The Best Business Buying And Franchise Opportunities For Building Wealth in 2024 | Lance Graulich
Millionaire Mindcast
Matt Aitchison
4.4 • 716 Ratings
🗓️ 15 January 2024
⏱️ 62 minutes
🧾️ Download transcript
Summary
Lance Gralick, an expert in franchising, brings a wealth of experience from various roles in the industry. With a background in family entrepreneurship, Lance grew up with exposure to real estate, Wall Street, and business ownership. He has ventured into franchises like TGI Fridays and Wingstop, and even created a famous donut brand, Paintbox Donuts. Lance is now a franchise broker, advising individuals on suitable franchise opportunities and hosting a podcast about franchising.
Episode Summary:
This episode features Lance Gralick, who shares his journey from being raised in an entrepreneurial environment to becoming a franchising expert. He discusses the evolution of his career, from Wall Street to owning multiple franchises. Key topics include the significance of franchises in the business world, how to choose the right franchise, and emerging trends in the franchising industry. Lance also offers insights into successful franchising strategies and the importance of mindset in entrepreneurship.
Timestamps & Topics:
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[00:00:00]: Introduction of Lance Gralick and his background.
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[00:01:55]: Lance's shift from Wall Street to franchising.
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[00:02:42]: Insights into TGI Fridays and the restaurant industry.
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[00:05:39]: Lance's experience with Wingstop and Krispy Kreme.
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[00:06:17]: Discussion on franchising as a business model.
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[00:08:15]: The importance of mindset in entrepreneurship.
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[00:14:42]: Evaluating franchise opportunities and investment considerations.
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[00:17:32]: Role of franchise brokers and due diligence in franchise selection.
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[00:23:13]: The franchise validation process and speaking with existing franchisees.
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[00:27:42]: Ideal candidates for franchising and financial requirements.
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[00:31:56]: Emerging trends in the franchising industry, including wellness and fitness.
Notable Quotes:
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"Put yourself into a financial position to retire and then don't."
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"If your mindset isn't right, you're already at a disadvantage in entrepreneurship."
Calls-to-Action:
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Listeners are encouraged to connect with Lance Gralick for more information on franchising opportunities.
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Visit LanceGralick.com for a comprehensive assessment and consultation.
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Transcript
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| 0:00.0 | What's going on, guys? |
| 0:10.7 | Welcome into today's show. |
| 0:12.3 | I've got a great guest for you in Lance Gralic. |
| 0:16.0 | He is, well, let me put it this way. |
| 0:19.0 | I've interviewed and invested and done a lot of different stuff with franchises and different |
| 0:25.1 | franchise brokers and experts and hands down, I would say Lance is the best one that I have |
| 0:31.8 | found so far. |
| 0:33.9 | And we dug into a lot of nuts and bolts on business buying, whether this is your first |
| 0:41.1 | business and you're looking to leverage franchises to eliminate all the guessing work, to have |
| 0:46.0 | proven systems, to be able to jump in to generating revenue and cash flow quickly, or maybe |
| 0:51.5 | you're looking to diversify by leveraging into a franchise-based business. |
| 0:57.0 | I know a lot of different people of different levels of wealth that all look at franchising |
| 1:03.3 | as a great way to either insulate some of their commercial real estate investment properties |
| 1:10.8 | by buying franchises |
| 1:11.9 | and putting them in their assets. I know people that own businesses that buy other franchises |
| 1:18.7 | to diversify outside of their business or to buy a business for their kids or for their wives |
| 1:24.0 | or ultimately for people that are entrepreneurial and spirit and have a good |
| 1:29.0 | W-2 job but don't feel as confident in the idea creation but are great executors franchises have |
| 1:40.9 | been a proven wealth building and income building vehicle for so many people. |
| 1:48.1 | And Lance does an amazing job in this interview talking about all the different ways you can get into franchising opportunities, |
| 1:55.9 | the best ones for active investors, for passive or part-time investors, the returns that you can expect, |
| 2:03.5 | the exit strategies, some of the specific up-and-coming brands that he likes, the proven brands |
... |
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