What You Need To Know To Franchise Your Business with Mike Reed


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Today we are going to discuss franchising your business – the pros and cons of franchising, the legalities involved, and some valuable tips if that is the path you want to take.

I’ve known Mike Reed for many years. He’s smart, ambitious, and a great entrepreneur. Mike’s family is from Chicago. He graduated from Western Michigan University with a degree in Marketing and Economics. From there he worked for one of the world’s largest packaging company called American Can Company.

Mike has always been immersed in practical studies in manufacturing, sales support, distribution, marketing, sales and distributor management. That led to a fascination in the restaurant business.

After working with a Houston-based restaurant called The Mariner Steak and Lobster Restaurant, he moved on to be a business consultant to the franchise community and ultimately Vice President of Development and Franchise Sales with the Burger King Corporation when they were young and aggressively growing.

After several years as VP at Burger King, he resigned to become a Franchisee of Burger King and built and operated, along with a partner, what ultimately became a chain of fifteen Burger King Units.

Upon selling this business, he moved into another creative and fascinating interest, that of home building with the assistance of a forty-year veteran. Together they added several community developments, gated condominiums, downsizing projects, and then he ran into the global [comic] EcoNIMIC [?] bump in the road. This led him to supporting Dale Carnegie and the consulting business.

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Show Notes:

00:01:46: Tech Tip of the Week: Apple’s Universal Clipboard

00:04:24: The etymology of Franchise

00:06:18: Introduction of Mike Reed

00:08:28: Mike’s background

00:10:26: Why are you in business?

00:12:36: The importance of time freedom

00:16:13: Options for succession or future planning

00:18:34: Pros and Cons of being a franchisor

00:22:46: Requirements to be a franchisor

00:27:21: How the Scientific Remodeling System has helped Mike’s business

00:28:14: Contact Mike Reed

00:29:17: Conclusion

00:30:55: Quote of the Week by Earl Nightingale

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