Entrepreneur Podcasts | 11 Most Common Ways To Fund A Franchise - Episode 1 - Part 3
Thrivetime Show | Business School without the BS
Clay Clark
4.7 • 1.5K Ratings
🗓️ 2 November 2023
⏱️ 19 minutes
🧾️ Download transcript
Summary
Terry Powell is known to many as the godfather of franchising and he along with business coach Clay Clark are talking about ways you can fund a franchise
Transcript
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| 0:00.0 | Get ready to enter the Drive Time Show. |
| 0:30.0 | I met with a banker recently and he was explaining to me how prevalent 401K |
| 0:44.1 | rollovers are in franchising and again I think of a lot of people I think |
| 0:48.4 | I've just people I've met are the dozens of people who could have got into |
| 0:52.3 | a business if they would have known about this and I think you also said |
| 0:55.6 | that the engine of the economy is these small businesses and governments |
| 0:59.5 | trying to make that trying to celebrate that and make the funding possible I |
| 1:03.2 | don't think you'll realize if you get a chance to Google if you're watching this |
| 1:06.1 | if you get a chance to do do a Google search for the SBA and the percentage of |
| 1:10.4 | jobs that are created by small businesses it's overwhelming I mean it is like |
| 1:15.1 | three-quarters of all the new jobs in our country are created by small |
| 1:18.0 | businesses it's amazing and franchises definitely play a big part in that |
| 1:22.3 | they do next one is is savings now this seems obvious but Terry it's |
| 1:29.4 | as simple as this may sound I mean this is where an entrepreneur raids their |
| 1:32.5 | savings account and says I'm willing to bet on myself and go out and start a |
| 1:37.2 | business how often do you see people pulling from their savings and saying I'm |
| 1:40.4 | gonna bet it all on this business quite frequently actually especially after |
| 1:44.0 | we have the conversation about how's the interest rates doing on those |
| 1:47.0 | savings and that's pretty much a reactive investment meaning they're not going |
| 1:51.5 | to empower the results of that return just sits there and hopefully the bank |
| 1:55.8 | or the institution is going to pay a reasonable interest rate by diversifying |
| 2:00.0 | some of that savings into another line on their net worth called value of |
... |
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