Joel Libava
Right before I joined my late father’s franchise consulting firm, I attended one of his franchise seminars.
I wasn’t all the way convinced that I should join his company; I was still thinking that I should get a normal job. Joining his company would mean that I would be an Owner, and I wasn’t quite sure if I wanted to do that.
The Franchise Millionaires Seminar
The franchise millionaires seminar that I attended took place at an outplacement firm; around 20 people were in attendance. The people there were downsized middle manager types, and were in what’s called “career transition.” They were at the seminar to check out some non-traditional career options…like franchise ownership.
My dad went through some basics on the franchise business model, and discussed risk, investment amounts…things of that nature. He also posed a question to this group of downsized managers.
“Can you guess what type of franchise business has produced more millionaires than any other?
But, he wouldn’t let anyone shout out their guesses yet. It was a teaser. He went through some other aspects of franchising. I liked his presentation, and it was easy for me to see myself doing a similar one.
Here’s A short snippet of me doing one; it’s a little old, and the quality isn’t that good. But, what it is –is what it is.
The Franchise King’s® Presentation on Franchise Ownership Options from Joel Libava on Vimeo.
Would you like me to do one for your group? Contact me. Your audience will never forget my presentation.
The Franchise Millionaires?
Towards the end if his seminar, he allowed the audience to shout out their guesses to his question.
“The owner of a McDonald’s!”
“Transmission shop franchise owners”
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“Automobile rustproofing franchise owners”
“IHOP restaurant owners”
Nope. None of those guesses would end up being the correct answer to my dad’s question.
Again, the question was:
“Can you guess what type of franchise business has produced more millionaires than any other?
Heck, I didn’t even know the answer, and I was the son of a franchise expert!
The Franchise Millionaire Answer Revealed!
I think you’ll be surprised-like I was, with my dad’s answer. Who are the franchise millionaires?
The owners of dry-cleaning franchises.
So, did you know that?
Do you believe it?
I do.
Franchise Consultant And Franchise Broker Training
My dad had really good training.
First off, he was in franchising before he became a consultant. Secondly, he was personally trained by one of the best in the business, Howard Bassuk, the guy that started Frannet, the franchise brokerage my dad was a franchisee of. (Eventually, I joined them too.)
Part of my dad’s training was on how to present a seminar on franchise ownership. That’s where he learned about dry-cleaning franchise ownership, and how lucrative it could be.
The press release that I linked to above-stated:
“Dry cleaning franchises produce the largest number of millionaires according to many franchise experts. Just don’t ask anybody to prove it.”
The release went on to say that:
“One of those experts, The Franchise King® Joel Libava, in a recent blog, cited that very ‘fact’ in explaining why Proctor & Gamble were getting into the dry cleaning franchise business. Yet even the Franchise King® could not find data to support the millionaire claim, one Libava’s father, and a franchise expert in his own right, often made when speaking to prospective franchise buyers.”
Later in the press release-one that was created for Lapels Dry Cleaning, Kevin Dubois, the CEO, said “Without knowing the finances of dry cleaning owners for other franchises, I can only guess at the accuracy of that statement.”
Do You Know Any Dry Cleaning Franchise Millionaires?
I’m still trying to figure out if the press release mentioned was a slam on me (and my late father) or if it was meant to promote-in a really bizarre way, the Lapel’s Dry Cleaning Franchise Opportunity.
I don’t know much about Lapels. I do know a lot about Martinizing® though. My dad helped several people become owners of that dry cleaning franchise. And, my dad told me that they did well.
Very well.
Any questions?
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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