Everything Lyle Myers said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Franchises account for 8% of US retail businesses but 40% of revenue
“The little known fact is, is that franchising only makes up eight percent of retail businesses in America, only eight percent. But They produce 40% of the revenue.”
Myers: Franchisees Must Imitate the System Before Innovating
“We have a phrase in, in the companies that I've been in part of is that we need you to imitate before you innovate. And all that means is, is follow the system. Work that system and then innovate and say, Hey, we tried this at our store.”
Myers: Select Franchises Based on Experienced Leadership Over Product Preference
“When you're looking for a franchise, you're not necessarily working just for a product that you like, but you're kind of looking at the people that are behind the brand. And so you have to find that group of people that's done that before.”
Myers: Franchisors make little profit from upfront franchise fees
“The way a franchisor makes money is certainly not off the franchise fees. The franchise fees are very low. That's really just to help us support all of the training and everything that we run a franchisee through.”
Myers: Personal care services are replacing traditional retail in shopping centers
“Personal services, personal care services is the new retails. If you go to the shopping center, you'll see, You know, place after place after place that is personal services because so many retailers have gone out.”
Myers: The Joint Chiropractic founders opened 950 locations over 13 years
“The folks that I've partnered with, On IFLEX are the founders of the Joint Chiropractic, which is another, you know, commonplace brand in the United States. 13 years, they did opened up 950 of those.”
Myers: Regional Franchise Partners Receive 50% Franchise Fee and 3% Royalties
“And that's the regional developer model where we go out and find partners. And those folks are invested in all of the licenses in their region. And when we get those sold in their region, they too advertise. They get half the franchise fee and three percent of…”
Offering Free Stretches at Pickleball Courts Drives iFlex Studio Memberships
“So a lot of times we take out a table to the pickleball courts and just give free stretches for folks so that they understand what's going on. And let me tell you that builds memberships back at the studio.”
Myers: iFlex Awarded 205 Developer Licenses in Its First Year
“We got the first one open in February of 20, 22. We never got the FDD done until October of 20, 22. We started advertising in October of 20, 22. And a year later we've awarded 205 licenses to our regional developers.”
Myers Tests if Candidates Can Follow Operating Procedures During Initial Vetting
“And so we have a process that we follow, even at the first time that we talk to them, there's a process. And that gives us indications on whether or not they're an individual that can follow a process, because certainly if they become a franchisee, they're goi…”
Myers: Franchisors cannot make earnings claims outside the FDD
“If it's not, In the four corners of that document, we can't even talk to it, so you can't make guarantees like, oh, this is a license to print money. None of that.”
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