Motley Fool Money The Business of Resale
Jul 9, 2023
Brett Heffes, CEO and chairman of Winmark, discusses the booming resale market behind brands like Plato’s Closet and Play It Again Sports. He shares how a focused mission drives Winmark’s growth and sustainability efforts. Heffes emphasizes the importance of finding the right franchisee traits for long-term success and explores effective capital allocation strategies that enhance shareholder value. Tune in to discover insights on fostering strong franchisee relationships and the future of the resale industry.
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Clarity of Purpose
- Winmark's focused mission, "resale for everyone," drives the company.
- This clear purpose fosters a shared pursuit and reduces reliance on any single individual.
Ideal Franchisee
- Look for franchisees who are both financially and operationally qualified.
- Ideal candidates should be entrepreneurial yet willing to work within the established system.
Growth Strategy
- Winmark prioritizes improving existing stores over rapid expansion.
- Their system-wide sales grew by almost 400% with only a 62% store count increase over 21 years.