Welcome to the latest episode of Empire Builders! Today, Tommy Yionoulis is thrilled to introduce our guest, Matt Wood, an entrepreneur with a dynamic background. Matt shares his journey from military service to franchising with 30 Minute Hit, a women-only kickboxing and boxing HIIT circuit.

Key Points Discussed:

• Involvement in two businesses: Suiting Green Consulting and 30 Minute Hit.
• 30 Minute Hit: A franchise offering a 30-minute HIIT workout specifically for women.
• Recent focus on expanding 30 Minute Hit locations in Central Florida.

• Retirement from the military in 2017 and subsequent role at the Walt Disney Company.
• Challenges and layoff experience during the 2020 Disney layoffs.
• Motivation for entrepreneurship: Finding purpose and solving problems.

• Discovery of 30 Minute Hit through LinkedIn and engagement with franchise owners.
• Challenges faced during the setup, including real estate issues and lengthy processes.
• Perseverance in overcoming obstacles such as ineffective realtors and financing difficulties.

• Issues with the initial realtor and switching to a local agent.
• Securing a supportive landlord and lender despite numerous rejections.
• Construction delays and the need for multiple rounds of financing.

• Importance of proactive communication, clear documentation, and persistence.
• Advice for potential franchisees: Monitor business dealings closely and address ineffective partners early.
• Inspirational story of resilience and determination.

• The significance of creating a great customer experience and the impact on client retention.
• Training staff to excel in sales conversations and the excitement of seeing financial benefits from successful sales.

• Confidence in the efficiency of opening future locations based on lessons learned.
• Reflection on the transition from a 21-year military career to civilian life and entrepreneurship.
• Positive outlook on the journey and future opportunities in franchising.

Conclusion:

Tommy and Matt conclude the episode with reflections on the entrepreneurial journey, emphasizing the importance of resilience, clear communication, and ongoing learning. Whether you're contemplating franchising or interested in entrepreneurial stories, this episode provides valuable insights and inspiration.

Tune in for an engaging discussion on overcoming challenges, achieving success, and the entrepreneurial spirit with Matt Wood.

Links And Resources:

• 30 Minute Hit
• Matt Wood on LinkedIn

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Welcome to the latest episode of Empire Builders! Today, Tommy Yionoulis is excited to welcome Marc Millet, the owner of Millet Desserts Inc., a Baskin Robbins franchisee. Marc shares insights from his journey in the dessert franchise industry, from joining the family business to expanding to multiple locations.

Key Points Discussed:

Introduction to Marc Millet:

• Owner of Millet Desserts Inc.., a Baskin Robbins franchisee
• Transitioned from a decade in law enforcement to entrepreneurship.
• Grew the business from one location to nine as of last month.

Challenges and Strategies in Franchise Operations:

• Discusses the financial and personal adjustments required to succeed.
• Highlights the grind of working long hours and gradual financial improvement.
• Emphasizes the independence and growth opportunities franchising offers.

Managing Multiple Locations:

• Importance of delegation and efficient solutions like smart safes for cash management.
• Benefits of franchising, particularly the simplicity of managing Baskin Robbins.
• Critical inflection points in business growth and establishment of efficient systems.

Acquisition Strategy:

• Focus on purchasing existing stores rather than building new ones.
• Evaluating store value and negotiating with owners, often utilizing owner-carry loans.
• Balancing acquisitions with occasional new builds to diversify and grow the portfolio.

Future Plans:

• Potential expansion into other brands within the Inspire Brands portfolio.
• Ambition to grow the Baskin-Robbins network and explore opportunities in other franchises like Jimmy John's and Buffalo Wild Wings.
• Insights on strategic growth, efficient management, and the entrepreneurial mindset needed to scale successfully.

Marc also discusses current business challenges and solutions:

• Financing: Difficulty in obtaining loans due to banks not understanding franchising.
• Hiring: The need for digital solutions for the current generation of applicants.
• Inflation: Significant cost increases post-COVID and the struggle to balance menu prices.

Local Store Marketing:

• Despite the digital age, traditional methods like coupon packs still yield good returns.
• Effectiveness of "buy one, get one" offers.

Story Time:

• A difficult winter faced with severe financial challenges due to inflation and bad weather.
• High-interest loans and tough decisions were made to recover.
• Emphasizes the importance of dedication and treating the business like a child.

Conclusion:

Tommy and Marc wrap up the discussion with reflections on the franchise industry, the importance of strategic investments, and the continuous need for operational excellence. Whether you’re an entrepreneur, a franchisee, or simply interested in the dynamics of the franchise business, this episode offers valuable insights into running successful multi-unit operations.

Tune in to this episode for an in-depth conversation on scaling success, operational strategies, and navigating challenges in the franchise industry with Marc Millet.

Links And Resources:

• Millet Desserts Inc.
• Marc Millet on LinkedIn

Thank you for joining us this week! Are you interested in subscribing to Empire Builders? We would love to hear your feedback! Connect with us

Welcome to another episode of "Empire Builders: Scaling Success One Location at a Time," where host Tommy Yionoulis interviews Eric Johnson, a seasoned entrepreneur and business broker with a remarkable portfolio spanning 54 companies across 23 industries. Eric shares insights from his strategy of acquiring and merging businesses within similar sectors, transitioning to become a franchisee of First Choice Business Brokers. He has successfully established six profitable offices in Northern California, leveraging the power of franchising.

Key Points Discussed:

Benefits of Franchising:

• Eric explains the advantages of franchising, highlighting its robust support systems and comprehensive training that accelerate business growth.
• He emphasizes how franchising minimizes operational risks, enabling entrepreneurs to focus on scaling their business and profitability.

Navigating Business Brokerage:

• Eric delves into the critical role of business brokerage, detailing the process of matching buyers with sellers while providing crucial emotional support during transactions.
• Drawing parallels to significant life transitions, he underscores the importance of sellers envisioning their post-sale future to ease transitions and emotional impacts.

Overcoming Entrepreneurial Challenges:

• Reflecting on his entrepreneurial journey, Eric shares insights into navigating financial crises, including significant debt challenges during the 2008 financial crisis.
• Tommy and Eric discuss the unpredictable nature of business risks and the resilience required to overcome adversity, emphasizing the invaluable lessons learned along the way.

Insights into Business Brokerage:

• Eric discusses the intricacies of starting a business brokerage in a regulated industry, navigating legal interpretations, and compliance with regulatory agencies.
• He shares their recruitment strategy, leveraging referrals, online job platforms, and strategic partnerships to build a qualified team compliant with real estate licensing laws in California.

Personal Anecdotes:

• Eric recounts pivotal moments from his entrepreneurial journey, including challenges faced in biofuel distribution during the 2008 financial crisis.
• The conversation shifts to the physical toll of entrepreneurship, with both hosts sharing personal anecdotes about managing stress and its physical manifestations.

Promotion and Closing:

• Eric highlights the services of his brokerage firm, San Francisco and Monterey Bay Area First Choice Business Brokers, specializing in facilitating business sales and acquisitions.
• He underscores their commitment to professionalism and cultural sensitivity in client interactions, aiming to foster long-term relationships with entrepreneurial clients navigating various projects.

Conclusion: Tommy and Eric wrap up the episode with reflections on the multifaceted challenges and personal sacrifices of entrepreneurship. They emphasize strategic support systems, navigating regulatory landscapes, and maintaining operational stability in specialized industries like business brokerage. Whether you're an entrepreneur, franchisee, or simply intrigued by the dynamics of business, this episode offers valuable insights into running successful multi-unit operations.

Join us next time for more in-depth discussions on scaling success, operational strategies, and navigating challenges in the franchise industry. Stay tuned to "Empire Builders" as we continue to explore the stories of leaders shaping the business landscape.

Links And Resources: