December 19, 2024 • 37 mins
Ever wondered how franchise insurance works and who you can turn to for the right coverage for your current or future franchise?
In this episode, we sit down with Wade Milward, the founder of Rikor, to explore the fascinating world of franchise insurance. Wade takes us on a journey from his roots in the family insurance business to becoming a trailblazer in franchise insurance, offering insights that are both informative and entertaining.
Wade explains the complex relationship between franchisees and franchisors, breaking down how clear expectations and open communication can prevent costly mistakes—especially when it comes to understanding insurance costs. We dive into the diverse insurance needs across various franchises, highlighting why coverage is essential for high-risk businesses like roofing and why treating insurance as a strategic investment is key to long-term success.
Throughout the conversation, we tackle the unique challenges and rewards of franchise ownership, discussing the importance of sticking to proven systems and processes, how to navigate regional differences, and the value of mentorship in scaling your business. Wade shares his own story of breaking free from the corporate world and how that move led to greater personal freedom, growth, and opportunity.
If you're navigating the world of franchise insurance—or just curious about how to protect and grow your franchise—this episode is packed with valuable insights you won’t want to miss.
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Episode Transcript
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Speaker 1 (00:01):
Hi everyone.
Welcome back to the we Bought aFranchise podcast.
I'm Jack Johnson.
Speaker 2 (00:05):
I'm Jill Johnson.
Speaker 1 (00:06):
And we have.
For those of you out therethinking about becoming
franchise owners, we have a veryimportant guest today.
We have Wade Milward fromRyeCore.
Wade, welcome to the show, wade.
Of course, ryecore is sort of aone-stop shop for all of our
franchisees, and a franchisor'sinsurance needs correct stop
shop for all of our franchiseesand our franchisors' insurance
(00:27):
needs correct?
Speaker 3 (00:30):
Yeah, I appreciate you guys having me on here.
Yeah, we typically get lumpedinto the insurance bucket, but
we do focus exclusively on thefranchising industry.
So we work with over a hundredfranchise brands now and
thousands of franchisees acrossthe country in just the past few
years, which has been really,really awesome to experience.
Speaker 1 (00:42):
Yeah, you know, wade, we were so impressed.
So so RyeCorp full disclosurehandles our insurance needs for
our PINX Windows Servicesfranchise.
And, of course, you know, wade,I've been seeing you for years
on social media and we knewabout you, but it was really
cool to get like a firsthandsort of experience working with
you guys.
And again, for all of you whomay be tuning in for the first
(01:03):
time, the purpose of thispodcast is for Jill and I to
share our experiences buildingand running our Pinks Window
Services franchise Fulldisclosure.
We are franchise consultants.
We do help people becomefranchise owners, but we thought
it would be helpful to you aspotential franchise investors,
to learn what it's like, the upsand downs of growing a
franchise, and for us it wasgreat diversification.
(01:26):
So you know, wade, let's getinto this a little bit.
Maybe tell us about you and howyou got started in the business
and how RICOR helps people.
Speaker 3 (01:35):
Yeah, no, appreciate that.
If you've heard anybody talkthat comes from the insurance
industry, we all started thesame way, either by family
member or falling into it.
Nobody wakes up one morningchoosing to be an insurance
agent, but I think I've heardthe same thing in franchising
too.
I just fell into it.
That's kind of common.
So I did the same thing.
My grandfather started anagency back in the 1940s.
(01:57):
My dad was in the 1970s, so Istarted with a family agency,
built up a large, sizable bookof business, always focusing on
small to mid-sized businesses,and then the way this whole
thing started was actually oneof my clients was a franchisee.
This is back years ago, in like2018.
And she was a large one.
She was as a franchisee, shehad 22 locations, she was doing
(02:17):
a hundred million dollars inrevenue, and she comes and asks
me to solve her problem.
Now, at the moment, or at thetime, I was not focusing on
franchising, I was just buildinga book of small business
insurance.
And she wasn't small, she's mid.
So she asked me to solve someof her problems.
And I do something, I createthis thing and she's all excited
about it.
She gets me in front of thebrand president.
Now, mind you, I have nothingat this point.
(02:39):
I have a deck right Like apitch deck and like a concept.
So yeah, so this is my firstintro to franchising.
I meet the brand president of abrand that had 900 locations.
I'm clueless, guys.
This is October 28th, so thisis October 31st, it's Halloween
day.
And I get a call from hername's Heidi, five minutes prior
(03:02):
to the meeting.
She goes hey, wait, are youready?
I go ready for what, heidi?
She goes you're going to bemeeting with the brand president
and I'm like what are youtalking about?
She goes you're pitching to him.
I'm like, okay, and at the timeI'm wearing a inflatable
unicorn costume.
And so I'm like, oh my gosh,what am I?
That's amazing.
The whole thing is crazy.
So I get on the call, I juststart talking at the guy, I
(03:23):
don't ask a single question, Idon't know what I'm doing, and
at the end of it he saysinteresting, and I'm like oh,
maybe I have something here.
So I start doing more marketresearch and the first person,
the first franchisor.
The second franchisor I meettechnically is none other than
Scott Abbott here in Utah, whoScott Abbott was either.
(03:46):
So he was the prior founder ofFive Star Painting, and then he
now is the CEO of Five StarFranchising and I go and sit
down with him and I'm talking tohim and he's like Wade, you got
to build this thing.
There's a serious problem in thefranchising space, and so I
started building the thing acouple of years later and we
started getting after it.
And then somebody else thatcomes on board was Ryan Zink.
So Ryan Zink jumps on and hehelps me out and opens up the
door to all of these franchisebrands.
And sure enough, guys, theproblem exists in every single
(04:10):
franchise brand and the thingthat we identified is
franchisors have a terribleproblem of tracking and
monitoring insurance complianceacross the entire franchise
system, and franchisees are notgetting either the level of
education, the level of care,the level of service and also
just a simplified insurancepurchasing experience that meets
or exceeds the FDD requirementsand, in addition to protects
(04:33):
your guys' investment.
You guys are investing hundredsof thousands of dollars and
we're like, yeah, I get figureout the insurance.
I'm like, oh my gosh, it's allat stake, like it could all be
crumbling down in a moment withone claim.
So that's a long story of howwe got started.
Speaker 1 (04:49):
Yeah, I mean, it's so valuable what you do because
you're right, and what you dolook.
In so many cases, franchiseowners, especially in the first
few years, we've got to go outthere and we've got to sell and
we've got to build and soknowing that that piece is taken
care of, you know, speaking asa franchisee and as a client of
yours, you know you guys havebeen very responsive to us and
(05:10):
any of the questions that we'vehad I mean, as we were getting
fired up, we had questions aboutyou know how many stories can
we go up and can we go on?
So one of the pivots we had tomake was that we found out we
couldn't put guys on roofs right, so we had to go, and our needs
here in South Florida are wehave a lot more requests for
pressure washing.
So it was cheaper for us to goout and just buy a big pressure
(05:32):
washing rig and less liabilitythan throwing guys up on the
roof.
So you guys have been so greatin helping us to keep on track
and I'm actually getting emailsfrom you guys.
Hey, let's make sure that we'rehaving a meeting to talk about
your needs as you grow next year.
So no, I can tell all of youout there who are thinking about
becoming franchise owners.
I'd be surprised at this pointif whatever franchisor you're
(05:53):
talking to isn't already workingwith Wade and his team, because
they really do make it seamlessfrom end to end.
Speaker 2 (05:59):
Yeah.
I mean when you take on a newopportunity.
There's a lot, there's a lot toget into and it's new and a lot
of us.
We're getting into a space thatwe're not used to, so to have
that additional help and supportis just like so helpful.
Speaker 3 (06:16):
Well, I think, just to kind of add on to what you
guys are talking about, it alsotakes two to tango, right, and
so you guys being receptive towhat we do is just as important.
We have these conversationswith all of our clients and,
unfortunately, either it'smisunderstood or they don't
fully grasp the implications ofnot having the proper insurance.
(06:36):
You guys can't believe but,like, franchisees sometimes
don't tell us if they're gettingon roofs or they want to avoid
the conversation.
People need to, yeah, trust me,trust me, I know and I cringe
too.
I'm like.
People need to realize that,like, if you don't tell the
insurance company something,they'll just exclude it.
They don't care if somebodyfalls off a roof and you don't
have the proper coverage.
They don't care if you're up onit and you're above three
(06:59):
stories and all the generalliability coverage is excluded.
They don't care it like.
And then they come back to usand they get frustrated.
But we're trying to eliminatethe friction.
That's what we're doing.
That's why we're trying to beso transparent with our
franchisees.
It's like and sometimes we losedeals because of it but I'd
rather do the right thing andI'd rather provide the right
coverage, even if it costs more,even if, like, we have to
modify something, especially forfirst year franchisees, than
(07:21):
getting into a position whereyou guys are left out with
paying for an uninsured claim.
That's what terrifies me.
Speaker 1 (07:30):
Yeah, I mean, and I think what you said, you said
two things that have sort ofmade me think on this episode.
And the first thing you saidwas when you first went in to
talk to that brand president andtalk about, hey, I was nervous,
or it was my first time in thattype of situation, so I just
talked at the dude for an hour.
Jill and I were having thisconversation this morning
because we had a client who hedoesn't have the capital to do a
(07:53):
full franchise of the employees, so we've got to look at
consultative businesses.
And he's like I'm scared todeath of selling, I don't know
how to sell, and I'm like when Ifirst started in my career,
sales was all about who's gotthe best pitch and who can
dazzle people, and now it's theopposite.
People hate that.
People want you to askquestions, people want to be
(08:14):
heard, people want to beunderstood, and I would actually
argue that people who are lesssalesy are much better
salespeople.
Now I mean, look at, we're on apodcast that's going to be
watched on YouTube, right,because people would rather, if
they're going to look up, youknow, right, core, they're going
to want to come see you talkwith us on YouTube.
So I think authenticity andasking lots of questions.
(08:35):
The world has really changed.
It's no longer about just, youknow, throwing a massive pitch
out there.
So I that really resonated withme.
And then the second thing so itis taking on a client that may
not be the right fit.
And that's the other side ofthis too.
And I'm so happy you said that,because we're the same way.
If someone is not a fit forfranchise ownership and we talk
(08:55):
a lot about how hard it is, andI think the whole industry
you've probably seen it has comearound to responsible
franchising If it's not a fit,don't do it.
If you don't have the rightamount of capital, if you don't
understand how hard this isgoing to be or the things you
need to do to do it right, don'tdo it.
Speaker 3 (09:11):
Well, I mean, we could talk about both these
things.
But, like, setting clearexpectations for potential
franchisees is so, so critical.
It's critical in your guys'states, it's critical in my
states, right, it's also just asimportant, if not the most
important the franchisor side,and so we have a lot of
conversations with ourfranchisors about setting clear
expectations.
We do a deep dive into the FDD,we do what we call the FDD
(09:34):
insurance analysis.
It ends up being a 30 to 40page report and a lot of what I
talk about is setting clearexpectations from an insurance
cost perspective too.
With franchisees.
Often the item seven is all outof whack.
So your item seven when I talkabout it mostly I'm focusing on
insurance but really item sevenat scale for you guys is so
important because you getfrustrated franchisees.
You get franchisees that areextremely upset when they're
(09:54):
told one thing oh yeah, it'sgoing to cost 100 grand.
And they get in there it's 200,it's 300, something totally
different.
And so we have thisconversation.
It's all about setting clearexpectations and transparency
and, like you said, um, it'sjust being authentic with them.
Like, why are we hiding behindit?
Like let's get it all out inthe air in the beginning and
then all of a sudden like yeah,yeah, it's so important, just
have the conversation, it's okay.
(10:15):
So that's what we stress a lot.
And then to your point too,about the non-salesy thing.
Like when I first started this,I said to my sales guys they're
actually not even called salesguys, they're called consultants
.
So I changed the languagebecause I didn't want them
thinking that they're an agentselling insurance.
They're actually consultants,educating franchisees and proper
insurance.
So totally differentnomenclature in our, in our, in
(10:36):
my company.
But I told him, like your, yournumber one responsibility is to
build meaningful relationshipswith these guys.
Like that's it.
Insurance becomes a byproductof everything else that we've
done Build the relationship,understand them, get excited.
These guys are entrepreneurs,they're investing in a business.
This is cool stuff.
Get to know them, get to knowtheir family.
The result of that isabsolutely insane Our guys.
If you're comparing us to anaverage insurance agency, our
(11:01):
guys outperform the averageproducer seven times.
Our close ratio is X thenational average.
Because, to your point, jack,we don't sell it, we just ask a
lot of questions.
I do the same thing withfranchisors.
What's your problem?
Tell me more about it.
What are you experiencing?
What's the insurance processlook like today.
How are franchisees getting?
And they just tell youeverything.
It's so simple.
Speaker 1 (11:22):
Yeah, I mean, I think that's really it.
And again, I agree with you onthe item seven, and anytime we
look at franchise investment, wethrow the low side out the
window.
We say, whatever the high sideis, that's what we're going to
plan on.
So I'm trying to put my sort ofsomeone who's listening to this
podcast or watching thispodcast.
What's the number one questionthat a potential franchisee is
(11:45):
going to want to know and Ithink I probably know what it is
which is, you know, wade, whatdoes a typical home services
franchisee pay for insurance?
What is it?
Speaker 3 (11:55):
Yeah, yeah, and you already know my answer, which is
going to be like it depends.
But what we have found theaverage for like, let's say it's
a two year, maybe it's a firstyear franchisee.
It's probably in a decent range, especially if you have a
vehicle, but it could beanywhere from seven to $18,000 a
year and it's a big rangedepending on the home service
(12:17):
Like we have, we have roofingclients rather than paying 18 or
20,000.
So it's a little bit on thehigher end exposure.
And then we have guys that aredoing a you know fence
installation and it's probably7,500 bucks a year or 8,000.
So it just kind of depends.
Speaker 1 (12:31):
Yeah, I mean it's.
You know here in Florida, likethe, the cost to ensure a
vehicle has become silly.
But when we do the analysis onit we're like, okay, but you
know, one big job covers that.
Yeah, let's talk about the highside of what you said, which is
like a roofing franchise.
We have a client that is a yearand a half in on his roofing
(12:55):
franchise and the amount ofbusiness he does is is insane.
So roofing can do very bigvolume.
Again, it's, it's, it's soworth it.
It's such peace of mind because, man, again, you never know,
somebody falls off a roof.
You better make sure you've gotthe coverage.
Speaker 3 (13:13):
Yeah, and touching on what you're talking about, this
is kind of an interesting topicto think about.
When it comes to insurance is,sometimes small business owners
get stuck in the mindset ofthere's a bunch of ways to make
money right and one of thethings that they think about is
I've got to reduce expenses.
And so they look at insurance asthis big expense, this line
item, and they try to chip awayat this thing and they try to
(13:34):
save maybe a thousand bucks ayear, maybe tops $2,000 a year,
depending on how much you'repaying and what.
We try to help these guys.
And it's not about just savingit for ourselves, but it's like
don't you think the amount ofeffort taken to actually go
through this process would bebetter spent improving processes
or systems within theorganization for operational
efficiency, or going out anddoing more sales calls to
(13:57):
actually land larger deals andlet's just make sure the
insurance is done right?
So we have to shift theperspective and the mindset of
what insurance and how toactually improve the business
from hey, let's chip away atthis thing and spend all this
time I would actually argue it'swasting time or improve the
business man, go out there andland more deals.
Speaker 1 (14:17):
I agree.
I think that's a franchiseeshould be focused on growth,
should be focused on cashflow.
A franchisee that is going toum, to witch hunt every little
cost you know I gotta make sureRykor isn't.
You shouldn't be in franchising.
You honestly shouldn't.
Franchise ownership is a teamsport.
It is you you got to trust thatthat franchise that you signed
(14:41):
up with is not trying to stealyour money.
Everybody wants to grow, wantsyou to grow and be successful,
and part of this is, I mean, thebeauty.
I love working with a companylike yours because I know you
guys can take care of the wholething for me.
I don't like I'd so much ratherfocus on going out and closing
that big commercial client thantrying to save $2 here or there,
you know, with my insurance.
Speaker 3 (15:03):
Yeah, yeah, yeah, yeah.
It's interesting how often thathappens, though, and it may be
a cause of just the the type ofpersona, the type of people that
are becoming franchisees andentrepreneurs.
This is all new to them, right?
This is, it's totally new world, so I totally understand that
and I totally get what they're,where they're coming from.
But, yeah, there's certainlythings that you can spend your
time on that's going to be waymore productive with higher yeah
(15:26):
I think you have more peoplebecoming franchise owners than
ever before.
Speaker 1 (15:30):
The barrier of entry is lower than it's ever been,
and you know I mean again nottoo long ago.
When you say the word franchise,you're thinking about food,
right, you're you're thinkingabout um, you know expensive
brick and mortar franchises thatare seven figure investments,
and now people can becomefranchise owners for 150 K,
right with with home services,and so it's almost like flip
(15:52):
flop to where over the last fewyears, you know, real estate has
become so expensive so youcan't buy a single family home
but you can buy a franchise, andso we're seeing younger
entrepreneurs come into it.
We're seeing many more peoplecome into franchising, and so
what happens now is that youknow you have a franchise that
will sell 100 units in a year.
When I was on the franchisorside, a good year was 20 units
(16:15):
in a year.
So it's almost like thematuration process of a
franchise now has been trulyconsolidated to where you have
so many people joining a brandin a given year and then you
have a certain amount that aregoing to transition out in a
given year, and so you'respeeding up that whole process.
Now it's it's a veryinteresting time in franchising.
Speaker 3 (16:34):
As you were talking there, I wanted to kind of like
put a plug in there forfranchising.
Being a business owner myselfand going through the experience
of of being like a startup atrue startup with nothing and
anybody that's thinking aboutfranchising and we're talking
about a little bit offranchisees that possibly have
some resistance to the franchiseor systems, process, procedures
, vendors, suppliers, stuff likethat, having an operating
(16:58):
manual that's 400 pages withevery single system built out.
I cannot tell you guys thathaven't started your own
business yet how valuable orinvaluable that is, having done
it myself and going through thepain of building those out.
It requires a tremendous amountof effort, and that's why you
see a lot of these successfulfranchise brands with corporate
(17:20):
locations that have existed fordecades before they start to
franchise, and they becomewildly successful because what
they've done over the course of30 years is like, hey, we
perfected it finally.
It took us 30 years, though, orit took us 10 years, so,
anyways, anybody that's gettinginto franchise, follow the
playbook.
Like you said, they want you tobe successful, nobody wants you
(17:42):
to fail.
Your success is their success,and so I'm just coming from an
entrepreneur's like a founderside.
It's like it's a miserableexperience.
I don't, I don't wish it onanybody to start.
Speaker 2 (17:54):
We love what we do because there's so many
opportunities and, like you said, the franchisor wants you to
succeed.
They're not.
They will do anything they canto help you, and so your
feedback always helps them.
Um, you know they're they'relearning along the way too.
So usually a good franchise, ora bit open to kind of hearing
your feedback, because you're ina market they don't know about
(18:15):
yet, you know.
So there's that two wayconversation which we're really
fortunate to have with pinks andto us, you know, being in a
completely different locationthan their, their corporate, um,
you know, in Austin, Texas andSouth Florida is very different,
you know.
Speaker 3 (18:34):
So having them listen , to us and explain, even on the
insurance side you know.
Speaker 2 (18:35):
so you know it's a whole different ballgame in
Florida than it is in Texas.
You know it's it's important tohave, you know, their support,
but also have them, you know,reciprocate and listen to you as
well, and that's you don't getthat when you're doing it a
hundred percent by yourself, youknow you're finding it all out
and you don't have that you knowbackbone to help you.
So I totally agree with whatyou're saying.
Speaker 1 (18:57):
No, it's like the the the when you're doing it
yourself, like Jill and I,creating franchise insiders.
When you make mistakes, they'reexpensive mistakes, and so
having a franchisor to kind ofkeep you honest and show you
where those potholes are is soinvaluable.
So you're right having thatsystem, but it takes a certain
kind of entrepreneur and that'syou know, as franchise
consultants.
That's what we're here to do isto kind of help flush that out.
(19:19):
Are you truly a fit forfranchise ownership?
Yeah, because we want bothsides to be happy with the
relationship.
Speaker 3 (19:27):
Yeah, but I just want to talk about that too.
Like making mistakes.
I feel like all too oftenpeople are so fearful of making
these mistakes.
Now, too, it's like people needto realize somebody said it
best, everybody's got shit.
That, to me, summed everythingup, and then I started to
realize that I'm like, oh mygosh, everybody makes mistakes.
And so like again, franchiseesout there listening people like
(19:49):
thinking about businessownership and like wanting to
get into it, it's okay.
Like you can mess up.
And that's the great part abouta franchise system is like
here's an operating manual,follow it.
You're going to struggle,you're going to mess up too, and
it's sometimes it's expensive,but it's okay, cause it's like
it's where you end up, right,and like I love that.
Like thinking, once I removedthat barrier for myself as an
(20:10):
entrepreneur and I got into itand I realized that everybody's
going through something andnobody has it all buttoned up
Right, you know what I'm sayingLike it's not, it's not all tidy
and perfect behind the scenes,we're all just figuring this
thing out.
And that's what I love aboutbeing an entrepreneur.
It's like let's just continueto improve one bit at a time,
every single day.
Let's focus on the customer.
(20:31):
How do we respond better?
How do we answer theirquestions before they ask them?
How do we serve you guys better?
How do we become moretransparent?
It's very, very simple.
Speaker 1 (20:38):
Yeah, it's like we were in Orlando last week going
to Disney and of course, Ialways miss the first.
It says go left here, and Imiss it.
Ok, go left here, miss it, goleft here.
The GPS will help you find yourway.
And I think a franchise that'sone of the great things about a
franchise is, you're right, theywill.
Even if you make a wrong turn,which inevitably all of us do,
(20:59):
we all do They'll help you geton track and I think what you
just said there is really cool.
It's like don't, don't put thatmuch pressure on yourself.
Okay, it's, we're all human, weall make mistakes and we all
can recover.
And I think so much of this isfranchise owners is us realizing
.
It's like we were just talkingabout.
We do sort of these updateswhere we have guests like
yourself, but also episodeswhere just Jill and I kind of
(21:21):
talk about what's going on withthings.
And, um, it was the middle ofsummer and South Florida we lose
a lot of our population, right,they go back up to New York.
It's really hot here and sobusiness was really slow for us
in the middle of summer and youknow, a lot of people might've
been really freaked out aboutthat and said, oh my God.
But we stayed the course, wekept, we believed, we followed
(21:42):
the franchisor's guidance.
We still continue to spend morethan less on advertising.
So they'd say spend this onadvertising.
And we spent more.
And I'm happy to say that thelast two months we've been the
leading franchisee in terms ofbillings.
And that's not us trying to atall, you know, rub it in anyone
else's faces.
No, no, no, it's just us beingproud of growing the business
Absolutely.
(22:03):
But yeah, as a franchise, as afranchise owner, you will get
tons of support, you will gettons of training, but ultimately
, just like when you got to callWade and his team and say, what
things should I have here?
If we're taking on this new bigjob, do we need to change our
coverage?
It's ultimately up to you toquarterback the business and
hire the right people and growand be growth minded.
Speaker 3 (22:25):
Yeah, I'm so curious about this because that's a
certain type of mindset that youguys have adopted, right, that
allowed you to persevere despiteall the challenges, despite the
fact that you guys saw a dip inrevenue and the typical
response is shrink, reduce,right.
So, like, what do you think itwas for you guys?
Like, why do you have thatmindset?
Speaker 1 (22:43):
Yeah, well, um, jill and I are very fortunate that
our fathers were entrepreneursbefore us and and my dad, I'll
never forget my dad said to mewhen business is slow, double
down on advertising.
I love it and and like therehave been times where I said to
jill, maybe we should cut back.
Speaker 2 (23:00):
She's like no, remember what you're done you
always have to remind yourselfand yes, we've, we've, we've
gone through it, we've seen it,we've seen those ups and downs
and how you can really come outof those down periods.
And I always actually say toJack I think when we hit a down
period in any of our businessesis when he does his best work.
Speaker 3 (23:19):
Oh my gosh.
Speaker 2 (23:20):
I'm probably more of a panicker.
I mean, you are too, but itreally kind of gets you thinking
, you know, because it's reallyeasy to just kind of, you know,
go with the flow and say thingsare great.
And you thinking, because it'sreally easy to just go with the
flow and say things are greatand just stay there.
But when you're presented with achallenge, I think that's when
you start to do some of yourbest work and come up with brand
new ideas and look at it andthen, once that happens once or
(23:43):
twice, it can help you in thefuture saying, okay, we're at
that point, this is the pointwhere we need to do something
different and we know we can getout of it.
And so I agree, I don't think alot of people think that
sometimes you have to go throughit once or twice or a hundred
times, but that's so importantfor any entrepreneur, you know,
to not let those things take youdown.
Speaker 1 (24:05):
Yeah, I mean, we heard recently about a
franchisee who decided not tofollow the franchisor's guidance
on advertising, decided to doexactly the opposite, and it
didn't work out so well for him.
So yeah, I would always saywhen business is slow, you've
got to get your brand out there.
Speaker 3 (24:24):
That's when you've got to go to work and do your
best work, something I was goingto say that you guys just it's
a quote that I love and it'snecessity is the mother of
innovation, and oftentimes, whenwe're going through these
periods of difficulty, ofchallenges like you talked about
Jill it forces you to innovate,it forces you to think
differently.
And so there's this reallyinteresting, fine line that we
(24:46):
have to tow as entrepreneurs andbusiness owners is it can't
always be blue skies andrainbows all the time.
Sometimes it almost needs to bedifficult, so we are forced to
do things differently.
I love going through andthinking back through the
history of my business now andseeing these inflection points
that I hit, and inflectionpoints for me is very, very
(25:09):
simple.
I measure them at revenue size,and so each time you hit these
inflection points that I hit andinflection points for me is
very, very simple I measure themat, like, revenue size, and so
each time you hit thisinflection point, all of a
sudden, you're like everythingjust broke because I hit this
certain point, and then what itdoes is it forces me and my team
to go back and like rethinkeverything we've done.
This has been an incredible yearof building out a lot of
foundation, building out a lotof foundation, building up a lot
of systems and operatingprocedures and everything.
(25:30):
And something that weexperienced which I think is
incredible, is we experienceddouble growth, the same
headcount, which is almostradical.
It's like what?
How is that possible?
But that's what, again, thebeauty of a franchise is like
here's all the systems.
If you just use the systems andimplement the systems, it's all
in there so you can be super,super efficient in your
(25:50):
organization.
And so, going back to generatingrevenue or building a business
multiple ways, it's like, hey,you could increase revenue, but
what are their other goals inmind?
Are we actually increasingrevenue while maintaining
expenses, or decreasing expensesto improve margin and
profitability?
Profitability, we're going wellbeyond insurance right now, but
I just love entrepreneurship.
That's what we're talking about.
(26:13):
This is the audience.
This is what business ownershipis all about Building a
business to be able to scale.
You guys, I don't know thespecifics and I'm not sure if
I'm supposed to say anything,but you bought more than one
territory, right, yeah?
Speaker 1 (26:23):
five.
Speaker 3 (26:24):
Five territories.
I went to something recentlyand this person was up there
talking about multi-unitownership.
She is in the restaurant space,but it's the same principle and
what I like about this is a lotof franchisees get into this
thinking that they're going tobe an owner-operator.
I'm like that's great, butthat's not how wealth is created
.
Speaker 1 (26:43):
That's a really good point and it's a real fine line
to walk.
And what I mean by that is Jilland I could do five units
because Franchise Insiders paidfor it.
We had the first business payfor the second.
When we started FranchiseInsiders, we had nothing.
We had to sell our house we'retalking about this a lot because
(27:04):
we're coming out with a bookand so we had to kind of go back
and kind of relive what got usstarted.
And we were so fed up withcorporate America that we said
sell the house, burn the boats,let's go throw every bit of cash
we have into franchise.
And then we didn't even makeany money for the first five
months we were open.
But I, you know, I neverremember being scared.
Yes, we knew we were going tobe good at it.
(27:24):
We had a feeling, we just wehad the confidence.
So so we started with onebusiness, and so when we coach
new potential franchise owners,a lot of times they're going to
say hey, I want to own 10 units,I want to be a, you know, a big
entrepreneur and this and that.
And to me it feels a lot likewhen I go to the buffet I want
the prime rib, I want thebrisket, I want the everything.
(27:45):
And then I sit down and fiveminutes later I'm like I should
not have done that.
And so a lot of times and Wade,you're exactly right.
If you want to go next level onwealth as a franchise owner,
you need multi-units.
But we all are kind of in thisperiod of where we want to do
everything right away and thatcan be a negative for
franchisees, especially if theyput too much money of their
(28:08):
working capital into franchiseunits.
So we are now counseling firstyear, you know, first time
franchisees.
Really you don't have to do allthose units.
Less is more.
Speaker 2 (28:20):
I think making it a goal is important.
So you don't, you know, like,okay, you can get to all the
things at the buffet, just don'tget them all at once.
You know, your way up to it,and I think that's really
important.
So you don't, you know, take ontoo much, but have that as a
goal because, yes, if you reallywant to build that well, you do
need people.
Speaker 1 (28:39):
Well, and the truth of the matter is um and this is
not a secret not everyone'sgoing to be a franchise owner
forever.
So you may start with oneterritory and you may have a
neighbor which, by the way, aneighbor franchisee is a great
thing but it may not be rightfor the neighbor and two years
later, the neighbor's like youknow what.
This doesn't work for mylifestyle.
I want to sell the business,and you might pick up that same
(29:01):
territory you wanted for pennieson the dollar, and a lot of the
work's been done.
You can just take over thelease.
And so that's where we say ifyou're going to be a good
franchise owner, you will findyour way to more units, you will
find a way to scale, but don'ttake all your capital and put it
into units.
Speaker 3 (29:17):
Yeah, you don't want to chew off too much in the very
beginning, right, that's notthe idea behind it.
But I think what Jill's talkingabout is establishing the goal.
It's helping people seesomething that they cannot see
Now.
Often entrepreneurs see thepotential in other people before
that person sees the potentialin themselves.
And I think that's where youguys exist as the guide to the
hero.
The hero is the franchisee, thehero is the investor.
(29:37):
You guys are simply helpingthem, guide them along the way
to this path of entrepreneurship.
But often we are blinded becauseof challenges and obstacles,
and it's hard.
We limit ourselves to what ourfull potential is.
They need the guide, thesidekick, to pull them up every
once in a while and say, dude,you could do more.
You got this Like, start withthe one, start with the two, but
(29:57):
like, all of a sudden you hitthese inflection points and
you're building your businessand you're doing all the
operations.
You're like, dude, I just hit amillion dollars in revenue.
Well, what's next?
And it's not about the wealth somuch.
And it's not about how do wedefine success, right, but often
the way I define success iswhat is your potential, what are
you capable of?
And all of a sudden, you startthinking that way and you're
(30:18):
like, oh my gosh, I can do more.
And it's not about making moremoney, it really isn't.
It's about what you're capableof doing.
And that's to me.
What gets me motivated and getsme excited is like do we want
to help a thousand franchisors?
That's 30% of the industry.
You know what I'm saying?
Like that's, that's a bigvision.
But why not?
And why can't franchisees havea big vision too, as they get
(30:39):
into it?
Right, understand it, but Ididn't have that vision in the
very beginning.
It didn't start out.
Speaker 1 (30:47):
I'm going to.
You know it's evolved for sure.
No one does, you know, and it'sa different mindset.
It's like for Jill and I totake on all those units and then
, of course, we've got morestaff than other.
You know, an owner, operator,franchisee does, but Jill and I
aren't looking at this likePinks isn't going to make.
It's a real five-year projectfor us and the goal for us was
to say in five years it'd begreat if Pinks could replace
(31:08):
what we make as FranchiseInsiders, because Franchise
Insiders is a great business,but it's all me and Jill,
whereas Pinks is out there doingjobs right now without me and
Jill.
It's taking money.
I love it and so that's for us.
It's a long-term mindset.
So when people call me and say,hey, are you profitable on your
Pinks yet?
I'm like dude, that's not mymindset.
I'm like dude, that's not mymindset.
(31:30):
I'm pumping money into itbecause I want to grow it to be,
you know, a big.
You know a big multimilliondollar business.
Speaker 3 (31:34):
Yeah, I, I, I was in the in, in the red for two and a
half years, and so you talkabout like going into and being
confident.
The reason I got my confidenceis because of my wife's in the
beginning.
Um, she, I think it was like2018 and I wanted to start this
and I was the guy with a millionideas.
I still am a guy with a millionideas, but I've learned to
(31:54):
focus right.
Thank you, we can commiseratetogether.
It's very difficult and, but Ihad a great wife and you do too.
Obviously she's like, hey,she's like the star of the show.
Come on my gosh, I couldn't dowhat I I'm doing without her.
So she goes you're not ready 18.
And I'm like, what are youtalking about?
To me it was like a big blow.
I'm like, oh my gosh, like I'moffended, right?
(32:20):
And she goes.
Why don't you just focus on onething?
And I'm like, oh my gosh, shegoes.
If you just do the one thing,you'll be a lot better off.
So I did the one thing for ayear and a half and I saw it
through, and then finally, thisthing came up again in 2020.
I'm like I got to do this and atthe time, I was really bad
experience with my family agency.
I couldn't work with my dad andmy two brothers anymore and it
just was this massive fallingout.
I'm like I got to do the onething.
(32:40):
She goes, you're ready.
I'm like, oh my gosh.
Like confidence, oh my, like Ican do this now.
And so again, speaking tofranchisees, this is actually
direct.
This is not just a story aboutme, but this is applicable to
you guys.
It's like have the support ofyour spouse right, or your
significant other whoever isthere next to you the moment.
They say that, like I can.
(33:00):
I could do anything.
I got this, so I think that'ssuper important for anybody
getting into business ownershipto your point.
You're going to go throughrough patches.
I didn't pay myself for sixmonths.
I went from uh, a good livingafter building a book of
business for 12 years to zero tozero.
You know I'm saying like youguys get it well, they're of all
(33:21):
things.
Speaker 1 (33:22):
So I'm reading a book by alex van halen on the whole
van halen story and it it'sweird for me to bring this up in
a business setting, but he saidsomething in the book.
I was reading it last night.
They're seven years in.
They're at the time and Iremember I was like in fourth
grade they're the biggest bandon earth.
He's like people thought wewere like these millionaires.
(33:44):
He's like, but by the time youpay the record company, all this
stuff, he's like we were makingno money.
He's like it wasn't until wewere about 10 years in that we
really started to make money.
But he's like we kept investingand I never would think about
this in terms of rockstar.
But he's like we would investin a great stage show.
We wanted people to have agreat experience.
We would invest in this.
We would invest in that.
(34:04):
It's a business it's a businessand I'm like here's this rock
band that I imagined at the timethat these guys are living in
mansions in their middle.
He's like we actually didn'tstart to make any.
We were living in our parents'house for the first three years
of and we were these big globalrock stars and it just struck me
that every business, peopleneed to be patient.
Those first few.
Speaker 3 (34:32):
And I know it's hard to hear this, but you've got to
be patient those first few years, because you're six months in
and you're like holy smokes,this is hard, I want to quit.
And you can't quit, you've gotto keep going.
Yeah, and that's why havingthat vision is so your why,
right?
Having that why is so important.
And there's an argument withentrepreneurship of being
disciplined or having a why, andsome people talk about the
discipline and you're going topersevere no matter what,
because you're disciplined.
You wake up, you do the thingsand I'm like I get that, but
(34:53):
honestly, like I'm verydisciplined, I do my thing.
I have a very typical routine.
It's very you know, whateverit's all dialed in.
But for me, if I didn't have mywhy, I don't care how
disciplined I was Like I wouldhave stopped.
You know what I'm saying.
Like I just, I just it was toopainful and I would have stopped
.
And so I think it requires both.
Get the discipline, build goodhabits.
(35:15):
Read Atomic Habits you knowthat's obviously a very popular
book, it's incredible and thenmake sure you know.
Then go read, start With why,right, simon Sinek.
So it's like having both isvery, very powerful.
Speaker 1 (35:27):
I think that's great, Wade.
This has been awesome.
I feel like we could go on andon and on with you for hours.
You're a real easy guy to talkto and very motivational.
If there's someone out therewho's listening, who's
interested in just finding outmore about your services, how
can they contact you?
Where can they find you guys?
Speaker 3 (35:44):
What's the protectmyfranchisecom Love it.
What's the protect?
Speaker 1 (35:47):
my franchisecom Love it.
Yeah, and for those of you, ofcourse, that want to contact us.
Text three zero five seven, onezero, zero, zero five zero.
I mean I can tell all of youthat that Wade and his company
have been a tremendous asset tous as franchise owners.
And again, it's what's thesaying it takes a village I mean
, having great support systemsis is tremendous.
Wait, anything else you want tosay to the folks that we
(36:09):
haven't?
Speaker 3 (36:09):
we haven't dive in, just do it stop.
Stop waiting, stop thinkingabout it.
Just make it happen, pull thetrigger.
Corporate america is the worstit really is.
Speaker 2 (36:19):
I mean, I feel like it raised us all, but you know
it's simple things, it's likelittle things, like two weeks
ago.
Speaker 1 (36:26):
We're sitting there at a um, at a tree lighting with
our son and we're like let's goto Disney this week.
We don't have to call anyone.
That may seem like the smallestthing on earth to someone else,
but to us the fact that we canbook the hotel, we're gone, we
don't have to answer to anyonebut ourselves.
Speaker 2 (36:44):
Well, our son's school, but that's a whole other
thing.
Speaker 3 (36:48):
I always get the text messages sure, sure, sure, yes,
yes, education, of course,awesome.
I appreciate it wait thank youso much.
Speaker 1 (36:56):
It's been great having you on sir happy, uh
happy holidays thank you, takecare.
Hi everyone.
Welcome back to the we Bought aFranchise podcast.
I'm Jack Johnson.
Speaker 2 (00:05):
I'm Jill Johnson.
Speaker 1 (00:06):
And we have.
For those of you out therethinking about becoming
franchise owners, we have a veryimportant guest today.
We have Wade Milward fromRyeCore.
Wade, welcome to the show, wade.
Of course, ryecore is sort of aone-stop shop for all of our
franchisees, and a franchisor'sinsurance needs correct stop
shop for all of our franchiseesand our franchisors' insurance
(00:27):
needs correct?
Speaker 3 (00:30):
Yeah, I appreciate you guys having me on here.
Yeah, we typically get lumpedinto the insurance bucket, but
we do focus exclusively on thefranchising industry.
So we work with over a hundredfranchise brands now and
thousands of franchisees acrossthe country in just the past few
years, which has been really,really awesome to experience.
Speaker 1 (00:42):
Yeah, you know, wade, we were so impressed.
So so RyeCorp full disclosurehandles our insurance needs for
our PINX Windows Servicesfranchise.
And, of course, you know, wade,I've been seeing you for years
on social media and we knewabout you, but it was really
cool to get like a firsthandsort of experience working with
you guys.
And again, for all of you whomay be tuning in for the first
(01:03):
time, the purpose of thispodcast is for Jill and I to
share our experiences buildingand running our Pinks Window
Services franchise Fulldisclosure.
We are franchise consultants.
We do help people becomefranchise owners, but we thought
it would be helpful to you aspotential franchise investors,
to learn what it's like, the upsand downs of growing a
franchise, and for us it wasgreat diversification.
(01:26):
So you know, wade, let's getinto this a little bit.
Maybe tell us about you and howyou got started in the business
and how RICOR helps people.
Speaker 3 (01:35):
Yeah, no, appreciate that.
If you've heard anybody talkthat comes from the insurance
industry, we all started thesame way, either by family
member or falling into it.
Nobody wakes up one morningchoosing to be an insurance
agent, but I think I've heardthe same thing in franchising
too.
I just fell into it.
That's kind of common.
So I did the same thing.
My grandfather started anagency back in the 1940s.
(01:57):
My dad was in the 1970s, so Istarted with a family agency,
built up a large, sizable bookof business, always focusing on
small to mid-sized businesses,and then the way this whole
thing started was actually oneof my clients was a franchisee.
This is back years ago, in like2018.
And she was a large one.
She was as a franchisee, shehad 22 locations, she was doing
(02:17):
a hundred million dollars inrevenue, and she comes and asks
me to solve her problem.
Now, at the moment, or at thetime, I was not focusing on
franchising, I was just buildinga book of small business
insurance.
And she wasn't small, she's mid.
So she asked me to solve someof her problems.
And I do something, I createthis thing and she's all excited
about it.
She gets me in front of thebrand president.
Now, mind you, I have nothingat this point.
(02:39):
I have a deck right Like apitch deck and like a concept.
So yeah, so this is my firstintro to franchising.
I meet the brand president of abrand that had 900 locations.
I'm clueless, guys.
This is October 28th, so thisis October 31st, it's Halloween
day.
And I get a call from hername's Heidi, five minutes prior
(03:02):
to the meeting.
She goes hey, wait, are youready?
I go ready for what, heidi?
She goes you're going to bemeeting with the brand president
and I'm like what are youtalking about?
She goes you're pitching to him.
I'm like, okay, and at the timeI'm wearing a inflatable
unicorn costume.
And so I'm like, oh my gosh,what am I?
That's amazing.
The whole thing is crazy.
So I get on the call, I juststart talking at the guy, I
(03:23):
don't ask a single question, Idon't know what I'm doing, and
at the end of it he saysinteresting, and I'm like oh,
maybe I have something here.
So I start doing more marketresearch and the first person,
the first franchisor.
The second franchisor I meettechnically is none other than
Scott Abbott here in Utah, whoScott Abbott was either.
(03:46):
So he was the prior founder ofFive Star Painting, and then he
now is the CEO of Five StarFranchising and I go and sit
down with him and I'm talking tohim and he's like Wade, you got
to build this thing.
There's a serious problem in thefranchising space, and so I
started building the thing acouple of years later and we
started getting after it.
And then somebody else thatcomes on board was Ryan Zink.
So Ryan Zink jumps on and hehelps me out and opens up the
door to all of these franchisebrands.
And sure enough, guys, theproblem exists in every single
(04:10):
franchise brand and the thingthat we identified is
franchisors have a terribleproblem of tracking and
monitoring insurance complianceacross the entire franchise
system, and franchisees are notgetting either the level of
education, the level of care,the level of service and also
just a simplified insurancepurchasing experience that meets
or exceeds the FDD requirementsand, in addition to protects
(04:33):
your guys' investment.
You guys are investing hundredsof thousands of dollars and
we're like, yeah, I get figureout the insurance.
I'm like, oh my gosh, it's allat stake, like it could all be
crumbling down in a moment withone claim.
So that's a long story of howwe got started.
Speaker 1 (04:49):
Yeah, I mean, it's so valuable what you do because
you're right, and what you dolook.
In so many cases, franchiseowners, especially in the first
few years, we've got to go outthere and we've got to sell and
we've got to build and soknowing that that piece is taken
care of, you know, speaking asa franchisee and as a client of
yours, you know you guys havebeen very responsive to us and
(05:10):
any of the questions that we'vehad I mean, as we were getting
fired up, we had questions aboutyou know how many stories can
we go up and can we go on?
So one of the pivots we had tomake was that we found out we
couldn't put guys on roofs right, so we had to go, and our needs
here in South Florida are wehave a lot more requests for
pressure washing.
So it was cheaper for us to goout and just buy a big pressure
(05:32):
washing rig and less liabilitythan throwing guys up on the
roof.
So you guys have been so greatin helping us to keep on track
and I'm actually getting emailsfrom you guys.
Hey, let's make sure that we'rehaving a meeting to talk about
your needs as you grow next year.
So no, I can tell all of youout there who are thinking about
becoming franchise owners.
I'd be surprised at this pointif whatever franchisor you're
(05:53):
talking to isn't already workingwith Wade and his team, because
they really do make it seamlessfrom end to end.
Speaker 2 (05:59):
Yeah.
I mean when you take on a newopportunity.
There's a lot, there's a lot toget into and it's new and a lot
of us.
We're getting into a space thatwe're not used to, so to have
that additional help and supportis just like so helpful.
Speaker 3 (06:16):
Well, I think, just to kind of add on to what you
guys are talking about, it alsotakes two to tango, right, and
so you guys being receptive towhat we do is just as important.
We have these conversationswith all of our clients and,
unfortunately, either it'smisunderstood or they don't
fully grasp the implications ofnot having the proper insurance.
(06:36):
You guys can't believe but,like, franchisees sometimes
don't tell us if they're gettingon roofs or they want to avoid
the conversation.
People need to, yeah, trust me,trust me, I know and I cringe
too.
I'm like.
People need to realize that,like, if you don't tell the
insurance company something,they'll just exclude it.
They don't care if somebodyfalls off a roof and you don't
have the proper coverage.
They don't care if you're up onit and you're above three
(06:59):
stories and all the generalliability coverage is excluded.
They don't care it like.
And then they come back to usand they get frustrated.
But we're trying to eliminatethe friction.
That's what we're doing.
That's why we're trying to beso transparent with our
franchisees.
It's like and sometimes we losedeals because of it but I'd
rather do the right thing andI'd rather provide the right
coverage, even if it costs more,even if, like, we have to
modify something, especially forfirst year franchisees, than
(07:21):
getting into a position whereyou guys are left out with
paying for an uninsured claim.
That's what terrifies me.
Speaker 1 (07:30):
Yeah, I mean, and I think what you said, you said
two things that have sort ofmade me think on this episode.
And the first thing you saidwas when you first went in to
talk to that brand president andtalk about, hey, I was nervous,
or it was my first time in thattype of situation, so I just
talked at the dude for an hour.
Jill and I were having thisconversation this morning
because we had a client who hedoesn't have the capital to do a
(07:53):
full franchise of the employees, so we've got to look at
consultative businesses.
And he's like I'm scared todeath of selling, I don't know
how to sell, and I'm like when Ifirst started in my career,
sales was all about who's gotthe best pitch and who can
dazzle people, and now it's theopposite.
People hate that.
People want you to askquestions, people want to be
(08:14):
heard, people want to beunderstood, and I would actually
argue that people who are lesssalesy are much better
salespeople.
Now I mean, look at, we're on apodcast that's going to be
watched on YouTube, right,because people would rather, if
they're going to look up, youknow, right, core, they're going
to want to come see you talkwith us on YouTube.
So I think authenticity andasking lots of questions.
(08:35):
The world has really changed.
It's no longer about just, youknow, throwing a massive pitch
out there.
So I that really resonated withme.
And then the second thing so itis taking on a client that may
not be the right fit.
And that's the other side ofthis too.
And I'm so happy you said that,because we're the same way.
If someone is not a fit forfranchise ownership and we talk
(08:55):
a lot about how hard it is, andI think the whole industry
you've probably seen it has comearound to responsible
franchising If it's not a fit,don't do it.
If you don't have the rightamount of capital, if you don't
understand how hard this isgoing to be or the things you
need to do to do it right, don'tdo it.
Speaker 3 (09:11):
Well, I mean, we could talk about both these
things.
But, like, setting clearexpectations for potential
franchisees is so, so critical.
It's critical in your guys'states, it's critical in my
states, right, it's also just asimportant, if not the most
important the franchisor side,and so we have a lot of
conversations with ourfranchisors about setting clear
expectations.
We do a deep dive into the FDD,we do what we call the FDD
(09:34):
insurance analysis.
It ends up being a 30 to 40page report and a lot of what I
talk about is setting clearexpectations from an insurance
cost perspective too.
With franchisees.
Often the item seven is all outof whack.
So your item seven when I talkabout it mostly I'm focusing on
insurance but really item sevenat scale for you guys is so
important because you getfrustrated franchisees.
You get franchisees that areextremely upset when they're
(09:54):
told one thing oh yeah, it'sgoing to cost 100 grand.
And they get in there it's 200,it's 300, something totally
different.
And so we have thisconversation.
It's all about setting clearexpectations and transparency
and, like you said, um, it'sjust being authentic with them.
Like, why are we hiding behindit?
Like let's get it all out inthe air in the beginning and
then all of a sudden like yeah,yeah, it's so important, just
have the conversation, it's okay.
(10:15):
So that's what we stress a lot.
And then to your point too,about the non-salesy thing.
Like when I first started this,I said to my sales guys they're
actually not even called salesguys, they're called consultants
.
So I changed the languagebecause I didn't want them
thinking that they're an agentselling insurance.
They're actually consultants,educating franchisees and proper
insurance.
So totally differentnomenclature in our, in our, in
(10:36):
my company.
But I told him, like your, yournumber one responsibility is to
build meaningful relationshipswith these guys.
Like that's it.
Insurance becomes a byproductof everything else that we've
done Build the relationship,understand them, get excited.
These guys are entrepreneurs,they're investing in a business.
This is cool stuff.
Get to know them, get to knowtheir family.
The result of that isabsolutely insane Our guys.
If you're comparing us to anaverage insurance agency, our
(11:01):
guys outperform the averageproducer seven times.
Our close ratio is X thenational average.
Because, to your point, jack,we don't sell it, we just ask a
lot of questions.
I do the same thing withfranchisors.
What's your problem?
Tell me more about it.
What are you experiencing?
What's the insurance processlook like today.
How are franchisees getting?
And they just tell youeverything.
It's so simple.
Speaker 1 (11:22):
Yeah, I mean, I think that's really it.
And again, I agree with you onthe item seven, and anytime we
look at franchise investment, wethrow the low side out the
window.
We say, whatever the high sideis, that's what we're going to
plan on.
So I'm trying to put my sort ofsomeone who's listening to this
podcast or watching thispodcast.
What's the number one questionthat a potential franchisee is
(11:45):
going to want to know and Ithink I probably know what it is
which is, you know, wade, whatdoes a typical home services
franchisee pay for insurance?
What is it?
Speaker 3 (11:55):
Yeah, yeah, and you already know my answer, which is
going to be like it depends.
But what we have found theaverage for like, let's say it's
a two year, maybe it's a firstyear franchisee.
It's probably in a decent range, especially if you have a
vehicle, but it could beanywhere from seven to $18,000 a
year and it's a big rangedepending on the home service
(12:17):
Like we have, we have roofingclients rather than paying 18 or
20,000.
So it's a little bit on thehigher end exposure.
And then we have guys that aredoing a you know fence
installation and it's probably7,500 bucks a year or 8,000.
So it just kind of depends.
Speaker 1 (12:31):
Yeah, I mean it's.
You know here in Florida, likethe, the cost to ensure a
vehicle has become silly.
But when we do the analysis onit we're like, okay, but you
know, one big job covers that.
Yeah, let's talk about the highside of what you said, which is
like a roofing franchise.
We have a client that is a yearand a half in on his roofing
(12:55):
franchise and the amount ofbusiness he does is is insane.
So roofing can do very bigvolume.
Again, it's, it's, it's soworth it.
It's such peace of mind because, man, again, you never know,
somebody falls off a roof.
You better make sure you've gotthe coverage.
Speaker 3 (13:13):
Yeah, and touching on what you're talking about, this
is kind of an interesting topicto think about.
When it comes to insurance is,sometimes small business owners
get stuck in the mindset ofthere's a bunch of ways to make
money right and one of thethings that they think about is
I've got to reduce expenses.
And so they look at insurance asthis big expense, this line
item, and they try to chip awayat this thing and they try to
(13:34):
save maybe a thousand bucks ayear, maybe tops $2,000 a year,
depending on how much you'repaying and what.
We try to help these guys.
And it's not about just savingit for ourselves, but it's like
don't you think the amount ofeffort taken to actually go
through this process would bebetter spent improving processes
or systems within theorganization for operational
efficiency, or going out anddoing more sales calls to
(13:57):
actually land larger deals andlet's just make sure the
insurance is done right?
So we have to shift theperspective and the mindset of
what insurance and how toactually improve the business
from hey, let's chip away atthis thing and spend all this
time I would actually argue it'swasting time or improve the
business man, go out there andland more deals.
Speaker 1 (14:17):
I agree.
I think that's a franchiseeshould be focused on growth,
should be focused on cashflow.
A franchisee that is going toum, to witch hunt every little
cost you know I gotta make sureRykor isn't.
You shouldn't be in franchising.
You honestly shouldn't.
Franchise ownership is a teamsport.
It is you you got to trust thatthat franchise that you signed
(14:41):
up with is not trying to stealyour money.
Everybody wants to grow, wantsyou to grow and be successful,
and part of this is, I mean, thebeauty.
I love working with a companylike yours because I know you
guys can take care of the wholething for me.
I don't like I'd so much ratherfocus on going out and closing
that big commercial client thantrying to save $2 here or there,
you know, with my insurance.
Speaker 3 (15:03):
Yeah, yeah, yeah, yeah.
It's interesting how often thathappens, though, and it may be
a cause of just the the type ofpersona, the type of people that
are becoming franchisees andentrepreneurs.
This is all new to them, right?
This is, it's totally new world, so I totally understand that
and I totally get what they're,where they're coming from.
But, yeah, there's certainlythings that you can spend your
time on that's going to be waymore productive with higher yeah
(15:26):
I think you have more peoplebecoming franchise owners than
ever before.
Speaker 1 (15:30):
The barrier of entry is lower than it's ever been,
and you know I mean again nottoo long ago.
When you say the word franchise,you're thinking about food,
right, you're you're thinkingabout um, you know expensive
brick and mortar franchises thatare seven figure investments,
and now people can becomefranchise owners for 150 K,
right with with home services,and so it's almost like flip
(15:52):
flop to where over the last fewyears, you know, real estate has
become so expensive so youcan't buy a single family home
but you can buy a franchise, andso we're seeing younger
entrepreneurs come into it.
We're seeing many more peoplecome into franchising, and so
what happens now is that youknow you have a franchise that
will sell 100 units in a year.
When I was on the franchisorside, a good year was 20 units
(16:15):
in a year.
So it's almost like thematuration process of a
franchise now has been trulyconsolidated to where you have
so many people joining a brandin a given year and then you
have a certain amount that aregoing to transition out in a
given year, and so you'respeeding up that whole process.
Now it's it's a veryinteresting time in franchising.
Speaker 3 (16:34):
As you were talking there, I wanted to kind of like
put a plug in there forfranchising.
Being a business owner myselfand going through the experience
of of being like a startup atrue startup with nothing and
anybody that's thinking aboutfranchising and we're talking
about a little bit offranchisees that possibly have
some resistance to the franchiseor systems, process, procedures
, vendors, suppliers, stuff likethat, having an operating
(16:58):
manual that's 400 pages withevery single system built out.
I cannot tell you guys thathaven't started your own
business yet how valuable orinvaluable that is, having done
it myself and going through thepain of building those out.
It requires a tremendous amountof effort, and that's why you
see a lot of these successfulfranchise brands with corporate
(17:20):
locations that have existed fordecades before they start to
franchise, and they becomewildly successful because what
they've done over the course of30 years is like, hey, we
perfected it finally.
It took us 30 years, though, orit took us 10 years, so,
anyways, anybody that's gettinginto franchise, follow the
playbook.
Like you said, they want you tobe successful, nobody wants you
(17:42):
to fail.
Your success is their success,and so I'm just coming from an
entrepreneur's like a founderside.
It's like it's a miserableexperience.
I don't, I don't wish it onanybody to start.
Speaker 2 (17:54):
We love what we do because there's so many
opportunities and, like you said, the franchisor wants you to
succeed.
They're not.
They will do anything they canto help you, and so your
feedback always helps them.
Um, you know they're they'relearning along the way too.
So usually a good franchise, ora bit open to kind of hearing
your feedback, because you're ina market they don't know about
(18:15):
yet, you know.
So there's that two wayconversation which we're really
fortunate to have with pinks andto us, you know, being in a
completely different locationthan their, their corporate, um,
you know, in Austin, Texas andSouth Florida is very different,
you know.
Speaker 3 (18:34):
So having them listen , to us and explain, even on the
insurance side you know.
Speaker 2 (18:35):
so you know it's a whole different ballgame in
Florida than it is in Texas.
You know it's it's important tohave, you know, their support,
but also have them, you know,reciprocate and listen to you as
well, and that's you don't getthat when you're doing it a
hundred percent by yourself, youknow you're finding it all out
and you don't have that you knowbackbone to help you.
So I totally agree with whatyou're saying.
Speaker 1 (18:57):
No, it's like the the the when you're doing it
yourself, like Jill and I,creating franchise insiders.
When you make mistakes, they'reexpensive mistakes, and so
having a franchisor to kind ofkeep you honest and show you
where those potholes are is soinvaluable.
So you're right having thatsystem, but it takes a certain
kind of entrepreneur and that'syou know, as franchise
consultants.
That's what we're here to do isto kind of help flush that out.
(19:19):
Are you truly a fit forfranchise ownership?
Yeah, because we want bothsides to be happy with the
relationship.
Speaker 3 (19:27):
Yeah, but I just want to talk about that too.
Like making mistakes.
I feel like all too oftenpeople are so fearful of making
these mistakes.
Now, too, it's like people needto realize somebody said it
best, everybody's got shit.
That, to me, summed everythingup, and then I started to
realize that I'm like, oh mygosh, everybody makes mistakes.
And so like again, franchiseesout there listening people like
(19:49):
thinking about businessownership and like wanting to
get into it, it's okay.
Like you can mess up.
And that's the great part abouta franchise system is like
here's an operating manual,follow it.
You're going to struggle,you're going to mess up too, and
it's sometimes it's expensive,but it's okay, cause it's like
it's where you end up, right,and like I love that.
Like thinking, once I removedthat barrier for myself as an
(20:10):
entrepreneur and I got into itand I realized that everybody's
going through something andnobody has it all buttoned up
Right, you know what I'm sayingLike it's not, it's not all tidy
and perfect behind the scenes,we're all just figuring this
thing out.
And that's what I love aboutbeing an entrepreneur.
It's like let's just continueto improve one bit at a time,
every single day.
Let's focus on the customer.
(20:31):
How do we respond better?
How do we answer theirquestions before they ask them?
How do we serve you guys better?
How do we become moretransparent?
It's very, very simple.
Speaker 1 (20:38):
Yeah, it's like we were in Orlando last week going
to Disney and of course, Ialways miss the first.
It says go left here, and Imiss it.
Ok, go left here, miss it, goleft here.
The GPS will help you find yourway.
And I think a franchise that'sone of the great things about a
franchise is, you're right, theywill.
Even if you make a wrong turn,which inevitably all of us do,
(20:59):
we all do They'll help you geton track and I think what you
just said there is really cool.
It's like don't, don't put thatmuch pressure on yourself.
Okay, it's, we're all human, weall make mistakes and we all
can recover.
And I think so much of this isfranchise owners is us realizing
.
It's like we were just talkingabout.
We do sort of these updateswhere we have guests like
yourself, but also episodeswhere just Jill and I kind of
(21:21):
talk about what's going on withthings.
And, um, it was the middle ofsummer and South Florida we lose
a lot of our population, right,they go back up to New York.
It's really hot here and sobusiness was really slow for us
in the middle of summer and youknow, a lot of people might've
been really freaked out aboutthat and said, oh my God.
But we stayed the course, wekept, we believed, we followed
(21:42):
the franchisor's guidance.
We still continue to spend morethan less on advertising.
So they'd say spend this onadvertising.
And we spent more.
And I'm happy to say that thelast two months we've been the
leading franchisee in terms ofbillings.
And that's not us trying to atall, you know, rub it in anyone
else's faces.
No, no, no, it's just us beingproud of growing the business
Absolutely.
(22:03):
But yeah, as a franchise, as afranchise owner, you will get
tons of support, you will gettons of training, but ultimately
, just like when you got to callWade and his team and say, what
things should I have here?
If we're taking on this new bigjob, do we need to change our
coverage?
It's ultimately up to you toquarterback the business and
hire the right people and growand be growth minded.
Speaker 3 (22:25):
Yeah, I'm so curious about this because that's a
certain type of mindset that youguys have adopted, right, that
allowed you to persevere despiteall the challenges, despite the
fact that you guys saw a dip inrevenue and the typical
response is shrink, reduce,right.
So, like, what do you think itwas for you guys?
Like, why do you have thatmindset?
Speaker 1 (22:43):
Yeah, well, um, jill and I are very fortunate that
our fathers were entrepreneursbefore us and and my dad, I'll
never forget my dad said to mewhen business is slow, double
down on advertising.
I love it and and like therehave been times where I said to
jill, maybe we should cut back.
Speaker 2 (23:00):
She's like no, remember what you're done you
always have to remind yourselfand yes, we've, we've, we've
gone through it, we've seen it,we've seen those ups and downs
and how you can really come outof those down periods.
And I always actually say toJack I think when we hit a down
period in any of our businessesis when he does his best work.
Speaker 3 (23:19):
Oh my gosh.
Speaker 2 (23:20):
I'm probably more of a panicker.
I mean, you are too, but itreally kind of gets you thinking
, you know, because it's reallyeasy to just kind of, you know,
go with the flow and say thingsare great.
And you thinking, because it'sreally easy to just go with the
flow and say things are greatand just stay there.
But when you're presented with achallenge, I think that's when
you start to do some of yourbest work and come up with brand
new ideas and look at it andthen, once that happens once or
(23:43):
twice, it can help you in thefuture saying, okay, we're at
that point, this is the pointwhere we need to do something
different and we know we can getout of it.
And so I agree, I don't think alot of people think that
sometimes you have to go throughit once or twice or a hundred
times, but that's so importantfor any entrepreneur, you know,
to not let those things take youdown.
Speaker 1 (24:05):
Yeah, I mean, we heard recently about a
franchisee who decided not tofollow the franchisor's guidance
on advertising, decided to doexactly the opposite, and it
didn't work out so well for him.
So yeah, I would always saywhen business is slow, you've
got to get your brand out there.
Speaker 3 (24:24):
That's when you've got to go to work and do your
best work, something I was goingto say that you guys just it's
a quote that I love and it'snecessity is the mother of
innovation, and oftentimes, whenwe're going through these
periods of difficulty, ofchallenges like you talked about
Jill it forces you to innovate,it forces you to think
differently.
And so there's this reallyinteresting, fine line that we
(24:46):
have to tow as entrepreneurs andbusiness owners is it can't
always be blue skies andrainbows all the time.
Sometimes it almost needs to bedifficult, so we are forced to
do things differently.
I love going through andthinking back through the
history of my business now andseeing these inflection points
that I hit, and inflectionpoints for me is very, very
(25:09):
simple.
I measure them at revenue size,and so each time you hit these
inflection points that I hit andinflection points for me is
very, very simple I measure themat, like, revenue size, and so
each time you hit thisinflection point, all of a
sudden, you're like everythingjust broke because I hit this
certain point, and then what itdoes is it forces me and my team
to go back and like rethinkeverything we've done.
This has been an incredible yearof building out a lot of
foundation, building out a lotof foundation, building up a lot
of systems and operatingprocedures and everything.
(25:30):
And something that weexperienced which I think is
incredible, is we experienceddouble growth, the same
headcount, which is almostradical.
It's like what?
How is that possible?
But that's what, again, thebeauty of a franchise is like
here's all the systems.
If you just use the systems andimplement the systems, it's all
in there so you can be super,super efficient in your
(25:50):
organization.
And so, going back to generatingrevenue or building a business
multiple ways, it's like, hey,you could increase revenue, but
what are their other goals inmind?
Are we actually increasingrevenue while maintaining
expenses, or decreasing expensesto improve margin and
profitability?
Profitability, we're going wellbeyond insurance right now, but
I just love entrepreneurship.
That's what we're talking about.
(26:13):
This is the audience.
This is what business ownershipis all about Building a
business to be able to scale.
You guys, I don't know thespecifics and I'm not sure if
I'm supposed to say anything,but you bought more than one
territory, right, yeah?
Speaker 1 (26:23):
five.
Speaker 3 (26:24):
Five territories.
I went to something recentlyand this person was up there
talking about multi-unitownership.
She is in the restaurant space,but it's the same principle and
what I like about this is a lotof franchisees get into this
thinking that they're going tobe an owner-operator.
I'm like that's great, butthat's not how wealth is created
.
Speaker 1 (26:43):
That's a really good point and it's a real fine line
to walk.
And what I mean by that is Jilland I could do five units
because Franchise Insiders paidfor it.
We had the first business payfor the second.
When we started FranchiseInsiders, we had nothing.
We had to sell our house we'retalking about this a lot because
(27:04):
we're coming out with a bookand so we had to kind of go back
and kind of relive what got usstarted.
And we were so fed up withcorporate America that we said
sell the house, burn the boats,let's go throw every bit of cash
we have into franchise.
And then we didn't even makeany money for the first five
months we were open.
But I, you know, I neverremember being scared.
Yes, we knew we were going tobe good at it.
(27:24):
We had a feeling, we just wehad the confidence.
So so we started with onebusiness, and so when we coach
new potential franchise owners,a lot of times they're going to
say hey, I want to own 10 units,I want to be a, you know, a big
entrepreneur and this and that.
And to me it feels a lot likewhen I go to the buffet I want
the prime rib, I want thebrisket, I want the everything.
(27:45):
And then I sit down and fiveminutes later I'm like I should
not have done that.
And so a lot of times and Wade,you're exactly right.
If you want to go next level onwealth as a franchise owner,
you need multi-units.
But we all are kind of in thisperiod of where we want to do
everything right away and thatcan be a negative for
franchisees, especially if theyput too much money of their
(28:08):
working capital into franchiseunits.
So we are now counseling firstyear, you know, first time
franchisees.
Really you don't have to do allthose units.
Less is more.
Speaker 2 (28:20):
I think making it a goal is important.
So you don't, you know, like,okay, you can get to all the
things at the buffet, just don'tget them all at once.
You know, your way up to it,and I think that's really
important.
So you don't, you know, take ontoo much, but have that as a
goal because, yes, if you reallywant to build that well, you do
need people.
Speaker 1 (28:39):
Well, and the truth of the matter is um and this is
not a secret not everyone'sgoing to be a franchise owner
forever.
So you may start with oneterritory and you may have a
neighbor which, by the way, aneighbor franchisee is a great
thing but it may not be rightfor the neighbor and two years
later, the neighbor's like youknow what.
This doesn't work for mylifestyle.
I want to sell the business,and you might pick up that same
(29:01):
territory you wanted for pennieson the dollar, and a lot of the
work's been done.
You can just take over thelease.
And so that's where we say ifyou're going to be a good
franchise owner, you will findyour way to more units, you will
find a way to scale, but don'ttake all your capital and put it
into units.
Speaker 3 (29:17):
Yeah, you don't want to chew off too much in the very
beginning, right, that's notthe idea behind it.
But I think what Jill's talkingabout is establishing the goal.
It's helping people seesomething that they cannot see
Now.
Often entrepreneurs see thepotential in other people before
that person sees the potentialin themselves.
And I think that's where youguys exist as the guide to the
hero.
The hero is the franchisee, thehero is the investor.
(29:37):
You guys are simply helpingthem, guide them along the way
to this path of entrepreneurship.
But often we are blinded becauseof challenges and obstacles,
and it's hard.
We limit ourselves to what ourfull potential is.
They need the guide, thesidekick, to pull them up every
once in a while and say, dude,you could do more.
You got this Like, start withthe one, start with the two, but
(29:57):
like, all of a sudden you hitthese inflection points and
you're building your businessand you're doing all the
operations.
You're like, dude, I just hit amillion dollars in revenue.
Well, what's next?
And it's not about the wealth somuch.
And it's not about how do wedefine success, right, but often
the way I define success iswhat is your potential, what are
you capable of?
And all of a sudden, you startthinking that way and you're
(30:18):
like, oh my gosh, I can do more.
And it's not about making moremoney, it really isn't.
It's about what you're capableof doing.
And that's to me.
What gets me motivated and getsme excited is like do we want
to help a thousand franchisors?
That's 30% of the industry.
You know what I'm saying?
Like that's, that's a bigvision.
But why not?
And why can't franchisees havea big vision too, as they get
(30:39):
into it?
Right, understand it, but Ididn't have that vision in the
very beginning.
It didn't start out.
Speaker 1 (30:47):
I'm going to.
You know it's evolved for sure.
No one does, you know, and it'sa different mindset.
It's like for Jill and I totake on all those units and then
, of course, we've got morestaff than other.
You know, an owner, operator,franchisee does, but Jill and I
aren't looking at this likePinks isn't going to make.
It's a real five-year projectfor us and the goal for us was
to say in five years it'd begreat if Pinks could replace
(31:08):
what we make as FranchiseInsiders, because Franchise
Insiders is a great business,but it's all me and Jill,
whereas Pinks is out there doingjobs right now without me and
Jill.
It's taking money.
I love it and so that's for us.
It's a long-term mindset.
So when people call me and say,hey, are you profitable on your
Pinks yet?
I'm like dude, that's not mymindset.
I'm like dude, that's not mymindset.
(31:30):
I'm pumping money into itbecause I want to grow it to be,
you know, a big.
You know a big multimilliondollar business.
Speaker 3 (31:34):
Yeah, I, I, I was in the in, in the red for two and a
half years, and so you talkabout like going into and being
confident.
The reason I got my confidenceis because of my wife's in the
beginning.
Um, she, I think it was like2018 and I wanted to start this
and I was the guy with a millionideas.
I still am a guy with a millionideas, but I've learned to
(31:54):
focus right.
Thank you, we can commiseratetogether.
It's very difficult and, but Ihad a great wife and you do too.
Obviously she's like, hey,she's like the star of the show.
Come on my gosh, I couldn't dowhat I I'm doing without her.
So she goes you're not ready 18.
And I'm like, what are youtalking about?
To me it was like a big blow.
I'm like, oh my gosh, like I'moffended, right?
(32:20):
And she goes.
Why don't you just focus on onething?
And I'm like, oh my gosh, shegoes.
If you just do the one thing,you'll be a lot better off.
So I did the one thing for ayear and a half and I saw it
through, and then finally, thisthing came up again in 2020.
I'm like I got to do this and atthe time, I was really bad
experience with my family agency.
I couldn't work with my dad andmy two brothers anymore and it
just was this massive fallingout.
I'm like I got to do the onething.
(32:40):
She goes, you're ready.
I'm like, oh my gosh.
Like confidence, oh my, like Ican do this now.
And so again, speaking tofranchisees, this is actually
direct.
This is not just a story aboutme, but this is applicable to
you guys.
It's like have the support ofyour spouse right, or your
significant other whoever isthere next to you the moment.
They say that, like I can.
(33:00):
I could do anything.
I got this, so I think that'ssuper important for anybody
getting into business ownershipto your point.
You're going to go throughrough patches.
I didn't pay myself for sixmonths.
I went from uh, a good livingafter building a book of
business for 12 years to zero tozero.
You know I'm saying like youguys get it well, they're of all
(33:21):
things.
Speaker 1 (33:22):
So I'm reading a book by alex van halen on the whole
van halen story and it it'sweird for me to bring this up in
a business setting, but he saidsomething in the book.
I was reading it last night.
They're seven years in.
They're at the time and Iremember I was like in fourth
grade they're the biggest bandon earth.
He's like people thought wewere like these millionaires.
(33:44):
He's like, but by the time youpay the record company, all this
stuff, he's like we were makingno money.
He's like it wasn't until wewere about 10 years in that we
really started to make money.
But he's like we kept investingand I never would think about
this in terms of rockstar.
But he's like we would investin a great stage show.
We wanted people to have agreat experience.
We would invest in this.
We would invest in that.
(34:04):
It's a business it's a businessand I'm like here's this rock
band that I imagined at the timethat these guys are living in
mansions in their middle.
He's like we actually didn'tstart to make any.
We were living in our parents'house for the first three years
of and we were these big globalrock stars and it just struck me
that every business, peopleneed to be patient.
Those first few.
Speaker 3 (34:32):
And I know it's hard to hear this, but you've got to
be patient those first few years, because you're six months in
and you're like holy smokes,this is hard, I want to quit.
And you can't quit, you've gotto keep going.
Yeah, and that's why havingthat vision is so your why,
right?
Having that why is so important.
And there's an argument withentrepreneurship of being
disciplined or having a why, andsome people talk about the
discipline and you're going topersevere no matter what,
because you're disciplined.
You wake up, you do the thingsand I'm like I get that, but
(34:53):
honestly, like I'm verydisciplined, I do my thing.
I have a very typical routine.
It's very you know, whateverit's all dialed in.
But for me, if I didn't have mywhy, I don't care how
disciplined I was Like I wouldhave stopped.
You know what I'm saying.
Like I just, I just it was toopainful and I would have stopped
.
And so I think it requires both.
Get the discipline, build goodhabits.
(35:15):
Read Atomic Habits you knowthat's obviously a very popular
book, it's incredible and thenmake sure you know.
Then go read, start With why,right, simon Sinek.
So it's like having both isvery, very powerful.
Speaker 1 (35:27):
I think that's great, Wade.
This has been awesome.
I feel like we could go on andon and on with you for hours.
You're a real easy guy to talkto and very motivational.
If there's someone out therewho's listening, who's
interested in just finding outmore about your services, how
can they contact you?
Where can they find you guys?
Speaker 3 (35:44):
What's the protectmyfranchisecom Love it.
What's the protect?
Speaker 1 (35:47):
my franchisecom Love it.
Yeah, and for those of you, ofcourse, that want to contact us.
Text three zero five seven, onezero, zero, zero five zero.
I mean I can tell all of youthat that Wade and his company
have been a tremendous asset tous as franchise owners.
And again, it's what's thesaying it takes a village I mean
, having great support systemsis is tremendous.
Wait, anything else you want tosay to the folks that we
(36:09):
haven't?
Speaker 3 (36:09):
we haven't dive in, just do it stop.
Stop waiting, stop thinkingabout it.
Just make it happen, pull thetrigger.
Corporate america is the worstit really is.
Speaker 2 (36:19):
I mean, I feel like it raised us all, but you know
it's simple things, it's likelittle things, like two weeks
ago.
Speaker 1 (36:26):
We're sitting there at a um, at a tree lighting with
our son and we're like let's goto Disney this week.
We don't have to call anyone.
That may seem like the smallestthing on earth to someone else,
but to us the fact that we canbook the hotel, we're gone, we
don't have to answer to anyonebut ourselves.
Speaker 2 (36:44):
Well, our son's school, but that's a whole other
thing.
Speaker 3 (36:48):
I always get the text messages sure, sure, sure, yes,
yes, education, of course,awesome.
I appreciate it wait thank youso much.
Speaker 1 (36:56):
It's been great having you on sir happy, uh
happy holidays thank you, takecare.
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