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It really is how comfortable are you with bringing someone on staff to run that business for you, and simple payday loans at what juncture.
And so you have a development schedule planned out that make sense to not do it all on day one, but it allows you to really take over a large chunk of the market and have protected territories. From an upfront standpoint, you do get a deal, typically that second territory and third territory is a little less if you were to buy them upfront. On the backend, we get economies of scale with the shared services. I would love to know, Jon, there are so many opportunities, and I especially love what you just said about the opportunities to buy into adjacent different franchises, where you get referrals from each other, where you can share your workforces, all of those shared things to grow even more successfully. That seems like a lot of financing would have how easy is it to get loans for community to be available in some way, shape or form. Right now I will say the SBA process is pretty cumbersome and taking a while and not a lot of fun. So people oftentimes are shying away from that if they can, but that is definitely still an avenue. Another one that is very, very popular is the 401(k) or IRA rollovers. So we call them ROBS plan, Benetrends runs them, Guidant Financial, FranFund, Tenet Financial. A lot of large institutions run this program that allows you to receive tax benefits by not being penalized and rolling over your 401(k) or IRA to fund the business. Can you talk a little bit about the other side of things and what you do there? Like I said, FranBridge Consulting is our core business, the consulting side where we play matchmaker on the business to the entrepreneur. We ourselves have brought in some outside investors to participate in the franchises that we are franchisees of. So looking to diversify some of that capital on the sidelines, put it behind. There are so many amazing facets to this, and every time you answer a question, you keep dropping all these awesome new, just knowledge bombs. There are so many things to take into consideration. And in the spirit of franchising, we do have a playbook around this process as well. And what that looks, and there are others out there certainly that do what we do, but the way that we go about it is we have an intro call, get to know the individual payday loans no faxing and help them understand, is franchising viable for them? From there, I put together a profile of where I see the opportunities fitting for them. I then go out to the franchisers, work to see what territory availability we have for how easy is it to get loans for community their targeted area. And we get into the detail on that with the goal of narrowing it down to two, maybe three at most.
And then simply have an introduction call with the franchiser where I introduce them. You have all how easy is it to get loans for community the aspects and facets worked out into this great streamline system.
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The focus on health and wellness is only growing exponentially.
So what are those concepts that have a unique that can go into that niche and really exploit it? I personally still like a lot of businesses, I mentioned it once or twice now, the roll-off dumpsters. Those kinds of businesses that are non-sexy, that are attracting people right and left.
So those are a few, I think fitness will start coming back, everyone wanted to be the next Orangetheory. Boutique fitness was growing exponentially in 2019 heading into the first part of 2020, obviously they faced some road bumps, created a lot of concern around who will be the strong ones, the ones that survive. Definitely see that as an opportunity, maybe in the latter part of 2021. Do you ever think about where the economy is headed and recommend that people focus on certain types of franchises, or is it more of a franchise is a long-term play and the economic cycles are ultimately going to come and go and so you just play through it? So yeah, that definitely comes into play, what is discretionary? As far as how people think about things, where are those macro trends? The downside would be, you probably are paying a little bit more than you would from a greenfield, startup standpoint. I think there will be a lot of opportunity for more existing businesses. Now, there are different ways to categorize that, we have to look at, but ultimately, they would love to find another owner. I stood a deal here in the Southeast with a client of mine that was a resale of a distressed fitness location, was a kickboxing-type studio, and they were able to get it for probably the quarter on the dollar for the equipment on what went into it originally.
So I probably painted a little bit too rosy of a picture here today because I get really excited and by and large, you see successful franchise owners out there. It was a large consulting firm coming out of college and ultimately, got into a role that was very IT related and coding, and I did not like it at all, but I learned very quickly how to play to my how easy is it to get loans for community strengths and serve more on project management side, work with the IT individuals.
And so I helped position it and design a role for myself that was neat and that made sense. I try to subscribe to the theory, to who much is given, much is expected. So think of like Patrick Lencioni, Five Dysfunctions of a Team, kind of a similar way. And so it picks up their story every five years along the way and bad credit loans utah how that plays out with their families, and really excited about getting that out the door. Our fourth and my favorite fun question for you, Jon is, what is something along the way, so either in your work payday loans halifax life or your home life, that you have splurged on, that was totally an entirely worth it? Last year we went to Costa Rica, we got in right before COVID, we were surfing and doing all sorts of scuba diving and such. So that was the four part of the four more, now for the more part of the four more, can you actual payday loan lenders tell our listeners where they can find out more about you, where they can find out more about FranBridge Consulting, FranBridge Capital, how they can connect with you or anything else you want to let them know. We would love to speak with any of you that are interested in learning more about franchising, the different opportunities out there and what that looks like. I love talking about this topic and would love to help in any way. Thank you for sharing your expertise and your knowledge, and your experience, and we look forward to talking to you again soon. I know I always say, oh my goodness, but truly, how awesome was Jon in presenting franchising in such a clear way? I especially loved how he really laid out a clear blueprint on how to begin cutting through all the overwhelm that can go along with exploring franchises.
And I love that he showed there are all these opportunities for us as real estate investors to look at franchise opportunities that are adjacent to our existing businesses and adjacent to one another to do cross marketing, cross promotions, shared workforces and so on, just so much outstanding no interest personal loans information all the way through. And I especially love the quote he gave us towards the end of the show, businesses that do how easy is it to get loans for community good, do well. J:Everybody, thank you for tuning in, have an amazing holiday, whichever holiday or any holiday that you celebrate, have a very Merry Christmas, Happy Hanukkah. And we will talk to you again next week here on the BiggerPockets Business Podcast. Negotiation is all around us, whether we see it or not.
Esquire, next day loans bad credit host of the Negotiate Everything how easy is it to get loans for community podcast and author of Finding Confidence in Conflict. Most people think you have to be a lawyer to be an expert negotiator. Since we are constantly negotiating every day, we have the ability to level up our skills to become experts in debating and negotiating.
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He is the director of the American Negotiation Institute. We talk about negotiating with people that are close to you, negotiating through intermediaries.
We talk about negotiation in business and real estate. We even get payday loan assistance programs into a little bit of relationship counseling in this episode because when it comes to relationships, much of it is about negotiation. If you want to learn more about what we talk about in this episode, including a whole bunch of free stuff that Kwame gives away on his website, make sure you check out our show notes at biggerpockets.
Carol:Kwame welcome to the BiggerPockets Business Podcast.
We talk about negotiation all the time, and now we have the expert in negotiation here with us. You have the number one negotiation podcast in the country. I guess I started introducing you there, but I would love to hear just your back story. How did negotiation become a major facet of your professional life, and I assume your personal life as well? My undergrad degree is in psychology and this really informs my approach to negotiation effectively. I enjoy the strategy, I love the game about it and creating relationships, but even more than that, I love teaching people. For me, my belief is that the best things in life are on the other side of difficult conversations. What I want to do is try to make those difficult conversations easier for everybody. Talking about those conversations, making them easier, just full-on tactical ways to do that, we how to get a small loan fast think when you take a step back, negotiation really is the sum of maybe thousands of different skills and tactics, but there are plenty of people within our community who might just be getting to starting working on their negotiation skills.