1 00:00:00,000 --> 00:00:02,580 Mike Stohler: Hey everybody, welcome back to another episode 2 00:00:02,640 --> 00:00:08,040 of The Richer Geek Podcast. Today we have Greg Mohr, the 3 00:00:08,040 --> 00:00:11,790 author of Real Freedom. It's a book that explores franchising 4 00:00:11,790 --> 00:00:15,030 as a wealth building tool. We all need wealth building. It's 5 00:00:15,030 --> 00:00:18,690 one of the biggest things in time freedom. So we'll talk 6 00:00:18,690 --> 00:00:21,690 about how much time, how much effort all these things have to 7 00:00:21,690 --> 00:00:23,820 do with franchising. How you doing, Greg? 8 00:00:24,720 --> 00:00:26,340 Greg Mohr: Great, Mchael. Another beautiful day in the 9 00:00:26,340 --> 00:00:27,690 neighborhood. Thank you for having me. 10 00:00:27,930 --> 00:00:31,860 Mike Stohler: Absolutely. So I always like to dig into a little 11 00:00:31,860 --> 00:00:35,700 bit about your background, how you got involved in franchises, 12 00:00:35,730 --> 00:00:40,110 and what was your aha moment that got you into this type of 13 00:00:40,140 --> 00:00:40,710 business. 14 00:00:41,680 --> 00:00:45,940 Greg Mohr: I appreciate that, Michael. Actually, back in my 15 00:00:45,940 --> 00:00:48,520 day when we're in high school, we had to get a job somewhere, 16 00:00:48,520 --> 00:00:51,820 and usually fast food at the time. I think I knew the 17 00:00:51,820 --> 00:00:55,390 managers there from some other time, but I ended up moving up 18 00:00:55,420 --> 00:00:58,570 in the Taco Bell world and becoming a manager. And I found 19 00:00:58,570 --> 00:01:02,080 out I was working for a lady named Kathy, and Kathy owned 50 20 00:01:02,080 --> 00:01:05,080 Taco Bells throughout the Sacramento, California area. She 21 00:01:05,080 --> 00:01:08,620 was a master franchiser or area developer for Taco Bell there, 22 00:01:08,650 --> 00:01:12,190 so I helped her build up her teams throughout the Sacramento, 23 00:01:12,190 --> 00:01:16,180 California area, and I really enjoyed that experience. Went on 24 00:01:16,180 --> 00:01:20,350 to managing another restaurant in the Northern California area. 25 00:01:20,350 --> 00:01:23,260 Did that for 15 years, got a degree in Electrical Engineering 26 00:01:23,290 --> 00:01:25,780 and Physics, became micro electronics circuit engineer. 27 00:01:25,780 --> 00:01:29,500 Did that for 15 years, got it a Master's Degree in Business. 28 00:01:29,530 --> 00:01:32,050 Read Robert Kiyosaki his book, Rich Dad, Poor Dad, and said 29 00:01:32,710 --> 00:01:37,360 that's the end of my corporate career. He ruined it in a good 30 00:01:37,360 --> 00:01:41,320 way, though, on that one and so I made a friend of mine. We 31 00:01:41,320 --> 00:01:45,460 purchased the dry cleaners, a private loan, dry cleaners 32 00:01:45,610 --> 00:01:49,600 storage units, and I had some rental properties as well on 33 00:01:49,600 --> 00:01:54,550 that. So I sold off all my half to him, and said, time to get 34 00:01:54,550 --> 00:01:56,770 out of the corporate world. He got out of the corporate world. 35 00:01:56,770 --> 00:01:59,680 Same time. I said that franchising thing was really 36 00:01:59,680 --> 00:02:03,250 cool. I liked it when I did that very easy, step by step process. 37 00:02:03,280 --> 00:02:05,770 Walk right into business in a box. I don't have the latest 38 00:02:05,770 --> 00:02:09,280 greatest idea. I'm going to go back to doing that. So I went 39 00:02:09,280 --> 00:02:12,220 and click, happy on the internet, had about 20 franchise 40 00:02:12,220 --> 00:02:14,830 development people calling me from all over the place, finally 41 00:02:14,830 --> 00:02:17,530 got a hold of a franchise consultant. Did not know they 42 00:02:17,530 --> 00:02:22,000 existed, and he directed me to my franchise, and that's how I 43 00:02:22,000 --> 00:02:22,990 got into franchising. 44 00:02:23,380 --> 00:02:26,440 Mike Stohler: Yeah, it's fascinating. I'd say, what is 45 00:02:26,440 --> 00:02:31,810 90% of the investment podcast guests that I have on the show? 46 00:02:32,530 --> 00:02:37,420 Robert Kiyosaki, Rich Dad, Poor Dad. That was my AHA moment back 47 00:02:37,420 --> 00:02:41,050 in the pre-Google days, when I read that and started the same 48 00:02:41,440 --> 00:02:45,040 getting into investments. So let's talk about the different 49 00:02:45,040 --> 00:02:47,830 types of franchises. Most people you talk about Taco Bell and 50 00:02:47,830 --> 00:02:50,980 McDonald's, people know that maybe great clips. And you have 51 00:02:50,980 --> 00:02:55,420 your regular, nationally known franchises that are kind of 52 00:02:55,420 --> 00:02:58,930 like, there's one in every town, right? And then you have some 53 00:02:58,930 --> 00:03:02,830 that are kind of trendy that kind of get in you I remember 54 00:03:02,830 --> 00:03:05,650 the pure bars and the orange theories, and some of the 55 00:03:05,650 --> 00:03:08,140 different ones that all of a sudden it's like, "Hey, let's do 56 00:03:08,140 --> 00:03:12,070 this." So talk about franchising, some of the 57 00:03:12,070 --> 00:03:15,130 different kinds, and then we'll kind of get into what you like 58 00:03:15,130 --> 00:03:15,880 and what you don't like. 59 00:03:16,380 --> 00:03:18,510 Greg Mohr: You got it, Michael. Yeah, what you're referring to 60 00:03:18,510 --> 00:03:21,420 there is the brick and mortar type franchise businesses, you 61 00:03:21,420 --> 00:03:23,610 and I driving around, and everybody out there driving 62 00:03:23,610 --> 00:03:26,820 around this what we see so brick and mortar, generally speaking, 63 00:03:27,180 --> 00:03:30,780 you're looking at 250 $300,000 investment on up from there, 64 00:03:30,780 --> 00:03:34,140 just depending on what you get into simple you build it, and 65 00:03:34,140 --> 00:03:36,330 they will come as a general theme. And with the great 66 00:03:36,330 --> 00:03:40,050 franchise system, who will have a real estate team that will go 67 00:03:40,050 --> 00:03:43,170 out there and find you that great location and do the lease 68 00:03:43,170 --> 00:03:46,740 negotiation with you as well. Good way to go. The other end of 69 00:03:46,740 --> 00:03:49,980 the spectrum is what we call the services industry. This is where 70 00:03:49,980 --> 00:03:53,370 your clients don't necessarily know you exist until they need 71 00:03:53,370 --> 00:03:56,610 you. So in that case, you need a really good franchise system to 72 00:03:56,610 --> 00:04:00,600 drive people to you when that need exists. Think of tutoring 73 00:04:01,050 --> 00:04:04,590 think of senior care, home services, many different things 74 00:04:04,590 --> 00:04:08,340 in the home services, business, electrical, plumbing, HVAC, 75 00:04:08,640 --> 00:04:11,730 restoration services. And there's lots of big companies 76 00:04:11,730 --> 00:04:14,550 that are out there that do that, that you may not have heard of 77 00:04:14,640 --> 00:04:16,710 because you just didn't need their services, and that you're 78 00:04:16,710 --> 00:04:20,160 looking at around $150,000 investment for one of those, 79 00:04:20,160 --> 00:04:24,150 give or take, depending on, if you need any equipment. But you 80 00:04:24,150 --> 00:04:26,550 generally start off with either working from home or a small 81 00:04:26,550 --> 00:04:27,120 office. 82 00:04:28,140 --> 00:04:31,710 Mike Stohler: Okay. And there's you can get in, e-commerce, 83 00:04:31,710 --> 00:04:35,160 franchising, and you get into all these other different kinds, 84 00:04:35,160 --> 00:04:39,660 where I own a franchise and it's all on the web. I think that's 85 00:04:39,660 --> 00:04:45,420 kind of like the Franchising 3.0. I heard this on Meta, the 86 00:04:45,420 --> 00:04:49,530 headset, you can get franchises that are in the cloudverse, or 87 00:04:49,530 --> 00:04:53,910 whatever it is. I mean, just absolutely crazy. Which ones do 88 00:04:53,910 --> 00:04:59,310 you tend to go after? What are the pros and cons of the brick 89 00:04:59,310 --> 00:05:01,350 and mortar? I know cost, right? I mean, you actually have a 90 00:05:01,350 --> 00:05:04,800 place, and then one is kind of like the e-commerce, where 91 00:05:04,830 --> 00:05:07,680 people most likely just kind of looking you up, Googling you, 92 00:05:08,100 --> 00:05:11,550 and you may or may not have a brick or mortar, because you can 93 00:05:11,550 --> 00:05:14,430 do a franchise out of your home. Now, which ones do you like? Do 94 00:05:14,430 --> 00:05:17,340 you like them both? What do you gear yourself towards? 95 00:05:19,290 --> 00:05:21,570 Greg Mohr: I personally like a chocolate shop or a doggy 96 00:05:21,570 --> 00:05:23,940 daycare center, because I happen to love chocolate and I happen 97 00:05:23,940 --> 00:05:27,000 to love dog dogs on that. So that's my favorite. I was going 98 00:05:27,000 --> 00:05:29,040 to do one, but I live out in the middle of nowhere, so I can't 99 00:05:29,040 --> 00:05:31,350 have one out here. But if I wasn't doing that's what I would 100 00:05:31,350 --> 00:05:34,950 do. That's what I like. What my people like is all varies, all 101 00:05:34,950 --> 00:05:38,970 over the place. So what I've been seeing lately here is when 102 00:05:38,970 --> 00:05:41,370 I first started 10 years ago, a lot of it was the brick and 103 00:05:41,370 --> 00:05:45,210 mortar type franchises. But as time went on, I find that a lot 104 00:05:45,210 --> 00:05:48,030 of people are not willing to necessarily put up that kind of 105 00:05:48,030 --> 00:05:51,780 an investment, especially on their first go out for it. And 106 00:05:51,780 --> 00:05:54,900 with the services industry, it's a lot less of an investment, and 107 00:05:54,900 --> 00:05:58,110 it doesn't make a difference too much for the most part, what you 108 00:05:58,110 --> 00:06:00,630 invest in brick and mortar versus services as far as how 109 00:06:00,630 --> 00:06:04,950 much money you can make. So with the with the COVID that went on, 110 00:06:05,010 --> 00:06:07,410 people are kind of really steering away then at that point 111 00:06:07,410 --> 00:06:10,140 in time, from the brick and mortar, and they're looking for 112 00:06:10,140 --> 00:06:13,440 more of the essential services type franchises. So what kind of 113 00:06:13,440 --> 00:06:16,620 business, no matter what the economy is doing out there, no 114 00:06:16,620 --> 00:06:20,610 matter what's going on, do people have to have on a regular 115 00:06:20,610 --> 00:06:24,540 basis. Your HVAC, you're heating and air conditioning. That's 116 00:06:24,540 --> 00:06:27,930 broke. Man, we're fixing it. Michael's over there in Arizona. 117 00:06:27,930 --> 00:06:31,680 If there's air AC goes out, that's it. And I lived in Texas 118 00:06:31,680 --> 00:06:35,610 for 20 years. Boy, yeah, that AC went out. You can do that no 119 00:06:35,610 --> 00:06:38,910 matter what, plumbing, electrical, restoration 120 00:06:38,910 --> 00:06:43,320 services, senior care services, tutoring was real huge. Always 121 00:06:43,320 --> 00:06:46,530 been good, because people will always want to make sure their 122 00:06:46,530 --> 00:06:49,170 kids have the best education possible. So think of those 123 00:06:49,170 --> 00:06:51,210 things that people need all the time, and that's what a lot of 124 00:06:51,210 --> 00:06:54,090 my people have really been gravitating towards here 125 00:06:54,090 --> 00:06:56,520 recently on those still get a lot of people interested in 126 00:06:56,700 --> 00:06:59,250 fitnesses, like you were talking about the orange theory thing. 127 00:06:59,640 --> 00:07:02,250 There's still some good fitnesses out there, most of 128 00:07:02,250 --> 00:07:05,310 them are like the like the orange theory, the more boutique 129 00:07:05,310 --> 00:07:07,980 fitness, as opposed to people are kind of staying away from 130 00:07:07,980 --> 00:07:10,890 those big box gyms, and they want something that's more one 131 00:07:10,890 --> 00:07:13,740 on one, or one with a small group on that. So still plenty 132 00:07:13,740 --> 00:07:16,590 of interest there. But mostly the essential services are what 133 00:07:16,590 --> 00:07:17,820 people are looking for these days. 134 00:07:17,000 --> 00:07:20,360 Mike Stohler: Now, my wife was looking at a franchise at one 135 00:07:20,360 --> 00:07:25,160 point. It was kind of like that dog. It was a spa. You wash 136 00:07:25,160 --> 00:07:28,850 them, clip them, watch them, all these different it's like a 137 00:07:28,850 --> 00:07:33,410 human spa. But one of the caveats in the franchise is it 138 00:07:33,410 --> 00:07:37,940 was very owner intensive. They wanted the owner to be at the 139 00:07:37,940 --> 00:07:41,240 brick and mortar, and she didn't do it because she's like, "Well, 140 00:07:41,240 --> 00:07:45,470 I don't want to go to a place. I want to own it and then have 141 00:07:45,470 --> 00:07:49,430 everyone do something, hire people to do it." What are you 142 00:07:49,430 --> 00:07:52,610 seeing and challenges that you're seeing some of the 143 00:07:52,610 --> 00:07:57,020 franchises. Maybe the person gives an HVAC tech, if he wants 144 00:07:57,020 --> 00:07:59,870 to own his franchises, he'll be the one doing it. But what are 145 00:07:59,870 --> 00:08:03,740 you seeing with the differences, or the percentages of, "Hey, you 146 00:08:03,740 --> 00:08:07,580 got to be part of it, maybe even just for one year." But how 147 00:08:07,730 --> 00:08:10,430 intensive is it for or the difference between someone who 148 00:08:10,430 --> 00:08:12,860 just wants to own the franchise without actually working in the 149 00:08:12,860 --> 00:08:15,500 franchise, and then the people that are saying, hey, you know 150 00:08:15,500 --> 00:08:18,440 what, I have a trade and I just want to own my own thing. 151 00:08:18,000 --> 00:08:25,813 Mike Stohler: Yeah. And that's a really good point. Ladies and 152 00:08:18,360 --> 00:08:20,996 Greg Mohr: Great question, Michael, because I get a lot of 153 00:08:21,052 --> 00:08:24,475 investors and a lot of people that want to stay in their jobs 154 00:08:24,531 --> 00:08:27,785 in the corporate world, right? Want to do something on the 155 00:08:25,976 --> 00:08:36,069 gentlemen, if you're listening to this, do your due diligence. 156 00:08:27,841 --> 00:08:31,431 side. Yeah, that's what probably about 75% of my people actually 157 00:08:31,487 --> 00:08:34,236 want to do something semi-absentee. So within the 158 00:08:34,292 --> 00:08:37,658 franchising world, they are, as Michael just said, there are 159 00:08:36,232 --> 00:08:45,348 I talk to a lot of people, and they get into a franchise 160 00:08:37,714 --> 00:08:41,137 many franchises out there that want you to be that owner, not 161 00:08:41,193 --> 00:08:44,671 doing anything else, just being in that shop or doing whatever 162 00:08:44,727 --> 00:08:47,925 it is. There's also many franchises where you can be semi 163 00:08:45,510 --> 00:08:55,115 because it's their passion. I love making cupcakes, and I'm 164 00:08:47,981 --> 00:08:51,347 absentee. So what it really boils down to is, what does semi 165 00:08:51,403 --> 00:08:54,994 absentee really mean? Generally speaking, 10 to 15 hours a week, 166 00:08:55,050 --> 00:08:58,360 managing the manager, managing the profit, loss statements. 167 00:08:55,277 --> 00:09:05,533 going to do a cupcake franchise in this high cost district. And 168 00:08:58,416 --> 00:09:01,782 What I tell people when I put them in there, when I look for 169 00:09:01,838 --> 00:09:05,260 franchises that say, yes, you can be semi-absentee on their I 170 00:09:05,316 --> 00:09:08,458 tell them to talk with the people who started it as semi 171 00:09:05,696 --> 00:09:15,951 I'm thinking to myself, how many cupcakes you have to sell just 172 00:09:08,514 --> 00:09:12,105 absentee to begin with and find out what does that semi-absentee 173 00:09:12,161 --> 00:09:15,639 really mean on, uh, you know, putting the boots to the ground, 174 00:09:15,695 --> 00:09:19,229 I think because, yes, starting out a business, you've got to be 175 00:09:16,114 --> 00:09:26,695 to pay your rent? So within your consulting, do you sit there and 176 00:09:19,286 --> 00:09:22,539 a little bit risk adverse, because it's going to be risky. 177 00:09:22,596 --> 00:09:26,186 And risky and you have a manager doing it for you, just a little 178 00:09:26,242 --> 00:09:29,608 bit because you're not there doing that COVID. It's going to 179 00:09:26,858 --> 00:09:37,439 say, "Hey, I understand. What do you want to do? You want to make 180 00:09:29,664 --> 00:09:32,806 come down to your management skill and style, but really 181 00:09:32,862 --> 00:09:36,509 understand what that business is all about, and the fact that you 182 00:09:36,565 --> 00:09:39,875 need to find a great manager to begin with. And some of the 183 00:09:37,602 --> 00:09:47,206 money. Is this your passion?" Do you help them with the due 184 00:09:39,931 --> 00:09:43,297 franchises will want to approve that manager as well be semi 185 00:09:43,353 --> 00:09:46,663 absentee on that. But just just keep that mind. Almost any 186 00:09:46,719 --> 00:09:50,366 industry that I can think of has the opportunity to for you to be 187 00:09:47,369 --> 00:09:57,136 diligence? Say, okay, realize you have to bake and sell this 188 00:09:50,422 --> 00:09:53,900 semi absentee. But again, just make certain that you talk with 189 00:09:53,956 --> 00:09:57,603 enough semi-absentee franchisees to get a real good feel for what 190 00:09:57,299 --> 00:10:07,554 many cupcakes just to break even in this district that you want 191 00:09:57,659 --> 00:09:59,679 does that semi-absentee really mean? 192 00:10:07,717 --> 00:10:16,996 in this neighborhood that you want talk just a little bit 193 00:10:17,159 --> 00:10:27,414 about overcoming some of those strategies and concerns and kind 194 00:10:27,577 --> 00:10:36,530 of talking people in to say, "Hey, look, this is also a 195 00:10:36,693 --> 00:10:46,460 business. Don't just open up your little franchise bead shop 196 00:10:46,623 --> 00:10:57,204 and sell beads when you're rents $3,000 a month or something like 197 00:10:57,367 --> 00:11:04,530 that. So talk to us a little bit about that. 198 00:11:05,440 --> 00:11:07,060 Greg Mohr: It's a great question, Michael. On some of 199 00:11:07,060 --> 00:11:09,220 those, what you need to do is you need to put together a pro 200 00:11:09,220 --> 00:11:13,600 forma and a franchise will help you with that on there. Keep in 201 00:11:13,600 --> 00:11:15,580 mind that when you're opening up that shop, or when you're 202 00:11:15,580 --> 00:11:17,500 looking at that type of business, especially if you're 203 00:11:17,500 --> 00:11:21,130 looking at something like a fad, really find out what that 204 00:11:21,130 --> 00:11:24,040 business where's that business going to go? You don't have to 205 00:11:24,040 --> 00:11:26,710 know the industry necessarily to begin with, but get to know that 206 00:11:26,710 --> 00:11:29,860 industry and find out where does that income come from today, and 207 00:11:29,860 --> 00:11:32,530 where is that income going to come from tomorrow? The 208 00:11:32,530 --> 00:11:34,840 franchise will help you put together a pro forma. There's 209 00:11:34,900 --> 00:11:37,360 rules and regulations within the Federal Trade Commission of what 210 00:11:37,360 --> 00:11:40,810 they can and can't do on there, so they can kind of point you in 211 00:11:40,810 --> 00:11:43,090 the right direction, and then get together with with 212 00:11:43,090 --> 00:11:46,870 franchisees who will do that for you. But you really need to get 213 00:11:46,870 --> 00:11:49,390 that because I've got a gentleman that's looking at a a 214 00:11:49,390 --> 00:11:52,030 fitness center, and he's doing that, he's putting it down into 215 00:11:52,030 --> 00:11:54,970 his, who's he going to pay? The different people you're going to 216 00:11:54,970 --> 00:11:57,790 pay? How many people are you going to need to come in with 217 00:11:57,790 --> 00:12:01,840 that? So how many people are you going to be working with, how 218 00:12:01,840 --> 00:12:03,970 much is that going to generate compared to how much you're 219 00:12:03,970 --> 00:12:07,960 paying out? And then what he does is he's goes out to calls 220 00:12:07,960 --> 00:12:10,660 all the different franchisees that are doing it, which is what 221 00:12:10,660 --> 00:12:13,360 everybody should do before they get into a franchise, and 222 00:12:13,360 --> 00:12:16,390 finding out from them, how do your numbers look? Is this what 223 00:12:16,390 --> 00:12:18,220 you're paying this person? Are you paying them $10/hour? 224 00:12:18,520 --> 00:12:22,660 $15/hour with that? And then put it all together and see where is 225 00:12:22,660 --> 00:12:26,200 my break even point going to be, and how many cupcakes am I going 226 00:12:26,200 --> 00:12:29,290 to need to sell every day in order to make that happen? And 227 00:12:29,320 --> 00:12:33,130 then you put in your fixed costs into that pro forma as well, and 228 00:12:33,130 --> 00:12:36,040 make certain that you've got a good number and that however 229 00:12:36,040 --> 00:12:39,730 long it takes for you to get that a business, that you're 230 00:12:39,730 --> 00:12:44,500 okay with, that period of time that you do there. But a lot of 231 00:12:44,500 --> 00:12:46,810 people, Michael, come to me and they just say, "I just want to 232 00:12:46,810 --> 00:12:50,320 make money." So okay, I can't tell you how much each franchise 233 00:12:50,320 --> 00:12:51,910 is going to make, because Federal Trade Commission doesn't 234 00:12:51,910 --> 00:12:54,640 allow me to do that. However, I talk with enough franchises, 235 00:12:54,640 --> 00:12:56,380 well, I got kind of a pretty good feel of what you're going 236 00:12:56,380 --> 00:12:59,470 to make with that. So if you just want to make money, yeah, I 237 00:12:59,470 --> 00:13:02,350 mean, they may make my job a whole lot easier. I just go to 238 00:13:02,350 --> 00:13:03,790 the ones where I know that they're making. 239 00:13:03,850 --> 00:13:06,430 There's no great deal of money on that, as long as you're okay 240 00:13:06,430 --> 00:13:08,650 with the industry and the people that the industries and the 241 00:13:08,650 --> 00:13:11,080 franchises I work with are moral, ethical and legal for the 242 00:13:11,080 --> 00:13:13,570 most part, not for the most part, for all parts. That 243 00:13:13,570 --> 00:13:15,730 ethical part might be a big challenge. But I stay away from, 244 00:13:15,790 --> 00:13:17,800 you know, devices, alcohol. 245 00:13:18,100 --> 00:13:19,270 Mike Stohler: Yeah, cannabis. 246 00:13:19,720 --> 00:13:23,800 Greg Mohr: Yeah. I stay away from those. So most part, 247 00:13:23,830 --> 00:13:25,690 everybody is going to feel that they're moral, ethical and 248 00:13:25,690 --> 00:13:28,360 legal. So if we just need to make money, that's fine. I ask 249 00:13:28,360 --> 00:13:31,330 people too. You want to give back to society, so you want a 250 00:13:31,330 --> 00:13:34,780 senior care or you want a tutoring franchise, or if you 251 00:13:34,780 --> 00:13:37,090 just want to make money, there's plenty franchises out there 252 00:13:37,420 --> 00:13:39,700 where we'll get you familiar with the industry. We'll get you 253 00:13:39,730 --> 00:13:42,760 not talking with enough people will put together a pro forma, 254 00:13:43,240 --> 00:13:45,910 not for you, because they can't do that. And we'll figure out, 255 00:13:45,940 --> 00:13:47,740 you know, how long is it going to take you to get there? What 256 00:13:47,740 --> 00:13:50,620 do you got to do to get it? And are you okay with that? 257 00:13:50,000 --> 00:13:53,930 Mike Stohler: You know, along with the market analysis, how 258 00:13:53,930 --> 00:13:58,310 many are in the area, and will the the market bear to have 259 00:13:58,310 --> 00:14:01,580 another whatever franchise? We do that in the hotel business, 260 00:14:01,580 --> 00:14:04,520 right? We have to have the not on the performers, but the 261 00:14:04,520 --> 00:14:07,670 market analysis, feasibility studies, blah, blah, blah, all 262 00:14:07,670 --> 00:14:11,900 this sort of stuff to see if I can build something there. If 263 00:14:11,900 --> 00:14:15,080 you build it, they will come. We have to figure out if that is, 264 00:14:15,350 --> 00:14:19,940 if that is true or not. So let's get into your book. Again 265 00:14:19,940 --> 00:14:24,350 everybody, this is Greg Mohr, franchise consultant, and he's 266 00:14:24,350 --> 00:14:28,640 the best selling author of“Real Freedom, Why Franchises Are 267 00:14:28,640 --> 00:14:31,940 Worth Considering and How They Can Be Used For Building Wealth" 268 00:14:31,940 --> 00:14:35,150 so give us a little background on what's in your book. 269 00:14:35,120 --> 00:14:37,384 Greg Mohr: Well, Michael, I've been doing this for about 10 270 00:14:37,431 --> 00:14:40,403 years. Two years ago, I decided that there's enough people that 271 00:14:40,451 --> 00:14:43,328 ask the same questions that I thought, why don't I just put a 272 00:14:43,376 --> 00:14:46,018 book together and just walk everybody through the entire 273 00:14:46,065 --> 00:14:48,895 process of what they need to look for in a franchise system. 274 00:14:48,943 --> 00:14:51,821 So that's what I do, from start to finish, what you and I are 275 00:14:51,868 --> 00:14:54,604 going to go through, walking through step by step process. 276 00:14:54,651 --> 00:14:57,388 How do we figure out which franchise is a good fit for you 277 00:14:57,435 --> 00:15:00,171 based on where have you been? Where you at now? Where. You 278 00:14:57,440 --> 00:15:20,540 Mike Stohler: You know, it's kind of funny. There's 50-50, 279 00:15:00,218 --> 00:15:02,530 want to be going through funding, CPAs, franchise 280 00:15:02,577 --> 00:15:05,125 attorneys, due diligence process, what to look at in a 281 00:15:05,172 --> 00:15:07,908 franchise disclosure document? If you're using a franchise 282 00:15:07,955 --> 00:15:10,880 attorney, what generally can you negotiate? What generally can 283 00:15:10,928 --> 00:15:13,428 you not negotiate on that the importance of getting a 284 00:15:13,475 --> 00:15:16,259 franchise attorney, very last chapter is about turning your 285 00:15:16,306 --> 00:15:18,948 business into a franchise. And I talked with a couple of 286 00:15:18,995 --> 00:15:21,873 gentlemen that did that. So real world examples throughout my 287 00:15:21,920 --> 00:15:24,609 book of the different people that I've worked with to get 288 00:15:24,656 --> 00:15:27,487 them to a report there they want to be. So if you're a do it 289 00:15:24,740 --> 00:15:55,550 maybe on the people. It's like going, "Okay, I've read the 290 00:15:27,534 --> 00:15:30,365 yourselfer, grab the book. Do it yourself. I mean, it's just 291 00:15:30,412 --> 00:15:33,007 right there, step by step. So I thought I give you some 292 00:15:33,054 --> 00:15:35,979 background on myself as well, so that you can get my book. You 293 00:15:36,026 --> 00:15:38,999 can read through there, and you can say, "This guy's a complete 294 00:15:39,046 --> 00:15:41,971 idiot," I am never going to go near him. Or, "Hey, I resonated 295 00:15:42,018 --> 00:15:44,990 with this guy. I think I'll give him a call." So I weed out the 296 00:15:45,037 --> 00:15:47,915 ones that think I'm a complete idiot and the ones that really 297 00:15:47,962 --> 00:15:50,887 like me, who wouldn't give me a call, they can. Or, again, you 298 00:15:50,935 --> 00:15:53,954 can just do it yourself, because it's really just a step by step 299 00:15:54,001 --> 00:15:56,832 process of what you need to look for when you're going to be 300 00:15:55,610 --> 00:16:05,330 book. I'm smart enough. I'll just do it on myself." And they 301 00:15:56,879 --> 00:15:58,059 looking into a franchise. 302 00:16:05,330 --> 00:16:08,600 end up spending a lot more money figuring it out than they would 303 00:16:08,600 --> 00:16:12,260 have just hired you. And we've all been through there, I didn't 304 00:16:12,260 --> 00:16:17,480 get my success didn't grow until I got the business coach, the 305 00:16:17,480 --> 00:16:21,350 mentors, those types of people would say, "Hey, look, I have 306 00:16:21,380 --> 00:16:24,950 1,500 homes. You want to learn from me? Or do you want to learn 307 00:16:24,950 --> 00:16:28,190 off of YouTube?" You know, I was like, "Yeah, you know what? It 308 00:16:28,190 --> 00:16:30,500 might be worth a little bit money, because I can actually 309 00:16:30,530 --> 00:16:34,520 contact and get a hold of this guy that's done it 100 times 310 00:16:34,520 --> 00:16:38,030 more than me." Yes, they can read the book. What's the 311 00:16:38,030 --> 00:16:41,690 importance of going with a mentor, someone that's done it 312 00:16:41,690 --> 00:16:45,230 for 10 years. It's some of it's obvious well, because, you know, 313 00:16:45,230 --> 00:16:47,780 we can learn from your mistakes, right? But talk to us a little 314 00:16:47,780 --> 00:16:51,770 bit about what you give them that they otherwise couldn't 315 00:16:51,770 --> 00:16:52,040 get. 316 00:16:52,570 --> 00:16:56,020 Greg Mohr: Well, the greatest factor in the whole wide world 317 00:16:56,020 --> 00:16:59,320 is about the whole thing is that I'm actually free, so I don't 318 00:16:59,320 --> 00:17:01,960 charge for my services. If you decide to invest in one of the 319 00:17:01,960 --> 00:17:04,930 franchises I introduced you to a franchise, always pay me a 320 00:17:04,930 --> 00:17:08,410 referral fee. That's a good starting point. Now, what do I 321 00:17:08,410 --> 00:17:10,780 bring to the table? So I've owned my own franchise. I own my 322 00:17:10,780 --> 00:17:13,420 own businesses. Well, with a friend of mine back there, we've 323 00:17:13,420 --> 00:17:17,020 done that. I've been doing this for about 12 years. So there's 324 00:17:17,020 --> 00:17:20,680 one thing that people that's a real challenge for people to do 325 00:17:20,680 --> 00:17:25,150 is really finding that franchise. Because unlike real 326 00:17:25,150 --> 00:17:27,940 estate, where you can just go and you can go to a real estate 327 00:17:27,940 --> 00:17:29,950 site, you can see all the real estate that's listed in your 328 00:17:29,950 --> 00:17:34,180 area you don't know, and there's no site for franchises where you 329 00:17:34,180 --> 00:17:38,650 can say which franchises are available in my area, which 330 00:17:38,650 --> 00:17:42,520 franchises are looking for people with my background, which 331 00:17:42,520 --> 00:17:46,960 franchises are in the investment level that I lived in, and which 332 00:17:46,960 --> 00:17:50,590 franchise are in the industry that I'm in. So what I can do is 333 00:17:50,650 --> 00:17:53,560 I can save you time. So I did it myself to begin with. So that's 334 00:17:53,560 --> 00:17:55,810 why, when I when we were talking about that, Michael, when I said 335 00:17:55,840 --> 00:17:57,940 I had like, 20 different franchise development people 336 00:17:57,940 --> 00:18:00,490 calling me when I first started, because I went click, happy. I 337 00:18:00,490 --> 00:18:03,640 didn't know where to look for it. So what we do as franchise 338 00:18:03,640 --> 00:18:06,550 consultants, we streamline that process. We save you a lot of 339 00:18:06,550 --> 00:18:10,300 time and effort going through to try and figure out, what do you 340 00:18:10,300 --> 00:18:14,530 qualify for, both financially and with your background, who's 341 00:18:14,530 --> 00:18:18,490 got territory available in your area? I'll go back and forth 342 00:18:18,490 --> 00:18:20,590 with you a couple times. We'll have a couple different phone 343 00:18:20,590 --> 00:18:23,020 calls. I'll have a questionnaire for you to fill out, and we'll 344 00:18:23,020 --> 00:18:25,180 really look at, you know, where have you been? So you know, 345 00:18:25,180 --> 00:18:27,550 what's your skill set? What franchises are looking for 346 00:18:27,580 --> 00:18:30,490 people like you. Where are you at now? So how much time do you 347 00:18:30,490 --> 00:18:32,710 want to invest in in the franchise? What are you 348 00:18:32,710 --> 00:18:35,500 comfortable investing at, money wise? And then what do you see 349 00:18:35,500 --> 00:18:38,500 that franchise doing for you? So I'm like a match.com and 350 00:18:38,530 --> 00:18:41,230 realtor.com all kind of rolled into one putting people 351 00:18:41,230 --> 00:18:44,920 together, so we save people a whole lot of time and hassle. 352 00:18:45,010 --> 00:18:47,950 And then I stay with you through the entire process. As we're 353 00:18:47,950 --> 00:18:50,470 going through that, not only do I find franchises for you, but 354 00:18:50,470 --> 00:18:53,380 then as you're going through that due diligence process of 355 00:18:53,380 --> 00:18:56,950 investigating, I make certain you're getting the answers to 356 00:18:56,950 --> 00:19:00,880 the questions that you want answered. I give you a list of 357 00:19:00,880 --> 00:19:03,790 questions for franchise or for franchisees, you'll have a list 358 00:19:03,790 --> 00:19:06,670 of your own, but I'll have you, I'll give you a whole bunch, so 359 00:19:06,670 --> 00:19:09,580 that I make certain you cover all your bases. So by the end of 360 00:19:09,760 --> 00:19:11,410 the time that you're through it, you really know what you're 361 00:19:11,410 --> 00:19:13,660 getting yourself into, and you're okay with it. And the 362 00:19:13,660 --> 00:19:15,880 franchise attorney, again, will do the same thing when they go 363 00:19:15,880 --> 00:19:18,040 through your franchise agreement. I've got a few 364 00:19:18,040 --> 00:19:20,380 different franchise attorneys, a few different CPAs, a few 365 00:19:20,380 --> 00:19:24,160 different funding people dealt with that. So you'll know what, 366 00:19:24,190 --> 00:19:28,090 either franchising is not for you, or it's exactly right for 367 00:19:28,090 --> 00:19:30,760 me, and I know which one it is, but you'll know that by the time 368 00:19:30,760 --> 00:19:31,420 you get through with me. 369 00:19:31,930 --> 00:19:35,380 Mike Stohler: What are some of the risks that you tell people 370 00:19:35,710 --> 00:19:38,200 while they're getting sent? It's like, okay, if you do it on your 371 00:19:38,200 --> 00:19:41,080 own, these are the things that you really have to watch out 372 00:19:41,080 --> 00:19:44,410 for. You know, some gotchas that you've learned over the times. 373 00:19:44,950 --> 00:19:47,290 Greg Mohr: Running that dry cleaner business, we didn't know 374 00:19:47,290 --> 00:19:49,750 what to do with the excess chemicals after we're through 375 00:19:49,750 --> 00:19:52,600 doing them. Some of the things we forgot to ask the guy, can we 376 00:19:52,600 --> 00:19:55,390 just dump them down the drain? Or city going to get a little 377 00:19:55,390 --> 00:19:59,080 upset about that? So we had to research some of that stuff. And 378 00:19:59,080 --> 00:20:02,080 then you had to look at. Okay, so where do I get the best 379 00:20:02,080 --> 00:20:05,020 equipment from? Where do I get the best deal for replacement 380 00:20:05,020 --> 00:20:07,150 parts? Who are the best service people to service that 381 00:20:07,480 --> 00:20:10,600 equipment? How do I get different accounts? How do I get 382 00:20:10,630 --> 00:20:13,960 bigger accounts, rather than just people stopping by because 383 00:20:13,960 --> 00:20:16,630 I built it and they will come where they see me and they stop 384 00:20:16,630 --> 00:20:18,640 by. How do I get those bigger accounts where people use 385 00:20:18,640 --> 00:20:21,010 uniforms all the time? How do I talk to them. How do I market to 386 00:20:21,010 --> 00:20:24,370 them? Who do I contact? Those are all the things that the 387 00:20:24,370 --> 00:20:27,820 franchise has already done that we did. I didn't know anything 388 00:20:27,820 --> 00:20:28,420 about dry cleaning. 389 00:20:28,660 --> 00:20:31,210 We're engineers. That was restaurant manager before that. 390 00:20:31,330 --> 00:20:34,540 So, dry cleaning is just like the storage units are pretty 391 00:20:34,540 --> 00:20:37,060 easy. Storage Unit just advertise got space you want it 392 00:20:37,090 --> 00:20:39,970 right over here. Cool storage that was easy. Dry cleaner that 393 00:20:39,970 --> 00:20:42,280 was a little bit more of a challenge. So those are the 394 00:20:42,280 --> 00:20:45,160 things that are, are gotchas. When you get into the business, 395 00:20:45,430 --> 00:20:48,490 a private business, on your own, that you don't always think 396 00:20:48,490 --> 00:20:51,820 about, these little things will pop up along the way as you're 397 00:20:51,820 --> 00:20:54,700 going through that. You know, if I have to replace a machine, 398 00:20:54,700 --> 00:20:58,810 who's got the best deal for it, or if you're in the franchise, 399 00:20:58,840 --> 00:21:01,930 they have national accounts, so they've got people that you can 400 00:21:01,930 --> 00:21:04,510 get, you can get the pistols from right away. You just call 401 00:21:04,510 --> 00:21:06,580 the franchise, or, if you don't know, because you never wonder 402 00:21:06,610 --> 00:21:09,070 in a franchise what to do next, you call the franchise, or call 403 00:21:09,070 --> 00:21:11,920 another franchisee, and so and so, I'll get them out to you. I 404 00:21:11,920 --> 00:21:14,230 use them all the time. He's great guy, great girl. Get him 405 00:21:14,230 --> 00:21:16,630 out. Yep. Those are the gotchas. 406 00:21:16,000 --> 00:21:20,230 Mike Stohler: Let's talk about horizontal versus vertical 407 00:21:20,230 --> 00:21:23,470 growth, you know, once you've got it, tell us about the 408 00:21:23,470 --> 00:21:27,400 difference between that and some of the challenges. I saw a donut 409 00:21:27,400 --> 00:21:31,480 shop franchise, and this person opened up, I don't even maybe a 410 00:21:31,480 --> 00:21:35,140 dozen, and within a couple years, they're down to two. 411 00:21:35,170 --> 00:21:38,800 Again, grew too fast, that's another question. But, you know, 412 00:21:38,800 --> 00:21:42,190 horizontal versus vertical growth. Talk to us a little bit 413 00:21:42,190 --> 00:21:42,700 about that. 414 00:21:43,050 --> 00:21:44,970 Greg Mohr: Horizontal growth we're looking at there, Michael, 415 00:21:44,970 --> 00:21:48,510 is that you're taking this the one franchise, and you want to 416 00:21:48,510 --> 00:21:53,430 take over huge territory on that so with the service industry, 417 00:21:53,430 --> 00:21:55,530 it's going to be a little bit easier than if you order like 418 00:21:55,530 --> 00:21:57,810 you were just mentioning the donut shop. So the donut shop, 419 00:21:57,810 --> 00:22:00,180 or with the brick and mortar, if you take over a larger area, 420 00:22:00,360 --> 00:22:03,090 you're generally not going to be servicing that area, entire area 421 00:22:03,120 --> 00:22:06,420 at because you have to build out a new location ever for them to 422 00:22:06,420 --> 00:22:08,100 come to, because your territory is generally going to be in a 423 00:22:08,100 --> 00:22:12,660 mile radius, because so people won't necessarily go too far to 424 00:22:12,660 --> 00:22:15,660 get that donut if there's another donut shop clip, and 425 00:22:15,660 --> 00:22:17,730 it's a little bit more of an expense as well, when you're 426 00:22:17,730 --> 00:22:20,160 looking at the brick and mortar, and you look at our horizon, but 427 00:22:20,160 --> 00:22:22,800 horizontal growth is where you have the same franchise and you 428 00:22:22,800 --> 00:22:25,470 just take over the larger territory service industry. It's 429 00:22:25,470 --> 00:22:28,080 a little bit easier, because then you're just sending your 430 00:22:28,080 --> 00:22:31,140 people out to a larger area. So we got a larger area to service. 431 00:22:31,140 --> 00:22:35,430 So pretty much, you can have one office or one location, and then 432 00:22:35,430 --> 00:22:37,800 you pick up three territories. You people are just driving out 433 00:22:37,800 --> 00:22:39,570 a little bit further reach times. That's a little bit 434 00:22:39,570 --> 00:22:39,930 easier. 435 00:22:40,230 --> 00:22:42,870 With vertical growth, you're looking at that one same 436 00:22:42,870 --> 00:22:46,110 territory. And let's take the home services that we talked 437 00:22:46,110 --> 00:22:49,260 about earlier. For instance, you might start off with outside, 438 00:22:49,260 --> 00:22:52,350 with their lawn service on that for this one territory in there. 439 00:22:52,710 --> 00:22:55,980 Now you want to do the vertical growth. Okay, you might step 440 00:22:55,980 --> 00:22:58,020 inside the house at that point in time and then start doing 441 00:22:58,020 --> 00:23:01,710 their maid service at that cleaning their windows, HVAC 442 00:23:01,710 --> 00:23:05,970 systems, plumbing, electrical, roofing, regular, general 443 00:23:05,970 --> 00:23:09,360 handyman services. So now you're not marketing to anybody else. 444 00:23:09,360 --> 00:23:11,970 You're still marketing to that one group, same group of people, 445 00:23:11,970 --> 00:23:14,730 but essentially, you own the home with that anything that 446 00:23:14,730 --> 00:23:17,940 homeowner needs you've got an answer for. So that's the ones 447 00:23:17,940 --> 00:23:21,300 with the vertical growth and many different franchise groups 448 00:23:21,330 --> 00:23:24,090 have different franchises in their system. Neighborly group 449 00:23:24,090 --> 00:23:26,820 has 20 different franchises. That's a good example. The 450 00:23:26,820 --> 00:23:30,270 largest home services franchise in the US. Authority brands, 451 00:23:30,570 --> 00:23:33,330 they have many different franchises in their group. 452 00:23:33,690 --> 00:23:36,270 Happiness brands, again, many different franchises within 453 00:23:36,270 --> 00:23:38,190 their group. So we can grow vertically. 454 00:23:38,910 --> 00:23:41,340 Mike Stohler: Yeah. I mean, there are some really big, large 455 00:23:41,340 --> 00:23:45,330 ones out there. Talk about finance, one of the great things 456 00:23:45,360 --> 00:23:48,930 about owning a small business is that you get to do with the SBA. 457 00:23:48,930 --> 00:23:52,980 I do that also with the hotels you get, I'm eligible for SBA 458 00:23:52,980 --> 00:23:56,400 loans. Talk to us a little bit about how we can use because a 459 00:23:56,400 --> 00:23:59,310 lot of people think it's like, I'll never get a bank loan, or 460 00:23:59,310 --> 00:24:02,040 my bank won't give me a loan, and they don't even think about 461 00:24:02,040 --> 00:24:05,430 the SBA. So tell us a little bit about financing franchises. 462 00:24:06,380 --> 00:24:08,270 Greg Mohr: Funding a franchise is very simple. There's two 463 00:24:08,270 --> 00:24:10,880 different ways to do it, your money, other people's money. So 464 00:24:10,880 --> 00:24:13,550 let's go over what Michael was referring to with the SBA. I 465 00:24:13,550 --> 00:24:16,790 have many different people that fund franchises on a regular 466 00:24:16,790 --> 00:24:20,660 basis. So funding a franchise is actually very simple. They've 467 00:24:20,660 --> 00:24:23,450 got a proven track record of success, which is what the 468 00:24:23,450 --> 00:24:26,330 funding people I have, they love the funding partners that they 469 00:24:26,330 --> 00:24:29,660 use. Just love so that what we're really going to look at is 470 00:24:29,660 --> 00:24:33,380 your credit score, your credit background. As long as you have 471 00:24:33,380 --> 00:24:36,320 good credit, if you get into a service industry franchise, 472 00:24:36,320 --> 00:24:39,020 you'll probably get an express loan, put down about $20,000 473 00:24:39,800 --> 00:24:42,350 you'll get about $150,000-$200,000 from them. 474 00:24:42,350 --> 00:24:44,210 They'll destroy they'll just drop it in your bank. If you're 475 00:24:44,210 --> 00:24:46,370 looking at a brick and mortar, you're probably going to use a 476 00:24:46,370 --> 00:24:48,950 seven a loan, so you're probably going to be putting down about 477 00:24:48,950 --> 00:24:52,040 20% and they don't drop the money right into the bank. It's 478 00:24:52,250 --> 00:24:55,640 over time that they'll give that to you as well. Very easy to do, 479 00:24:55,640 --> 00:24:58,340 as long as you've got good credit. It's actually a very 480 00:24:58,340 --> 00:25:01,850 easy, I say. It's easy for me, but the people that are doing 481 00:25:01,880 --> 00:25:05,270 have a lot of paperwork to fill out, as you well, there is good 482 00:25:05,270 --> 00:25:08,630 deal of paperwork crazy. So it's easy from the point that you can 483 00:25:08,630 --> 00:25:11,570 get it, it can get done, long as you're okay with the paperwork 484 00:25:11,600 --> 00:25:14,840 on that. The other end of the spectrum there is using your own 485 00:25:14,840 --> 00:25:17,570 money. So how do you do that? You generally do that with a 486 00:25:17,570 --> 00:25:22,010 rollover, a self directed rollover, 401(k), IRA funds, 487 00:25:22,430 --> 00:25:25,400 401(k) fund from a previous employer that you have. You 488 00:25:25,400 --> 00:25:27,830 can't use the one that you're working with now. You can do 489 00:25:27,830 --> 00:25:31,040 that. That's what I did to start my business. Personal decision, 490 00:25:31,070 --> 00:25:33,320 definitely personal decision on this, because you're using your 491 00:25:33,320 --> 00:25:37,280 retirement funds on that. I bet it on myself. I said I think I 492 00:25:37,280 --> 00:25:40,040 could do it. So you basically create a C corporation, create a 493 00:25:40,040 --> 00:25:43,790 checking account for your C corporation. And since you, they 494 00:25:43,790 --> 00:25:46,160 call that a self directed role, okay? Because you can put that 495 00:25:46,160 --> 00:25:50,570 into a self-directed fund. You can buy any stock in any company 496 00:25:50,720 --> 00:25:53,690 that has stock. In C corporations have stock. So now 497 00:25:53,690 --> 00:25:56,630 you have a C corporation. Now you got stock. So you buy stock. 498 00:25:56,780 --> 00:25:59,510 We have people that do that for you. It sounds complicated. It 499 00:25:59,510 --> 00:26:03,470 probably is, but my people that that I worked with personally, 500 00:26:03,890 --> 00:26:06,440 and that I have other people work with, can make sure that 501 00:26:06,440 --> 00:26:09,980 you're compliant with the IRS on that, and we'll do that process 502 00:26:09,980 --> 00:26:13,850 for you. It costs $5,000 generally to do upfront fee, and 503 00:26:13,850 --> 00:26:16,820 then it costs a couple $100 a month keep you in compliance 504 00:26:16,820 --> 00:26:20,060 with that. And then you have to have your stocks evaluated once 505 00:26:20,060 --> 00:26:23,360 a year, which is generally around $750 to get that done. 506 00:26:23,390 --> 00:26:28,160 Other fees associated with it. A lot of good benefits to it. Once 507 00:26:28,220 --> 00:26:31,520 I built too much money into my C corp account, andI can still put 508 00:26:31,520 --> 00:26:34,130 some money into that, you know, into the 401(k), but once I 509 00:26:34,130 --> 00:26:37,460 built too much into it, I just bought the stocks back and 510 00:26:37,460 --> 00:26:41,030 converted to an LLC so I didn't pay any taxes on this, on the 511 00:26:41,030 --> 00:26:45,080 sale of the stocks, however, you're going to be taxed on the 512 00:26:45,080 --> 00:26:47,840 income that's coming in because you're a C corporation, and then 513 00:26:47,840 --> 00:26:50,540 you're going to be taxed again when you pay yourself to as an 514 00:26:50,540 --> 00:26:53,330 employee on there. So keep that in mind. You have that double 515 00:26:53,330 --> 00:26:56,030 taxation that people worry about. But if you don't 516 00:26:56,030 --> 00:26:58,760 necessarily need a lot of money, I didn't necessarily need a lot 517 00:26:58,760 --> 00:27:01,940 of money, it worked out pretty good. Again, My people will go 518 00:27:01,940 --> 00:27:04,730 over that with you, and I've got plenty of people that will. I'll 519 00:27:04,730 --> 00:27:07,550 go over that with you. So good and bad points about both ways. 520 00:27:07,580 --> 00:27:09,860 But I don't, I didn't go into debt. That's one thing. I 521 00:27:09,860 --> 00:27:12,050 didn't. I didn't want to go into debt. 522 00:27:12,920 --> 00:27:15,290 Mike Stohler: Yeah, that would be nice, Greg. It's been a 523 00:27:15,290 --> 00:27:18,200 pleasure having you on the podcast. How can people find 524 00:27:18,200 --> 00:27:19,370 you, if they're interested? 525 00:27:19,000 --> 00:27:23,170 Greg Mohr: Go to my website, franchisemaven.com. That's 526 00:27:23,170 --> 00:27:28,900 franchise M A V, as in Victor E N dot com Email me at 527 00:27:28,900 --> 00:27:32,680 greg@franchisemaven.com or just pick up the phone and give me a 528 00:27:32,680 --> 00:27:37,630 call at 361-772-6401. 529 00:27:41,410 --> 00:27:45,460 Mike Stohler: Great. Ladies and gentlemen, Greg Mohr, Franchise 530 00:27:45,490 --> 00:27:50,320 Maven and the book about Real Freedom. 531 00:27:50,800 --> 00:27:53,140 Greg, it's been a pleasure. Thank you for coming on The 532 00:27:53,140 --> 00:27:54,580 Richer Geek Podcast. 533 00:27:55,420 --> 00:27:57,010 Greg Mohr: Thank you for having me, Michael. I appreciate it's 534 00:27:57,010 --> 00:27:57,550 been an honor.