163. The Hidden Secrets of the Franchise World, with Tim Michaels

The Freedom Formula Podcast: Achieving Financial, Location and Time Freedom

Tim Michael, founder of Kickstart My Franchise, shares his expertise in the world of franchising. He discusses his background and how he got into franchise brokerage. Tim provides insights on evaluating franchise brands, including the importance of looking beyond financials and considering factors like the item 19 and item 20 in the Franchise Disclosure Document (FDD). He emphasizes the value of talking to existing franchisees to get a real sense of the brand's support and success. Tim also discusses different business models and the importance of considering one's comfort with sales and networking. He advises potential franchisees to be cautious of brands that grow too fast and to evaluate the support and capitalization of the franchisor. Lastly, Tim highlights the significance of budget and motivation in choosing the right franchise brand.

Takeaways

• Evaluate franchise brands beyond financials by considering factors like the item 19 and item 20 in the FDD.
• Talk to existing franchisees to get a real sense of the brand's support and success.
• Consider your comfort with sales and networking when choosing a business model.
• Be cautious of brands that grow too fast and evaluate the support and capitalization of the franchisor.
• Budget and motivation are key factors in choosing the right franchise brand.

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