In this episode of Investors & Operators, Jordan sits down with Scott Abbott, CEO of Five Star Franchising.
After launching 20 companies, selling 11, and expanding Five Star Franchising from 50 to 800 locations in less than 3 years, Scott has become an expert in all aspects of franchising. In this episode, Scott joins Jordan to discuss the different dynamics of achieving business success while also balancing their roles as CEO and father. Together, they discuss:
- Emotions from Selling Five Star Painting
- Pros & Cons of Working with PE
- Types of Franchise Fees
...and so much more.
Top Takeaways
- Who am I now? After selling Five Star Painting, Scott struggled to find his purpose outside of being a founder and CEO. “Who am I now? What’s my purpose? Why am I here?”. He shares how this transition period can be very challenging to navigate after putting your heart and soul into something, highlighting the importance of finding your purpose and identity outside your professional roles and titles.
- No advice allowed. Instead of dictating advice and solutions to your peers, encourage open dialogue where individuals can freely share their experience and insights. Scott emphasizes the importance of peer-to-peer coaching and experience sharing. When providing a collaborative environment, people can make informed decisions tailored to their unique circumstances that works best for them.
- Empowering your employees. Scott’s commitment to empowerment extends beyond Five Star’s mission statement and business success; it’s ingrained in his everyday life. By prioritizing empowerment within his organization and family, Scott is able to not only achieve financial success, but can also foster personal growth and fulfillment for him, his children, and his franchise partners.
