Joel Libava
You read Part 1 and Part 2 of this franchise blog post, right?
If not, you missed Terry Franklin’s story.
Hint: It has to do with career pain, and the steps Terry took to relieve himself of that pain.
In this post, I’m going to share what Terry ended up doing.
Terry Surprises Me
Part 2 ended with Terry sharing the amount he was comfortable investing in a franchise. ($300,000 including a loan) He also told me what his net worth was. ($950,000)
I then asked him if he had looked at any franchises yet? His answer follows.
Terry: “As a matter of fact, I have. I’ve even talked to a few franchise salespeople.”
Me: “Great. Which ones?”
Terry: “I’m actually working with a franchise consultant. She presented 3 different ones to me.”
Me: “A franchise consultant?”
Terry: “Yes, she spoke to a bunch of us at the Outplacement place I’m working with.”
Wow, was I surprised.
I had no idea that Terry was already looking at franchises, and was working with a franchise consultant. He totally kept it from me. But why?
Because it’s becoming harder and harder to trust others.
Of course, he may have felt guilty about working with a consultant, after getting so much valuable, no-spin information from me.
3 Franchise Opportunities
The 3 franchises he was presented with were:
- A home services franchise
- A business to business franchise
- A non-franchise
In this case, Terry was interested in the business to business franchise. I asked him why.
He told me that he liked the idea of working Monday through Friday-as that was what he was used to.
In addition, he told me that since the franchise business had to do with technology, he felt comfortable. After all he was just downsized from his position as the V.P. of Network Security.
Then I saved him.
Me: “Terry, I understand that you are attracted to a franchise opportunity with normal business hours. I also understand your comfort level with the type of franchise you’re looking into. You’re a technology guy, and it’s a technology-related franchise business. But there’s something you need to know.”
Terry: “What is that, Joel?”
Me: “You have to go out and find customers. It’s a sales business. Have you ever done sales?”
Terry: “No, but I’m sure I can learn it.”
FYI: Terry is pretty introverted.
Business To Business Is…
Owning and operating a business to business franchise is not for everyone.
You have to be assertive. Aggressive. Sales-oriented.
In other words, you need to be an extrovert. You either are or you’re not. Terry was not. That’s a problem.
And the “I’m sure I can learn how to sell” line may sound good, but in all actuality, it’s not good…
Buying A Franchise?
You're Going To Need This!
Because generally speaking, it’s rare to see someone who’s used to working behind the scenes transition into a sales superstar.
Having said that, Terry could invest a few thousand dollars into Sandler and learn a lot. But would it be enough?
Conversely, he could hire an experienced B2B salesperson. It’s an idea. (An expensive one) But what would Terry do?
In any event, I told Terry that I would teach him all of my franchise research techniques, so he would be able to get all the facts about the franchise he was interested in.
I also told him that I would refer him to some lenders and a franchise attorney if things got serious. And that he could email me anytime if he needed more help.
What Did Terry Finally Do To Relieve His Career Pain?
So, what did Terry do? (Choose one)
A. Did he buy that B2B franchise?
B. Did he ask me for other ideas?
C. Did he decide to find a new job?
Wait for it.
Terry got a new job.
