For today's episode, John recounts his experiences assisting his wife, Kay, in purchasing and running an in-home care franchise. Involving a franchise is a good way to reduce the risk of failure, compared to starting the business from scratch. Of course, there are franchise fees and royalties that must be paid.
He describes the process they followed to research franchises, identify candidates, and investigate a parcticular franchisor before committing to the purchase. Some of the advice he gives for those thinking about investing in a franchise includes:
Don't expect to replace a full time physician salary with this type of business. It may happen long term, but will take years of continued growth. Limit your investigation to those with numerous (over 100) franchisees already successfully running their franchises; and, Be sure to get good legal and accounting advice before jumping in. That includes writing a business plan and having your accountant run 1-, 3-, and 5-year projections using several different growth assumptions.For the show notes, links and a transcript go to https://vitalpe.net/episode129
