought the rights to their city for that franchise, but haven't rolled it out yet. We mentioned Crumble. We've heard from several people that very high net worth people are buying just the rights to Crumble to try to lock down
00:18:38
Speaker
you know, very large areas for growth. So, you know, the hotter the franchise, the more demand there's going to be for these locations and these territories. And so it's really important to understand that, that complexity and that territory and how that formula works and to really think through that. Good point.
Operational Constraints and Fees
00:19:01
Speaker
Okay. Let's talk about restraint of trade.
00:19:04
Speaker
So I think this would fall into like, what are the cons of a franchise and restraint of trade is really like putting, like you talked earlier, I think you made a good job with the analogy of put as closet. Restraint of trade is how restrictive the, the franchise is going to be with how you make money or putting your own flare or a personal touch on the franchise itself. Um,
00:19:33
Speaker
We've heard, you know, to use Jimmy John's again, I love Jimmy John's either probably once a week, but they're very restrictive. You know, I mean, they're very specific about what you can do and can't do and you better not go against that. And so I think the restraint of trade is really just how much corporate wants you to follow corporate and how much you can do yourself. And then really, I think it's, it's, um,
00:19:57
Speaker
specific to the actual products and services. If you buy a Plato's closet and then you're trying to basically sell, I'm making this up, but you try to start selling a new product line that they're not doing and they find up about it. Are they going to be cool with that? Can you bring in a new product line that other places won't have? Or are they going to be like, no, that's an infringement of our franchise agreement. We're going to shut you down.
00:20:23
Speaker
And so that's what restraint of trade is. What can you sell within your store? How can you sell it? And does that feedback to corporate or does that infringe on the franchise agreement? And you mentioned earlier, the accounting software franchise is a huge part of this because that's how they track you. I mean, most, I wouldn't say blanket, but most franchises are charging a royalty on gross revenue. So
00:20:49
Speaker
They're taking whatever 3, 6, 7, 10, 11% of revenue off the top for marketing, brand recognition, research and development, all these different things.
00:21:00
Speaker
Well, if you go in and try to install a new product line, how does that fit within their accounting software if it's only one store out of 100? Those are the things you got to think about with restraint of trade. If you don't want to be in a box, you might not want to do a franchise. If you don't like being told what to do and you want to be
00:21:20
Speaker
free and wheel and deal, then I don't think franchise price is not the thing for you. If you don't mind being a box and you just want a system and you want to work the system and you want multiple occasions, the franchise is probably right up your alley. It's funny, I had a friend who his mother-in-law was on Undercover Boss. I think it's been a while, but yeah, go ahead. She was in Planet Fitness and the boss came to her location.
00:21:49
Speaker
And basically did the underground boss thing. It's really interesting. She knocked it out of the park, just super bubbly. And like at the end, you know, she was like, this is who we want in each one of our stores. She went to another one to rain wreck train wreck. He was like, Oh, we don't do that. Like, Oh no, corporate stupid. And like, Oh, it was just like, no, it's just cringe worthy. And like, he was like kicking people out and like,
00:22:18
Speaker
Yelling at people and like trying to do private like training sessions i mean it was it was cringeworthy like i said and so but it's interesting like that is very very realistic to be able to talk about restraint of trade how much flexibility you have within the brand.
00:22:37
Speaker
Um, maybe even worth looking up, but, uh, it's just an interesting kind of thought process and kind of, uh, I would say an example of what you're talking about. And so I think that's a good one. And then I do want to talk about the ongoing fees. These are huge and are you, uh,
00:22:57
Speaker
One, are they creating a brand so big or a franchise so powerful that you're okay with the ongoing fees? Are they a flat fee? Are they a percentage of sales? All these things need to be taken into account when you are looking at potentially investing in a franchise. What are the thoughts you have on that?
00:23:16
Speaker
Yeah, I mean, it's just like our world investing. There's so many different layers of fees. We're talking to clients about that all the time. We're trying to come in below market with fees to be competitive and
00:23:30
Speaker
Yeah, it matters. And so let's just walk through the main fees. And again, we're not like, we don't own a franchise. So we're not like super uber experts at franchises, but these are the basics. You know, typically most franchises have just an upfront fee, you know, whatever it is, 10, 30, 50, 120,000. That's just for the business in a box. That's just to like get the rights to this territory.
00:23:55
Speaker
you're buying that territory, you get the box, so to speak. That's just a straight franchise fee. It's typically one time upfront, bang. If you buy multiple territories, you could get that sometimes reduced or get a deal, that type of thing, but that's just a straight franchise fee.
00:24:15
Speaker
From there, if they're super particular about how you put that franchise up, we'll just use Jimmy John's as an example. They're very particular. And I appreciate that because no matter what Jimmy John's you go to, you get a very uniform experience. And for that type of business, it's super important. You look at Plato's closet, which is selling used lightly, gently worn clothing. That could be very different in a lot of different areas of the country.
00:24:43
Speaker
And so from there, you have the cost of putting up that specific footprint, so to speak, and what those costs are going to be. If they're flexible on that, you can really trim those expenses. If they're not flexible on that, you're not going to be able to trim those expenses. So that startup cost can be different and is a different cost than the franchise fee.
00:25:09
Speaker
Then from there, you typically have a royalty, which we kind of just alluded to, and the royalty is typically on gross revenue, not net profit. So that's a huge thing to understand that if you're going to be paying, let's just say, a 6% royalty fee on gross revenue,
00:25:27
Speaker
You're losing 6% of the money at the top of the funnel, so to speak. Now, typically, they're providing, obviously, the branding, the ongoing refreshing of the product. So if, obviously, you're in food, you're going to get the new menu items. They're testing that stuff.
00:25:45
Speaker
or whatever, like the frozen yogurt stuff, like, oh, we got 14 new flavors. That's part of what the fee is going to, is keeping things fresh. Then from there, that royalty fee is typically dialed into the accounting system, which you talked about, and that's how they're actually going to track that. Every location is on the same accounting software and it rolls up and they can monitor the entire footprint of the business.
00:26:13
Speaker
Then from there, you know, you can have ancillary fees and expenses. One of the ones that I've heard the most talked about was when McDonald's got into coffee. And they're saying, you know, they'll test it typically on a few markets and then, you know, systematize it, break it, perfect it before they roll it out to the country.
00:26:35
Speaker
And then they went to all their franchise owners and said, hey, you got to retrofit, we got to do all this stuff to bring coffee into every McDonald's. And I heard that that number was about 120 grand out of pocket expense to get the entire thing retrofit, marketing, everything built out for coffee in those stores. So that's the ongoing that that would be dictated in the franchise agreement of
00:27:02
Speaker
hey, if we do a complete refresh, like Jimmy John's or whatever, and we got to redo all these buildings, you're on the hook for that as the franchise owner. So understanding those ongoing, more one-time lump sum expenses to keep up with the changes that corporate.
00:27:19
Speaker
And I think training is a big thing that can be ongoing, that they're helping you do the training. So you don't have to do that. From owning our own business, like it's all on us. And like sometimes you take for granted all the things that would come in a box until you're actually running a business and you're super grateful for it. But I think that's one of them. And then also what's the transparency with the other owners and the numbers that they are having and like how much is the communication
00:27:47
Speaker
Uh, encouraged within that franchise. Um, do you have like the, the number one person? Like, do you have like them on speed dial or like, can you talk to them? I think that's something to kind of work through too. I think that's a huge point, you know, and, um,
00:28:03
Speaker
This isn't a franchise. Well, maybe it is kind of a franchise. So I know John Deere, they, you know, obviously they have John Deere implements or John Deere dealerships they're called, but John Deere has what they call the John Deere 20, which is the top 20 essentially owner operators of these implements nationwide.
00:28:20
Speaker
and they get together, I don't remember how often, maybe it's quarterly or at least semi-annually, I believe, and they share best practices. They work very closely with corporate at John Deere and they're getting feedback and roundtabling and sharing the best ideas so that those implements are
00:28:41
Speaker
I would say uniform, but creating the best practices nationwide. And so I think to your point, there was another gentleman we met who was involved with the painting franchise. They had a similar thing for their top franchise owners. And then a lot of the stuff that came out of that round table or that group is getting pushed out nationwide to the franchise as it's vetted and perfected. And so I think that's an important part of
00:29:07
Speaker
of the franchise model where the actual franchisee owners have a voice and have a platform within the company to speak into what's happening in the ground, what's happening on Main Street because we've had several clients who started with a franchise and they actually broke off because corporate just kept jerking them around, yanking them around, making really bad business decisions that were costing them lots of money, lots of headache,
00:29:36
Speaker
They ended up just parting ways with the franchise and renaming their business. Again, that goes back to the franchise agreement. What's the process to do that if you have to pull that ripcord? You have to understand that going in before you get in that situation.
00:29:54
Speaker
So I will say last point, and then I think this is good, just how we laid
Choosing the Right Franchise
00:29:58
Speaker
it out. It's either for you or not, but at least it gives you some ideas to think about when you're going through this. But I think the last thing that I would say, and we harp on this all the time, so it's going to be like a broken record, but make sure the franchise aligns with your passion.
00:30:13
Speaker
If it doesn't, it's going to be just for cash flow. And I'm not saying that's bad, but we would rather have people invest in something they're excited and passionate about. And so it's life-giving for them and not just like a numbers thing.
00:30:28
Speaker
So that's what we would say kind of as a final hurrah is like, make sure that you act like for me, it'd be crumble. Okay. I love the cookies. All right. We are, yeah, probably be not very profitable because I'd be eating the cookie dough. But, uh, anyway, I would just love it. Like that just makes me happy. And so that's just the, I think the final thought that I would have, Brian, I'd love to hear yours and then we can sign out.
00:30:52
Speaker
I wanted to go quick, what franchise would you open that's already a franchise? And then what's maybe a business that's not a franchise that you think should franchise? That's a good one. Crumble. That's that. Answer number one. Yep. And then for me, I would franchise, man, is there like event planning or party planning? That's what I would probably franchise.
00:31:21
Speaker
Gotcha. I have like five that I would franchise. I think Jimmy John's is up there for me. I think Sport Clips is genius just because everybody always needs their haircut and it's, they got a really great mobile app. And anyways, so I'd say those two for me. And then a business that's not franchise that I think should franchise is Spudnuts and Lake Ocoboji has the best donuts.
00:31:49
Speaker
and uh potato flour and uh anyways i think it would do well i've got a new answer i've got to do it uh hands down the franchise that i think could go viral and really rock is you ready for this
00:32:06
Speaker
You're like on the edge of your seat. I am on the edge of my seat, yes. The uncommon wealth part. Yes. I absolutely think that this thing needs to be just a bigger platform because I think there's just a lot more people out there that just need to be advised in such a way where, no, you are your best asset. Let's use your assets to try to help you love your life every day. So, cheesy, cheesy ending. But we're working on it.
00:32:32
Speaker
That's right. So thanks for tuning in. You've been listening to the Uncommon Life Project where I've been your host, Philip Ramsey. And I'm Brian Dewhurst. Until next time, go be uncommon. Thanks for listening. Thank you. That's all for this episode of the Uncommon Life Project, brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.