In this insightful episode of the Inner Edison Podcast, Ed Parcaut, the host, is joined by Greg Mohr, a seasoned expert in the franchise industry. The episode delves into Greg’s fascinating journey from his early days working at Taco Bell to becoming a franchise consultant. Together, they explore the intricacies of the franchise world, offering valuable insights for anyone considering franchising as a business venture.

Key Discussion Points:

• Greg’s Journey into Franchising:
  • Started at Taco Bell and worked his way up to becoming a manager.
  • Introduction to franchising through a master franchiser who owned 50 Taco Bells.
  • Transitioned to corporate roles, including running Lions Restaurant and working as a semiconductor engineer.
  • Influenced by Robert Kiyosaki’s “Rich Dad, Poor Dad” to leave corporate life and pursue business ownership.
• Franchise Business Insights:
  • The appeal of franchising lies in its structured playbook, minimizing risks.
  • Explanation of franchise fees and ongoing royalties.
  • Investment costs vary between brick-and-mortar (starting around $250,000) and service franchises (around $150,000).
  • Benefits of franchising include reduced startup risks and support from the franchisor.
• Challenges and Benefits of Franchising:
  • The importance of not having the business revolve around the owner for better resale value and personal freedom.
  • Importance of understanding tax implications and benefits, including the possibility of using retirement funds to start a franchise.
• Greg’s Franchise Consulting Role:
  • Helps potential franchisees understand their goals and find suitable franchise opportunities.
  • Offers his services free of charge to clients, as he is paid by the franchise companies for successful matches.

Additional Information:

• Greg’s Current Endeavors:
  • Runs Schoolie Mitchell, a telecommunications consulting franchise.
  • Assists businesses in reducing their telecommunications expenses.
• Contact Information:
  • Website: franchiseMaven.com
  • Email: Greg@franchiseMaven.com
• Greg’s Podcast:
  • “Franchise Maven Podcast” – covers various topics related to business and entrepreneurship, not just franchising.

This episode is a must-listen for anyone interested in franchising, providing a wealth of knowledge from someone who has navigated the industry successfully. Tune in to understand the nuances of franchise ownership and gain insights into making informed business decisions.