Franchise Advisory Board | Expert Franchising Advice for Franchise Leaders Why Every Franchise Needs a Growth and Exit Plan NOW!
Oct 1, 2024
43:18
Welcome back to another insightful episode of The Advisory Board Podcast, where we bring you thought leadership and actionable advice from the world of franchising and business ownership! This episode is sponsored by ClientTether – thank you for supporting us!
Today’s episode features a conversation with the remarkable Jerry Akers, an expert in franchise ownership and succession planning. With over 20 years of multi-unit franchise experience (34+ Great Clips salons and multiple The Joint Chiropractic clinics), Jerry shares his journey and expertise on an often-overlooked but critical topic in franchising: succession planning and transitioning to the next generation.
Did you know that 60% of all franchise owners are Baby Boomers? What happens to those businesses when they retire or, in some cases, pass away unexpectedly? Jerry dives deep into this issue, explaining why franchise systems need to have a transition plan in place to avoid costly and chaotic disruptions. We cover the risks of not having a succession plan – from frozen bank accounts and stalled payrolls to the long-term impact on franchise value – and why it's crucial to prepare for the unexpected.
Jerry also shares his own experience of transitioning his Great Clips business to his children, showing how involving the next generation can not only protect the legacy but enhance the business by tapping into their tech-savvy skills and fresh perspectives. From building wealth to maintaining profitability, Jerry’s insights are invaluable for any franchise owner.
We then shift gears to explore how franchise brands can help their owners grow from single-unit operators to multi-unit owners. Jerry highlights the importance of education, mentoring, and creating pathways for franchisees to scale successfully. If you’re a franchisor or franchise owner looking to expand, this episode is packed with tips on how to develop a scalable growth strategy.
Whether you're a franchise veteran or just getting started, you won't want to miss Jerry’s stories, advice, and actionable insights on planning for the future. Tune in now to learn how you can secure your business legacy and scale to new heights!
Don't forget to check out Jerry's best-selling book, "Live It 2 Own It," for more franchise wisdom. And once again, a big thank you to ClientTether for sponsoring this episode. Happy listening!
Today’s episode features a conversation with the remarkable Jerry Akers, an expert in franchise ownership and succession planning. With over 20 years of multi-unit franchise experience (34+ Great Clips salons and multiple The Joint Chiropractic clinics), Jerry shares his journey and expertise on an often-overlooked but critical topic in franchising: succession planning and transitioning to the next generation.
Did you know that 60% of all franchise owners are Baby Boomers? What happens to those businesses when they retire or, in some cases, pass away unexpectedly? Jerry dives deep into this issue, explaining why franchise systems need to have a transition plan in place to avoid costly and chaotic disruptions. We cover the risks of not having a succession plan – from frozen bank accounts and stalled payrolls to the long-term impact on franchise value – and why it's crucial to prepare for the unexpected.
Jerry also shares his own experience of transitioning his Great Clips business to his children, showing how involving the next generation can not only protect the legacy but enhance the business by tapping into their tech-savvy skills and fresh perspectives. From building wealth to maintaining profitability, Jerry’s insights are invaluable for any franchise owner.
We then shift gears to explore how franchise brands can help their owners grow from single-unit operators to multi-unit owners. Jerry highlights the importance of education, mentoring, and creating pathways for franchisees to scale successfully. If you’re a franchisor or franchise owner looking to expand, this episode is packed with tips on how to develop a scalable growth strategy.
Whether you're a franchise veteran or just getting started, you won't want to miss Jerry’s stories, advice, and actionable insights on planning for the future. Tune in now to learn how you can secure your business legacy and scale to new heights!
Don't forget to check out Jerry's best-selling book, "Live It 2 Own It," for more franchise wisdom. And once again, a big thank you to ClientTether for sponsoring this episode. Happy listening!