My 3X Exit Strategy: How I Planned My Franchise Sale from Day One

Franchise consultant Giuseppe Grammatico tells his complete story from working in his family's restaurant as a kid, to grinding through a 5-hour daily commute on Wall Street, to buying his first franchise in 2007, scaling it to a manager-run operation, and ultimately selling the business for approximately a 3X multiple in 2020.

In this deeply personal solo episode of the Franchise Freedom Podcast, Giuseppe breaks down:

Whether you're a corporate executive exploring a career change, curious about semi passive franchise ownership, or ready to invest in a franchise, this episode gives you the unfiltered, real-world blueprint from someone who's been in your shoes.

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DISCLAIMER: The information on this site is for general information purposes only. Franchising involves risk and careful consideration should be given before making any decisions.


00:00 Episode 281 of Franchise Freedom Podcast
00:30 Exit Strategy from Day One
00:37 Welcome to the Podcast
00:58 Episode Topic and Setup
02:10 Early Hustles and Restaurant Lessons
03:16 Wall Street Career and Burnout
04:03 Searching for Flexibility
05:03 Discovering Franchising
06:03 Buying the First Franchise
07:08 Time Freedom Reality Check
07:39 Funding and Business Criteria
10:23 Transferable Skills and Expectations
11:20 Financing Hiccup and Family Loan
11:57 How Franchise Coaching Helps
13:54 Free Book and Call Offer
14:54 Brand Differences and Territory Fit
16:59 Avoiding Bottlenecks with Delegation
18:54 Full Time vs Semi Passive Planning
19:36 Exit Strategy from Day One
20:37 Growth Through the 2008 Downturn
21:39 Launching the Consulting Practice
22:05 Three Stages of Due Diligence
23:32 How to Work with Giuseppe
26:49 No Hot List Industry Preferences
27:26 Final Thanks and Wrap Up

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The Franchise Freedom: Discover Your New Path to Freedom Through Franchise Ownership, Book by Giuseppe Grammatico https://ggthefranchiseguide.com/book  or purchase directly on ...

Transcript

Giuseppe Grammatico 0:00

I made good money, had a really long commute, five hours, believe it or not, door to door from the moment I left my house to the bus to the subway and back was about five hours daily. An eight-hour workday turned into a 13-hour, day just by the time I left the house and got home, and realized I wasn't happy. My number one requirement, looking at the characteristics of the business was number one is that recession resistant. I want something that's gonna do well in up or down markets. I didn't want a fad. Number two is I was gonna run the business full-time, hated my job. I forgot to mention this, I when I signed the the franchise agreement, paid the franchise fee, I shook the franchisor's hand and said, "How do I sell this business?"

Speaker 3 0:39

Welcome to the Franchise Freedom Podcast, where you can escape the corporate trap through franchise ownership. Here's your host, Giuseppe Grammatico, the Franchise Guide

Giuseppe Grammatico 0:52

Welcome to the Franchise Freedom Podcast. I'm your host, Giuseppe Grammatico, your franchise guy. Thanks for joining us today. Got a few requests, had some conversations around the topic for today, and the topic is gonna be from Wall Street to franchising, my journey to time freedom. I thought that would be helpful because I wanted to talk about my journey on how I went from employee to employer the process, similar process that we help all of our candidates follow through. So kinda covers multiple areas in a real time kind of case study and where the process is similar, but obviously the characteristics and different inputs may be different depending on your situation. So, uh, Appreciate everyone for joining. Hopefully you've you've enjoyed our previous episode. It's been getting a lot of great feedback on the summit, the three phases of finding your perfect franchise to selling the the business and selling the franchise or the business or whatever business you had started up. And wanna thank again Henry Lopez, David Barnett, and Rocky Lalvani. That was a lot of fun. We're planning on doing that again maybe towards the end of the year, a different topic, based off your feedback and inputs. We we, and comments we, we greatly appreciate. So for today from Wall Street to franchising how I g- how I experienced and my journey to time freedom, a- as we called it. So let's take a step back. So You know, y- years and years ago, looking at family, no one had gone to college in my family. Going to school, did really well, and, my, my biggest thing was gonna be the first person in my family to, to go to college, and was dead set on that. And w- did that route, went to high school, went to college. During college had a few side businesses delivered flyers. Actually even did that in high school and detailed cars. It was fun. Did it at home and it was great money. So those are my two, side hustles, but always worked at the family restaurant. So got exposure really early to business ownership. Absolutely loved it. Just knew it wasn't the actual industry I wanted to be in. A lot more employees that I wanted to manage. I did not want a physical location, and I felt like every week the price of goods, given our minimal buying power, changed. J- the cheese, the flour, the yeast, anything we purchased in the business, I felt was changing. Almost felt like we had to just write market price like they do with fish or lobster was on the menu just because it fluctuated, so your, your profit margin changed. You couldn't change the pricing. We changed pricing maybe once a year. So I just knew that business wasn't for me. So with that being said, went to school, did really well, graduated from Rider University and, Got my first job, prior to that did an internship at PaineWebber, now UBS, and really liked money, finance, investing. Did well, worked for companies like J.P. Morgan UBS worked for AllianceBernstein. You notice each of those companies went through different mergers, and that's probably a whole 'nother episode. But, so got to learn quite a bit, but just did not feel fulfilled. I made good money, had a really long commute, five hours, believe it or not, door to door from the moment I left my house to the bus to the subway and back was about five hours daily. An eight-hour workday turned into a 13-hour, day just by the time I left the house and got home, and realized I wasn't happy. The money was good, so it checked off that box, but wasn't happy with the job, wasn't happy with the commute. When my wife and I got married, I said, "You know what? I don't... I wanna be present for my kids." Growing up, we didn't see Dad unless we worked at the restaurant. At some points they were open seven days a week, later on six. So in order to see Dad, we had to go work at the restaurant. Later on my mom was involved as well. We did not want that type of business. We wanted to be more present. So my wife had the, the the luxury o-of being able to work from home as a computer programmer. She still does today. And I said, "What, what is out there that can allow me some more flexibility?" And so I started looking at different jobs, maybe a little bit closer home, shaved off maybe an hour off the commute, but I was still in the same boat. A little bit shorter of a commute, but there was still a commute. New Jersey, there's just a lot of traffic. This is prior to COVID. This is going back 2005, and everyone was expected to work in the office. So I realized not only was the commute long, but at the end of the day, it just, I didn't wanna work, for a large company, multiple managers. When I screwed up, I heard it 20 times. So I said I wanna control my own destiny and really maybe have my own business, but I have no idea, what that looks like." So I explored businesses, was on BizBuySell and all the other websites to find out, you know what? I don't wanna create something from scratch. All the resales I looked at just seemed like more and more bigger headaches. The information wasn't clear. You asked about finances and half was documented, half wasn't, so you had to take them, the owner on their word. And I said, "You know what? Maybe it's franchising." Subway was the big franchise. I didn't wanna be in the food space, but I did a little research, got extremely overwhelmed. Researching one weekend, we find out a franchise consultant, reached out to that individual, and they were h- they were able to really help us break down, why we wanted to own a business, if a franchise was a good fit, and then what that specific franchise looked like. So we spent a lot of time there and eventually purchased and invested in my first franchise, master franchise, believe it or not, in 2007, and my second one in 2008 with a, with a 2020 exit. But rewinding back a little bit, sat down with my wife to try to figure out what this ideal business looked like. We reviewed our finances, got everything together, right? where all the cash, the investments, where the investments were, the amounts, the amount of risk we wanted to take. We found out later on that my son was gonna be born later that year, November of 2007. But prior to that, that we wanted to start a family, and we would use that first year as a builder year I talk about all the time, and really reinvest, almost treat that first year where I would take no money out of the business and just really focus on that business as much as we can, the first year or more, depending on what we wanted to do, and really scale that business so that I can create this idea of time freedom that we talk about so much with the reality and what I coach every one of our candidates in that this isn't an overnight thing. You need to learn the business, get it up and running, find the right staff, use all the systems in place while automating so that you can step away and work on the business and not have to be in the office every day. In this show, I was in the office every single day, and then we eventually scaled down to three days a week down to eventually one day a week, while it was manager run and eventually selling that business in April of 2020. You know, this idea of time freedom, we had some real realizations like this isn't, I get calls all the time, "Can I buy the franchise and run it a month and then step away?" You know, at the end of the day, it's your business to run as you see fit, but you want that business to be successful. There's always gonna be some type of involvement. That doesn't mean you have to be physically in the office, but you do have to be present, checking in with the general manager, making sure they're getting the support, making sure they're empowered to make those decisions that are needed. It really comes down to the setup. But, taking another step back in, in working with my coach we looked at things. So we got the full kind of financial picture, 'cause ultimately, number one, we have to see what brand... Because I was very open to the industries and what we were looking at. I went in with an open mind and said, I'm open to just about anything." So we laid out all the financials, so we had everything out there to see, number one, what I would qualify franchise-wise, because certain brands will have, or most brands will have liquidity and net worth requirements. Typically, we'll call it 150,000 net worth and 50,000 plus liquidity. Number two what kind of financing, SBA retirement rollovers if you have any retirement or qualified assets equity in the home. So we kinda took a look at everything to see, number one, what I can get approved for, but more importantly, number two what is my comfort level? Just because I can get approved for a 500K loan doesn't mean I wanna invest up to 500K. Maybe it's only half of that and having some some additional working capital to work with in the event I want to expand by buying another territory or we have a few slow months, or the, investment was a little bit greater. We saw that coming out of COVID, a lot of brick-and-mortar locations, the amounts ended up being a little bit greater than past amounts because everything was more expensive. Raw materials, expensive contractors were charging more. You always wanna have that buffer in the event things are more expensive and there was some unexpected costs and expenses and/or delays. My number one requirement, looking at the characteristics of the business was number one is that recession resistant. I want something that's gonna do well in up or down markets. I didn't want a fad. Number two is I was gonna run the business full-time, hated my job. I was gonna dedicate 100% of my time and do whatever it takes, put in that sweat equity to get that business launched as soon as possible. I literally signed the franchise agreement, and we were up and running almost immediately. Actually generated my first revenue 30 days later. It wasn't a big account, but it was a win and helped with the motivation. It's the the wind in your sails, so to speak, and it really helped in growing that business and starting to create some momentum. First sales call closed that I think within 24 hours, and I still remember that deal. It was a big win and it definitely helped quite a bit. So we looked there. We looked at did not want a physical location, but an office was okay, and we had an office. We had multiple territories all being run from one centralized location. Didn't want a lot of staff, and we had some contractors, but staff was to a minimum. When we first launched, I believe we had about three employees from what I remember. So very small footprint in the in the staff. But recession resistance was the one that truly stood out. I got into master franchising, where eventually take over a market, and help find franchisees in the market So that was interesting and that was unique, and you don't see as much of that today. But that was just a match for me. And so we explored multiple brands that checked off all those boxes and ended up in the building services space. But, the point of that whole story is, number one is setting the expectation. It is up to you to do the homework. A franchise consultant or coach is a guide and will point you in the directions of things to prepare for and to think about. So for me it was, I don't have experience in building services, and I didn't need experience. That franchise avatar was someone that could network, almost be a mayor of the town. It's a term I stole from a, from a friend of mine. But you're almost like a mayor of a town. You're networking chamber of commerce, going on sales meetings, with zero experience in the space. The franchisor is there to train you, support you and provide you all the support needed to get up and running. So I had some preconceived notions. I felt like I needed to be in the restaurant or investment space. And the reality is that the restaurant business even the financial world are great, but, what is transferable from there? And num- well, running a business it's entrepreneurship, but it's management. I did marketing in both cases, heavy sales in the financial services. So these are all the soft skills, the transferable skills that I brought over and was able to use. as far as making that final decision, we made that final decision in February of 2007. ;Ended up with a family loan. Long story, but I guess the the bank at the time, didn't realize, even though it was mentioned that I was leaving my job to launch the business and they declined me. This was all happened fell apart last minute. And looking back, we've made some adjustments and partnered with some companies out there to prevent these issues. But ended up taking a family loan from my grandparents and still just grateful for that. Paid them back with interest and was able to buy a second territory January of 2008. So ran the Central and Northern New Jersey market. So great experience, learned a lot checked off all those boxes and, it's my job today to help individuals find their perfect franchises by looking at all of those characteristics, looking at where you qualify financially, because you may want brick-and-mortar, but you would not qualify. You're way off. You're halfway there in the net worth and liquidity. So it's my job to let you know "Hey, is there a partner? Who else c- can we partner up with?" Or maybe we look at a, uh, another home service brand, or we put the franchise search on hold and Really put a plan together on getting liquidity and net worth numbers up to meet the requirements of the franchisor. It definitely is worthwhile working with a franchise coach. They'll bring some perspectives. Unlike a portal, where it just asks you, What do you want? Restaurants?" It shows you restaurants. We bring a different element. We bring perspective, we bring experience, and asking, "Why a restaurant?" That's where I have experience." "Okay, that's great." Keep in mind you don't need experience in the business, and that opens up the door. Hey, what about, business coaching? What about, helping small businesses reduce expenses, water and smoke mitigation? I think that is where we add a lot of value. We also know you know, partnering with FranChoice, what industries, the state of the different industries what's working, what's not working, feedback we're getting from franchisees. Our company has two full-time staff that are pre-screening companies daily, making sure they're a good fit, making sure they have room for growth that they're national, interviewing at random franchisees and the franchisor, reviewing their franchise agreements. Now, this doesn't take away from your due diligence, but it's a pre-screen to really get this universe of 4,000 companies. And I don't remember what that number was in, in 2005 when I first started, but getting that list from of now 4,000 companies to a much more manageable level, really funneling things down. And it all comes down to, what you want your business to look like. If you don't want lots of staff that's gonna eliminate certain industries. If you don't want brick and mortar, that's gonna rule it out. If you can only run this thing part-time and keep your job, that's gonna also eliminate certain brands, and that's okay.

13:54

Hey guys, thanks for listening. I hope you're enjoying the show. As a thank you for being a valued listener, wanted to offer you a free copy of my book, Franchise Freedom. This book was written back in 2020 and it's my exact blueprint in helping you find that perfect franchise. I wrote it based off my experiences and wanted to pass that along to you. Want to chat today? You can book a call directly on our website, top right side of that screen, and you can schedule a 20-minute call. We'll dive into if a franchise is a good fit, help you get qualified and figure out what that perfect franchise match may be. So I hope you take me up on my offer. Once again, Franchise Freedom, download the book today for free, or book a call with me directly and we'll help you bypass all that information you find online. Most importantly, figuring out if a franchise is the right fit and then figuring out what that perfect franchise looks like. So thanks again for listening to the show and back to the show

Giuseppe Grammatico 14:54

That's what we wanna do because not every franchise allows semi-passive ownership out the gate. Some will, make it mandatory to be full-time or have a partner someone with a vested int- in vested interest in the business to run the business full-time. Those are things. There's requirements. And don't assume, which is a mistake I made, just because you spoke with one roofing franchise, the next roofing franchise was the same. That's not the case. Some will have you full-time, some will allow part-time ownership, some will have you on the roof, some will never have you on a roof and really working on the business and networking. Don't look at an industry and say they're all run the same. They're gonna have different investment levels, different services, like turnkey marketing and call centers. Some may not offer either. Some may just offer marketing, and you have to answer the phone. Look at each one kinda... they're kinda siloed, right? You wanna really look for a match. And our job is to break down and look at the market and say, "Okay talking with the franchisor, your market may not be feasible given their criteria, but the next market over is 20 minutes away. There may not be any availability, but a resale just happened to pop up So we scanned the market, checked the availability, and that's what we did in New Jersey. We wanted to make sure all the markets were available. There was availability to grow. It wasn't gonna be kinda landlocked where I bought one territory and I couldn't expand from there. that would've been an issue for me as we wanted to grow this business to something big. So we got all those characteristics down. We got all the funding. We did hit a hiccup. Stuff happens, unfortunately, so you wanna be best prepared in the event something does come up, and we put some things in place, like having a call with funding right after the first call. Some people give me a hard time there, and I tell them, This is my situation. This is what happened to me. I wanna prevent that." So just like buying a home, let's figure out what you can afford and what you're comfortable with, even figuring out what your monthly no payments are and interest rate so that you're comfortable with the process moving forward with the franchise i- in the comfortable range you're looking to invest in. Knowing the interest rates, knowing what the monthly installment is gonna be. Factoring all that together, getting a great franchise attorney to review the agreement. We did that. Probably would've went with some of the big names like Benetrends on the funding side if I had to do it all over again. Just I didn't know. I can call it a mistake. I just didn't know, and I try to help people not make the same mistakes I did. Hiring a great local attorney in your state, which is something we did as well to set up your estate planning and, what happens, your contingency plan. I didn't even know what that was, unfortunately, until years afterwards. It's someone that takes over the business if something happens to you it may be someone gets the assets, it may be your spouse, and then a business partner or employee, will have full control of the business. As you grow the business, I hired a business coach and that was over and beyond some of the coaching I received from the franchisor. And one thing is I hired a manager, but I limited their responsibility, which was not freeing up my time, l- hurting my time freedom. So looking back, again, a mistake I made and my coach helped me realize was I need to empower my staff. They need to understand what they can or cannot do, create a document so everyone's on the same page, and it... Sometimes we forgot a responsibility that needs to get added, something needs to get changed, or it was just a one-off, an anomaly. My manager had to get a lot of approvals, and I wasn't available when they called at 8:00 a.m., and maybe they had to wait four or five hours, while a client was getting irritated waiting on a response. I became a bottleneck in my business. We fixed it quickly, and understood my manager had a lot of experience, and that's why they were there. So sometimes there are growing pains. Things come up, and, my job is really to help you eliminate those mistakes, those bottlenecks and some of the things that I see. When someone tells me they wanna run a business semi-passive, I say, "Great. We gotta find not just the right brand that's gonna support you, but you also have to, equally as important, find that right general manager and create that list, that task list." And now it With AI, it's really easy to put together, and you can just edit those documents. It does a lot of the heavy lifting for you, and then you can go in and make some of those edits, create it on a Google Doc so it's easy to view, and it's also easy to edit, should there be any changes later on. So those are some things that we that we worked on and where I help individuals, that, that are looking at a business, my candidates, in figuring out the best fit and best way of going about business. sometimes if you're in between full-time versus semi-passive, we look at both, right? You create two different lists of responsibility. I encourage you to create two pro formas just like I did. In the event I run this part-time, what would it look like with a manager and their salary? How is that gonna affect my monthly cost? Obviously everything is gonna increase, but if I'm keeping my job, which really wasn't an option, but I was just curious, what would that look like? Higher expense on the business, but I'm bringing in more salary. So you need to figure out what's best for you. I encourage everyone that if you can run it full-time, you will scale, grow, get the business up and running much faster. If you can afford it, if you're comfortable with it, go for it. Not everyone can do that, and I completely understand. You do what's best and for your situation. Getting the business up and running. I forgot to mention this, I when I signed the the franchise agreement, paid the franchise fee, I shook the franchisor's hand and said, "How do I sell this business?" And they kind of took a s- leaned back and said, am I g- gonna be regretting this?" And I said, "No, I, I would just, I wanna know what my exit strategy is." And we just recorded a three-part summit, David C. Barnett, in phase three. Part three of that summit, we talked about exit strategy planning, and it starts with day one because anytime you get into a business, the reason you're going into it Is you creating a legacy for your family? Is it a quick five-year exit? No right or wrong, but that does affect the brand and how you run that business, so and how quickly you scale and need to be involved. That goes back to the reason you wanna own the business, and I kinda glanced over this, but the reason that your why, because there's gonna be good days and bad days, and the why gets you through those those ups and downs in the economy and in the business cycle. It was a reminder to spend more time with my family, number one. Financial freedom was number two. So you know, in those days, you kinda are reminded, "Hey, I'm, I don't have that commute anymore. I have full control. The economy is going south. How do we shift?" And I know in 2008, we made a shift to focus on healthcare because people still needed surgeries and dialysis, so we focused on those specific industries, and we did well focusing and really getting laser focus on specific industries that were less affected by the downturn in 2008 that we saw on Wall Street and the economy. But yeah, you know, the, the business did well. We grew the business. I removed myself from the business as much as possible. Was it always perfect? No. We had some growing pains. We bought a second territory, additional staff, additional franchise owners and contractors, and you name it. As we grew, we exited for about a three multiple on, on earnings and which is a whole 'nother... I would encourage you to check out the show we did with David Barnett on exit strategy planning or phase three of the summit. Either one will cover a little bit more on these topics. And yeah, was able to gain that financial and time freedom eventually. Didn't happen overnight. Time freedom was one was first. Financial was second, as I wanted to get everything in place as we grew every year exponentially, and was able to exit. And that exit helped. I launched my consulting business where I was able to focus 100% of my time towards this business, and this is my passion project. I love what we do. We help people explore, figure out if franchising i- is for them. We talk people out of business ownership. Sometimes it's, the grass isn't always greener and the match isn't there. In many cases, we put together a plan to revisit later, and then there's others that are ready to go, and they've made that decision to move forward, and then figuring out what that fran- that perfect franchise looks like. there's a lot in the due diligence process that I went through, and I would say, looking back, three stages of due diligence. You wanna talk to the franchisor, get their franchise agreement, but each phase equally important and weighted. Once you get all the data, the information, the average day in the life, you wanna talk to franchisees, learn about their day-to-day, get their feedback, ask them the million-dollar question, Knowing what you know today, would you do it all over again? Would you buy another territory?" Follows by stage number three, again, equally as important, meet the team, or discovery day as they call it, where you're getting to meet the founders, the CEOs, the C-suite, other prospective franchisees. Maybe there are existing franchisees there and you're gonna get to hear their, other people's questions, things that maybe you didn't think about that you can bring to the table and ask those questions and things like that. And then, eventually, the franchisor will meet with the team. They will formally approve you if you are approved. Normally when you get to that stage, there's a higher probability that you're gonna get approved, or else you would not have been invited to that, that meet the team or discovery day. And then you're given they lock in the markets, the territories, and they're given usually a week or so to make your final decision while getting funding and everything put together. Yeah, it... Looking back, I can't believe it's been just about 20 years that I started my journey. Been in business ownership 25, going back to my fl- delivering of flyers door to door and my auto detailing. So it's been a great journey. Some different perspectives, kinda seen different things, different viewpoints. And if anyone has a question, wants to learn more, and are serious, serious about owning a business, give me a call. If you just want some general questions answered, the website has 25 FAQs and we cover just about every topic. But if you're serious about, number one, hiring yourself and bettering your life, and then, number two, avoiding a lot of the mistakes I see people make and some of the mistakes I've made and some of the mistakes I have, I have almost made, I bring a ton of value there. And that can make the difference between, being successful and not quite frankly, to, just to be completely direct. And so I help serious people that wanna become entrepreneurs avoid s- those six-figure mistakes. More than glad to, to help you there, go through that process. And remember, it all starts with you. We look at kinda your situation. Everyone's situation is different. Your financials, your strengths, your weaknesses, the characteristics of the business, and we put it all together to make sure we're looking at brands that check off all the boxes, not some of the boxes, so that when we talk with three companies, the exact same process I followed, you're not overwhelmed. The the brands may not be brands you thought of before, but they're super specific, check off the boxes of what you're looking for, and could be some potential great matches. I have no regrets. There's some mistakes I wish I could have avoided and some growing pains I wish I could have avoided. And my gift to you is I will coach you on some of those areas so that you can avoid. And That's my goal, is really to help you make, avoid those mistakes and find that, that perfect franchise. So stop looking at those lists, stop researching online. Reach out to someone who's been in your shoes, and more than glad to help everyone. So go to the website ggthefranchiseguide.com. Click on the Book a Call or Right Fit. We just updated the site. And it'll ask you a few questions, give you access to my calendar and encourage everyone. Our f- our services are always free to you. Franchise companies pay our fees like a real estate agent or executive recruiter, and would love to help you along your journey in figuring out what's the best fit. I wrote a book, "Franchise Freedom" as well, talks about my journey, everything you need to know about buying your first franchise. If you're not ready to chat, take a look at "Franchise Freedom" the book, "Franchise Freedom" the podcast. You could search by category or search term better yet and it'll pull up every show that talks about exit strategy or talks about semi-passive and things like that. That is my journey That's how I went from Wall Street to to developing time freedom and eventually financial freedom. It can be done. There is a process, and I don't want you to lose sight of what's most important, and that's the life you're trying to create. We dive in a lot deeper than we discussed today on certain areas and characteristics and how to r- review the franchise agreement and all those items. We've talked about those on other episodes, but just wanted to talk about my journey. I definitely, take me up on my offer. I'd love to, to help you out and chat. There's no cost aside from your time, but we could definitely map out a scenario. And maybe it's not the original scenario you thought of. Maybe there's a partnership. Maybe there's a little bit more of a delay while you you save up a little bit more. I just had someone that had everything lined up, but for whatever reason, they never ran their credit score, and the credit score was much lower than anticipated, where the SBA was not comfortable approving them for a loan. You get proactive in getting that stuff fixed before going out and looking for the for the loan. So anyway I, I hope you found value. Leave leave us a comment. More importantly, s- some people ask general questions. Our advice is similar, going back to your specific situation. There's no hot list. I don't recommend the same brands to everyone. You need to be qualified for the brand. It needs to be a good fit, and they have to be available in your market. So when people ask general questions, "What are your top three?" I normally say, industries I like are recession resistant. I like water and smoke mitigation, the dirty jobs type of businesses. I like businesses that help small businesses cut expenses. I love senior care. Those are my recession r- resistant buckets. There's plenty more out there, but those have been really popular. And then we go into specific brands, medical versus non-medical and senior care, what that looks like, and making sure it's a great fit for you. Hope you enjoyed the show. Thanks for all your support and questions. Leave us those comments. If you wanna be a guest, go right on the website, ggthefranchiseguide.com. You can request to be on the show, or shoot me an email or a comment if you want a specific topic covered. I'm more than glad to cover those. And by the way, I get all of them and I write them down. So just because we don't cover that immediately doesn't mean we're ignoring it. Sometimes we'll combine them with some other topics because there's not enough meat there to have a whole show. We may combine it and maybe... I've been I've been doing a couple FAQ shows where we'll get 10 frequently asked questions from my one-on-one calls and the comments we get on social media. So thanks again, guys. Appreciate everything, and talk to you guys soon. See ya

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