#0011 - Tom Scarda - Unsexy is Spelled M-O-N-E-Y

Summary Tom Scarda, owner of the Franchise Academy, joins the Harder, Not Smarter Podcast to discuss the ins and outs of franchising. He shares his personal experiences of owning successful and unsuccessful franchises, highlighting the importance of choosing the right franchise and understanding the business aspect behind it. Tom also addresses the misconceptions and challenges of franchising, including the prevalence of franchise lead companies on LinkedIn. Tom provides insights into the vetting process for franchise opportunities, including the use of the franchise disclosure document and speaking with current franchise owners. This part of the conversation focuses on veterans transitioning to franchising and the benefits it offers. It explores the idea of franchising as a mission and how it provides a sense of purpose for veterans. The discussion also covers the realities of owning a McDonald's franchise and the value of time in franchising. The concept of stacking franchises for success and the potential for mutually supporting businesses is explored. The coaching process and the role of business partnerships in franchising are also discussed. Finally, the conversation touches on franchise agreements and negotiations. In this conversation, Tom Scarda discusses the various industries that offer franchise opportunities beyond fast food. He highlights service businesses as a popular option, emphasizing their low cost and high profit margins. Tom also addresses the misconception that franchises require a large amount of capital and explains the financing options available. Show Links Get 1-month of FREE access to the ⁠Vetrepreneur Collective Community⁠ by using discount code: NLT1UQTI Join us here: https://www.vetrepreneurcollective.com/ Sign up for our Weekly Newsletter: ⁠https://www.vetrepreneurcollective.com/ Download Free Business Launch Guide: ⁠https://www.vetrepreneurcollective.com/ Follow us on LinkedIn: ⁠ https://www.linkedin.com/company/harder-not-smarter/ Episodes also available on Spotify, Apple, and Amazon Music. Tom's Links https://www.linkedin.com/in/findafranchise/ https://tomscarda.com Chapters 00:00 Introduction to Franchising 01:11 The Highs and Lows of Franchise Ownership 06:13 The Importance of Business Skills in Franchising 07:05 The Three B's of Entrepreneurship 08:04 The Misconceptions of Franchising 09:02 The Role of Franchise Lead Companies 10:20 The Phenomenon of LinkedIn Franchise Offers 12:10 Understanding Your Skills and Fit for Franchising 14:29 The Difference Between Owning a Business and Doing the Technical Work 16:16 Personal Journey into Franchising 23:40 Vetting Franchise Opportunities 26:58 Veterans Transitioning to Franchising 28:00 Franchising as a Mission 29:35 Finding the Right Franchise 30:33 Franchise Ownership as a Vehicle 31:18 Choosing the Right Franchise 32:17 The Realities of Owning a McDonald's Franchise 33:02 Building a Foundation for Success 34:48 The Value of Time in Franchising 36:05 Stacking Franchises for Success 37:08 Unsexy Businesses and High Margins 39:11 Buying Time and Building a Foundation 40:16 The Strategy of Stacking Franchises 43:11 Mutually Supporting Franchise Businesses 45:32 The Coaching Process 48:19 Business Partnerships in Franchising 50:23 Franchise Agreements and Negotiations 52:06 Franchises in Various Industries 53:11 Service Businesses and Low-Cost, High-Margin Franchises 54:02 Pre-Vetted Business Models and Backend Support 54:47 Raising Capital and Financing Options 58:01 Using Retirement Funds for Franchise Investment 58:59 Options for Financing a Franchise 59:56 Exploring Financing Options 01:00:53 Overcoming the Obstacle of Money 01:02:06 The Importance of Personal Motivation and Drive 01:03:14 Misconceptions and Pitfalls of Franchises 01:05:20 Skills and Experiences that Lead to Franchise Success 01:12:37 Autonomy and Support in Franchise Ownership 01:17:07 Building and Exiting a Franchise