BiggerPockets Business Podcast 46: From Flea Filled Trailer to Flipper to Master Franchiser with Logan Hand
Do you feel like you’re too young to take on huge business challenges? Are you trying to figure out the best way to break into entrepreneurship but want the support of a big team behind you? Have you considered franchising but are looking for something a little bit bigger—that also won’t break the bank?
After this episode, you will find that you have a whole new perspective on what’s possible with scaling up a built-for-you system.
Logan Hand—master franchise developer for the new restaurant concept Mahana Fresh—learned at a young age that not only was it possible to break into franchising in a big way, but it could be done without a ton of cash in his bank account.
In this episode, he teaches us how he went from real estate wholesaler and house flipper to running a four-county, 30-franchise development for an up-and-coming restaurant brand. And he explains the ins and outs of this little-known franchising concept called master franchising or area franchise development.
Logan recounts his days of hustling to generate sales commissions and wholesaling fees. He came to realize, at the young age of 27, that building a business that could generate passive income—and eventually be sold—was the better path. He talks about how he decided to go the franchise route, buying a franchise that he could own and operate himself. Then, he realized that he could do the exact same thing—but on a much bigger scale.
If you’ve heard of franchising and want to learn more, or if you’ve considered franchising but want to learn how to do it bigger and better, this is the episode for you. Logan tells us how we should be evaluating franchises, how we can get money to buy one (or 30), and who that one person is who can provide you the support you need to make the right decision when it comes to buying into a franchise.
Make sure you listen to the end, when Logan provides some amazing tips for all the young entrepreneurs out there looking to get—and stay—motivated!
Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!
In This Episode We Cover:
- How he got into franchising
- The parallels between real estate and franchising
- Signing a franchise disclosure document
- How he recruits new franchisees
- Why location is important
- How investment cost is based on a price per person in the area
- How to work with franchise brokers
- Why there's more risk in franchising than real estate
- His tips for underwriting
- Why you shouldn't buy into a fad or trend
- Why he keeps close proximity to great people
- And SO much more!
Links from the Show
Check the full show notes here: http://biggerpockets.com/bizshow46
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