Buying a Franchise that Suits Your Lifestyle with Rick Day

Rick Day is an entrepreneur from San Diego, CA. After getting out of the NAVY in 1985, he put himself through college at San Diego State University and soon thereafter founded a telecom firm which he grew over 17 years. After selling his company in 2009, Rick has invested and has an active management hand in a boat dealership, a finance brokerage company, and with two other partners. Furthermore, he owns five Phenix Salon Suites franchise locations.   Key Takeaways: [0:22] Today’s episode of Franchise Euphoria is brought to you by The Franchise 5 package. Head over to franchiseeuphoria.com/franchise5 to learn more! [1:01] Rick Day is a coach and operational executive who strives to turn entrepreneurs into CEOs. Additionally, he is a multi-unit franchisee for Phoenix Salon Suites. [2:25] Josh welcomes Rick back to the show. Click here to listen to Rick’s first appearance on Franchise Euphoria. [4:07] Rick’s first venture into entrepreneurialism was at an auto business to help him work his way through college. [6:04] The Phenix Salon Suites is a concept that was developed in Colorado Springs that revolves around giving salon professionals their own space where they get to set their own hours, keep all their revenue, and maintain their environment. [7:49] Rick’s role within this system is more on the backend of the business with cash-flow management, book keeping, and operational arrangements. [10:13] The renovations for a Phenix Salon Suite are quite extensive and require a specific buildout to make the most out of a space while also making it a unique and individualized spot. [15:30] While Rick never saw himself as a salon guru, he began looking into the opportunity with Phenix and he saw opportunity to apply his entrepreneurial spirit from previous experiences to this niche franchise system. [18:13] At each site, they have a manager to help with the onsite help and managing the tenants of each suite so that Rick doesn’t have to maintain presence at each of his five locations. [21:07] The great thing about this business model is that even if the economy does slow down, people still will need to get their hair done, nails done, and other assorted body treatments. The industry is very elastic in that sense. [24:31] Rick didn’t go through an extensive process before buying into Phenix; he did a few site inspections at other locations to be sure the quality was up to par and talked with some of the tenants to be sure this was a concept they loved. He eventually saw the unique opportunity it presented and decided to take the plunge. [26:18] Rick enjoys the aspect of franchising where if your build your business enough, eventually it will start to run on its own. [29:41] If you want to learn more about the Phenix Salon Suites franchise system, www.phenixsalonsuites.com. [30:52] Thanks for listening, and please, reach out to Josh anytime through email at [email protected]. If you enjoyed this interview, please leave us a review on iTunes.   Mentioned in This Episode: [email protected] www.franchiseeuphoria.com www.franchiseeuphoria.com/franchise5 www.businessbyday.com https://www.facebook.com/businessbyday/ www.scyachts.com www.phenixsalonsuites.com www.franchiseeuphoria.com/systems-with-rick-day/