Seth's Upcoming Book, Profits are Better than Wages.
Seth says that he's been doing a combination of internet leads and networking to find qualified franchise candidates. "My local BNI group really helps. I am doing just as many deals through networking as I am doing through internet leads. I've closed several of my franchise acquisition deals and two of my four franchise development deals came directly from networking at my BNI group. That's a huge ROI as it only costs me $500 and a couple of hours a week to be involved there."
"The people I am working with are earning well into the 6 figures. They aren't just going to jump ship into any franchise I show them without a very thorough and analytical due diligence process, which I guide them through. I make sure the process is very systematic and methodical. The fact is, I end up saving them a lot of time and effort. You don't know what you don't know. I help each one of them to understand their options, the process and how to transition from unconscious incompetence in franchising acumen to conscious competence"
He's also set up rebound lead opportunities with franchisors that he's done deals with or met at trade shows. "Rebound leads are working great for me. They are very responsive candidates and I enjoy speaking and working with them. The franchise development deals I'm doing will also supply me with rebound leads as well. My hope is that the work I am doing today will provide me with all of the leads I'll need and I won't have to do any outbound lead generation."
Liquid CapitalJune 2015 - Dallas, TX - 1 Unit - Commission: $20,000 +$500 CFB Bonus
"This was the 2nd Liquid Capital deal I have closed. I was introduced to my candidate, Brad, from a BNI referral. Brad has been in supply chain management for the bakery industry and his career required frequent travel time away from home. Being recently married and wanting to start a family, Brad knew that he needed a change. Looking at franchises made sense to Brad, as he knew that owning his own business would provide the sense of satisfaction and fulfillment, not to mention freedom and control of his own destiny he always dreamed of. He was very accomplished, but wasn't satisfied. He was frequently getting promotions at his job, but wasn't receiving much more in the way of compensation."
"I ended up showing him several concepts. Getting to know him better I saw that he was very analytical and the Liquid Capital concept rang for him because it's numbers-oriented. He saw the ability to tap into the supply chain net worth that came from his career. He liked that they had a corporate location near him in Dallas and liked that he could work nationwide. One of the great things about Liquid Capital is that their territories are only marketing restricted. With Liquid Capital, Brad could work from home and didn't have to get an office space or work 9-5 Monday through Friday."
It wasn't an entirely smooth process though. The deal died a thousand deaths before it finally went through. However, as it would fall it apart I was supportive and remained consistent with my communications and coaching. I worked very closely with both the candidate and franchisor to help see it through. Liquid Capital handled everything very well. They are true professionals."
Mr. HandymanJuly 2015 - McKinney, TX - 1 Unit - Commission: $24,000
"This deal was with a fellow BNI member who realized, after hearing my elevator pitch, that he wanted a career change. Steve is an employment/labor law attorney, who like many attorneys had a strong sense of career dissatisfaction. Steve wanted to do something he would enjoy and that was more of a natural fit for him. Many aspects of being an attorney were not fulfilling for Steve and he wanted something more for himself and his family. Steve was excited to know that there was available territory for a Mr. Handyman in his home area. He was very familiar with the brand, as they have a strong presence in the DFW area.”
The tricky thing with this deal was that Mr. Handyman was that the brand representative although not new to the industry had just joined Service Brand International, the parent company of Mr. Handyman. In addition, they were acquired by the Dywer Group right when we were in the middle of FDD review. This meant that all of a sudden we were on hold until an updated FDD was available! I had to help my client overcome this change and helped him to understand that it was a good opportunity for him since the Dywer group has a large infrastructure and a lot of resources that would be able to help him."
Project WalkJuly 2015 - South New Jersey/Philadelphia - 1 Unit - Franchise Fee is $60,000 - Avg. Commission is 50%
“This deal came from an internet lead on Franchise Help. Dan has been in sales for product package labeling for several years and was making a very nice six figure income, but something was always a 'thorn in his side'. As successful as he was financially, he was always concerned the success he had could be taken away from him because it wasn't his business. He soon to be wife, Leslie, a carer school bus driver was retiring and Dan wanted something that he and Leslie could do together. Project Walk was a great fit as they wanted something unique that made a difference in people's lives. He wanted a franchise where he would be able to maintain his job and keep his income, while Leslie could start and build the business. Dan can then choose to join the business whenever he wants to, when the timing is right.”
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