September 8, 2024 • 17 mins
Welcome back to the RV Rental Secrets Podcast! In today's episode, your hosts, Stacy Maxon and Garr Russell, share some exciting updates and valuable insights into the world of RV rentals. Stacy kicks off with some personal news—her family's upcoming full-time RV travel adventure across 15 states in their newly wrapped Fireside fifth wheel. If you spot them on the road, feel free to stop and say hello!
The episode takes a significant turn when Garr announces that three Fireside franchises have joined forces to acquire a major competitor, securing the deal with zero out-of-pocket costs and zero percent interest. This leads to a discussion on the importance of delegation and scaling strategies in business. They highlight key lessons, including avoiding burnout through proper delegation and the advantages of leveraging Other People's RVs (OPRV) to maintain a low-overhead, recession-proof business model.
Stacy and Garr also touch on the power of creative financing, sharing lessons learned from personal experiences and their mastermind groups. They discuss the risks of owning too much inventory, especially when competitors are collapsing under high overhead costs. They emphasize the importance of exit strategies, keeping overhead low, and how businesses can protect themselves by using smart purchasing strategies.
The episode wraps up with Garr encouraging listeners to stay alert to opportunities during uncertain times, urging them to take bold actions to scale their businesses despite external fears. Both hosts provide actionable tips for managing an RV rental business successfully while building long-term value through smart financial decisions.
Join us for this engaging discussion filled with practical insights, real-life examples, and inspiring words to help you build your RV rental empire.
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Episode Transcript
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Welcome to the RV Rental Secrets Podcast.
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.999I'm your host, Stacey Maxson, and I'm thrilled to guide you through the journey of launching, growing, and managing a profitable RV rental business. 3 00:00:09,330.9977324263 --> 00:00:09,820.9977324263 Hey y'all. 4 00:00:09,820.9977324263 --> 00:00:10,240.997732426 Hey y'all. 5 00:00:10,240.997732426 --> 00:00:15,720.897732426 Welcome to another episode of RV Rental Secrets podcast. 6 00:00:15,900.997732426 --> 00:00:24,935.997732426 Today we're going to share some exciting news and then hopefully we pluck out some teachable moments and some inspiring insights and thoughts for you guys. 7 00:00:24,935.997732426 --> 00:00:31,525.997732426 So Stacy, I have a big announcement that I want to make here today and not a lot of people know about it. 8 00:00:31,975.997732426 --> 00:00:33,795.997732426 You ready for it? Yeah, I'm ready. 9 00:00:33,865.998732426 --> 00:00:34,365.998732426 Let's go. 10 00:00:34,795.998732426 --> 00:00:37,745.998732426 But first of all, how are you doing, Stacy? I'm doing great. 11 00:00:38,235.998732426 --> 00:00:38,985.998732426 You're doing good. 12 00:00:39,75.998732426 --> 00:00:42,975.998732426 You ready to hit the road in the fireside fifth wheel? Yeah. 13 00:00:43,5.998732426 --> 00:00:48,505.998732426 So 10 days from today, we're going to start our full time travel journey. 14 00:00:48,885.997732426 --> 00:00:54,605.996732426 We're going to be going, I don't know, through like at least 15 states that we're stopping at. 15 00:00:55,35.997732426 --> 00:00:57,335.997732426 And we just got this awesome wrap on our fifth wheel. 16 00:00:57,335.997732426 --> 00:00:59,135.997732426 It has fireside all over it. 17 00:00:59,145.997732426 --> 00:01:05,165.997732426 So if you guys see us traveling anywhere, feel free to stop and say, hi, I'd love to chat with you. 18 00:01:06,80.998732426 --> 00:01:06,690.998732426 Yeah. 19 00:01:06,910.998732426 --> 00:01:07,140.998732426 Yeah. 20 00:01:07,140.998732426 --> 00:01:14,440.998732426 Where could somebody see a, can we put that somewhere on the podcast or put a picture of that fifth wheel? Yeah, definitely. 21 00:01:14,470.998732426 --> 00:01:15,0.998732426 I'll share that. 22 00:01:15,0.998732426 --> 00:01:17,460.998732426 That thing came out looking amazing. 23 00:01:17,480.997732426 --> 00:01:18,940.998732426 Like a full wrap. 24 00:01:18,950.998732426 --> 00:01:21,870.999732426 What is it? A 42, 44 foot? Yeah, I think it's, yeah. 25 00:01:22,355.999732426 --> 00:01:23,525.999732426 I don't know exactly. 26 00:01:24,75.999732426 --> 00:01:28,855.999732426 It's one of those things where they say it's 40 foot, but I think the actual measurement is probably 44. 27 00:01:29,265.999732426 --> 00:01:29,455.999732426 So. 28 00:01:29,465.999732426 --> 00:01:31,175.998732426 Okay yeah, it sure is. 29 00:01:31,405.999732426 --> 00:01:31,975.999232426 All right, y'all. 30 00:01:31,975.999232426 --> 00:01:43,155.99973243 So without further ado, I am excited to announce three of our fireside franchises have partnered up and purchased one of our large competitors. 31 00:01:43,155.99973243 --> 00:01:47,645.99973243 I'm not going to say where, because I don't, I don't even know if I should be sharing this yet. 32 00:01:47,725.99973243 --> 00:01:49,585.99973243 It's like literally hot off the press. 33 00:01:49,585.99973243 --> 00:01:50,745.99873243 I don't even know if the papers are. 34 00:01:51,235.99973243 --> 00:01:52,835.99973243 No, the papers were signed yesterday. 35 00:01:53,175.99973243 --> 00:01:58,845.99973243 So, but I just wanted to just kind of talk about that and what we can learn about that. 36 00:01:59,325.99973243 --> 00:02:06,35.99973243 As, as business owners, operators, you know, one of the things that I follow this couple of different groups. 37 00:02:06,65.99973243 --> 00:02:07,595.99973243 One of them is called acquisitions. 38 00:02:07,845.99973243 --> 00:02:08,285.99973243 com. 39 00:02:08,825.99973243 --> 00:02:14,296.00073243 If any of you guys out there are marketing geeks, you've probably heard of Alex Hermosi. 40 00:02:14,355.99973243 --> 00:02:18,366.00173243 He just released a book a little while ago called a hundred million dollar leads. 41 00:02:18,686.00173243 --> 00:02:21,466.00173243 And he is part owner of a company called acquisitions. 42 00:02:21,696.00173243 --> 00:02:24,226.00173243 com and he just released another cool. 43 00:02:24,226.00173243 --> 00:02:27,196.00173243 community called school, S K O O L. 44 00:02:27,566.00173243 --> 00:02:28,946.00173243 But in acquisitions. 45 00:02:29,196.00173243 --> 00:02:41,108.56323243 com, what Alex does, what his, framework for his business does is he will literally teach you for free through a lot of his YouTube and different things. 46 00:02:41,108.56323243 --> 00:02:43,118.41323243 He will teach you how to grow to a seven figure company. 47 00:02:43,118.41323243 --> 00:02:52,706.00073243 And the reason why he does that is because once you get to your company, he wants to look at your business to see if he wants to come in and invest. 48 00:02:53,156.00073243 --> 00:02:54,766.00073243 To take you to an eight figure company. 49 00:02:55,226.00073243 --> 00:02:58,816.00073243 And he literally had he's hundreds of millions of dollars. 50 00:02:58,826.00073243 --> 00:03:01,936.00073243 His companies are valued at like he's done this time and time and time again. 51 00:03:02,546.00073243 --> 00:03:04,866.00073243 And what they talk about with acquisitions. 52 00:03:05,65.99973243 --> 00:03:15,136.00073243 com is I'm giving a lot of free plugs out to this today is is there are so many companies, first of all, so many people that are retiring right now that they don't. 53 00:03:15,656.00073243 --> 00:03:16,416.00073243 A predecessor. 54 00:03:16,911.00073243 --> 00:03:18,941.00073243 They're very good at doing the thing. 55 00:03:19,491.00073243 --> 00:03:25,161.00073243 There are very hard workers, right? This generation that's retiring right now, very amazing work ethics. 56 00:03:25,381.00073243 --> 00:03:27,81.00073243 Like their word is their word. 57 00:03:27,331.00073243 --> 00:03:29,451.00073243 They built very strong businesses. 58 00:03:29,511.00073243 --> 00:03:34,160.99973243 They haven't necessarily scaled to multiple locations because that wasn't necessarily a strong center. 59 00:03:34,160.99973243 --> 00:03:37,620.99973243 There's, it was more just businesses of integrity. 60 00:03:38,236.00073243 --> 00:03:41,726.00073243 And the sad truth is like, they don't have good exit plans. 61 00:03:41,726.00073243 --> 00:03:52,15.99973243 So a lot of these businesses around the nation are literally just closing, like their kids don't want the business their kids hope, hoping that it sells so they can get some of the money, but the kids don't want to take over the business. 62 00:03:52,16.00073243 --> 00:03:57,195.99973243 It's just so anyway with that being said, there is just opportunity all around. 63 00:03:57,830.99973243 --> 00:04:01,880.99973243 You know, there was an opportunity to, to come in and purchase businesses. 64 00:04:02,150.99973243 --> 00:04:04,930.99973243 And that's what three of our franchisees have done. 65 00:04:05,290.99973243 --> 00:04:10,460.99973243 They have literally gone in, they have purchased a seven figure business. 66 00:04:11,105.99973243 --> 00:04:15,435.99973243 With 0 out of pocket at 0 percent interest rate. 67 00:04:15,435.99973243 --> 00:04:20,145.99973243 0, I'll say it again, 0 out of pocket, 0 percent interest rate. 68 00:04:20,765.99873243 --> 00:04:23,905.99873243 What's your thoughts on that, Cece? Did you know that, first of all? No, I didn't. 69 00:04:23,935.99773243 --> 00:04:33,195.99873243 Well, I knew, you know, the, the deal was in motion, but yeah, I didn't know that they Got you know, zero out of pocket and zero percent interest rate. 70 00:04:33,195.99873243 --> 00:04:34,95.99873243 That's amazing. 71 00:04:34,655.99873243 --> 00:04:44,505.99873243 Yeah, I think, you know, something that was on their side, I'm sure, and I'm just gonna speculate here, but they're already running successful RV rental businesses. 72 00:04:44,935.99873243 --> 00:04:50,235.99873243 You know, so they have the knowledge they need to kind of make those deals. 73 00:04:50,895.99973243 --> 00:05:02,200.99973243 And then I know, you know, we've done a lot of research in, real estate and investing and kind of getting those creative deals and that creative financing. 74 00:05:02,300.99973243 --> 00:05:10,851.00073243 I've learned a lot about that lately in my women's masterminds which is all about real estate kind of giving you those tips on how to make that ask. 75 00:05:10,851.00073243 --> 00:05:18,941.00073243 Yeah, yeah, and I agree that's, you know, the power of partnership definitely when you're part of a big brand and you've got industry experience and stuff like that. 76 00:05:18,941.00073243 --> 00:05:26,310.90173243 You know, it makes it a lot easier to be able to structure a deal like that, you know, so a couple things I just want to share in regards to that. 77 00:05:26,691.00173243 --> 00:05:52,361.00173243 Really a couple of lessons that I want to make sure y'all have heard this from me many times before, but when it comes to scaling, there's a couple important things first and foremost, in my mind, well, not first and foremost, first and foremost, this would be the first and foremost, would be learning to delegate because that doesn't matter what business model you're under if you don't learn how to delegate, you're never going to scale. 78 00:05:52,656.00173243 --> 00:05:55,66.00173243 And you're really going to set yourself up for burnout. 79 00:05:55,506.00173243 --> 00:05:59,816.00173243 If you're doing all the things and trying to build a business, you're going to burn out. 80 00:05:59,846.00173243 --> 00:06:00,746.00173243 There's no way around it. 81 00:06:00,796.00173243 --> 00:06:04,96.00173243 Because if you're building a business, that means there's more demand. 82 00:06:04,406.00173243 --> 00:06:05,316.00173243 There's more work. 83 00:06:05,326.00173243 --> 00:06:06,906.00173243 There's more things that need to be done. 84 00:06:07,306.00073243 --> 00:06:10,526.00273243 And at the end of the day, the only thing you don't have more of is time. 85 00:06:10,636.00173243 --> 00:06:12,166.00173243 There's not more time in a day. 86 00:06:12,656.00173243 --> 00:06:15,726.00173243 So you have to learn to delegate. 87 00:06:16,301.00173243 --> 00:06:28,681.00173243 And why am I saying this? One of the reasons I'm saying this is because the business that they're purchasing, this owner, part of why they're able to structure such a good deal is this owner is burnt out. 88 00:06:29,181.00173243 --> 00:06:33,831.00073243 They are just literally burnt out, stressed out, in over their head. 89 00:06:34,151.00073243 --> 00:06:46,731.00173243 And as we were evaluating their P& Ls together and looking over their business model and interviewing them, Together, we realized, okay, that's one of the huge factors here is the, these people are burnout because they're not properly delegating. 90 00:06:47,531.00173243 --> 00:06:49,611.00173243 And then the second thing that we learned. 91 00:06:50,51.00173243 --> 00:06:53,41.00173243 Is they're not following the OPRV model. 92 00:06:53,551.00173243 --> 00:06:57,991.00173243 For those of y'all that don't know what that means, that's Other People's RVs. 93 00:06:58,351.00173243 --> 00:07:10,961.00173243 Like I've shared in many of my videos, in our Franchise Webinar Opportunity video, is what God showed me in 2017, was Other People's Assets was the key to success in this business. 94 00:07:11,461.00173243 --> 00:07:19,6.00173243 Because That creates a low overhead business model that makes your recession proof and so many other things. 95 00:07:19,376.00173243 --> 00:07:28,286.00173243 And unfortunately, what this company did is they went out and they bought a bunch of RVs, which, hey, if y'all have heard my story, I did this in 2016. 96 00:07:28,661.00173243 --> 00:07:45,960.90073243 Right after we had our little girl, Isabella, who will be turning eight years old this Saturday, Friday literally, we went in, we had the scheduled C section, I checked mama and baby back into the room, and don't judge me, y'all, I'm an entrepreneur, okay? We do crazy things. 97 00:07:46,461.00073243 --> 00:07:55,160.99973243 And as soon as I checked mama back into the room and baby, I literally drove to the dealership and signed papers on three more RVs, okay? I always feel a little bit bad when I say that still. 98 00:07:55,160.99973243 --> 00:08:06,961.00073243 But God quickly showed me other people's assets is the way and I'm so thankful I, caught that revelation because especially during COVID, we saw many of our competitors go out of business because they had so much overhead. 99 00:08:07,11.00073243 --> 00:08:18,541.00073243 Yeah, I think that's really important to make sure that you're keeping your overhead low whether that be, using other people's assets or just, you know, knowing your numbers and looking at them. 100 00:08:18,946.00073243 --> 00:08:23,196.00073243 Each month to make sure that you're not paying for things that you don't need. 101 00:08:23,616.00073243 --> 00:08:32,355.99873243 We take a look at our expenses quite often because it's so easy to just sign up for like another software or app and then you don't even use it. 102 00:08:32,355.99873243 --> 00:08:35,755.99973243 And then, you know, you really need to do an audit and take a look at. 103 00:08:36,40.99973243 --> 00:08:39,270.99973243 What you're paying for to keep those expenses down. 104 00:08:39,690.99973243 --> 00:08:48,390.99873243 So I'm sure, looking at those P and L's, I'm sure you've seen some things like that too, where they were just having large expenses that they didn't need to have. 105 00:08:48,390.99873243 --> 00:08:49,710.99773243 Yeah, exactly. 106 00:08:49,980.99773243 --> 00:08:54,40.99873243 You know, and in a caveat to what I just said with the OPRV. 107 00:08:54,430.99873243 --> 00:09:00,220.99873243 Is if you have an exit strategy for your RVs, then it's possible. 108 00:09:00,550.99873243 --> 00:09:01,0.99873243 Okay. 109 00:09:01,160.99873243 --> 00:09:08,530.99873243 So like you look at cruise America, you look at the big nationwide commercial companies, you look at Almonte, you look at road bear. 110 00:09:08,900.99873243 --> 00:09:15,360.99873243 The reason why they run the model that they run successfully is because they have exit strategies. 111 00:09:15,730.99873243 --> 00:09:19,70.99873243 First of all, kind of like they say you know, on real estate. 112 00:09:19,70.99873243 --> 00:09:21,800.99873243 You need to buy right, right off the bat. 113 00:09:21,810.99873243 --> 00:09:24,50.99873243 Your numbers need to make sense as you're purchasing. 114 00:09:24,460.99873243 --> 00:09:38,120.99873243 Well, Cruise America, El Monte and Roebuck, they're literally purchasing hundreds of RVs every year direct from the factory and getting them at a fraction of the cost that you and I, Joe Blow Consumer, would get an RV at. 115 00:09:38,310.99873243 --> 00:09:43,145.99873243 So automatically, as soon as they're purchasing, They're in a much different position than we are. 116 00:09:43,475.99873243 --> 00:09:46,155.99873243 And then secondly, they have an exit strategy. 117 00:09:46,435.99873243 --> 00:09:56,565.99873243 They literally have retail lots and in a huge massive online presence where they can sell these and exit them and they know their numbers to a T. 118 00:09:56,995.99773243 --> 00:10:04,150.99873243 They know, hey, once this thing hits 22, 500 miles, we're I can sell it for 47, 875. 119 00:10:04,420.99873243 --> 00:10:06,740.99873243 And that's, you know, we're within the margins. 120 00:10:07,120.99873243 --> 00:10:10,770.99773243 You and I, we don't have that same advantage that they have. 121 00:10:10,780.99773243 --> 00:10:18,70.99773243 We don't have the advantage of purchasing at a fraction of the cost and having a massive audience that we can sell the inventory to. 122 00:10:18,370.99673243 --> 00:10:28,530.99673243 You know, and I, the reason I thought of that, as I was saying, that was we literally just signed up our Third dealership, I think into the fireside franchise family. 123 00:10:28,880.99673243 --> 00:10:39,610.99673243 We signed up a dealership in Georgia that this dealership here, they're literally all their units they own that they're that they're renting through fireside. 124 00:10:39,840.99573243 --> 00:10:43,370.99673243 So they have them factory direct, they have very good pricing. 125 00:10:43,840.99573243 --> 00:10:48,320.99673243 They have a retail lot where they have traffic coming in and out of all day. 126 00:10:48,585.99673243 --> 00:10:52,25.99673243 For various purposes, not just renting RVs, but buying RVs. 127 00:10:52,45.99673243 --> 00:10:54,375.99673243 They rent out all kinds of various equipment, stuff like that. 128 00:10:54,795.99673243 --> 00:10:57,225.99573243 They have an established brand and audience. 129 00:10:57,415.99673243 --> 00:10:59,605.99673243 So for them, the model makes more sense. 130 00:10:59,605.99673243 --> 00:11:05,995.99673243 It's a lot safer but for the average consumer or for the average business owner, like we're talking about, that was just purchased. 131 00:11:06,655.99773243 --> 00:11:07,685.99773243 They don't have that. 132 00:11:08,75.99773243 --> 00:11:09,475.99773243 They bought several trucks. 133 00:11:09,475.99773243 --> 00:11:10,885.99773243 So they had all those payments. 134 00:11:10,945.99773243 --> 00:11:16,525.99773243 They had close to 200, 000 per year in overhead in payments, Stacey. 135 00:11:16,845.99773243 --> 00:11:18,165.99773243 In trucks and RVs. 136 00:11:18,685.99673243 --> 00:11:19,155.99673243 Wow. 137 00:11:19,465.99773243 --> 00:11:20,135.99773243 That's massive. 138 00:11:20,185.99673243 --> 00:11:23,695.99673243 That's a massive amount of overhead to have. 139 00:11:23,885.99673243 --> 00:11:26,235.99673243 And when, you know, you hit the two, three. 140 00:11:26,430.99673243 --> 00:11:39,70.99573243 Weeks right when school starts and things are slow, you still have that month's RV payments, that month's truck payments, and that month's insurance, and that month's tax, and title, and license, and repairs, and all the things are still there. 141 00:11:39,650.99673243 --> 00:11:51,581.09673243 You know, that's why, especially when I, with the drivables, when, one of the things that drives me crazy is when I'm on the platforms and I see these people with RVs listed for rent, it's like, unlimited miles. 142 00:11:52,71.09673243 --> 00:11:53,851.09673243 Unlimited generator usage. 143 00:11:53,851.09673243 --> 00:12:04,151.09673243 I'm like, oh my gosh, you do not know the problem that you're going to have two years from now when you go to sell that thing and it's got 120, 000 miles on it and it's only two years old. 144 00:12:04,471.09673243 --> 00:12:07,971.09673243 And then what you've done as far as depreciate that, that RV. 145 00:12:08,361.09673243 --> 00:12:08,641.09623243 Yeah. 146 00:12:08,641.09623243 --> 00:12:12,181.09573243 We even learned that lesson the hard way, like our first year. 147 00:12:12,321.09573243 --> 00:12:19,221.09573243 Well, it wasn't even our first year, but like one of our first RV rental management units was a class C ends. 148 00:12:19,626.09673243 --> 00:12:30,966.09573243 We didn't really know or ask the question at that time, like what mileage should we cut it off At so I feel like, you know, we probably put more miles on it than we should have. 149 00:12:31,436.09573243 --> 00:12:43,556.09373243 And then, when the owner took it back and wanted to sell it it was a little bit more difficult for them because, you know, I had more than the average user mileage on it. 150 00:12:43,556.19373243 --> 00:12:53,146.19373243 So yeah, I mean that's definitely something I learned from being in Fireside and having those conversations with some of the other franchises that were more experienced. 151 00:12:53,146.19373243 --> 00:13:05,116.19373243 It's like you definitely have to, cut things off at a certain time, whether it be what year the RV is or the mileage to make sure that, there's a good resale value there. 152 00:13:05,116.19373243 --> 00:13:12,66.19273243 Yeah, I have a 2017 Class C sitting right out my office window here that's got 140, 000 miles on it. 153 00:13:12,506.19373243 --> 00:13:17,441.19373243 That was one of the units I went and bought there when my, My fourth child, Isabella, was born. 154 00:13:17,821.19373243 --> 00:13:23,511.19373243 And what do we do, too? The money's flowing in, right? We don't take all that extra money and throw it towards principal. 155 00:13:23,511.19373243 --> 00:13:25,591.19373243 We just pay the monthly payment on auto pay. 156 00:13:25,591.19373243 --> 00:13:28,761.19473243 And, and so, hey, lesson learned. 157 00:13:28,761.19473243 --> 00:13:30,471.19473243 Life happens for you, not to you. 158 00:13:30,481.19473243 --> 00:13:34,961.19473243 So we learned a valuable lesson that we're able to use to apply and help serve our, customers. 159 00:13:35,401.19473243 --> 00:13:38,111.19473243 But yeah, that's, that's just something to be very careful on. 160 00:13:38,701.19473243 --> 00:13:39,611.19473243 There's another company. 161 00:13:39,611.19473243 --> 00:13:59,391.19473243 Oh, on that note, another thing I was going to mention is I've had, so the company that the three franchisees has bought the owner of that company had reached out to me, saying, Hey, we're selling our business, which when they originally reached out to me my franchisees ended up purchasing that company for less than half of what they had it listed for. 162 00:13:59,981.19473243 --> 00:14:11,561.19373243 Because they had a business broker really give them a false valuation and two of their books were not in order the way they should have been but Ben, a franchisee of ours in Alabama, who was part of that, that purchase. 163 00:14:11,821.19473243 --> 00:14:17,571.19373243 He's been sending me listing after listing of these RV rental companies that are selling and guess what happens. 164 00:14:18,576.19473243 --> 00:14:22,186.19473243 Pull up their information and what do they have? They have a fleet of RVs that they own. 165 00:14:22,546.19473243 --> 00:14:25,16.19473243 They're running under that wrong business model, you know. 166 00:14:25,266.19473243 --> 00:14:27,296.19473243 And again, unless you have the good exit strategy. 167 00:14:27,536.19373243 --> 00:14:31,76.19373243 And, and there's a lot of leeway if it's travel trailers, you know. 168 00:14:31,496.19473243 --> 00:14:33,516.19423243 You're not as worried when there's an engine and stuff like that. 169 00:14:33,516.19423243 --> 00:14:40,796.19473243 But still, why even take the risk? There's Last time I looked up the status over 12 million RVs sitting around doing nothing. 170 00:14:41,186.19473243 --> 00:14:42,896.19473243 I'm sure that number has grown. 171 00:14:42,906.19473243 --> 00:14:53,266.19473243 Why take the risk of doing that when you can literally be a blessing to someone else, help them cover their payments and maybe make some money and run a business model that way, you know? Yeah. 172 00:14:53,626.19373243 --> 00:15:01,546.19473243 And just to look at like kind of the other side of it, like when I sold my franchise it was the beginning of 2023. 173 00:15:01,951.19473243 --> 00:15:05,531.19473243 I had 15 units under management. 174 00:15:05,951.19473243 --> 00:15:09,671.19473243 I had, the bookings for the upcoming season. 175 00:15:10,51.19473243 --> 00:15:18,931.19523243 And I was able to sell that and the person buying it had no overhead coming with that business. 176 00:15:18,971.19523243 --> 00:15:20,651.19523243 It was just pure profit. 177 00:15:21,71.19523243 --> 00:15:32,41.19523243 So, you know, you're setting yourself up For the exit strategy, like you mentioned you know, because you don't have all of those payments that someone else has to take over. 178 00:15:32,41.19523243 --> 00:15:33,251.19523243 Yeah, you're exactly right. 179 00:15:33,281.19523243 --> 00:15:40,21.19573243 That was one of the big factors that attracted us to this company was their database. 180 00:15:40,21.19573243 --> 00:15:45,351.19523243 Really, they had a couple of huge contracts that were literally a couple hundred thousand dollar rentals a piece. 181 00:15:45,351.19523243 --> 00:15:45,461.19523243 Yeah. 182 00:15:46,26.19623243 --> 00:15:48,976.19623243 They had a Facebook group with over 40, 000 members in it. 183 00:15:49,216.19623243 --> 00:15:56,516.19523243 So really what we were purchasing more for them was their database and their contracts, then their business, their inventory. 184 00:15:56,966.19523243 --> 00:16:02,956.19523243 So yeah, that is, that's a great thing to keep in mind is, you know, the value that you get and. 185 00:16:03,411.19523243 --> 00:16:04,361.19523243 It's something like that. 186 00:16:04,361.19523243 --> 00:16:13,401.19523243 You're getting the value of a debt, you know, just like, you know, insurance companies, different companies sell, they're buying a database of customers are buying, you know, there's no tangible assets. 187 00:16:13,401.19523243 --> 00:16:26,351.19523243 It's you're buying information, you know, which they say that's one of the biggest purchases that are done out there between large companies is just buying information, buying data, like your, your wealth is in your database. 188 00:16:26,561.19523243 --> 00:16:28,601.19523243 You know, we've talked about this on other episodes. 189 00:16:28,601.19523243 --> 00:16:41,311.1952324 That's why it's so important when you have customers come in, get them plugged into your Facebook group or some sort of newsletter or something, build your database, because really when you're doing that, you're building your value of your business overall. 190 00:16:42,111.1952324 --> 00:16:44,841.1952324 Yeah, I think that is a great note to end on. 191 00:16:44,861.1952324 --> 00:16:48,566.0952324 You know, we've shared our exciting news some actionable tips. 192 00:16:49,6.1952324 --> 00:16:53,176.1952324 of how people can, protect themselves in their business. 193 00:16:53,336.1952324 --> 00:16:57,346.1952324 So any last words of wisdom? Just want to encourage you again I don't know. 194 00:16:57,346.1952324 --> 00:17:01,376.1952324 I'm just feeling this and I just want to show Have your eyes open look around you. 195 00:17:01,376.1952324 --> 00:17:16,306.1942324 There is opportunity everywhere Okay, I know we're going into this election and there's this doom and gloom and all these people freaking out about stuff, you know, these are the times where people actually become rich or the rich become richer when everyone else is freaking out. 196 00:17:16,326.1952324 --> 00:17:25,616.1952324 That's when you go out, take massive action, take a chance, do the hard things and you step out on the other side of it wealthy because everyone else is in fear. 197 00:17:25,876.1952324 --> 00:17:27,346.1952324 So that's my ending thought. 198 00:17:27,891.1952324 --> 00:17:33,231.1952324 Screw fear, walk in faith, do some hard things, build a massive business, All right, y'all. 199 00:17:33,271.1952324 --> 00:17:34,471.1952324 We'll see you on the next episode. 200 00:17:34,471.2952324 --> 00:17:35,361.1952324 See you later.
Welcome to the RV Rental Secrets Podcast.
(00:02):
.999I'm your host, Stacey Maxson, and I'm thrilled to guide you through the journey of launching, growing, and managing a profitable RV rental business. 3 00:00:09,330.9977324263 --> 00:00:09,820.9977324263 Hey y'all. 4 00:00:09,820.9977324263 --> 00:00:10,240.997732426 Hey y'all. 5 00:00:10,240.997732426 --> 00:00:15,720.897732426 Welcome to another episode of RV Rental Secrets podcast. 6 00:00:15,900.997732426 --> 00:00:24,935.997732426 Today we're going to share some exciting news and then hopefully we pluck out some teachable moments and some inspiring insights and thoughts for you guys. 7 00:00:24,935.997732426 --> 00:00:31,525.997732426 So Stacy, I have a big announcement that I want to make here today and not a lot of people know about it. 8 00:00:31,975.997732426 --> 00:00:33,795.997732426 You ready for it? Yeah, I'm ready. 9 00:00:33,865.998732426 --> 00:00:34,365.998732426 Let's go. 10 00:00:34,795.998732426 --> 00:00:37,745.998732426 But first of all, how are you doing, Stacy? I'm doing great. 11 00:00:38,235.998732426 --> 00:00:38,985.998732426 You're doing good. 12 00:00:39,75.998732426 --> 00:00:42,975.998732426 You ready to hit the road in the fireside fifth wheel? Yeah. 13 00:00:43,5.998732426 --> 00:00:48,505.998732426 So 10 days from today, we're going to start our full time travel journey. 14 00:00:48,885.997732426 --> 00:00:54,605.996732426 We're going to be going, I don't know, through like at least 15 states that we're stopping at. 15 00:00:55,35.997732426 --> 00:00:57,335.997732426 And we just got this awesome wrap on our fifth wheel. 16 00:00:57,335.997732426 --> 00:00:59,135.997732426 It has fireside all over it. 17 00:00:59,145.997732426 --> 00:01:05,165.997732426 So if you guys see us traveling anywhere, feel free to stop and say, hi, I'd love to chat with you. 18 00:01:06,80.998732426 --> 00:01:06,690.998732426 Yeah. 19 00:01:06,910.998732426 --> 00:01:07,140.998732426 Yeah. 20 00:01:07,140.998732426 --> 00:01:14,440.998732426 Where could somebody see a, can we put that somewhere on the podcast or put a picture of that fifth wheel? Yeah, definitely. 21 00:01:14,470.998732426 --> 00:01:15,0.998732426 I'll share that. 22 00:01:15,0.998732426 --> 00:01:17,460.998732426 That thing came out looking amazing. 23 00:01:17,480.997732426 --> 00:01:18,940.998732426 Like a full wrap. 24 00:01:18,950.998732426 --> 00:01:21,870.999732426 What is it? A 42, 44 foot? Yeah, I think it's, yeah. 25 00:01:22,355.999732426 --> 00:01:23,525.999732426 I don't know exactly. 26 00:01:24,75.999732426 --> 00:01:28,855.999732426 It's one of those things where they say it's 40 foot, but I think the actual measurement is probably 44. 27 00:01:29,265.999732426 --> 00:01:29,455.999732426 So. 28 00:01:29,465.999732426 --> 00:01:31,175.998732426 Okay yeah, it sure is. 29 00:01:31,405.999732426 --> 00:01:31,975.999232426 All right, y'all. 30 00:01:31,975.999232426 --> 00:01:43,155.99973243 So without further ado, I am excited to announce three of our fireside franchises have partnered up and purchased one of our large competitors. 31 00:01:43,155.99973243 --> 00:01:47,645.99973243 I'm not going to say where, because I don't, I don't even know if I should be sharing this yet. 32 00:01:47,725.99973243 --> 00:01:49,585.99973243 It's like literally hot off the press. 33 00:01:49,585.99973243 --> 00:01:50,745.99873243 I don't even know if the papers are. 34 00:01:51,235.99973243 --> 00:01:52,835.99973243 No, the papers were signed yesterday. 35 00:01:53,175.99973243 --> 00:01:58,845.99973243 So, but I just wanted to just kind of talk about that and what we can learn about that. 36 00:01:59,325.99973243 --> 00:02:06,35.99973243 As, as business owners, operators, you know, one of the things that I follow this couple of different groups. 37 00:02:06,65.99973243 --> 00:02:07,595.99973243 One of them is called acquisitions. 38 00:02:07,845.99973243 --> 00:02:08,285.99973243 com. 39 00:02:08,825.99973243 --> 00:02:14,296.00073243 If any of you guys out there are marketing geeks, you've probably heard of Alex Hermosi. 40 00:02:14,355.99973243 --> 00:02:18,366.00173243 He just released a book a little while ago called a hundred million dollar leads. 41 00:02:18,686.00173243 --> 00:02:21,466.00173243 And he is part owner of a company called acquisitions. 42 00:02:21,696.00173243 --> 00:02:24,226.00173243 com and he just released another cool. 43 00:02:24,226.00173243 --> 00:02:27,196.00173243 community called school, S K O O L. 44 00:02:27,566.00173243 --> 00:02:28,946.00173243 But in acquisitions. 45 00:02:29,196.00173243 --> 00:02:41,108.56323243 com, what Alex does, what his, framework for his business does is he will literally teach you for free through a lot of his YouTube and different things. 46 00:02:41,108.56323243 --> 00:02:43,118.41323243 He will teach you how to grow to a seven figure company. 47 00:02:43,118.41323243 --> 00:02:52,706.00073243 And the reason why he does that is because once you get to your company, he wants to look at your business to see if he wants to come in and invest. 48 00:02:53,156.00073243 --> 00:02:54,766.00073243 To take you to an eight figure company. 49 00:02:55,226.00073243 --> 00:02:58,816.00073243 And he literally had he's hundreds of millions of dollars. 50 00:02:58,826.00073243 --> 00:03:01,936.00073243 His companies are valued at like he's done this time and time and time again. 51 00:03:02,546.00073243 --> 00:03:04,866.00073243 And what they talk about with acquisitions. 52 00:03:05,65.99973243 --> 00:03:15,136.00073243 com is I'm giving a lot of free plugs out to this today is is there are so many companies, first of all, so many people that are retiring right now that they don't. 53 00:03:15,656.00073243 --> 00:03:16,416.00073243 A predecessor. 54 00:03:16,911.00073243 --> 00:03:18,941.00073243 They're very good at doing the thing. 55 00:03:19,491.00073243 --> 00:03:25,161.00073243 There are very hard workers, right? This generation that's retiring right now, very amazing work ethics. 56 00:03:25,381.00073243 --> 00:03:27,81.00073243 Like their word is their word. 57 00:03:27,331.00073243 --> 00:03:29,451.00073243 They built very strong businesses. 58 00:03:29,511.00073243 --> 00:03:34,160.99973243 They haven't necessarily scaled to multiple locations because that wasn't necessarily a strong center. 59 00:03:34,160.99973243 --> 00:03:37,620.99973243 There's, it was more just businesses of integrity. 60 00:03:38,236.00073243 --> 00:03:41,726.00073243 And the sad truth is like, they don't have good exit plans. 61 00:03:41,726.00073243 --> 00:03:52,15.99973243 So a lot of these businesses around the nation are literally just closing, like their kids don't want the business their kids hope, hoping that it sells so they can get some of the money, but the kids don't want to take over the business. 62 00:03:52,16.00073243 --> 00:03:57,195.99973243 It's just so anyway with that being said, there is just opportunity all around. 63 00:03:57,830.99973243 --> 00:04:01,880.99973243 You know, there was an opportunity to, to come in and purchase businesses. 64 00:04:02,150.99973243 --> 00:04:04,930.99973243 And that's what three of our franchisees have done. 65 00:04:05,290.99973243 --> 00:04:10,460.99973243 They have literally gone in, they have purchased a seven figure business. 66 00:04:11,105.99973243 --> 00:04:15,435.99973243 With 0 out of pocket at 0 percent interest rate. 67 00:04:15,435.99973243 --> 00:04:20,145.99973243 0, I'll say it again, 0 out of pocket, 0 percent interest rate. 68 00:04:20,765.99873243 --> 00:04:23,905.99873243 What's your thoughts on that, Cece? Did you know that, first of all? No, I didn't. 69 00:04:23,935.99773243 --> 00:04:33,195.99873243 Well, I knew, you know, the, the deal was in motion, but yeah, I didn't know that they Got you know, zero out of pocket and zero percent interest rate. 70 00:04:33,195.99873243 --> 00:04:34,95.99873243 That's amazing. 71 00:04:34,655.99873243 --> 00:04:44,505.99873243 Yeah, I think, you know, something that was on their side, I'm sure, and I'm just gonna speculate here, but they're already running successful RV rental businesses. 72 00:04:44,935.99873243 --> 00:04:50,235.99873243 You know, so they have the knowledge they need to kind of make those deals. 73 00:04:50,895.99973243 --> 00:05:02,200.99973243 And then I know, you know, we've done a lot of research in, real estate and investing and kind of getting those creative deals and that creative financing. 74 00:05:02,300.99973243 --> 00:05:10,851.00073243 I've learned a lot about that lately in my women's masterminds which is all about real estate kind of giving you those tips on how to make that ask. 75 00:05:10,851.00073243 --> 00:05:18,941.00073243 Yeah, yeah, and I agree that's, you know, the power of partnership definitely when you're part of a big brand and you've got industry experience and stuff like that. 76 00:05:18,941.00073243 --> 00:05:26,310.90173243 You know, it makes it a lot easier to be able to structure a deal like that, you know, so a couple things I just want to share in regards to that. 77 00:05:26,691.00173243 --> 00:05:52,361.00173243 Really a couple of lessons that I want to make sure y'all have heard this from me many times before, but when it comes to scaling, there's a couple important things first and foremost, in my mind, well, not first and foremost, first and foremost, this would be the first and foremost, would be learning to delegate because that doesn't matter what business model you're under if you don't learn how to delegate, you're never going to scale. 78 00:05:52,656.00173243 --> 00:05:55,66.00173243 And you're really going to set yourself up for burnout. 79 00:05:55,506.00173243 --> 00:05:59,816.00173243 If you're doing all the things and trying to build a business, you're going to burn out. 80 00:05:59,846.00173243 --> 00:06:00,746.00173243 There's no way around it. 81 00:06:00,796.00173243 --> 00:06:04,96.00173243 Because if you're building a business, that means there's more demand. 82 00:06:04,406.00173243 --> 00:06:05,316.00173243 There's more work. 83 00:06:05,326.00173243 --> 00:06:06,906.00173243 There's more things that need to be done. 84 00:06:07,306.00073243 --> 00:06:10,526.00273243 And at the end of the day, the only thing you don't have more of is time. 85 00:06:10,636.00173243 --> 00:06:12,166.00173243 There's not more time in a day. 86 00:06:12,656.00173243 --> 00:06:15,726.00173243 So you have to learn to delegate. 87 00:06:16,301.00173243 --> 00:06:28,681.00173243 And why am I saying this? One of the reasons I'm saying this is because the business that they're purchasing, this owner, part of why they're able to structure such a good deal is this owner is burnt out. 88 00:06:29,181.00173243 --> 00:06:33,831.00073243 They are just literally burnt out, stressed out, in over their head. 89 00:06:34,151.00073243 --> 00:06:46,731.00173243 And as we were evaluating their P& Ls together and looking over their business model and interviewing them, Together, we realized, okay, that's one of the huge factors here is the, these people are burnout because they're not properly delegating. 90 00:06:47,531.00173243 --> 00:06:49,611.00173243 And then the second thing that we learned. 91 00:06:50,51.00173243 --> 00:06:53,41.00173243 Is they're not following the OPRV model. 92 00:06:53,551.00173243 --> 00:06:57,991.00173243 For those of y'all that don't know what that means, that's Other People's RVs. 93 00:06:58,351.00173243 --> 00:07:10,961.00173243 Like I've shared in many of my videos, in our Franchise Webinar Opportunity video, is what God showed me in 2017, was Other People's Assets was the key to success in this business. 94 00:07:11,461.00173243 --> 00:07:19,6.00173243 Because That creates a low overhead business model that makes your recession proof and so many other things. 95 00:07:19,376.00173243 --> 00:07:28,286.00173243 And unfortunately, what this company did is they went out and they bought a bunch of RVs, which, hey, if y'all have heard my story, I did this in 2016. 96 00:07:28,661.00173243 --> 00:07:45,960.90073243 Right after we had our little girl, Isabella, who will be turning eight years old this Saturday, Friday literally, we went in, we had the scheduled C section, I checked mama and baby back into the room, and don't judge me, y'all, I'm an entrepreneur, okay? We do crazy things. 97 00:07:46,461.00073243 --> 00:07:55,160.99973243 And as soon as I checked mama back into the room and baby, I literally drove to the dealership and signed papers on three more RVs, okay? I always feel a little bit bad when I say that still. 98 00:07:55,160.99973243 --> 00:08:06,961.00073243 But God quickly showed me other people's assets is the way and I'm so thankful I, caught that revelation because especially during COVID, we saw many of our competitors go out of business because they had so much overhead. 99 00:08:07,11.00073243 --> 00:08:18,541.00073243 Yeah, I think that's really important to make sure that you're keeping your overhead low whether that be, using other people's assets or just, you know, knowing your numbers and looking at them. 100 00:08:18,946.00073243 --> 00:08:23,196.00073243 Each month to make sure that you're not paying for things that you don't need. 101 00:08:23,616.00073243 --> 00:08:32,355.99873243 We take a look at our expenses quite often because it's so easy to just sign up for like another software or app and then you don't even use it. 102 00:08:32,355.99873243 --> 00:08:35,755.99973243 And then, you know, you really need to do an audit and take a look at. 103 00:08:36,40.99973243 --> 00:08:39,270.99973243 What you're paying for to keep those expenses down. 104 00:08:39,690.99973243 --> 00:08:48,390.99873243 So I'm sure, looking at those P and L's, I'm sure you've seen some things like that too, where they were just having large expenses that they didn't need to have. 105 00:08:48,390.99873243 --> 00:08:49,710.99773243 Yeah, exactly. 106 00:08:49,980.99773243 --> 00:08:54,40.99873243 You know, and in a caveat to what I just said with the OPRV. 107 00:08:54,430.99873243 --> 00:09:00,220.99873243 Is if you have an exit strategy for your RVs, then it's possible. 108 00:09:00,550.99873243 --> 00:09:01,0.99873243 Okay. 109 00:09:01,160.99873243 --> 00:09:08,530.99873243 So like you look at cruise America, you look at the big nationwide commercial companies, you look at Almonte, you look at road bear. 110 00:09:08,900.99873243 --> 00:09:15,360.99873243 The reason why they run the model that they run successfully is because they have exit strategies. 111 00:09:15,730.99873243 --> 00:09:19,70.99873243 First of all, kind of like they say you know, on real estate. 112 00:09:19,70.99873243 --> 00:09:21,800.99873243 You need to buy right, right off the bat. 113 00:09:21,810.99873243 --> 00:09:24,50.99873243 Your numbers need to make sense as you're purchasing. 114 00:09:24,460.99873243 --> 00:09:38,120.99873243 Well, Cruise America, El Monte and Roebuck, they're literally purchasing hundreds of RVs every year direct from the factory and getting them at a fraction of the cost that you and I, Joe Blow Consumer, would get an RV at. 115 00:09:38,310.99873243 --> 00:09:43,145.99873243 So automatically, as soon as they're purchasing, They're in a much different position than we are. 116 00:09:43,475.99873243 --> 00:09:46,155.99873243 And then secondly, they have an exit strategy. 117 00:09:46,435.99873243 --> 00:09:56,565.99873243 They literally have retail lots and in a huge massive online presence where they can sell these and exit them and they know their numbers to a T. 118 00:09:56,995.99773243 --> 00:10:04,150.99873243 They know, hey, once this thing hits 22, 500 miles, we're I can sell it for 47, 875. 119 00:10:04,420.99873243 --> 00:10:06,740.99873243 And that's, you know, we're within the margins. 120 00:10:07,120.99873243 --> 00:10:10,770.99773243 You and I, we don't have that same advantage that they have. 121 00:10:10,780.99773243 --> 00:10:18,70.99773243 We don't have the advantage of purchasing at a fraction of the cost and having a massive audience that we can sell the inventory to. 122 00:10:18,370.99673243 --> 00:10:28,530.99673243 You know, and I, the reason I thought of that, as I was saying, that was we literally just signed up our Third dealership, I think into the fireside franchise family. 123 00:10:28,880.99673243 --> 00:10:39,610.99673243 We signed up a dealership in Georgia that this dealership here, they're literally all their units they own that they're that they're renting through fireside. 124 00:10:39,840.99573243 --> 00:10:43,370.99673243 So they have them factory direct, they have very good pricing. 125 00:10:43,840.99573243 --> 00:10:48,320.99673243 They have a retail lot where they have traffic coming in and out of all day. 126 00:10:48,585.99673243 --> 00:10:52,25.99673243 For various purposes, not just renting RVs, but buying RVs. 127 00:10:52,45.99673243 --> 00:10:54,375.99673243 They rent out all kinds of various equipment, stuff like that. 128 00:10:54,795.99673243 --> 00:10:57,225.99573243 They have an established brand and audience. 129 00:10:57,415.99673243 --> 00:10:59,605.99673243 So for them, the model makes more sense. 130 00:10:59,605.99673243 --> 00:11:05,995.99673243 It's a lot safer but for the average consumer or for the average business owner, like we're talking about, that was just purchased. 131 00:11:06,655.99773243 --> 00:11:07,685.99773243 They don't have that. 132 00:11:08,75.99773243 --> 00:11:09,475.99773243 They bought several trucks. 133 00:11:09,475.99773243 --> 00:11:10,885.99773243 So they had all those payments. 134 00:11:10,945.99773243 --> 00:11:16,525.99773243 They had close to 200, 000 per year in overhead in payments, Stacey. 135 00:11:16,845.99773243 --> 00:11:18,165.99773243 In trucks and RVs. 136 00:11:18,685.99673243 --> 00:11:19,155.99673243 Wow. 137 00:11:19,465.99773243 --> 00:11:20,135.99773243 That's massive. 138 00:11:20,185.99673243 --> 00:11:23,695.99673243 That's a massive amount of overhead to have. 139 00:11:23,885.99673243 --> 00:11:26,235.99673243 And when, you know, you hit the two, three. 140 00:11:26,430.99673243 --> 00:11:39,70.99573243 Weeks right when school starts and things are slow, you still have that month's RV payments, that month's truck payments, and that month's insurance, and that month's tax, and title, and license, and repairs, and all the things are still there. 141 00:11:39,650.99673243 --> 00:11:51,581.09673243 You know, that's why, especially when I, with the drivables, when, one of the things that drives me crazy is when I'm on the platforms and I see these people with RVs listed for rent, it's like, unlimited miles. 142 00:11:52,71.09673243 --> 00:11:53,851.09673243 Unlimited generator usage. 143 00:11:53,851.09673243 --> 00:12:04,151.09673243 I'm like, oh my gosh, you do not know the problem that you're going to have two years from now when you go to sell that thing and it's got 120, 000 miles on it and it's only two years old. 144 00:12:04,471.09673243 --> 00:12:07,971.09673243 And then what you've done as far as depreciate that, that RV. 145 00:12:08,361.09673243 --> 00:12:08,641.09623243 Yeah. 146 00:12:08,641.09623243 --> 00:12:12,181.09573243 We even learned that lesson the hard way, like our first year. 147 00:12:12,321.09573243 --> 00:12:19,221.09573243 Well, it wasn't even our first year, but like one of our first RV rental management units was a class C ends. 148 00:12:19,626.09673243 --> 00:12:30,966.09573243 We didn't really know or ask the question at that time, like what mileage should we cut it off At so I feel like, you know, we probably put more miles on it than we should have. 149 00:12:31,436.09573243 --> 00:12:43,556.09373243 And then, when the owner took it back and wanted to sell it it was a little bit more difficult for them because, you know, I had more than the average user mileage on it. 150 00:12:43,556.19373243 --> 00:12:53,146.19373243 So yeah, I mean that's definitely something I learned from being in Fireside and having those conversations with some of the other franchises that were more experienced. 151 00:12:53,146.19373243 --> 00:13:05,116.19373243 It's like you definitely have to, cut things off at a certain time, whether it be what year the RV is or the mileage to make sure that, there's a good resale value there. 152 00:13:05,116.19373243 --> 00:13:12,66.19273243 Yeah, I have a 2017 Class C sitting right out my office window here that's got 140, 000 miles on it. 153 00:13:12,506.19373243 --> 00:13:17,441.19373243 That was one of the units I went and bought there when my, My fourth child, Isabella, was born. 154 00:13:17,821.19373243 --> 00:13:23,511.19373243 And what do we do, too? The money's flowing in, right? We don't take all that extra money and throw it towards principal. 155 00:13:23,511.19373243 --> 00:13:25,591.19373243 We just pay the monthly payment on auto pay. 156 00:13:25,591.19373243 --> 00:13:28,761.19473243 And, and so, hey, lesson learned. 157 00:13:28,761.19473243 --> 00:13:30,471.19473243 Life happens for you, not to you. 158 00:13:30,481.19473243 --> 00:13:34,961.19473243 So we learned a valuable lesson that we're able to use to apply and help serve our, customers. 159 00:13:35,401.19473243 --> 00:13:38,111.19473243 But yeah, that's, that's just something to be very careful on. 160 00:13:38,701.19473243 --> 00:13:39,611.19473243 There's another company. 161 00:13:39,611.19473243 --> 00:13:59,391.19473243 Oh, on that note, another thing I was going to mention is I've had, so the company that the three franchisees has bought the owner of that company had reached out to me, saying, Hey, we're selling our business, which when they originally reached out to me my franchisees ended up purchasing that company for less than half of what they had it listed for. 162 00:13:59,981.19473243 --> 00:14:11,561.19373243 Because they had a business broker really give them a false valuation and two of their books were not in order the way they should have been but Ben, a franchisee of ours in Alabama, who was part of that, that purchase. 163 00:14:11,821.19473243 --> 00:14:17,571.19373243 He's been sending me listing after listing of these RV rental companies that are selling and guess what happens. 164 00:14:18,576.19473243 --> 00:14:22,186.19473243 Pull up their information and what do they have? They have a fleet of RVs that they own. 165 00:14:22,546.19473243 --> 00:14:25,16.19473243 They're running under that wrong business model, you know. 166 00:14:25,266.19473243 --> 00:14:27,296.19473243 And again, unless you have the good exit strategy. 167 00:14:27,536.19373243 --> 00:14:31,76.19373243 And, and there's a lot of leeway if it's travel trailers, you know. 168 00:14:31,496.19473243 --> 00:14:33,516.19423243 You're not as worried when there's an engine and stuff like that. 169 00:14:33,516.19423243 --> 00:14:40,796.19473243 But still, why even take the risk? There's Last time I looked up the status over 12 million RVs sitting around doing nothing. 170 00:14:41,186.19473243 --> 00:14:42,896.19473243 I'm sure that number has grown. 171 00:14:42,906.19473243 --> 00:14:53,266.19473243 Why take the risk of doing that when you can literally be a blessing to someone else, help them cover their payments and maybe make some money and run a business model that way, you know? Yeah. 172 00:14:53,626.19373243 --> 00:15:01,546.19473243 And just to look at like kind of the other side of it, like when I sold my franchise it was the beginning of 2023. 173 00:15:01,951.19473243 --> 00:15:05,531.19473243 I had 15 units under management. 174 00:15:05,951.19473243 --> 00:15:09,671.19473243 I had, the bookings for the upcoming season. 175 00:15:10,51.19473243 --> 00:15:18,931.19523243 And I was able to sell that and the person buying it had no overhead coming with that business. 176 00:15:18,971.19523243 --> 00:15:20,651.19523243 It was just pure profit. 177 00:15:21,71.19523243 --> 00:15:32,41.19523243 So, you know, you're setting yourself up For the exit strategy, like you mentioned you know, because you don't have all of those payments that someone else has to take over. 178 00:15:32,41.19523243 --> 00:15:33,251.19523243 Yeah, you're exactly right. 179 00:15:33,281.19523243 --> 00:15:40,21.19573243 That was one of the big factors that attracted us to this company was their database. 180 00:15:40,21.19573243 --> 00:15:45,351.19523243 Really, they had a couple of huge contracts that were literally a couple hundred thousand dollar rentals a piece. 181 00:15:45,351.19523243 --> 00:15:45,461.19523243 Yeah. 182 00:15:46,26.19623243 --> 00:15:48,976.19623243 They had a Facebook group with over 40, 000 members in it. 183 00:15:49,216.19623243 --> 00:15:56,516.19523243 So really what we were purchasing more for them was their database and their contracts, then their business, their inventory. 184 00:15:56,966.19523243 --> 00:16:02,956.19523243 So yeah, that is, that's a great thing to keep in mind is, you know, the value that you get and. 185 00:16:03,411.19523243 --> 00:16:04,361.19523243 It's something like that. 186 00:16:04,361.19523243 --> 00:16:13,401.19523243 You're getting the value of a debt, you know, just like, you know, insurance companies, different companies sell, they're buying a database of customers are buying, you know, there's no tangible assets. 187 00:16:13,401.19523243 --> 00:16:26,351.19523243 It's you're buying information, you know, which they say that's one of the biggest purchases that are done out there between large companies is just buying information, buying data, like your, your wealth is in your database. 188 00:16:26,561.19523243 --> 00:16:28,601.19523243 You know, we've talked about this on other episodes. 189 00:16:28,601.19523243 --> 00:16:41,311.1952324 That's why it's so important when you have customers come in, get them plugged into your Facebook group or some sort of newsletter or something, build your database, because really when you're doing that, you're building your value of your business overall. 190 00:16:42,111.1952324 --> 00:16:44,841.1952324 Yeah, I think that is a great note to end on. 191 00:16:44,861.1952324 --> 00:16:48,566.0952324 You know, we've shared our exciting news some actionable tips. 192 00:16:49,6.1952324 --> 00:16:53,176.1952324 of how people can, protect themselves in their business. 193 00:16:53,336.1952324 --> 00:16:57,346.1952324 So any last words of wisdom? Just want to encourage you again I don't know. 194 00:16:57,346.1952324 --> 00:17:01,376.1952324 I'm just feeling this and I just want to show Have your eyes open look around you. 195 00:17:01,376.1952324 --> 00:17:16,306.1942324 There is opportunity everywhere Okay, I know we're going into this election and there's this doom and gloom and all these people freaking out about stuff, you know, these are the times where people actually become rich or the rich become richer when everyone else is freaking out. 196 00:17:16,326.1952324 --> 00:17:25,616.1952324 That's when you go out, take massive action, take a chance, do the hard things and you step out on the other side of it wealthy because everyone else is in fear. 197 00:17:25,876.1952324 --> 00:17:27,346.1952324 So that's my ending thought. 198 00:17:27,891.1952324 --> 00:17:33,231.1952324 Screw fear, walk in faith, do some hard things, build a massive business, All right, y'all. 199 00:17:33,271.1952324 --> 00:17:34,471.1952324 We'll see you on the next episode. 200 00:17:34,471.2952324 --> 00:17:35,361.1952324 See you later.
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