#104: King of Franchises Reveals All
The Founder Podcast
Chris Lee
5 • 1.4K Ratings
🗓️ 28 May 2024
⏱️ 43 minutes
🧾️ Download transcript
Summary
Welcome to a new episode of The Founder Podcast. Dreaming of business ownership, but franchising sounds more appealing than starting from scratch? Today’s episode is your golden ticket. Franchising guru Lance Gramlich, the "King of Franchising," shares his secrets to success. Learn why leadership beats passion in franchise selection, discover the power of asking the right questions, and uncover the financial potential of franchising (think 3-5 times cash flow on resale!). Highlights: "Forget about your passion. Use your skills, but leadership. Look at the leadership of the business you're getting into." "The validation stage or process is gold. When you ask the right questions..." "In franchising as a franchisee you're going to sell for three to five times cash flow typically." Timestamps: 00:00 - From Wall Street to Franchise King 01:41 - Finding Your Way into Franchising 03:56 - Taking the Gopher Role: Learning from the Ground Up 04:55 - Making Money Doing Anything: The Entrepreneurial Spirit 10:00 -The Importance of Intrapreneurship and Experience 13:32 -The Krispy Kreme Rollercoaster: Boom and Bust 15:00 - Beyond Food Franchises: Exploring Profitable Options 17:35 - Don't Follow Trends, Choose Longevity 20:00 - The Validation Process: Don't Get Married Too Quickly 25:00 - Franchising for the Hands-Off Investor: It's Possible! Looking to scale your business? Want to learn directly from the same team that helped me sell my last business for 9 figures? Click this link below to check out how you can work with us. https://nextlevelhomepros.com/grow-home-service-vsl Join my community - Founder Acceleration https://www.founderacceleration.com Apply for our next Mastermind:https://www.thefoundermastermind.com Golf with Chris https://www.golfwithchris.com Watch my latest Podcast Apple- https://podcasts.apple.com/us/podcast/the-founder-podcast/id1687030281S Spotify- https://open.spotify.com/show/1e0cL2vI1JAtQrojSOA7D2 YouTube - @thefounderspodcast
Transcript
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| 0:00.0 | So I always thought I was going to work on Wall Street for Dad's Company. |
| 0:03.0 | So I did it throughout high school, college, after college, and realized I was bored to tears. |
| 0:06.8 | So I had a pseudo-unkel, it's really my uncle's best friend, Stephen, that called me and said, I heard you bored. Well board well good news we're going to build a billion dollar restaurant company I helped him build a TGI Fridays franchise from nothing to 200 million over the course of five years. |
| 0:24.1 | And then I said, I have to do my own thing. |
| 0:26.0 | Got roped into a crispy cream donut franchise as a partner. |
| 0:29.9 | So I had a nice equity stake. |
| 0:32.0 | Built that up to 25 million a year, and we had Nevada and Utah. |
| 0:35.7 | How many locations is that? |
| 0:36.9 | It was about 10 at the time? |
| 0:38.6 | 2.5 million per location in donuts. |
| 0:41.4 | I tell people often that when you join a franchise for people that |
| 0:44.7 | panic when they go why would I give somebody $50,000 or for a franchise fee to |
| 0:49.1 | join up this business? Well why do people give Tony Robbins $50,000 or this one or that one a |
| 0:54.7 | Richard Branson and join a mastermind? |
| 0:56.6 | Franchising is joining a mastermind. |
| 0:58.9 | I like that. |
| 0:59.5 | Where there's collaboration and people that are supporting the heck out of you to be successful. |
| 1:05.0 | And you will learn that. |
| 1:06.0 | Excited to bring you another episode of the founder podcast. |
| 1:09.0 | Today I'm with Lance Graulic here in his home in Las Vegas. |
| 1:13.7 | He's the founder and CEO of Ion Franchising. |
| 1:17.0 | Representing over 800 brands, Lance has been deemed |
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