Originally from St. Thomas, a family of four had just begun researching a franchise to invest in when they contacted FBA broker Nehal Mehta. The family was living in Ocala, and looking to build a business legacy that they could pass down to their children as they grew older.
In initial discussions with Nehal, the family revealed their motivation to run a franchise because they wanted to do something they loved, and leave a business legacy to hand over to their two sons.
“They wanted to gift their sons with stability and an opportunity that would be fulfilling for both the family and the community,” Nehal said.
A social worker by trade, the wife loved problem-solving and customer service. This sparked an interest in the restaurant industry, and the family told Nehal that they would like to invest in a franchise similar to Baskin Robbins, Pollo Tropical, Krispy Kreme or Haagen Daz.
The father was nearing retirement but had an entrepreneurial spirit. With a background in trades such as jewelry import, he had a knack for numbers and loved finances. Their two sons – ages 21 and 28 – were also ready to contribute with their own relevant skill sets to a business legacy.
“We had an in-depth call to understand the family’s needs and how each family member’s role would play in the business,” Nehal said. “I knew they would be a strong team because everyone had something to contribute. Everyone was ready to pick up their role, and the family would not have to outsource to leverage necessary skills and run a business successfully.”
Nehal began educating the family about franchise choices, and soon came to discover why they were interested in the franchises they originally chose. She understood that they had no knowledge and had done very little research into the business behind the brands, beyond liking the brand concepts. Nehal educated the family on the brands they had originally chosen, and after learning the high investment prices, they agreed to consider other options within their budget that followed the same principles they were first attracted to.
“We began seeking a growth-based concept with a lower investment to allow the family to contribute together within their comfort range,” Nehal said. “At that point, the family said they would be interested in working with us because they didn’t understand franchising before. They now understood that working with an expert allows deeper research and allows the family to move in the right direction.”
The family soon found their sense of direction with the help of Nehal as their franchise broker through a business assessment test. Each of the four family members took the test so they could evaluate all details and competencies. They then had a detailed conversation about industries to consider. During each call, they discussed financing that would be in their investment range.
“In the business assessment, we found they really wanted to bring a Caribbean restaurant concept to Ocala,” Nehal said. “Being from St. Thomas, they knew the market lacked in Caribbean food options, and saw potential in the area.”
Nehal emphasized that it was very important to give the family all financial details and breakdowns.
“They appreciated seeing where each expense may occur on the opportunities they were considering, and this was a big part of the purchasing decision.”
Sticking to the investment range of $250,000, Island Thyme became an appealing concept due to it being a newer opportunity that fit in the family’s wheelhouse.
With the corporate location close by in Orlando, the family was able to arrange a visit and experience the menu. They loved the food and the concept, and were able to speak with the franchisor about the food practices and customer knowledge. As an emerging brand, the family has now officially opened the second location for Island Thyme in Ocala outside of the corporate location.
“They felt like the brand was authentic to where they were from and what they were looking to bring to Ocala,” Nehal said.
Nehal worked closely with Amanda from FBA to gain research and insights, and utilized all of her knowledge from Franchise Training Institute.
“I put everything in the book and from the training to the test, and was able to close the deal thanks to the FTI and the FBA.”
Learn more about the Franchise Training Institute here.
Already selling franchises? Join the FBA for a limited time and receive a free ticket to the Franchise Brokers Association Conference in Orlando this November. Sign up now.
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