Latest / Glovisor Podcast / Want to Own a Business? Why Franchising Could Be Your Shortcut - Latino Franchise Council [Ep 90]

Transcript

Want to Own a Business? Why Franchising Could Be Your Shortcut - Latino Franchise Council [Ep 90] · Glovisor Podcast

0:00
Speaker 1: Many generational fortunes begin with businesses. How can you start
0:04
Speaker 1: a business without building everything from scratch? Welcome to the
0:10
Speaker 1: Glowvisor Podcast, where we explore business growth, communication, and personal
0:13
Speaker 1: development through real conversations with people who make an impact.
0:17
Speaker 1: Franchising can give entrepreneurs access to an established brand, proven systems,
0:22
Speaker 1: and an established roadmap to ownership. Today, we're looking at
0:26
Speaker 1: how to approach franchise ownership with confidence and how one
0:30
Speaker 1: organization is reaching the Latino market. Glowvisor welcomes Latino Franchise
0:35
Speaker 1: Council advisors, Andres Sanchez and Rick Morgan.
0:39
Speaker 2: Hey, Joe.
0:40
Speaker 3: Hey, Joe. How are you?
0:42
Speaker 2: Great, thanks. A pleasure.
0:43
Speaker 1: I'm looking forward to hearing more about the franchise market. So,
0:46
Speaker 1: but let's start it off. Andres, tell us a little
0:48
Speaker 1: bit in 60 seconds, a little bit about your background.
0:52
Speaker 1: What did you do before franchising? And ultimately, let me
0:55
Speaker 1: do jump shift.
0:57
Speaker 3: Well, thank you so much for having us. We're really
0:59
Speaker 3: grateful and excited to come and at least bring a
1:01
Speaker 3: little bit of a light of really what we do
1:03
Speaker 3: with the Latino Franchise Council all over the United States
1:06
Speaker 3: and even Mexico and Canada and other places. So I
1:09
Speaker 3: come from a background of what? Capital. So I've been
1:12
Speaker 3: working in banking, let's say, for over 20 years. And
1:16
Speaker 3: what I did is I started analyzing, OK, from all
1:19
Speaker 3: of my clients, from thousands of financials that I was
1:22
Speaker 3: reviewing on the personal financials statement side or on the
1:25
Speaker 3: business balance sheet income statements, what were the ones that
1:29
Speaker 3: were more successful? And I came across a group. that
1:32
Speaker 3: was very successful, they did really well, and they didn't
1:36
Speaker 3: have the problems of the up and downs of the
1:38
Speaker 3: startup stage all the way up to exit. And it
1:42
Speaker 3: was the franchising investor. So I consider them really investors
1:46
Speaker 3: because they understood the business model of franchising. So over
1:49
Speaker 3: 20 years, I've been a business capitalizer and consultant in
1:54
Speaker 3: the areas of expansions, mergers, acquisitions, turnarounds. And of course,
1:58
Speaker 3: franchising is one of the best ways for you to
2:01
Speaker 3: either expand a brand or get into business ownership. So
2:04
Speaker 3: that's how I got here. And I've worked with all
2:06
Speaker 3: of the big banks and had all of the successes and,
2:10
Speaker 3: of course, recognitions. But I decided that I wanted to
2:13
Speaker 3: take care of clients. And that's why I believe that
2:15
Speaker 3: the mission was to be able to lead this organization
2:18
Speaker 3: now with the Latino Franchise Council and, of course, have
2:20
Speaker 3: my partners like Rick Morgan that is here with me today.
2:24
Speaker 1: Rick, please tell us a little bit more about you.
2:26
Speaker 2: Thank you, Joe. Prior to... Leaping into the franchise world,
2:32
Speaker 2: I spent my career in the beverage alcohol industry, my
2:37
Speaker 2: entire career. And I was exposed to just about every function,
2:43
Speaker 2: from sales to marketing, operations, and then, of course, finance.
2:48
Speaker 2: And when I was in a sales role in Southern California,
2:51
Speaker 2: that's when I was first exposed to the greatness and
2:56
Speaker 2: largeness of the Hispanic market. After A long career, I
3:03
Speaker 2: wanted to do something for myself. And luckily, I found
3:06
Speaker 2: the franchise world. It was pure luck.
3:10
Speaker 1: I love both of your backgrounds. But, you know, typically
3:14
Speaker 1: when you start an organization, it's usually to solve a
3:18
Speaker 1: problem or to identify something or to improve a process. So, Andres,
3:24
Speaker 1: tell us a little bit more about what problem is
3:27
Speaker 1: the Latino Franchise Council trying to solve for entrepreneurs?
3:31
Speaker 3: Well, thank you. So really, our mission is to increase
3:34
Speaker 3: Latino ownership of franchise businesses across the United States and
3:39
Speaker 3: empowering communities through economic growth and opportunities. We need to
3:43
Speaker 3: go into those locations, into those markets and actually explain
3:47
Speaker 3: to who. to cities, to economic development groups, to chambers,
3:52
Speaker 3: how all of these, let's say, entrepreneurs are getting into
3:56
Speaker 3: business ownership and why they need to look at franchising
3:59
Speaker 3: as one of the best tools for them to have
4:02
Speaker 3: successful rates. And we can explain a little and expand
4:04
Speaker 3: a little bit more about that of why the numbers
4:07
Speaker 3: don't lie. I love numbers.
4:09
Speaker 2: Yeah, me too.
4:11
Speaker 1: Now, Rick, why is this mission so important right now?
4:15
Speaker 2: I think, and... 2026 and beyond, the growth of entrepreneurship,
4:22
Speaker 2: small business, is really going to be extremely important to
4:26
Speaker 2: all communities. And there are certain things that small business
4:32
Speaker 2: franchises can do that AI can't replace, technology can't replace.
4:40
Speaker 2: When you look at the overall Hispanic community and its
4:43
Speaker 2: economic power, why not? expand it through franchising.
4:49
Speaker 1: Now, Andres, do you have some numbers as to the
4:54
Speaker 1: ownership percentages that Hispanics are purchasing into the franchise market?
5:00
Speaker 1: Because I do know that the Latino market is very local, right?
5:05
Speaker 1: And it has very local businesses and that's just part
5:07
Speaker 1: of the culture. But are they making that shift now
5:12
Speaker 1: into the franchising?
5:13
Speaker 3: Not only they are, they're actually thriving and they are
5:17
Speaker 3: really impacting communities all over the United States. Hispanics really
5:21
Speaker 3: are driven. Their market is driven by nostalgia. So everywhere
5:26
Speaker 3: you go, any city in the United States, you're going
5:28
Speaker 3: to find probably pockets where maybe Latinos congregate more or
5:32
Speaker 3: they have more businesses and they have those meat markets.
5:35
Speaker 3: They have those restaurants everywhere. They have all of those
5:37
Speaker 3: places that we love to go and eat and support.
5:40
Speaker 3: And they become tellers in the community. You know, because,
5:43
Speaker 3: of course, you know, we see it in either the
5:44
Speaker 3: quick service restaurants or the restaurants, you know, full service restaurants. Well,
5:49
Speaker 3: we want to go and eat. You know, this is
5:50
Speaker 3: one of the things that we are in consumables. We're
5:53
Speaker 3: always going to go do. And we're always going to
5:55
Speaker 3: want a different place, you know, because we want variety. Well,
5:58
Speaker 3: all of these Latino entrepreneurs, business owners, come and actually
6:01
Speaker 3: establish brands. And those brands do really well. You see
6:04
Speaker 3: them expand. And they come to you, like, next thing
6:08
Speaker 3: you know, you have one. Next thing you know, you
6:10
Speaker 3: have 10. And then you say, okay, what is the
6:13
Speaker 3: secret sauce? What happened? They understood the franchise model. They
6:16
Speaker 3: established it. And they got, of course, advisors like Rick
6:19
Speaker 3: Morgan to be able to do that. And, of course,
6:22
Speaker 3: our team at the Latino Franchise Council. Now, Rick.
6:25
Speaker 1: The Latino Franchise Council, how did you guys come together
6:28
Speaker 1: and what made that switch that you said, OK, we
6:32
Speaker 1: have to improve that process and we're going to put
6:35
Speaker 1: together Latino Franchise Council? How did it all begin?
6:38
Speaker 2: The leadership of the franchise consulting company started to develop
6:44
Speaker 2: these councils and to penetrate certain segments of our population.
6:52
Speaker 2: And then we had the great fortune of Andres stepping
6:56
Speaker 2: up and saying, I can lead this charge. And when
7:00
Speaker 2: you have that enthusiasm, with Andres leading, I recognize the
7:05
Speaker 2: importance of the mission that we're on.
7:09
Speaker 1: Andres, you know, there are thousands of franchise opportunities. What
7:14
Speaker 1: should someone look beyond the brand name when they're deciding
7:19
Speaker 1: when a franchise is actually a good fit for them?
7:22
Speaker 3: That is the million-dollar question, Joe, because here's the thing.
7:27
Speaker 3: You can have all of the business models, all of
7:30
Speaker 3: the industries that you want. A lot of people come
7:34
Speaker 3: to me and say, like, okay, which one is the
7:35
Speaker 3: one that gives the most money? So the first thing
7:37
Speaker 3: I tell them is, okay, so it's going to require
7:40
Speaker 3: you a million-dollar of liquid injection, probably about $ 5 million
7:46
Speaker 3: of assets under your portfolio. You are going to work
7:50
Speaker 3: seven days a week, 24 hours a day, and you're
7:53
Speaker 3: never going to see your family. Is that the one
7:55
Speaker 3: you want? And then people rethink the question and say, okay.
8:00
Speaker 3: So it is very subjective to the person. The first
8:03
Speaker 3: thing that we love to do, and Rick, you know,
8:06
Speaker 3: one of the things I love about Rick, as he
8:08
Speaker 3: was mentioning before, is that he has a lot of
8:11
Speaker 3: empathy for the Latino community because he actually, it's his
8:14
Speaker 3: family too. So his bloodline as well is a mixed bloodline.
8:17
Speaker 3: You know, they are also Latinos as well. And he understands,
8:21
Speaker 3: you know, basically the value of the Latino culture. Hardworking.
8:26
Speaker 3: We love to work hard. We're loyal. What we are
8:29
Speaker 3: lacking right now that we want to deliver through the
8:32
Speaker 3: Latino Franchise Council is really free education that teaches the
8:36
Speaker 3: whole process. So the process starts with we'll sit down
8:40
Speaker 3: and we'll try to understand your perfect picture, your, let's say,
8:44
Speaker 3: life goals. And we start with your lifestyle and then
8:48
Speaker 3: also your financial balance sheet, you know, right, your personal
8:51
Speaker 3: financial statement. And then we say, OK, if you were
8:54
Speaker 3: to get into a business, we're going to do what
8:56
Speaker 3: we call a SWOT analysis, strengths, weaknesses, opportunities and threats
9:01
Speaker 3: of a person, because we need to know what they
9:03
Speaker 3: know and what they don't know. So then we can
9:06
Speaker 3: support either through, you know, different strategies to bring in
9:09
Speaker 3: people that actually knows the part that they don't. or
9:13
Speaker 3: they need to maybe elevate their education on this piece.
9:16
Speaker 3: And then we start understanding how each business model works.
9:21
Speaker 3: What is the lifestyle? What is the territory? What is
9:24
Speaker 3: the opportunity really that the business has for each person?
9:27
Speaker 1: I mean, that's a great start. Now, Rick, what happens then?
9:31
Speaker 1: I mean, you go through all of these processes in
9:35
Speaker 1: order to help them filter it out. Now, sometimes as
9:39
Speaker 1: an individual, I think, I want X. But after your
9:45
Speaker 1: processing that Andres just mentioned, you think otherwise. So how
9:49
Speaker 1: do you handle that when you're working with new franchisees?
9:53
Speaker 2: As Andres described, we build a personal business model about
9:59
Speaker 2: their goal. And then once we have that and we
10:04
Speaker 2: can communicate that, then we can identify the franchises and
10:09
Speaker 2: the way that they're going to be operating in the
10:11
Speaker 2: market and link it back to those goals. Not every
10:15
Speaker 2: one that we present may resonate. but at least they
10:19
Speaker 2: do align with those goals. It's really giving, once you
10:22
Speaker 2: can do that and you can give the person the
10:25
Speaker 2: picture of how they're going to operate the business, then
10:28
Speaker 2: you're creating that real connection to that business model. That's
10:32
Speaker 2: how I approach it anyway.
10:35
Speaker 1: Rick, does it seem like some people follow along or
10:39
Speaker 1: the majority of people follow along with your suggestions? Or
10:42
Speaker 1: do you see some people that probably have a little
10:44
Speaker 1: bit more of a challenge, like they need to learn
10:47
Speaker 1: more so they can make the right choice?
10:50
Speaker 2: Well, it's both. Now, there are candidates who get it
10:54
Speaker 2: right away and they want to learn more. And then
11:01
Speaker 2: there are other candidates that they just need more information
11:05
Speaker 2: before they leap into the process. So, you know, it's
11:09
Speaker 2: like we say, we're not going anywhere. We're not in
11:12
Speaker 2: any rush. So tell me what you need. Tell me
11:15
Speaker 2: what's missing.
11:17
Speaker 1: How long is that process from the time that an
11:20
Speaker 1: individual contacts you to the time that you're able to
11:24
Speaker 1: sort of provide them that initial sort of report that
11:28
Speaker 1: gives them a little bit of a direction?
11:30
Speaker 3: Clearly, it all depends on basically, you know, the conversation setting,
11:34
Speaker 3: let's say, the expectations of how the process works. And
11:37
Speaker 3: I actually have a visual roadmap. When we start talking
11:40
Speaker 3: to the client, the first step will be get to
11:43
Speaker 3: the candidate qualification. So we start basically by the completion
11:47
Speaker 3: of a questionnaire, you know, a confidential questionnaire, personal interview
11:51
Speaker 3: and submitting your resume. We need to know what you've done,
11:54
Speaker 3: where you've been all our lives, and then see how
11:57
Speaker 3: we can tie in that experience. The goal is to
12:00
Speaker 3: determine if franchising is the right path for the person.
12:05
Speaker 3: And of course, we evaluate the background of the person,
12:07
Speaker 3: the experience, goals, review, financials, identify the deal business profile
12:12
Speaker 3: for the person. Then we get to the discovery and
12:15
Speaker 3: qualification call. We learn how the goals and really how
12:20
Speaker 3: explaining how franchising works, including the risk timelines and realistic expectations,
12:25
Speaker 3: because it's all basically making the person understand really how
12:30
Speaker 3: the franchising world works. We discuss background, investment, clarify lifestyle.
12:35
Speaker 3: We talk about lifestyle, right? And explore the industries of interest.
12:39
Speaker 3: I noticed that a lot of people can connect the
12:41
Speaker 3: dots if they are in a specific industry that really
12:45
Speaker 3: they have experience of being and doing through the resume.
12:48
Speaker 3: So that's why we want to tie that in. And
12:50
Speaker 3: of course, understanding the whole franchise process. We get to
12:53
Speaker 3: mapping the opportunity mapping. We do our research and evaluate
12:57
Speaker 3: the franchise brands that really fit the budget of the person,
13:00
Speaker 3: And then we get to, let's say, the consultation, the
13:04
Speaker 3: market territory. We need to understand if the territory is
13:07
Speaker 3: available for the person, you know, that is really looking
13:09
Speaker 3: into getting into this. And we present, you know, a
13:12
Speaker 3: couple of options. You know, we cannot throw, you know,
13:15
Speaker 3: 400 brands, you know, like to a person to try
13:18
Speaker 3: to understand and figure out how each model works. We
13:20
Speaker 3: need to really go, you know, baby steps two to
13:23
Speaker 3: three for them to understand the whole process. Once we
13:27
Speaker 3: get to the business model review and financial planning, we
13:31
Speaker 3: prepare a detailed business overview of the investment presentation. And
13:35
Speaker 3: then we get to brand introductions and validations. Usually that
13:38
Speaker 3: takes about it's all probably about 45 to 60 days.
13:43
Speaker 3: So just to give you a little bit of scenario,
13:45
Speaker 3: depending on how fast really all of the situation, if
13:50
Speaker 3: it involves, let's say brick and mortar, well, we're going
13:53
Speaker 3: to have, of course, a little bit more of a
13:55
Speaker 3: time that we need to add to the actual process
13:59
Speaker 3: from A to Z for somebody to get into franchising.
14:02
Speaker 3: I hope that answers a little bit of your question, Joe.
14:05
Speaker 2: Absolutely. Thank you.
14:06
Speaker 1: I love that, all the different steps. Now, Rick, Most
14:10
Speaker 1: people have heard of franchising before, but sometimes I think
14:16
Speaker 1: we equate everything that franchising is solely McDonald's, Burger King,
14:21
Speaker 1: those big brands, and you have to spend two, three,
14:24
Speaker 1: five million dollars. And that's not the case. Can you
14:27
Speaker 1: tell us a little bit more of where the majority
14:29
Speaker 1: of the franchising pricing pretty much lies? And is it
14:35
Speaker 1: available to the regular common guys like us?
14:40
Speaker 2: I'm going to cite an older stat from the IFA,
14:45
Speaker 2: International Franchise Association. 55%—oh, there's roughly 4,000 franchise brands in
14:51
Speaker 2: the U.S., give or take. 55%, so a little 2,100,
14:53
Speaker 2: are $ 250, 000 or less to open your doors. And when
14:55
Speaker 2: you look at the— itemization of the estimated cost to
15:09
Speaker 2: open your doors in the franchise disclosure document, you'll see
15:12
Speaker 2: that everything's covered. Another portion of that stat is 17%,
15:18
Speaker 2: roughly 700 or so, or under 100. So there are
15:22
Speaker 2: some fantastic business models in that 75 to 150 range.
15:28
Speaker 2: And of course, financing is available, different types of products
15:32
Speaker 2: to finance, as Andres said, definitely knows. So, yes, you
15:42
Speaker 2: can spend as much as you want, but you can
15:45
Speaker 2: find some great business models within a more comfortable range.
15:49
Speaker 1: Not every single franchise is for multi-millionaires. Now, Andres, can
15:54
Speaker 1: you talk to us a little bit about the financing?
15:56
Speaker 1: How difficult is this financing? Do I have to have
15:59
Speaker 1: stellar credits?
16:01
Speaker 3: Well, yeah. So that's why, you know, one of the
16:03
Speaker 3: first things that we start with is with the personal
16:07
Speaker 3: financial statement of the person or the capitalization of the project.
16:10
Speaker 3: Because we consider it as a project, right? If you
16:13
Speaker 3: are investing into a franchise or doing an acquisition of
16:17
Speaker 3: a franchise, well, you have to plan for How is
16:19
Speaker 3: that going to look like? What do you have in
16:22
Speaker 3: regards to liquid capital and in regards to assets? So
16:26
Speaker 3: we can identify if you are a fit for each
16:29
Speaker 3: brand because each brand has different type of requirements. Think
16:32
Speaker 3: about opening, you know, and we can call, you know,
16:36
Speaker 3: let's say big retail brands, you know, the, you know,
16:38
Speaker 3: let's say, you know, that can cost four or five
16:40
Speaker 3: million dollars. to open well you're gonna have to have
16:43
Speaker 3: a certain type of wallet for that but as rick
16:46
Speaker 3: mentioned there are so many valuable brands that are right
16:50
Speaker 3: now impacting your community and you go and actually consume
16:55
Speaker 3: or use those to service your homes your offices your
16:59
Speaker 3: you know basically maintenance everything around you is built and
17:02
Speaker 3: maintained by someone and that someone a lot of them
17:06
Speaker 3: are franchises Because they're business models that started with national
17:10
Speaker 3: account contracts, and then they started impacting all of the
17:14
Speaker 3: cities all over the United States. So the first thing
17:17
Speaker 3: that we need to do is say, okay, how much
17:19
Speaker 3: do you have in liquid capital? And then we start
17:22
Speaker 3: going through the routes. One of the reasons why I
17:25
Speaker 3: mentioned when I was looking at balance sheets in my
17:30
Speaker 3: commercial international lending world, it was, okay, why I see
17:36
Speaker 3: people investing in franchises. They needed either a way for
17:39
Speaker 3: them to diversify maybe their portfolio of where they put
17:43
Speaker 3: their money and then also create jobs. Maybe some of
17:46
Speaker 3: them needed it for visa status, you know, because of
17:48
Speaker 3: course there are brands that are actually, you know, E2, E5,
17:52
Speaker 3: you know, basically qualifiable. Or the locals, you know, here
17:58
Speaker 3: in the United States that they say, hey, you know what?
17:59
Speaker 3: I want to have this business because it integrates horizontally
18:03
Speaker 3: or vertically. into the clients that I already serve with
18:06
Speaker 3: my other businesses. So let's say you start with the
18:10
Speaker 3: simple calculation that most people can say is, okay, if
18:13
Speaker 3: it costs me, let's say $ 200, 000, $ 250, 000, you know, to
18:17
Speaker 3: get into a business, all right, how much do I
18:19
Speaker 3: need to have, you know, in order to get into
18:21
Speaker 3: this business? So you've got to calculate to have probably between,
18:24
Speaker 3: you know, and I'll say, you know, from the lease,
18:27
Speaker 3: about 10% of injection. Why? Because we're just doing a
18:31
Speaker 3: general calculation. This is not basically, you know, set in stone,
18:35
Speaker 3: but at least it's a mark. 10% of the equity
18:38
Speaker 3: injection that you're going to need to do into the business.
18:40
Speaker 3: So you can maybe get SBA financing, you know, which
18:44
Speaker 3: is one of the areas that we studied that said, okay,
18:48
Speaker 3: there are SBA programs that love the franchise models because
18:52
Speaker 3: they know that basically the numbers don't lie.
18:55
Speaker 2: They U.S.
18:56
Speaker 3: Franchise industry generates almost a trillion dollars of economic output.
19:01
Speaker 3: So this is where we need to look at the numbers.
19:04
Speaker 3: Why does it create a trillion dollars of economic output?
19:07
Speaker 3: Because 92% of franchises survive after two years compared to
19:13
Speaker 3: 50% that are individual startups. And this is according to
19:17
Speaker 3: the International Franchise Association. The franchise output is projected to
19:22
Speaker 3: be about 4.4% in 2026 and up from almost a
19:27
Speaker 3: trillion dollars to more. So franchising is going to continue
19:30
Speaker 3: to grow because we're seeing right now one of the
19:32
Speaker 3: biggest explosions into new businesses. And most people that understand
19:37
Speaker 3: the franchise models create basically a safety that you don't
19:42
Speaker 3: have in most startups. It allows you to get into
19:45
Speaker 3: a business model that is proven, that is already impacting
19:48
Speaker 3: all over the United States.
19:49
Speaker 1: Now, Rick, the Latino Franchise Council has an awesome website,
19:53
Speaker 1: by the way. You guys did a great job with it.
19:56
Speaker 1: Will the training and information be provided both in English
19:59
Speaker 1: and Spanish?
20:01
Speaker 2: Absolutely. Great.
20:02
Speaker 1: Now, I can see the direction that you're taking with
20:05
Speaker 1: the council, and it's fantastic what you're doing, because at
20:08
Speaker 1: a minimum, what you're doing is you're educating a lot
20:10
Speaker 1: of individuals to learn that there are a lot of
20:12
Speaker 1: opportunities out there, aside from what we're accustomed to. But, Andres,
20:18
Speaker 1: what do you think is going to be the biggest
20:19
Speaker 1: challenge penetrating the Latino market?
20:23
Speaker 3: Well, the biggest challenge that the Latino population here in
20:26
Speaker 3: the United States has is education. And this is why
20:30
Speaker 3: we tackle this with the education that we have. We
20:34
Speaker 3: are blessed to be invited by several chambers, organizations, other
20:40
Speaker 3: nonprofit groups that want to really bring valuable information to educate.
20:45
Speaker 3: So what happens? We are right now, and I say
20:49
Speaker 3: this because I want to bring in, actually, I am
20:51
Speaker 3: the vice chair of one of the biggest Hispanic chambers
20:54
Speaker 3: of commerce here in Houston. It's CEL, Cámara de Empresarios Latinos.
20:59
Speaker 3: So from babysitting my, you know, almost 540, 50 and
21:03
Speaker 3: 60 year old kids, I've seen their startups, how they peddle,
21:08
Speaker 3: how they struggle. And then I see the ones that
21:11
Speaker 3: maybe did franchising and, oh, okay. And it's a smaller percentage, right?
21:15
Speaker 3: Because again, it's the education piece that most of them
21:18
Speaker 3: didn't have. So when we explain about the numbers on how, hey,
21:22
Speaker 3: you started with this startup. and you've invested $ 100, 000, $ 200, 000
21:26
Speaker 3: trying to get this going, and you're still not up
21:29
Speaker 3: to the black, guess what? You see this business model
21:32
Speaker 3: right here? They got to the black way faster because
21:36
Speaker 3: they understood the business model, they follow it to the T,
21:39
Speaker 3: and they understood the value of the SOP, what we
21:41
Speaker 3: call standard operating procedures, the supply chain value that the
21:46
Speaker 3: brand brings, and of course, anything from the national, you know,
21:51
Speaker 3: marketing to the local marketing that you can establish with
21:54
Speaker 3: these brands. So to me, it's about education. That is
21:57
Speaker 3: the biggest challenge that the Latino population has. I always say, understand,
22:01
Speaker 3: go study. We have provided actually, you know, through different,
22:05
Speaker 3: I've given classes with the SBDC. I've given classes with everybody.
22:09
Speaker 3: to try to educate the entrepreneurs. And I always say,
22:13
Speaker 3: educate yourself in this so you understand if you like
22:16
Speaker 3: this industry, why, how does it do in franchise? And
22:19
Speaker 3: they start looking at the businesses and then they start identifying, oh,
22:22
Speaker 3: that's a franchise? Yeah. Oh, they're in the light industrial.
22:26
Speaker 3: I like construction and I want to be able to
22:28
Speaker 3: get into maybe this type of you know, servicing national
22:31
Speaker 3: accounts and everything.
22:32
Speaker 2: Yeah.
22:32
Speaker 3: And this is a franchise. Wow. How interesting. So you
22:36
Speaker 3: mean that I can get into this business and I'm
22:37
Speaker 3: going to have the support. Somebody is going to guide me.
22:39
Speaker 3: How does it work? Yes. That's how it works. Instead
22:43
Speaker 3: of you trying to figure it out with, you know,
22:45
Speaker 3: TikToks or, you know, whatever, Instagram clips or whatever. I mean,
22:49
Speaker 3: this is the part that I want to, I want to,
22:51
Speaker 3: you know, really hone in and give to people. Go
22:54
Speaker 3: educate yourself with the best. Go research. You know, and again,
22:57
Speaker 3: our education is, of course, free of charge to anybody.
23:01
Speaker 3: You know, they can just basically talk to us in
23:03
Speaker 3: Spanish or in English.
23:05
Speaker 1: I like how you mentioned how you watch them pedal
23:08
Speaker 1: along because that's exactly how you feel. You feel that
23:11
Speaker 1: some of these new businesses that you're working with, they're
23:13
Speaker 1: sort of your children, right? And you're watching them grow
23:15
Speaker 1: and all of that. And so I really I feel
23:19
Speaker 1: that as well. Now, Rick, he just mentioned that it's free.
23:23
Speaker 1: So does that mean that I get to learn all
23:26
Speaker 1: of this without having any cost at all? Is there
23:29
Speaker 1: a process? Tell me a little bit more about this.
23:32
Speaker 2: Education and coaching we provide to help somebody find the
23:37
Speaker 2: right franchise, there's no charge to them. We're not going
23:41
Speaker 2: to ask for any retainer. I always tell people I
23:45
Speaker 2: connect with, if any consultant in this franchise space asks
23:50
Speaker 2: for a retainer, run away. That's not how this space operates.
23:57
Speaker 2: We get paid just like a real estate broker. And
24:00
Speaker 2: it doesn't cost the client any more or less to
24:02
Speaker 2: find something on their own or work with us because
24:05
Speaker 2: we get paid by the franchise company. Our fees are
24:08
Speaker 2: paid by the franchise company. And that's how it's free.
24:12
Speaker 2: So it's a success rate.
24:15
Speaker 1: If it closes, you guys get paid, but you never
24:18
Speaker 1: charge anything up front for anyone.
24:21
Speaker 3: No, we don't. Yes.
24:25
Speaker 2: You know, if a house goes on the market and
24:27
Speaker 2: it gets pulled off on the market, that broker, that
24:30
Speaker 2: selling agent doesn't get paid. Same with us. Process, for
24:33
Speaker 2: whatever reason, we just can't take it personally.
24:38
Speaker 4: Now, Andres, if someone's listening and is thinking, maybe I
24:45
Speaker 4: could own a franchise, what is the one thing that
24:48
Speaker 4: you want them to remember from this conversation?
24:51
Speaker 3: The one thing that I want them to remember from
24:53
Speaker 3: this conversation is that we have seen the most successful, really, individuals,
25:04
Speaker 3: you know, that built a life, you know, that is memorable,
25:06
Speaker 3: that they really, you know, like they can look back
25:09
Speaker 3: and say, oh, my God, thank God I did this.
25:11
Speaker 3: Thank God, because either I am impacting my community, I'm
25:14
Speaker 3: serving a purpose with my company. once they see the
25:19
Speaker 3: value of really being into business ownership with a business
25:23
Speaker 3: model that is really aligned to their life goals, that
25:30
Speaker 3: is very impactful. I can tell you that Rick and
25:35
Speaker 3: myself and Obed and all of the other consultants that
25:38
Speaker 3: we have that you can go into latinofranchisecouncil.com and go
25:42
Speaker 3: and connect with one of them. You're going to understand
25:44
Speaker 3: that they were all really trying to help guide people
25:49
Speaker 3: to have a better life through business ownership, through franchising,
25:54
Speaker 3: because we see the numbers, how they impact. And we
25:57
Speaker 3: can explain anything from market research, anything from industry research,
26:03
Speaker 3: anything from what's going on really in your territories. And
26:06
Speaker 3: then we can start from that to see what business
26:09
Speaker 3: models really fit that are available for you right there.
26:12
Speaker 3: And that's really all they need to worry about is, hey,
26:15
Speaker 3: I want to consider business ownership. How does it work?
26:18
Speaker 3: How can we start at least identifying some good business model?
26:22
Speaker 1: Know your market.
26:23
Speaker 3: That's awesome.
26:25
Speaker 1: Now, Rick, how about you? What is one thing you
26:28
Speaker 1: want people to remember from this conversation?
26:29
Speaker 2: One thing I want people to remember is that if
26:33
Speaker 2: we have interested anyone into exploring business ownership, you don't
26:39
Speaker 2: have to do it on your own. You have resources,
26:44
Speaker 2: multiple resources, and us to connect with who can guide
26:50
Speaker 2: you and help you make that informed decision for yourself.
26:57
Speaker 2: It's their call. And just don't do it alone. Good advice.
27:03
Speaker 1: Now, Andres, for listeners who want to learn more about
27:06
Speaker 1: franchise ownership or connect with the Latino Franchise Council, where
27:10
Speaker 1: should they start?
27:12
Speaker 3: Well, they should definitely start with going to the latinofranchisecouncil.com. Go,
27:17
Speaker 3: you know, peek around, understand about franchising, look at the resources.
27:22
Speaker 3: There are stories. There are maybe, you know, some, you know,
27:28
Speaker 3: newsletters about business models and maybe industry updates that are
27:31
Speaker 3: really valuable for you. Just go and get a little
27:34
Speaker 3: bit of information about this and then connect with somebody,
27:38
Speaker 3: you know, that really, you know, picks your interest. Like
27:40
Speaker 3: I said, you know, like we're all very proud to
27:42
Speaker 3: be for the family, for la familia. All right. So,
27:46
Speaker 3: No matter if you need it in Spanish or English,
27:48
Speaker 3: we have it right there for you. So we're very
27:50
Speaker 3: excited you need to come and help.
27:51
Speaker 1: Andres and Rick, thank you so much for joining us today.
27:53
Speaker 1: We truly appreciate your time. And it's been a pleasure
27:56
Speaker 1: having you.
27:58
Speaker 2: Got a privilege to be on your show.
27:59
Speaker 3: Same here. Thank you so much, Joe.
28:02
Speaker 2: You're welcome.
28:03
Speaker 1: Thank you, everyone, for listening. If this episode inspired you,
28:06
Speaker 1: make sure you share it with someone. And don't forget
28:08
Speaker 1: to follow the Globalizer podcast for more conversations that make
28:11
Speaker 1: an impact. Till the next time.