Dan and Christian have a candid conversation with Nick Lopez, one of our CEO partners. His company has seen substantial growth in the last few years - adding more than 40 territories in 2021, during the height of the pandemic. They discuss the company's origin story, their path to success, and what sets them apart from other Home Services brands.
While attending Michigan State University, Nick started his own company to pay for school. During one of his business classes, he learned the term "competitive advantage", and he recalls a light bulb going off at that moment. Nick saw a niche market that wasn't being serviced properly and he knew that he had the drive and work ethic to corner it.
In 2011, Nick had been in business for a few years and his new goal was to franchise the brand. He worked tirelessly to "systematize the business model". This would make his brand more desirable and easily scalable for future franchisees. Now, ten years later, he prides himself on his "dialed in model, transparent processes, and excellent company culture".
Dan Claps is the co-founder of Career Transition Leads, NurtureAssist and Find A Business Online. Christian Dadulak is a successful franchise consultant with Find A Business Online heads up business development for Career Transition Leads and NurtureAssist as well as running his independent Franchise Consulting business, The Franchise Guys.
Dan and Christian have formed relationships with hundreds of successful business owners, finding truly special brands. This podcast will showcase franchise brands and their founders, to truly give listeners an inside look into which opportunity is right for them. Each franchisor has their own story and have overcome their own set of challenges.
There are over 4000 franchise opportunities out there. It helps to have a tour guide that knows franchising and that can help you navigate the options. On your own, it can be difficult to separate mediocre brands from exceptional ones. Using a consultant will help you identify the franchise that’s right for you. Follow along with our episodes to learn all about the franchise industry and business ownership.
In their introductory episode, Dan and Christian discuss their experiences as entrepreneurs and what it takes to succeed in franchising. They also walk the listeners through what they discuss in future episodes.
Christian lists the five attributes to identify a franchise as being lucrative:
- Key Differentiator
- what sets them apart?
- Low Overhead Costs
- lower cost = higher margins
- 5-15 hours per week for the owner
- Industry Growth potential
- is there a future with this brand?
- Strong Item 19
- FDD financials show past success
To conclude, Dan explains how the franchise industry has transformed to protect the investor with Federal Trade Commission (FTC) regulated financial performance data. Franchisors must submit these financials to the FTC for auditing, making the process very transparent. Some Item 19's will be more robust than others, but franchisees can trust that the provided data is accurate.