WEBVTT - Study Hall: How to Turn a Business into a Franchise 0:00:00.400 --> 0:00:04.280 You just realized your business needed to hire someone yesterday. 0:00:04.800 --> 0:00:09.520 How can you find amazing candidates fast easy? Just use Indeed. 0:00:09.960 --> 0:00:12.680 Stop struggling to get your job posts seen on other 0:00:12.760 --> 0:00:16.439 job sites. With Indeed sponsored jobs, your post jumps to 0:00:16.480 --> 0:00:19.000 the top of the page for your relevant candidates, so 0:00:19.120 --> 0:00:22.119 you can reach the people you want faster. According to 0:00:22.160 --> 0:00:26.120 Indeed data, sponsored jobs posted directly on Indeed have forty 0:00:26.120 --> 0:00:30.040 five percent more applications than non sponsored jobs. Don't wait 0:00:30.080 --> 0:00:33.519 any longer. Speed up your hiring right now with Indeed, 0:00:33.960 --> 0:00:36.200 and listeners of this show will get a seventy five 0:00:36.280 --> 0:00:39.440 dollars sponsored job credit to get your jobs more visibility 0:00:39.600 --> 0:00:45.320 at indeed dot com slash pod Katz thirteen. Just go 0:00:45.360 --> 0:00:50.120 to Indeed dot com slash pod katz thirteen right now 0:00:50.479 --> 0:00:53.040 and support our show by saying you heard about Indeed 0:00:53.080 --> 0:00:57.400 on this podcast. Terms and conditions apply. Hiring Indeed is 0:00:57.440 --> 0:00:58.040 all you need. 0:00:58.640 --> 0:00:59.320 What's going on? 0:00:59.320 --> 0:01:02.880 Earnest Welcome EYL University, the number one place for business 0:01:03.000 --> 0:01:05.080 education shotty telm what we be bringing Yes. 0:01:05.160 --> 0:01:08.560 EYL University already has over one hundred past webinars from 0:01:08.680 --> 0:01:12.679 all areas of business. 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It's one thing to 0:02:19.360 --> 0:02:21.880 have a successful business, right, but it's another thing to 0:02:22.040 --> 0:02:28.440 actually open franchise operation. And I guess it's hard to do. 0:02:28.520 --> 0:02:30.480 That's why you're the youngest one in the country. Youngest people. 0:02:33.320 --> 0:02:35.120 It's not hard to do, it's hard to figure out 0:02:35.480 --> 0:02:37.120 if you don't have any guidance. 0:02:37.840 --> 0:02:40.600 Like obviously we've never I've never met anybody that owned 0:02:40.680 --> 0:02:43.560 their own franchise, so like yeah, like oh, was like 0:02:43.639 --> 0:02:44.400 what was the guidance? 0:02:44.480 --> 0:02:46.600 Like what was the mental or the moment that you said, 0:02:46.960 --> 0:02:48.120 this is what I have to do now? 0:02:48.600 --> 0:02:51.400 So there, I was really frustrated. One day. I don't 0:02:51.440 --> 0:02:55.079 remember what was frustrating me, but I went to Barnes 0:02:55.120 --> 0:02:59.639 and Nobles and I googled the top five franchise consulting 0:02:59.720 --> 0:03:03.920 for firms and I called all five to see who 0:03:03.960 --> 0:03:07.040 would call me back first, because at that point, I 0:03:07.240 --> 0:03:10.960 was like, I don't want to open multiple locations. 0:03:10.520 --> 0:03:12.959 Well can you talk about that? Even before so I 0:03:13.120 --> 0:03:15.960 actually asked you that question. I'm like, what made you say, okay, 0:03:16.080 --> 0:03:18.040 instead of opening I want to shop in Newark? I 0:03:18.080 --> 0:03:19.919 want to shop and broken, but it's gonna be What 0:03:20.080 --> 0:03:21.440 made you want to just say I want to do 0:03:21.600 --> 0:03:22.960 franchises and have other people? 0:03:23.000 --> 0:03:26.360 And I left this out. I did own another location 0:03:26.560 --> 0:03:29.600 at that point, so I owned two locations and I 0:03:29.800 --> 0:03:32.160 was working on three. But I was like, I don't 0:03:32.440 --> 0:03:33.799 I can't handle it on my own. 0:03:33.880 --> 0:03:35.040 Why so why did you? 0:03:35.400 --> 0:03:37.960 Why did you tell you I wanted to maintain some 0:03:38.200 --> 0:03:42.560 free time for my family, for my leisure, and for work. 0:03:42.680 --> 0:03:46.120 So I didn't There's a lot of business owners who 0:03:46.240 --> 0:03:49.600 just run around all day long to multiple locations and 0:03:49.680 --> 0:03:52.680 then burn out at night. But I always wanted to 0:03:52.760 --> 0:03:55.440 leave time for myself because I felt like that's important 0:03:55.760 --> 0:03:59.080 and I didn't want the business to overrun me. So 0:04:00.040 --> 0:04:02.960 I wanted to allow other people to open. And I 0:04:03.200 --> 0:04:06.720 realized that in the United States you have to franchise 0:04:06.840 --> 0:04:10.120 if you allow somebody else to use your logo and 0:04:10.440 --> 0:04:11.240 your business name. 0:04:11.400 --> 0:04:13.120 Can you talk about that? I just found that out, 0:04:13.240 --> 0:04:15.520 So you can't. You can't let somebody else use it 0:04:16.040 --> 0:04:17.240 unless it's a franchise. 0:04:17.320 --> 0:04:22.680 And there's a lot of people who like license their method. 0:04:22.839 --> 0:04:27.600 There's there's stores, but you actually cannot. You're not supposed to, 0:04:28.120 --> 0:04:30.359 and if you get caught, it's a it's a big fine. 0:04:31.240 --> 0:04:34.039 You have to become a franchise if they are following 0:04:34.120 --> 0:04:37.920 your trademarks, logos and name. 0:04:38.279 --> 0:04:41.039 So your trademark is the Kika method. 0:04:40.920 --> 0:04:47.240 Kika Stretch Studios, the Kika Method. Yeah, so I also franchise, 0:04:47.240 --> 0:04:53.080 I mean franchise trademarked most of the trademarks myself. I 0:04:53.240 --> 0:04:57.000 just sat in front of a computer for hours until 0:04:57.000 --> 0:04:58.479 I figured it out and. 0:04:58.600 --> 0:05:03.240 So so all right, so you looked at the consultant firms, right, 0:05:03.320 --> 0:05:04.360 and what happened at that point? 0:05:04.440 --> 0:05:07.479 So the first one that called me back the guy 0:05:07.760 --> 0:05:13.160 Chris Connor out of Atlanta Franchise Marketing Systems, and he 0:05:13.400 --> 0:05:15.800 pitched the whole concept of working with me, like I 0:05:15.880 --> 0:05:18.640 think this could work. I'll be on a flight tomorrow 0:05:18.920 --> 0:05:22.800 and I'm like, really, okay, mind you. He was the 0:05:22.920 --> 0:05:26.680 only one that called me back. The other people called 0:05:26.720 --> 0:05:29.240 me back like three days later. I'm like not. And 0:05:29.480 --> 0:05:32.919 so he came. He looked at my studio, he listened 0:05:32.960 --> 0:05:35.160 to the whole model, and he's like, you could definitely 0:05:35.279 --> 0:05:39.120 do this. He helped franchise Massage Envy and a lot 0:05:39.160 --> 0:05:42.640 of other big franchises. So and his price was also 0:05:42.920 --> 0:05:46.719 like lower than all of the other franchise company fifteen 0:05:46.800 --> 0:05:51.599 thousand okay, yeah, most of them are twenty and up. 0:05:51.880 --> 0:05:53.440 And what do you get put for that? Like, he 0:05:53.520 --> 0:05:54.039 sets it up. 0:05:54.400 --> 0:05:57.479 He sets up the whole franchise model, the FDD. 0:05:58.200 --> 0:06:00.240 All right, So okay, so he came and then he's 0:06:00.279 --> 0:06:01.440 the one that set it up for you. 0:06:02.040 --> 0:06:05.720 He's the one that pulled the resources out of me 0:06:06.720 --> 0:06:11.800 the the procedures. I had the strategies and he helped draft. 0:06:11.640 --> 0:06:15.120 The whole So okay that you said the FDD. What 0:06:15.320 --> 0:06:15.840 does that stand for? 0:06:15.920 --> 0:06:17.960 A federal disclosure document? 0:06:18.040 --> 0:06:20.160 And that's what you have to do in order to yes, 0:06:20.720 --> 0:06:21.080 to have. 0:06:21.520 --> 0:06:23.200 To open up a franchise, you have to do the 0:06:23.279 --> 0:06:26.760 first thing I do is an fd D, right disclosure document. 0:06:26.880 --> 0:06:27.800 Yes, and you do that. 0:06:28.000 --> 0:06:31.160 You do that with the United States government. Yes, And 0:06:31.480 --> 0:06:32.760 each state has its own. 0:06:34.160 --> 0:06:39.320 The same FDD. But each state has its own laws 0:06:39.480 --> 0:06:43.040 as far as submission. So like New York, you have 0:06:43.160 --> 0:06:46.360 to submit your FDD. It has to be approved by 0:06:46.400 --> 0:06:48.960 the state each year before you can sell a franchise 0:06:49.480 --> 0:06:51.960 New Jersey. I can just give you my fd D 0:06:52.240 --> 0:06:55.320 and have you sign up on the spot. New York 0:06:55.360 --> 0:06:56.720 they have to approve it each year. 0:06:57.640 --> 0:06:59.520 New York's always the worst and everything. 0:07:01.960 --> 0:07:03.480 Seems so all right. 0:07:03.600 --> 0:07:04.520 So what's in the FDD. 0:07:05.200 --> 0:07:08.360 So within the FDD, it's basically like the role book 0:07:08.440 --> 0:07:10.640 for the franchise, like, this is what we're gonna do 0:07:10.720 --> 0:07:13.600 for you. This is your role as a franchisee. This 0:07:13.800 --> 0:07:17.239 is my role. It basically puts on the table every 0:07:17.400 --> 0:07:20.360 cost that you could incur with a business like this, 0:07:21.080 --> 0:07:23.920 It discloses to the franchise e everything they would have 0:07:24.080 --> 0:07:27.080 to deal with if they decided to join your organization, 0:07:27.680 --> 0:07:29.680 every possible element of everything. 0:07:30.400 --> 0:07:31.880 How long? Like how how long is it? 0:07:32.160 --> 0:07:34.840 So mine is about three hundred pages? 0:07:35.000 --> 0:07:37.600 Three hundred pages, yes, and that's what he helped you 0:07:37.680 --> 0:07:38.120 write that? 0:07:38.400 --> 0:07:40.320 Yes, so he has a team of people that helped 0:07:40.400 --> 0:07:41.080 put it all together. 0:07:41.120 --> 0:07:43.440 So how do you all right? So is it like 0:07:43.520 --> 0:07:46.240 a set template to say like or like, how do 0:07:46.320 --> 0:07:48.520 you come up with three hundred pages of items? 0:07:49.160 --> 0:07:51.760 Or was you using that that when you find yourself 0:07:51.840 --> 0:07:53.920 you had so much writing already built up, like. 0:07:54.840 --> 0:07:58.240 I did so within the FDD, so we do three 0:07:58.280 --> 0:08:02.239 weeks of training for each of the franchisees. So lists 0:08:02.320 --> 0:08:05.760 how much time is spent on this topic in training, 0:08:06.360 --> 0:08:09.440 like it spells out the whole training by minutes, thirty 0:08:09.480 --> 0:08:12.400 minutes on this, thirty minutes on that. It shows you 0:08:12.600 --> 0:08:15.760 the least possible amount of money you could use to 0:08:15.880 --> 0:08:20.040 open in the highest so there's a range. It spells 0:08:20.120 --> 0:08:23.920 out liability of the franchise or like what are we 0:08:24.080 --> 0:08:28.560 liable for? What are we not liable for? So once 0:08:28.680 --> 0:08:32.400 the franchise reads it, they understand what they're getting themselves into, 0:08:33.160 --> 0:08:35.920 and once they sign it, you can't say I didn't 0:08:35.960 --> 0:08:38.120 tell you you know this is going to happen. 0:08:38.240 --> 0:08:43.040 So that the FDD actually is the instruction manual. Yes, yeah, 0:08:43.240 --> 0:08:44.800 you don't have like another one on top of that. 0:08:45.040 --> 0:08:45.240 We do. 0:08:46.000 --> 0:08:49.240 So what's the other one? You have to time, So 0:08:49.280 --> 0:08:51.679 there's a reason that. Now we know why you're the 0:08:51.720 --> 0:08:56.400 youngest one. So what's what's all? Right? So we got 0:08:56.440 --> 0:08:58.760 the FDD. That's pretty watch the whole instruction manual. So 0:08:58.800 --> 0:08:59.439 what's on top of that? 0:08:59.600 --> 0:09:03.200 So the right So legally it allows you to sell 0:09:03.559 --> 0:09:06.439 a business to someone. Right, So that's the FDD. Then 0:09:06.480 --> 0:09:12.719 there's an operations manual. So that's where all my strategies, concepts, 0:09:13.880 --> 0:09:16.040 all of my material as far as like how to 0:09:16.160 --> 0:09:20.840 find staff, it's in the operations manual. So the operations 0:09:20.920 --> 0:09:24.480 Manual is what teaches them what to do. So that's 0:09:24.480 --> 0:09:27.280 a whole nother document which came hand in hand with 0:09:27.320 --> 0:09:27.720 the FDD. 0:09:28.000 --> 0:09:31.600 And once they signed that document the FDD, they can't 0:09:31.679 --> 0:09:33.480 deviate from that operational agreement. 0:09:33.720 --> 0:09:38.360 No, So how many pages is the operation it's about 0:09:38.440 --> 0:09:43.400 two hundred, so it's five together. Yes, it's like loaded 0:09:43.440 --> 0:09:47.040 the rings so okay, so how long how long did 0:09:47.080 --> 0:09:48.439 it take you to put together all of that? 0:09:49.480 --> 0:09:54.040 So, I mean they were prepared to put it together 0:09:54.160 --> 0:09:57.920 within a month, but I needed more time, so it 0:09:58.000 --> 0:09:59.280 took me about four months. 0:10:00.320 --> 0:10:02.319 So you did you actually write it yourself or you 0:10:02.400 --> 0:10:03.320 just dictated it to them? 0:10:03.640 --> 0:10:04.679 Dictated it to them? 0:10:04.800 --> 0:10:06.840 So what you ever suggested, Mike can do it them. 0:10:07.720 --> 0:10:10.319 There's some things you don't want to do yourself. One 0:10:10.360 --> 0:10:11.719 of those things is messed. 0:10:11.440 --> 0:10:15.400 With the law. So you really get a professional, get a. 0:10:15.440 --> 0:10:18.280 Professional and do your research because a lot of people 0:10:18.400 --> 0:10:21.920 rip people off just to create that document. So you 0:10:22.040 --> 0:10:23.920 have to do your research so you know what you're 0:10:23.960 --> 0:10:24.720 getting into. 0:10:24.720 --> 0:10:28.240 All right. So now okay, so you have the FDD done, yes, 0:10:28.320 --> 0:10:31.280 and then you got approved. It's take to get approved. 0:10:31.400 --> 0:10:34.120 So like once it was done, I could sell in 0:10:34.240 --> 0:10:36.880 many states. Like once it's done here, you go, Kiko, Okay, 0:10:37.200 --> 0:10:37.920 you want to open in. 0:10:37.920 --> 0:10:40.280 New Jersey, Great, but they have to approve it. 0:10:40.559 --> 0:10:43.800 No, unless you go to a state like New York California. 0:10:44.280 --> 0:10:49.319 So you were in Montclair, Yeah, so if New Jersey. 0:10:49.160 --> 0:10:52.520 Jersey imagery fortunately, right, So like to put one in 0:10:52.640 --> 0:10:53.800 Brooklyn out yes? 0:10:54.000 --> 0:10:54.360 Different? 0:10:54.679 --> 0:10:54.800 Right? 0:10:55.000 --> 0:10:56.679 Requires the state to approve it. 0:10:56.880 --> 0:11:00.200 All right, Okay, so you have the you have thed, 0:11:00.520 --> 0:11:02.560 then you have the operational green. So nowI you're up 0:11:02.720 --> 0:11:05.360 and running as far as you can. Now you can 0:11:05.520 --> 0:11:08.719 have people buy your franchise. Right, Well, that's only have 0:11:08.840 --> 0:11:11.280 to battle because people have to actually buy your franchise. Yeah, 0:11:11.320 --> 0:11:14.520 so what's the process for that? How did how did 0:11:14.600 --> 0:11:16.520 you get the word out? How did you get people 0:11:16.640 --> 0:11:17.800 interested in buying? 0:11:17.920 --> 0:11:17.959 Like? 0:11:18.240 --> 0:11:20.160 How did that? How was the first the first person 0:11:20.200 --> 0:11:21.439 that brought a franchise? How did that? 0:11:21.880 --> 0:11:21.920 So? 0:11:22.080 --> 0:11:25.640 I had so I owned a studio in Westfield, Montclair, 0:11:25.760 --> 0:11:28.800 in Westfield. So in Westfield, I had a manager that 0:11:29.080 --> 0:11:33.280 was so amazing. She was she was doing better than 0:11:33.320 --> 0:11:35.920 I could have. And when I when you see talent 0:11:36.080 --> 0:11:38.040 like that on your staff, you have to do something 0:11:38.120 --> 0:11:41.120 about it or else they'll leave, they'll find another job. 0:11:41.520 --> 0:11:44.160 So I knew this position like she outgrew the position. 0:11:44.800 --> 0:11:47.439 So I talked to the company. I spoke to you 0:11:47.800 --> 0:11:50.360 guys about and I was like, how do I open 0:11:50.440 --> 0:11:53.520 up the first one? How do I find people? And 0:11:54.160 --> 0:11:56.920 they talked about a pizzeria that sold their first one 0:11:56.960 --> 0:12:00.199 to their manager. They let their manager in. It was 0:12:00.280 --> 0:12:02.680 already up and running, it would be great to start 0:12:02.720 --> 0:12:06.439 with someone who knows the system. So I proposed that 0:12:06.600 --> 0:12:08.760 offer to her and her husband, and she took it. 0:12:09.440 --> 0:12:12.040 So actually she became the first franchisee. 0:12:13.760 --> 0:12:17.400 We have a slight franchise e story, Like twelve years ago, 0:12:17.440 --> 0:12:21.600 we tried to get into a franchise Coladstone, I said 0:12:21.760 --> 0:12:23.480 in an earlier episode, but it was like, yo, we 0:12:23.600 --> 0:12:26.880 needed five hundred thousand, and we're like in our twenties, 0:12:27.640 --> 0:12:29.480 how are we going to do this? But you've created 0:12:29.480 --> 0:12:31.880 a different that's for people who wanted to get into 0:12:31.920 --> 0:12:32.520 the franchise e. 0:12:33.000 --> 0:12:37.120 Phsician you want about it, I'm not gonna talk about it. 0:12:38.200 --> 0:12:39.880 Interesting because, like you said, a lot of friends like 0:12:39.920 --> 0:12:41.040 McDonald's I think is the most. 0:12:40.960 --> 0:12:42.000 Expensive a million dollars. 0:12:42.880 --> 0:12:48.160 I think. Now it's like see what I did, shout 0:12:48.200 --> 0:12:52.320 out the homemade right all right? So yeah, because it's 0:12:52.360 --> 0:12:53.120 like a lot of these friends. 0:12:54.320 --> 0:12:56.520 This episode is brought to you by P and C Bank. 0:12:56.920 --> 0:12:59.640 A lot of people think podcasts about work are boring, 0:12:59.840 --> 0:13:03.199 and I'm sure they definitely can be, But understanding a 0:13:03.240 --> 0:13:06.480 professionals routine shows us how they achieve their success little 0:13:06.559 --> 0:13:08.439 by little, day after day. 0:13:09.480 --> 0:13:11.120 It's like banking with P and C Bank. 0:13:11.600 --> 0:13:14.400 It might seem boring to save, plan and make calculated 0:13:14.440 --> 0:13:17.520 decisions with your bank, but keeping your money boring is 0:13:17.559 --> 0:13:20.839 what helps you live or more happily fulfilled life. P 0:13:21.000 --> 0:13:25.800 and C Bank Brilliantly Boring since eighteen sixty five. 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Don't 0:15:14.440 --> 0:15:18.080 wait any longer, speed up your hiring right now with Indeed, 0:15:18.520 --> 0:15:20.760 and listeners of this show will get a seventy five 0:15:20.840 --> 0:15:23.960 dollars sponsored job credit to get your jobs more visibility 0:15:24.200 --> 0:15:29.840 at Indeed dot com slash pod katz thirteen. Just go 0:15:29.960 --> 0:15:34.600 to Indeed dot com slash pod katz thirteen right now 0:15:35.040 --> 0:15:37.560 and support our show by saying you heard about indeed 0:15:37.680 --> 0:15:41.920 on this podcast, terms and conditions apply. Hiring indeed is 0:15:42.040 --> 0:15:42.720 all you need. 0:15:43.040 --> 0:15:44.880 My shot is like a million dollars a million and 0:15:44.880 --> 0:15:47.560 a half, and then you have to some other franchise. 0:15:47.640 --> 0:15:49.880 You have to buy three locations. But you can't just 0:15:49.920 --> 0:15:51.520 buy one location. You got to have like a million 0:15:51.560 --> 0:15:54.600 dollars in investable assets, all kinds of stuff. It's not 0:15:54.680 --> 0:15:58.560 easy to open a franchise. No, So with your your 0:15:58.640 --> 0:16:01.760 body is different, right, Yeah, so before we've been talking, 0:16:01.800 --> 0:16:04.200 you have a you have a sliding scale of the 0:16:04.280 --> 0:16:07.600 price range, right, Yes, anywhere from thirty to ninety correct, 0:16:07.680 --> 0:16:09.320 depending on geographic locations. 0:16:09.400 --> 0:16:09.760 Exactly. 0:16:10.040 --> 0:16:12.720 So obviously major markets is more, right in the small 0:16:12.800 --> 0:16:14.800 market is less exactly because the major market is going 0:16:14.840 --> 0:16:15.640 to do more business. 0:16:15.760 --> 0:16:19.000 Yeah, and the real estate is more major yep. 0:16:19.320 --> 0:16:22.600 So all right, So but you also have an income 0:16:22.880 --> 0:16:23.800 is it income based? 0:16:24.640 --> 0:16:25.920 Income based financing? 0:16:26.320 --> 0:16:26.840 Can we like to? 0:16:27.120 --> 0:16:31.480 So can you explain that so that I'm coining? Someone 0:16:31.520 --> 0:16:37.640 write it down that after this. So basically, like I 0:16:37.720 --> 0:16:41.600 started with five hundred dollars, I had no networth, right, 0:16:41.760 --> 0:16:45.600 so if if someone offered me something, they wouldn't and 0:16:45.720 --> 0:16:48.680 it would prevent me from having the opportunity of what 0:16:48.760 --> 0:16:50.960 I've done so far, So I kind of had that 0:16:51.080 --> 0:16:53.200 in my head, like, just because you have a million 0:16:53.280 --> 0:16:56.240 dollars in assets doesn't mean you're a good business owner. 0:16:56.760 --> 0:17:00.240 It really takes personality. This is a service business, so 0:17:00.320 --> 0:17:02.320 you have to have a personality, you have to be 0:17:03.040 --> 0:17:06.359 able to be likable. So there's a lot of different 0:17:06.400 --> 0:17:09.800 things that would make you a good franchise besides assets. 0:17:10.240 --> 0:17:15.600 So but assets over yeah, so you can't have too 0:17:15.680 --> 0:17:19.680 many liabilities to get in. But so basically it goes 0:17:19.840 --> 0:17:23.920 by person by person what but we look for, number one, 0:17:24.000 --> 0:17:28.920 people who are good with people, People who show a 0:17:29.160 --> 0:17:32.320 healthy relationship with money. So even if you're making I 0:17:32.359 --> 0:17:35.160 don't know what, two thousand dollars a month, I'm exaggerating, 0:17:36.080 --> 0:17:39.400 but you're still saving for retirement five dollars a month. 0:17:39.560 --> 0:17:42.440 That shows that you're you're you handle money well. And 0:17:42.560 --> 0:17:44.960 that's the biggest thing that we look for, people who 0:17:45.040 --> 0:17:48.680 handle money well, because if it's five dollars versus a 0:17:48.760 --> 0:17:51.879 million dollars, it doesn't matter because you're you're going to 0:17:51.920 --> 0:17:56.840 handle the business well. So we look at people's income, 0:17:57.359 --> 0:18:00.919 what they currently do. Are they saying what does their 0:18:00.960 --> 0:18:04.119 savings look like? How much can they put upfront towards 0:18:04.160 --> 0:18:07.760 the franchise, what has been their work history, what their 0:18:07.840 --> 0:18:11.200 passion is. We have a whole kind of checklist that 0:18:11.280 --> 0:18:14.000 we go over and we process it and then we 0:18:14.119 --> 0:18:17.120 approve them based on that. So who we So it's 0:18:17.240 --> 0:18:20.000 myself and I have a team of three other people 0:18:20.160 --> 0:18:22.359 that help with the franchise company and. 0:18:22.480 --> 0:18:25.720 Dan, you said, but you guys can assist with financing too, right, yes, 0:18:26.040 --> 0:18:26.920 so can you talk about that? 0:18:27.160 --> 0:18:31.720 So the franchise fee is thirty thousand dollars. However, say 0:18:31.800 --> 0:18:36.280 you have twenty thousand, usually you would never be able 0:18:36.320 --> 0:18:38.800 to own a franchise because you don't have enough money. 0:18:39.080 --> 0:18:41.959 So we might finance that other ten for you, depending 0:18:42.000 --> 0:18:45.159 on the situation over time. So the biggest thing is 0:18:45.240 --> 0:18:47.440 there's a pull of people who are being left out 0:18:47.600 --> 0:18:51.159 of this whole franchise concept due to financial reasons. So 0:18:51.600 --> 0:18:54.800 we're making it easier for people who still have potential 0:18:54.920 --> 0:18:55.320 to get in. 0:18:56.160 --> 0:18:59.000 And so right now you have twelve franchises, right, yes, 0:18:59.160 --> 0:18:59.719 eleven of them. 0:19:00.800 --> 0:19:05.560 Yes, And you said that there's a certain demographic of 0:19:05.640 --> 0:19:06.800 franchises that you're looking for. 0:19:07.200 --> 0:19:10.440 Why millennials? What makes them the target audience here? 0:19:10.840 --> 0:19:16.760 It's another loaded question why millennials. Well, so millennials have 0:19:16.880 --> 0:19:20.400 been told by their baby booming parents, get a good job, 0:19:21.359 --> 0:19:24.680 work there your whole life, save for retirement, and that's it. 0:19:24.880 --> 0:19:28.280 You're a good person. However, we know that's not the 0:19:28.359 --> 0:19:33.200 case nowadays most people. Most people. That's why you see, 0:19:34.320 --> 0:19:38.680 speaking of Mickeyde's right, you see fifty year old, sixty 0:19:38.800 --> 0:19:42.280 year olds working there because they don't have enough money 0:19:42.320 --> 0:19:44.680 to live off of their retirement plan did not carry 0:19:44.760 --> 0:19:48.000 them through. So we have these millennials who are getting 0:19:48.000 --> 0:19:53.359 frustrated within their jobs. They've reached a glass ceiling and 0:19:53.440 --> 0:19:56.480 they're looking for opportunities, but nothing is there because they're 0:19:56.640 --> 0:20:00.600 solely relying on their boss supervisor to give them a raise. 0:20:01.160 --> 0:20:04.440 So what we've started doing is pitching for them to 0:20:04.520 --> 0:20:08.960 give themselves a raise through franchising. And it's just a 0:20:09.000 --> 0:20:11.120 pool of people that are looking for a way out, 0:20:11.200 --> 0:20:13.400 and we've realized these are the people that we want, 0:20:13.880 --> 0:20:15.760 and we're going to help guide them and show them how. 0:20:15.680 --> 0:20:16.040 To do it. 0:20:16.840 --> 0:20:19.080 One of the good things about franchise is that it 0:20:19.160 --> 0:20:22.800 allows you to So somebody said, we had a guest 0:20:22.920 --> 0:20:25.399 and he said, Chris Senegal. He said that in school, 0:20:25.440 --> 0:20:30.639 they teach you not to cheat, but in business you 0:20:30.720 --> 0:20:33.520 get rewarded for cheating. Not cheating people, but like cheating 0:20:33.560 --> 0:20:35.920 as far as you see what somebody else has done 0:20:35.960 --> 0:20:38.720 and you copy that, right, like I should use that 0:20:38.760 --> 0:20:43.560 word copy. You get rewarded for copying. Right, You copy 0:20:43.680 --> 0:20:46.040 somebody's paper in glass and you can keep that at school. 0:20:46.520 --> 0:20:49.240 You copy a business and you become a millionaire. So 0:20:49.680 --> 0:20:53.480 that's what it does, is it saves the learning curve. 0:20:53.600 --> 0:20:57.000 And like you said, I mean percent of businesses failed. 0:20:57.040 --> 0:20:59.800 So if you already have a successful business your eyes, 0:21:00.040 --> 0:21:03.800