Latest / Reframe First / Terese McGroarty, Franchise Consultant at FranNet | Aligning Passion and Role for Business Success
Transcript
- Oleksij Rak: Hey guys, welcome to another episode of FreeFrame First. I'm Alexey the host and let me welcome our today's guest, Terese McGrow, franchise consultant at FrameNet. So, hi Terese, great having you here. Terese: Hi, good morning. Thank you. It's great being here. Oleksij Rak: Yeah, thanks for joining. So your LinkedIn says like you're helping professionals build extraordinary lives through business ownership and you work in franchising industry. So could you tell us a bit more how you got into the industry, what you do? You told me in the pre-call a bit, but still like for the audience. Terese: Yeah. Yeah. So to be honest, I've been in the franchising in this industry for a long time. I started when I was twenty one. My husband and I actually bought our first franchise then. He had grown up in the shell gas station business and so that's when we started and we owned you know owned that in a good year. automotive repair business, probably between the two of those, at least 25 years. And and then, you know, we got out of the automotive industry. And now what I do is I consult people who are thinking about business ownership. We help them explore whether or not franchised business ownership is a good fit for them or not. yeah, so that's in a nutshell. Oleksij Rak: What does it take to own a franchise? You've been in this industry with two different franchises and several locations. How is it like at the moment when you are choosing to step into the business and when you are established? How did your expectations change? Terese: How did so you know when when we went into business ourselves many, many years ago, we we didn't know it we didn't know any better, you know, for you know, we were just probably too young and dumb to know any different, right? That there could have been anything different to do. And and I think that that's what I love about doing what I do is that just because you've always been in Oleksij Rak: Yeah. Terese: recruiting or you've always been in finances doesn't mean that that's what you have to continue doing, even if you don't enjoy it. that you have a lot of transferable skills that you can take and share over to a new industry. And you know, mo mostly what's important about fran business ownership, franchise business ownership, is that you enjoy the role of the owner. You know, a lot of times people think, you know, let's just say if you think about home health care, well, you're not really ever gonna be taking care of somebody. you know, so you're going to be, you know, hiring people that are going to be doing that. You're going to be managing the business, working on the business, not in the business. And so that's what I really enjoy doing what I do is opening people's eyes to those kinds of possibilities and opportunities. Oleksij Rak: Yeah, I see. How do you choose the right franchise nowadays? yeah. People come to you and say, okay, I want to change my life. I want to run my own business. What's your next question? Terese: How do you choose it? Yeah. So go ahead. Yeah. Well, we have what's called an entrepreneur profile. Really helps measure values, goals, you know, lifestyle, helps you think about things that you might not have thought about owning a business before. you know, how many people do you want working for you? what kinds of people do you want working for you? for instance, let's say you own you buy a child care franchise. Well, you have to like working with kids, but you also have to understand that they come with parents, you know. So, you know, I mean, finding out what makes you be excited about what you're gonna do. And then you know, probably minimally anymore, you know, people need to have about a five hundred thousand dollar, you know, net worth. the ability to be able to get a loan. you know, business they come in all different price ranges, you know, so you know, I I would say the very least expensive is probably fifty thousand dollars, but it's not only the cost of getting into the business, but then it's also having enough money to live on that first year that you're in business. Cause yeah, you're not gonna make money Oleksij Rak: Yeah, just around the period. Terese: right off the bat. So you need to have enough to pay your mortgage and your food and electric, all the things. And if you don't have that, you know, then it it's probably not a good idea. because you can't open a business and then be worried about am I going to have a house next week. Oleksij Rak: Yeah, yeah, I see. How long is this question area? It's like you mentioned that there is a long questionnaire. It's like some from that question area that you're asking people. Terese: Yeah, it you know, it's probably a 30 minute questi questionnaire, you know, kind of like a little bit if you a little bit like a disc profile if you've ever taken one of those. it's a it's a little bit like that. And then along with filling out some financials so that we know how we can help you. yeah, we need to know where is the money coming from. Some franchisors, most of the franchisors have a a net worth requirement. Oleksij Rak: So, yeah. Terese: So we need to know do you do you meet that requirement? because we don't want to show you businesses that you can't afford. Oleksij Rak: Yeah. And then you choose the right businesses. How do you make this choice? Okay. I filled the questionnaire, so I spent my 30 minutes. What's next? Yeah. Terese: Yeah. Well what's next is you and I would sit down, we would talk for about two hours. where I just try to get to know you well. What what makes you be excited? what you know what do you want to do for your business? What do you want your business to do for you? you know, all all of those things. And then because of that profile, we have businesses. that line up with that profile. So we the profile breaks down people as belongers, achievers, societal, or emulators. And and belongers are very family oriented people. I think that you are probably a belonger just not even having taken that assessment because you like to build relationships, you like to talk to people. So you would not do well in a business where you're working from home in your office by yourself all day. you know, you you would need a business that's going to have you engaging with people. you know, family is probably very important to you, those kinds of pe things. And achiever is is exactly that. You know, are you the kind of person that can go out and achieve goals? societal, I lovingly call societal people tree huggers. They're not really tree huggers. They're more the you know, they care about people in a in a different way, you know, like they're the kind of people that would be good owners of of home health care businesses or child care businesses and and those kinds of things. people who care about even the environment a lot of times. And then emulators are people, those are the People who are probably a little more excited about owning a business that is a little more newer. You know, they like the cutting edge of kinds of things. So by knowing those things, I can go through my list. I represent about 200 franchises and pick businesses that already have those characteristics and say these might be a good fit for you. And then question around that business. So y you know, let's say I'm gonna show you a home health care business, then I would question you around if that would be a good fit or not. you know, do you like, would you want to have a business that where you have 50 employees, and where, you know, your your employees are going into homes and taking care of the elderly, you know, all of all of the questions. So it's really just a question. Oleksij Rak: Mm-hmm. Terese: answer conversation of getting to know you and what you would like to do. And and sometimes you're like, I didn't even know that that business existed. Right. so there's all different ways of doing that. And then what we do is which I think the matchmaking part is so important, but I really think the secret sauce is where we talk every week with you. I have a conversation with my clients every week. what did you learn about these franchises that you like? What don't you like? what more do you need to know? so that they're getting all of their questions answered. and you know, sometimes we ask questions and you know, maybe the other people aren't answering them the way we want. or understand, you know, and so sometimes I have to call the franchiser and say, well, you know, my client doesn't understand why you're saying this, he's hearing this. So what's w where's the middle? You know, how can we understand the whole thing, right? So I advocate for my my clients. Oleksij Rak: Nope. Yeah, so the kind of guiding them through the process. Yeah, it makes sense. Yeah, it's interesting. It's interesting. I didn't think of that in terms that you kind of make a psychological profile of your client and then based on their profile, you choose what's the right fit for them. Because most people think that franchising is about opening another restaurant, you know, for some. Terese: Yes, yes. Yes, yes. And right now, right, opening another restaurant or a McDonald's or whatever is not really all that great. I mean, right now the restaurant industry is hard. In the US it is a little bit. so Oleksij Rak: Which franchises are great in your opinion? Despite the psychological profile and so on, which segments are really great in your opinion? Which segments are growing or blooming? Terese: In my opinion, right now. Yeah. Home services is really growing right now. And then the segments that have to do with the elderly, you know, because the elderly demographic is growing a lot. the other thing is is that the younger group they're spending more money on health than than we did. They're spending two times more than what we did. and they're not drinking like Oleksij Rak: See you. Terese: you know, we did. And you know, so you know, really athletic concepts are also very good for the younger people coming up. I it e they're spending more money and they're joining more boutique type fitness groups. So and and home services is always all day long. you know, people need their houses taken care of, whether it's painting, whether it's their floors or you know, outdoors, indoors. Oleksij Rak: Yeah. Okay. Next one, like you've chosen few franchises that are probably good fit for me. How many of these and what's next? How do we compare them? There is an FDD, but it's huge, you know, reading the FDD, reading like five FDDs and comparing them, it's pain. Terese: Yeah. Well so the Yeah, it's painful. there's two 280 pages. It's a lot of pages. But so you know, what happens is is that people will review the the FDD with the franchisor. So the franchisor typic typically will review it with you. and and then you know you're you're going to review it also. and and you want to look at the important parts of it, right? What what does it Oleksij Rak: Yeah. Terese: take to get in, how much money does it cost to get in? How much money does it cost to stay stay in? Oleksij Rak: Chapter 7, 19, from what I've learned through it. Terese: Yes. item seven, item nineteen, are are big parts, you know, but also what happens if you decide that you, you know, are five years into your ten year contract and you decide you want to get out? What how do I do that? But so you know, but the comparison really comes in when you get to start talking to the franchisees during during your due diligence. At a certain point the franchise will say, Okay, you could start talking to franchisees. And in that FDD has a list of all of the franchisees. I usually ask the franchisor to please give my clients somebody that's been in business a year, five years and ten years, and somebody that's not doing well, somebody's doing average and somebody that's knock knocking out of the ballpark. And I'd like for my clients to start talking to those six people and then just close their eyes and pick four more people to to call. And the question is, would you do it again? You know, it's a great place to start. and and if they would, why? And if they wouldn't, why not? And you know, it when you talk to those six specific people, that gives you a wide range of of people to talk to in all stages of the business. and you know, and you ask them things like what would you do differently? what would you have done the same? Do you is the franchise or you know, they say they do this, that, and the other thing. Do they really do that? Or, you know, just so that's truly where I think the proof is, is in talking to the franchisees. because if they're unhappy, you're gonna know they're unhappy. And and That also is introducing you to the franchise family. So if you can have an easy conversation with these people and you feel comfortable with these people, they are going to become your family. these are the people that you're also going to call when you have those days that you struggle. Cause let's face it, it doesn't matter if you're working for corporate America or you're, you know, working for yourself. There are days that you struggle. And so these are the people that you're going to call. and once a year franchise ours have a big conference where everybody comes together. So, you know, you bring everybody together and people share ideas and yeah, it's you and I I mean that's part of why I love being part of a franchise. Frannet is a franchise and and I love getting together with the the whole group of of people and you know, talking and sharing ideas and I don't know. It's it's it's Encouraging, you know. Yeah. Oleksij Rak: yeah. Yeah, yeah. You have somebody to have always somebody who has the same amount of challenges like you have or had or yeah, yeah, yeah. Because like being an entrepreneur, you're alone. And you have people in the same business and who went through the same steps and they are ready to share. So. Terese: Challenges and wins, right? Yeah, yeah. And they want success for you too. You know, success. So, you know, let's let's just take you know, McDonald's. If everybody complained, I mean, well, let's just even say I hate to pick on McDonald's, but let's just say, you know, I mean, their food isn't the best. you know, I mean or or or anything. But everybody knows when they go to McDonald's what they're getting. It doesn't matter if you're in the US or if you're in, you know, Oleksij Rak: Yeah. Yeah. Terese: England or if you're in Canada, you're gonna get it. And so everything is you know, that's why you want people to be in your business that you know are going to be successful. Because if you get a a group of McDonald's that they're not performing well, it looks bad for the rest of the McDonald's. You know, so yeah. Oleksij Rak: Yeah, yeah, for sure. did like while being in franchisee yourself, you were a franchisee, to do different franchises. Did you have a lot of these calls with this new potential? Is it normal? Is it common to have a lot of these calls and introduce some new people? And was there resistance from your side? Okay, I have no time for that. How does it work? Terese: what do you mean? Oleksij Rak: Like you're running some location for some franchise and all of a sudden you're getting called by me, for instance. I want to be a franchisee for your franchise. Could you tell me all the problems? For me it would sound more probably bit off, but still, how does it work? Terese: Okay. Yeah. Yeah, when somebody wants to be a franchisee of a particular business. well you Oleksij Rak: Yeah. Yeah. Yeah. How does it work for you as an existing franchisee of that business? Terese: Well, yeah, you know, I mean you if if if I didn't think you were going to be very good for the franchise, as if I was a franchisee and you were reaching out to me and asking these questions and and I didn't really think that you would be a good fit for my franchise, I I would call the franchiser and I would say, you know, I I'm not so sure about that guy, you know. Oleksij Rak: Yeah. It was. Terese: So I mean it's it's a definite it's a definite vetting. It doesn't matter if you have a million dollars, two million dollars, if you're not a fit for that franchise, the franchise ower won't take you. They they're looking for people, they're not looking for your money only. They're looking for people that are gonna raise up the brand. Oleksij Rak: Yep. Yeah, yeah, it's about the brand. It's about these people will represent their name in the end. Terese: Yeah, yeah. Does that answer your question? Yeah. Yeah. Yeah. So it's it's it's rewarding to watch people be successful. for me. It's it's very rewarding. you know, another industry that we haven't mentioned is is pets. I I I don't you know, I mean the pet industry is amazing. I you know, there's mobile grooming. Oleksij Rak: Yeah, yeah. Awesome, Mm-hmm. Terese: there's, you know, training, there's boarding, there's you know, stores, pet food stores and and all of that. So, you know, I mean, it's another industry that people spend a lot of money on their pets. Oleksij Rak: Okay, yeah. Awesome. Coming back to FDD still to discuss a bit deeper. What is the red flags that you are looking for? If you're like looking through some FDD, like what are the typical red flags that you first look? Terese: on an FDD or in yeah, on an FDD. Red flags would be litigation, you know, if franchisees have taken the franchise or to court for some reason. That would be a big red flag. you know, and if the franchisor potentially has had any bankruptcies himself, you know, so yeah, it has to be listed in the FDD. Oleksij Rak: Yeah. Yeah. I have to be listed in the video, right? Terese: So so things like that are things that we consider red flags in the FDD. Now, Franna, we we don't just represent anybody either. So we're not going to represent franchises that are highly litigated or we we call the franchisees ourselves before they're allowed in our inventory because we wanna know what you're gonna hear. Oleksij Rak: Mm-hmm. Terese: when you call. Now occasionally, you know, sometimes things do change for some reason in a franchise and you you hear some rumblings from, you know, when your client, you know, my my client, you, are calling franchisees, occasionally you start hearing that maybe things aren't well at the franchise. And so then we will get involved, we'll call the franchise or and say what's going on. you know, you need to get your house in in order, we're gonna pull you from our inventory. because we don't want we're not gonna you know, we're not gonna put our clients into a business that's not doing well. So Oleksij Rak: Yeah, that's also the reputation in the end. Terese: Yeah. So you know, that probably so in the FDD, that's the biggest red flags is franchisee suing the franchisor. and then the other red flags are if when you start calling franchisees and they're not happy. that that's the other big red flag. Red flags for me when I have a client coming to me, You know, sometimes people can't make decisions. and at some point, you know, you just have to say, you know what, maybe this isn't for you. Business ownership is about making decisions. And if if you can't decide to move forward or, you know, between this and this, y you know, maybe business ownership isn't for you. when people come to me and they don't have enough money, I mean that's Oleksij Rak: Mm-hmm. Terese: a a big red flag if you can't support yourself for the next year. you know, y we can't we can't help you. what are some other big red flags when people come Oleksij Rak: Some numbers being cough, I don't know, not according to my market standards. So maybe some vendors look in like specific vendors that need to be, I don't know. I'm just guessing, you know, but. Terese: Yeah. Yeah, well if you can't get a bank loan, you know, so if you have a low credit score, that's a big red flag too. so when yeah, you know, I think we work I you know, I work hand in hand and to be honest. I've helped more people not go into business than go into business. and a lot of people don't realize that they don't pay for for my services. actually the franchise or pays me a referral fee. and usually the people that Frannet in general helps. Oleksij Rak: Okay Terese: they are typically the higher performers of the franchise because of the fact that we make people do their due diligence and and so they know what they're getting into. and as opposed to you know I have a friend who I I didn't know her when she bought this business but it was a a nail business and she got her nails done at this particular Oleksij Rak: Mm-hmm. Terese: franchise and she said, I just love this. And so she bought this franchise. And but she didn't understand what it took to run it. She didn't understand that the franchise or was not a very good franchise or you know, all all the things that she needed to understand. And you know, eventually she ended up going broke. So you know, we really help people make good decisions in finding the right franchisor. Oleksij Rak: Yeah. Terese: so that they can have a lifetime of success. Oleksij Rak: You mentioned, by the way, mentioned due diligence, besides looking into numbers, understanding the numbers and having all the cash available, and besides chatting with other franchisees from the same business. What's else in the due diligence process? Going there, like testing kit for yourself as a client. Terese: The Well, there's at the end of the day, there's, you know, before you make a decision, there's it's called Discovery Day, where you go and you spend a day at the headquarters and you're gonna meet all the people that you would be working with. And and it's not only for you, it's for the franchise or because many times, right, all the conversations are done this way up until this discovery day. where you know you're talking to the franchise or on the phone or via zoom and now we're going to meet face to face. We're gonna go out to dinner together. you know we're gonna go see some businesses we're gonna give you the big picture and that is a you know important day not only for you because what happens if you meet the president face to face and you go I don't really like this guy. Oleksij Rak: you Terese: Right? Or the president meets you and goes, I don't really like this guy. It's not gonna work out. It's not gonna work out. And so it might be a business that you might want to walk away from. typically you've already talked to him, you you know, but it it doesn't happen often, but occasionally it does happen where you know you come to that day and a whole day together. Oleksij Rak: It's Terese: You learn a little Yeah. Oleksij Rak: a good feeling, it's not yours, Terese: Yeah. It's happened. not often, but it does happen. So that Oleksij Rak: So, God-peeling is also part of the process of the dealership. Terese: gut everybody's gut feeling, right? I mean, you have to you know we all buy emotionally and you know tr justify you know intellectually. So you know w when you're looking at a business, a lot of it is gut. can I do this? y can I go out and network every day? Oleksij Rak: Yeah, yeah. Terese: can I be because if you can't, then you need to look at a different business. If if your business requires networking, you need to look at it at it at a different business if you can't go out and talk to people every day. You know, you need to look for one that's going to be more digit digitally you know, driven. if you can't manage people, and that's really what me franchisers are looking for. Oleksij Rak: Yep. Yep. Yeah. Terese: Franchise owners are looking for people who know how to manage money and manage people and and follow a system. And not everybody can follow a system either. Oleksij Rak: Yeah, that's another part of equation because being an entrepreneur and being able to follow a system are two different skills, I would say. And they do not often come together because being an entrepreneur is like being open-minded and continuously exploring possibilities while following the system is quite something, sometimes quite opposite. Terese: It can be, I guess, you know, I what I think is is that you can be an entrepreneur and be part of a franchise and and follow a system and sometimes bring great ideas to the system. you know, if you're with a franchise that's been around for 40 years, maybe, maybe not, you know, but it when you're looking at a more emerging, yeah, some newer ones, then you can bring some of that. Oleksij Rak: Yeah. some different choices. Terese: entrepreneurial mindset with you. Oleksij Rak: Yeah, yeah, for sure. Talking about franchisees or what are their biggest challenges nowadays? Like, it's probably finding the right franchisees and where to get them. What else? Terese: Well, I think I think that that that is a big challenge, finding the right franchisees. I think right now too, a lot of things are you know, finding the right marketing anymore is for everybody is difficult. It's so noisy out there, right? and so I think that that's Oleksij Rak: It's just hard for everyone. I'm chatting with a lot of industries and it's it's pain for everyone nowadays. Terese: Yeah. So just trying to understand that. you know, because they're not only responsible for marketing to bring in good franchisees, but they're responsible to market well for their franchisees. You know, so it's it's it yeah, I think that that's right now everybody's struggle. Oleksij Rak: Mm-hmm. What are the most common flows nowadays? Terese: I think it depends. Yeah, it probably depends on you know, again, they're out there marketing, but I think that their their better franchisees come from consultants. because we're yeah, well they're pre qualified and because we're helping them, you know, make sure that it's a good fit. Oleksij Rak: I'm in Yeah. Because they are pre-qualified. Terese: And w and because we understand their business, also. So we're sending them qualified people that have an interest and that have the right culture for them most of the time. Oleksij Rak: Yeah, yeah, it makes sense because you build a psychological profile of the franchisee and you see like what's what's the potential feed for them. And you turned more than half of franchisees away from business. Yeah, that's what you may and it makes sense, you know, so you help help people not to make the wrong choice. Terese: Yeah. Yeah. Yeah. Yeah. Oleksij Rak: What else? With regards to online platforms, I've been looking through all these online platforms like FranchiseGator and others. And why does it feel for me, for example, potential franchisees, that I'm a product of this system? I am not a client, I am a product. Leave the details here, you should pay your money here, and then we will just sell you to some franchisees. Why is it so? Terese: Yes, yes. Oleksij Rak: I've heard that it's the market of franchisees nowadays, so everybody's looking for the right franchisees. So why in the end they are the product? Terese: I don't know. Yeah, I hadn't thought about it that way. I had not thought about it that way. I don't you know, it is it really muddies the water all a lot of that. You know, it just yeah. I think that's the best thing I can say. You know, when I started in this business, probably, you know, twelve years ago, there weren't half the franchise brokers that there are today. and because they everybody thinks so it's it's easy. Oleksij Rak: them. Terese: Right, you know, and and it and it's not it it's not easy for to find your client any more than it is for anybody else out there. You know, I s I have to go out and find my clients. I have you know, so it's not it's not any easier than any other business. It they're all a struggle. Fortunately, you know, Franet is the one that started this whole industry of franchise brokers. Oleksij Rak: How do you do that? Terese: to be honest, over almost forty years ago, this industry didn't even exist of matching making and helping people do their due diligence. so it's pretty interesting that we started it. Oleksij Rak: really? Yeah. How do you find your clients? Are they coming via friendnet? So is friendnet like advertising and bringing to clients and see you like based on different locations? each of your consultants serves them or do you do it yourself? How do you get? Terese: It's a combination. Yeah, it's a combination. So I do a lot of networking. you know, going out, meeting people, do a lot of LinkedIn you know, outreach, and then and then Franette does do marketing and you know and sends us a few referrals. So yeah, it's like anything else, it's noisy out there. Oleksij Rak: Yeah. It's not, it was new for me that Farnet is a franchise by itself, but like I said, think about it, it makes sense actually. Terese: Yeah, it does. And we're one of the few consultancy groups that are a franchise. Most of the other broker groups are not a franchise. Oleksij Rak: What's most like labor intensive in your work? Yeah, talking with people, analyzing documents, preparing proposals. What's that? Terese: in my work. Yeah, so I would say, you know, I I my my love of my work is working with the client. But most of my work is prospecting, trying to find that those clients. but when I work with a client, it's good four hours before meeting with them to prepare. You know, looking at Oleksij Rak: Yeah. respect. Terese: Is is territory available? because you know, I'm not gonna show you a franchise that isn't in your area, and making sure that you are qualified for that franchise. And you know, yeah, so it's probably it's a good three, four hours of, you know, kind of thinking about you before I even really know you. you know, but thinking about well, what are the possibilities from the little bit that I know? you know, to distill it down to maybe fifty possibilities that I cross off the list then as we're talking, you know, and I get to know you better. So that's probably the most labor intensive part of of my job. Yeah. Yeah. Oleksij Rak: Yeah. And then proposals like choosing the final ones and comparing them somehow. If there were some software that would simplify your life, what would it be? I'm running a software company. I'm entrepreneur, so I'm always looking for... Terese: Yeah. Yeah. Yeah. What would it be? I don't know. Cause I I you know, I feel like at this point in time for me, I I like to be involved, right? I mean, I could probably right now load up my clients information to AI and load up my franchise information to AI and say spit out the best fits. Right. but I I like the thought process. because then when I'm going to talk to the client about it, I can't just I I don't want to just say, well, AI told me. You right? I want to have good sound reasons why I think it it is a good fit. you know, for instance, I worked with someone just yesterday and Oleksij Rak: You Terese: you know he worked in Asia for 10 years and and it was the most fulfilling rewarding longest employment that he had and what did he like about it he liked that he went over there and he kind of started the role he had strong support he did a lot of you know, team building and those kinds of things. And so then when I'm looking at fr when I was looking at franchises for him, I'm looking at, all right, he's a belonger and an achiever. So he's very much, you know, like yourself. But he he needs s you know, that strong support. He wants that strong support s from a franchise. Then I have to then think about well, what franchises have more strong support as opposed to guardrail support and what franchises have been around long enough to have more strong support, right? So it's Oleksij Rak: How do you identify if they have this strong support versus guardrail support? Terese: from talking to them. You know, we meet with the franchisors. Frannet we meet with our franchisors every twice a year. and so, you know, you I build relationships. We build relationships with those franchisors. So we we know their businesses, not inside and out, but I mean we know from talking to them what kind of people they're looking for, also, you know. And I think you know, when you and I had that pre call, that is one of the things that we had talked about too, is is that knowing you know, I need to know that about the franchises. And In and being able to diff decipher because l i maybe I have a home health care franchise that is more faith driven and more, you know, in my terms, fun and more guardrails. And then over here you have this other franchise, home health care franchise, that is more corporate y. You can make great money at either or. It's just which one do you fit in? And so that's one of the things that I have to be able to determine, does this client want more support or guardrails? And, you know, sometimes you have to show them both, you know, which I have done. but yeah, just trying to determine those kinds of things and finding the right fit. And that's the benefit of us talking not just twice a year, but really all year long with the franchise oars. Oleksij Rak: Yeah, it's benefit of having this relations. Yeah, yeah, absolutely make sense. Awesome, awesome. That was a great discussion. So, and I think you've covered quite a lot of everything from different angles, from franchisee, franchise or, and how it is to help with this matchmaking and what to pay attention to and so on and so forth. So before we wrap it up, is there anything else you would like to add? Terese: Yeah. Yeah. Yeah. Yes. Yeah. So I think the one thing that I would like to say is if if business ownership is a thought, you know, I think you owe it to yourself to explore it. you know, you you never want to get to be 60, 70 years old and go, I wish I had. Right. It would be better to go ahead and explore it and find out if it is or isn't for you so that you know. And to use somebody that's gonna help you, not just buy a franchise or or a business, because you think your neighborhood needs it, you know. if I was going to buy something that I thoroughly enjoyed, it would be an ice cream, you know, a place. I love peanut butter parfaits, right? but at the end of the day, I don't like working with high schoolers anymore. I don't want a business that's gonna be open past midnight. And I would probably walk away just fat and broke then. So, you know, really when you're l thinking about buying a business, think about what is the role of the owner. That's the most important thing. Anything else will work if you're going to enjoy the role of the owner. Oleksij Rak: Yeah, makes sense. And running your own business is always great. That's kind of freedom, but it doesn't mean it comes. It doesn't mean it's a passive income. Terese: Yes, yes. Well, I will say franchises is good income. If you pick the right franchise, you have you'll have good income for sure. I don't represent anything where my clients would earn less than s a six figure income. I can't make them run the earn the six figure income. They have to do that themselves, but they have the possibility to do that if they want. Oleksij Rak: What's the normal return on investment in this industry? Terese: probably average is you know, twenty percent net. Oleksij Rak: 20%. So if I put in half a million, so like I can expect a hundred grand every. Terese: no, twenty percent on revenue. So it would depend on on revenue, yeah. but you know, you're definitely gonna earn your money back. You're going to you know, make that six figure income. And you have the freedom and flexibility to make that six figure income when you want, right? I mean, if I didn't want to be here working this morning, I don't have to be. You know, nobody told me I had to show up today at nine o'clock in the morning. Oleksij Rak: Yeah. Yeah. Terese: in I want to take Friday off for some reason. I don't have to ask anybody to take Friday off. I can take Friday off. Now, does that mean that maybe during the week I might work a little bit longer? Sure. Right? But I don't, I don't care. You know, I mean it's my time. I can earn my money when I want to. And and I think that that's what I love. I I went into this business because I was Oleksij Rak: Yeah. for sure. What's the difference? Terese: a lunch lady. my kids were in school. I wanted to be available, you know, when they were out of school and, you know, get them off to school, get them off the bus. when they're on spring break, I want to be on spring break. When they're on summer break, I want to be on sum. And and then this opportunity presented itself. So then I went from being, you know, earning minimum wage to a to a six figure income and still being the kind of mom that I wanted to be. That's what business ownership can do for you. you know, I I there's nothing else I could have done. I couldn't go work for someone that was gonna except for the school that was going to give me that opportunity. So those are the things that I think people don't realize that they are sometimes putting themselves into a box and the box can get much bigger. Oleksij Rak: Awesome. That's a great note to finish. Thanks a lot for a great discussion, Therese. Terese: Ha ha ha Thank you. Thank you. This was enjoyable. I appreciate you reaching out. Oleksij Rak: Thanks, Kiki. Terese: Okay. Have a great day.