Farid: Franchisees will tolerate only one or two failed corporate initiatives
Tariq Farid · Edible Arrangements: Tariq Farid · Aug 21, 2017 · at 37:22
Tariq Farid, founder of Edible Arrangements, reflects on the lessons learned after navigating a contentious multi-year lawsuit filed by franchisees over brand mandates and operating hours.
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“Anybody that's thinking about getting in a franchise should realize that it is a relationship that you are actually now getting into a partnership with another entrepreneur. You're gonna have to spend a lot of time listening and making sure and inspiring and having, understanding what you're doing, and you may disagree at times, But you better have your act together, and you better have your concept together, because they'll let you fail once or twice, but they won't let you fail too many times or do goofy things, because it's their livelihood you're playing with if you're just simply putting initiatives together that aren't really thought through.”
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More from Tariq Farid
Edible Arrangements owns the trademark 'edibles' and edibles.com
“Well, we own the trademark edibles and we own edibles.com.”
Farid: Modern founders raise massive rounds just to burn money
“We had to take a little money and make a lot, and now people want a lot of money so they can lose a lot, You know, it's sort of like, yeah, our burn rate is three million dollars.”
Farid: Family members pay the highest price for a founder's ambition
“The most important people that you do things for usually pay the highest price.”
Edible Arrangements stores generate approximately $600 million in combined annual revenue
“About six hundred million.”
Edible Arrangements acquired modern Mediterranean restaurant concept Roti
“We bought in a concept called Roti, which is a modern Mediterranean and then- Out of Chicago, right? Out of Chicago, yeah.”
Farid: A bank rejected a $120,000 loan for Edible Arrangements
“I couldn't borrow a 120,000 because I went and wrote a business plan, wanted to borrow a 120,000 dollars. I put it together, waited about six weeks, and I got a rejection letter saying that we just don't believe in the concept, we don't think it'll work, and i…”