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A Deeper Dive
How franchising can build multi-generational wealth
Aug 14, 2024
Kerri Harper-Howie, a second-generation McDonald's franchisee and author of 'The Family Secret,' shares her journey of building generational wealth through franchising. She discusses the profound influence of her mother on their family's success and the lessons learned in the fast-food industry. Kerri highlights the benefits and challenges of operating a franchise in California, including the economic pressures and the importance of succession planning. This insightful conversation offers valuable perspectives on creating a lasting family legacy through business.
33:34
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Quick takeaways
- Operating a franchise like McDonald's can transform family economic situations, enabling generational wealth through strategic investments and perseverance.
- Franchise ownership significantly impacts community growth by providing employees with essential training and career advancement opportunities, fostering personal and professional development.
Deep dives
The Journey to Franchise Success
Operating a franchise, particularly a McDonald's, can provide a pathway to generational wealth. Carrie Harper-Howie's family entered the franchise business in the early 1980s when her parents became one of the first African-American franchisees. They took a significant financial risk by cashing in their retirements to invest in the venture, demonstrating the determination and grit required to succeed. This foundational choice not only transformed their family's economic situation but also set the stage for Carrie and her sister to continue the legacy, showcasing the potential of franchising as a sustainable business model.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode