The Wisdom Wall

“Franchises are best owned by lawyers because it's all contract.”

“In California, that same exact model that that franchise built, you need six people to do this volume in this place would lose money due to our cost of labor. So I'd have to figure out the franchise or model, but with maybe four people where they say I need six because I very simply can't afford to have six people and…”

“if you're good, if you want to be a photographer or a violin player and you are going to be independent, get a degree in accounting. It just helps the language of business. It generally speaking, it's a very useful tool. Like I said, it's like learning Spanish.”

“Accounting isn't a numbers game. It's a language. It's like learning a dialect of Chinese. It's like learning Spanish. It's like learning French learn. It is the language of business.”

“Getting into the data is not, is something I think a lot of people who have expertise but fail in leadership, that's one of the primary flaws they have.”

“It may not have the scalability or exit values of like SAS programs, which I know you have a background in and all that kind of stuff, but You can't argue with margin. It is definitely there.”

“They may find a like product for a lot less money, but the franchisor has a deal where they're getting, you know, margin on what you buy, and therefore you're in contract to get things, even if it's not in your best interest, or you have to buy the, again, speaking to hospitality, the sauces, the packaging, the X, Y,…”

“Your bottom line isn't nearly what you thought it would be. Uh, you were expecting 30% and it's 10, for example, because of all the various ways you have to pay the franchisor.”

“The reality of a franchise that I think is a massive misconception is that it's so well put together that you just buy it and place it someplace and hire a manager and walk away. That's never the reality of these things.”

“there's something in the restaurant space where people who have developed a brand realize that there's not really an exit for the sale of the restaurant per se. But maybe they have a good legacy. So it's cash flowing. It's doing very well. But, you know, if you've been running your restaurant for 30 years, the sale and…”

“you know, you can see these people that are running a hundred million dollar businesses where he gives them something to do. And four hours later he gets it back. And then there's a guy with two million dollar business. It's going to take him five days to get it back because he's still being pulled in so many…”

“The national chains, like I said, more or less bulletproof in what the expectation is going to be, how it's supposed to run and what that's going to be. When you move into something maybe more regional, I think you have to be a lot more careful because you may think you're getting what a national brands offer from a…”

“I am a marketer by trade. I'm unwilling to give the marketing responsibilities to the marketing person that I hired and is now on salary. It's not an uncommon story in most small business.”