Robert Huntington is CEO of Metric Collective, a vertically integrated franchise and technology company. Before Metric he was a BCG consultant, teacher, $50M P&L manager and franchise executive.
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Guest Resource
Metric Collective – Fill out the lead form and let’s chat about franchising.
3 Value Bombs
1) Once you’ve already proven that you can execute the model, that’s when you can start innovating the model.
2) If you have good union economics – if you have something that customers need – and the market is growing, then franchising can be a really attractive route.
3) Franchising means you’re in business for yourself – not by yourself.
Sponsors
HubSpot: Learn how to grow better by connecting your people, your customers, and your business at HubSpot.com!
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Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Franchising: One of the best innovations since the LLC
[1:25] – Robert shares something that he believes about becoming successful that most people disagree with.
- The truly successful are those who execute whatever motivates them.
[3:09] – Let’s start off with a BOMBSHELL of a question… What is franchising?
- It is a business model that enables the creation of significant wealth.
- Franchising enables expansion rapidly.
[5:06] – Fire Nation = entrepreneurs… Should our listeners buy a franchise? If yes, and how do they find the right one?
- The answer is for sure – but not always. Franchising means you are buying a system, a playbook.
- The key to the success of the playbook is executing it properly.
- Once you’ve already proven that you can execute the model, that’s when you can start innovating the model.
[6:51] – A few questions to answer before choosing a franchise.
- Is it a good business?
- Is there a return profile?
- How long is your payback period?
- Is this an industry that is growing?
- Does it deliver long-term value to the clients?
- Is the franchise owned by someone you want to work with?
[10:00] – A timeout to thank our sponsors, HubSpot and Thinkific!
[12:21] – What if we wanted to turn our existing business into a franchise? Is that even possible?
- Questions to answer if you want turn your business into franchise.
- Are there union economics?
- Are the fundamentals there?
- Is it a differentiated thing that customers need?
- There are also personal components to consider. You will go from being in charge of everything, to taking in a number of partners.
- If you have good union economics – if you have something that customers need – and the market is growing, then franchising can be a really attractive route.
[13:57] – What makes for a great franchisor?
- There are two big dimension that we are looking at: earnestness and formidableness.
- Robert shares a story about partnering with Petwell Clinic.
[17:55] – Robert’s key take away and call to action.
- Franchising means you’re in business for yourself – not by yourself.
- If you’ve never look at franchising before, then give it a look.
- Metric Collective – Fill out the lead form and let’s chat about franchising.
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