Franchise Expert: "I Got Laid Off, Bought ONE Franchise And Became Financially Free" | Ep. 448 with Gregory Mohr Founder of Franchise Maven
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How did Greg Mohr achieve financial independence with one franchise?
Going to the office, collecting that pig jack the companies give you to help you forget your dreams.
At 16, Greg Moore worked at Taco Bell. Decades later, Corporate laid him off. So he used his 401k to buy one single franchise, one territory, and never needed a paycheck again. Since then, 3,000 people have come to him for help. He turned away 2,700 of them. Don't be like me and buy a job. That's basically what I did. What's the number one reason that you see that these franchisees
Not following the system or the processes, uh I had one lady who took over the Las Vegas ballas, she was the vice president in the gaming industry, and she told them
I learned is that you achieved financial freedom, financial independence by owning one franchise. I would imagine most people think you need dozens. What is the truth about how much someone can make by owning a franchise?
Pretty much then the sky's the limit on that one to some extent there. It's really a matter of how much time, how much effort you put into that franchise or hiring a manager to put in that effort and time for you, but you're still putting in time and effort. You can own one and you can I did with one in one territory. Uh it's probably a little bit quicker to do with one franchise and multiple territories, but entirely possible.
How do you choose a franchise that fits your skills, budget, and lifestyle?
When you're looking at what franchise to go with, how does somebody know where to put their money and time?
What you're gonna be looking at there, Dan, and that's one of the things that we go over together when when I work with my people is really what is your background? So what do you bring to the table? What is your skill set and what Really, what skill set do you like to use on a daily basis that does not feel like you're working? So what you need to look at it from that franchise is what skill set does that franchise require? This way you're utilizing what you like to do best, what makes it enjoyable for you. Also look at the culture on that. And you know, you get together with the franchise development people and you talk with many franchisees along the way. So kind of get a good feel for what the culture is like.
With that franchise, making certain that you're comfortable with it. And then there's some other little things along the way too. Well, not maybe not so little things along the way. Really, can you afford it? And pretty much the franchise they're going to tell you if you can't afford it, then they're not going to talk to you. But you want to make certain that you have the money to invest. They usually have a minimum uh net worth on there. So you make sure your net worth is to make sure you had the money to. to get that franchise up and running. So you need to look at that runway on that. And talking to many different franchises, you'll get a good franchisees, you'll get a good feel for that. It's really though challenging when you first start out yourself, same with I did when I first started looking at franchises, to figure out which franchise is right for you because there's 4,000 franchises out there.
So it's uh it can be a challenge going through there. I did that when I first started. I had about 20 different franchise development people calling me, telling me their thing was the greatest thing since sliced bread. And I'm like, Which one do I choose? So uh you can do it yourself. You just have to do a lot of research and uh keep checking them, see who's got the territory available. Uh as a franchise consultant working with, you know, four hundred different franchises, I can really help uh narrow that field down. But if you're do it yourself or and you want to do it yourself, then those are the things to look for is what skill set are they looking for? What are you doing on a on a daily basis? You're out there knocking on doors or or is franchise have people come to you?
Wait. Is it more? When you develop it. Many, many different things to look at, but really your skill set and what you like using on a regular basis, uh, is really what's gonna make a difference on that because it won't feel like work then.
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Chapters
8 chapters
1
How did Greg Mohr achieve financial independence with one franchise?
0:00–1:24
2
How do you choose a franchise that fits your skills, budget, and lifestyle?
1:24–3:46
3
Should you buy one franchise territory or multiple territories?
3:46–5:07
4
Why can buying a franchise be faster than starting a business from scratch?
5:07–8:45
5
Why do franchisees fail when they don’t follow the proven system?
8:45–11:28
6
Can you build a franchise while keeping your corporate job?
11:28–16:06
7
How did layoffs lead Greg Mohr to franchise ownership?
16:06–26:09
8
How can you build a franchise into a sellable business asset?
26:09–34:53
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