In today’s episode, Jeff interviews David Weaver who is a Franchise Consultant in Colorado. One of the freedom engines Jeff has shared in the past was becoming a franchise owner of a business. Today David talks to us about his start during college and how he got into the franchise business. There is more to it than just picking your favorite business but rather looking at your franchise selection from an investor's point of view rather than as a consumer.
David and Jeff discuss:
- Grew up in Indiana went to Indiana University: In college David started with an internship with GE.
- 95% of the interns got into the job but he didn't get the job due to affirmative action.
- After college his first job was in Project Management sales job selling elevators and escalators.
- Then he had a job selling Interior Design and Décor Fabrication for big box retailers (i.e. Kroger, CVS).
- Then some time later his dad asked for his help with the family business; Foundry Business - melting metal into car parts in Detroit.
- Returned to Colorado and got a job with a Finance company; a non bank lender who wanted to penetrate the franchise space.
- Unintentionally, over a 15 year period he did what he wanted to do with GE back in college.
- In hindsight; David always took a job where he was forcing himself to learn something new; this is how entrepreneurs think.
- After the financial meltdown of 2008/2009, David adopted the mantra that he was never going to work for someone again or leave Colorado.
- At the end of 2010 he bought a bar on Denver University’s campus and started a franchise business.
- David invests in franchise and real estate assets and his day job is a consultant where he helps people find the right franchise.
- The process to find a franchise is an extension of David’s personal investment strategy; lengthy (30-90 days).
- If you are interested; the first step is knowing why you want to do this in the first place.
- Next to be free from the franchise you have to build the business you want to own first.
Fast Five Questions
- If you woke up and your business was gone, you have $500, a laptop, a place to live, and food, what would you do first? “Get on my mountain bike or go for a hike and then buy something with the $500 and sell it. Start something until I have enough money to get back to what I'm doing now.”
- What is the biggest mistake that you have made in business? “Buying the bar on Denver University’s campus.”
- What is a book that you would recommend? “The E Myth Revisited; Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber.”
- What is a tool that you use everyday that you would recommend? “Calendly.”
- What is the best way to contact you? “Website: www.franchiseyourfreedom.com (blog post and podcast interviews) and email: dweaver@franchoice.com is the best way”
Jeff spent the early part of his career working for others. Jeff had started 5 businesses that failed before he had his first success. Since that time he has learned the principles of a successful business and has been able to build and grow multiple seven-figure businesses.
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