from Kerry Lutz's Financial Survival Network
Kerry and Patrick Elsner discussed the potential of investing in franchise opportunities and the benefits of technology for franchise brands. They also talked about the startup costs for a Massage Envy franchise and the differences between medicinal and spa-like environments for massage franchises. Additionally, Elsner shared insights on franchise financing and success stories, highlighting that while financing can be costlier due to interest rate spikes, self-funding is common among high-level executives. He emphasized the importance of finding the right franchise to mitigate risk and shared a success story of a former Bank of America executive who now owns a successful restoration franchise. Elsner also discussed the typical return and net margins for franchises, which can be profitable with net margins of 75-80% for non-retail concepts, but can take upwards of a year to turn profitable for retail-based concepts.
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