SaaS Interviews with CEOs, Startups, Founders
EP 380: She Makes $500k On Lice Treatments Franchise
08 Aug 2016
Chapter 1: What inspired Cody to leave her accounting job for the lice industry?
This is The Top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base. You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have. I'm now at $20,000 per top. Five and six million. He is hell-bent on global domination. We just broke our 100,000 unit sold mark.
And I'm your host, Nathan Latka. Okay, Top Tribe, this week's winner of the $100 is Zach Faron. He's a 22-year-old Apple employee, and he's listening to the show and loving it. For your chance to win $100 every Monday, simply subscribe to the podcast on iTunes now, and then text the word NATHAN to 33444 to prove that you did it to enter. This is episode 380.
Coming up tomorrow morning, you'll hear from Tamer Dadupa. He makes beautiful snaps with Blurbuzz and is already doing 60 grand per month in MRR. All right, guys, welcome back to the top. We have a very special guest today in Cody Bradstreet. She's the CEO of one of the Lice Place franchises, right? Yes. Which we're going to talk about today. And you're going right now like a Lice interview.
What the heck is Nathan doing? Well, Cody's going to break down and talk about why she got into this business. It will be a lot of fun. But first things first, Cody, before you jumped into kind of the Lice Place business, what were you doing?
So I'm a certified public accountant by education. And I had done everything from financing accounting work to outside sales work to project management work. And I was working at Dell at the time.
Okay. I hear Dell is like a little to work for.
Dell is a challenging environment. Yes.
Tell me more.
It just, you know.
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Chapter 2: How did Cody transition from employee to franchise owner?
How, before you joined in, when did she kind of open the first location? How did you two get connected? What's that story?
I was her customer. So she had opened in Houston 10 years ago, I guess now 12 years ago. And she had a small satellite office in Austin. My kids got lice. Lice is horrific, terrible. And I just wanted it to be over with, throw a little money at the problem and be done. And it was a great experience. And I was her customer.
So start off as a customer. You did something interesting, though, and I want to dive deep into this because you obviously had a corporate job, right? So very safe. You had kids. So you had real expenses. Yes. You did something interesting in terms of kind of the transition between Dell and the lice place, I think maybe to mitigate risk. How did you deal with that transition?
Well, at the time, I had an outside sales role. So I was an outside sales person and responsible for my own number. So as long as I met my number and exceeded my number, I could do really whatever I wanted. And so I bought the last place and I ran that and grew that made that very profitable. At the same time, I worked at Dell.
So you kept it for two years, right? For two years.
About two years. I met and exceeded my number at Dell. That was amazing. It was great.
How did you, you said you bought the Lice Place. Tell me what that means. Was it a franchise model or how'd you do it?
It wasn't a franchise model when we first started talking. It was just one of her corporate stores in Austin that was underperforming. And I said, I want this to be huge in Austin and I want to be a part of it. And so what we decided to do was franchise it.
So when you decided to purchase it the previous year, what was total revenue? Give us a sense of size.
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Chapter 3: What were the revenue figures before and after Cody's purchase?
No.
All right. No. CEO number three is their favorite online tool you have, like Evernote.
No, not really.
What do you use for bookkeeping?
Oh, I use QuickBooks Pro. QuickBooks, great. QuickBooks Pro. Yeah.
Number four. So you said you have, before I answer this, give me more of your situation. You said you have two kids.
I have two kids, 17 and nine, both girls.
Okay, two girls, 17 and nine. Here's the question. As you're building this business, yes or no, are you getting eight hours of sleep?
Yes.
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