Dru Carpenito
@drucarpenito
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Franchise Consultant - Help people buy high-quality (non-food) franchises. Franchise lifer (17 yrs+ Franchisee and Franchisor w/ emerging non-food franchises)
Charlotte, NC
Joined October 2013
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Pinned Tweet
I’m new to the franchise SMB and franchise X/Twitter world.
But not new to franchising…
Have been in the emerging non-food franchise world my entire work life…fell into it accidentally 17 years ago.
Spent 12 years on the corporate side leading domestic and international
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Don’t make this mistake when buying a franchise…
DON’T skip talking to the existing franchise owners.
The franchise sale rep, executives, and founders will make their business sound amazing.
Yes, they’re trying to sell their business.
Can’t blame them - they believe in
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Franchisors who treat their franchise owners as a customer and focus on the owners’ profitability (and happiness), have a much easier road to greatness than the typical franchise system
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@NeelBParekh
On the non-food side…
Disaster restoration in the home services space (ServPro, Paul Davis, etc)
Orangetheory is strong (one-to-many labor structure plus private equity resale potential).
Planet Fitness is a cash cow (👆 same reasons)
Sola Salon Studio’s also been a winner.
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Recording a podcast with
@franchisewolf
later this week.
Fire over any topics or questions you’d like to hear about.
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Dear Kind Sir,
Thank you for your inquiry.
Please don’t buy a franchise.
Kindest regards,
Dru
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Recorded a new Franchise Masters podcast episode with the
@franchisewolf
Interesting talk on…
- Why most franchisors do NOT scale nationally
- Why does the word “semi-absentee” get thrown around so much?
- Financials and how to validate a brand’s unit economics
- The
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This was a fascinating conversation with
@FranchiseMnA
- an entrepreneurial investment banker, turned multi-unit franchise owner, turned CFO of an emerging franchise incubator.
He brings the finance, franchisee, and franchisor perspective to the conversation.
We discussed…
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If you’re curious what it’s like to scale a business as a franchisee, the best place to start are podcasts.
Listen to episodes with multi-unit franchisees, not founders of the actual franchise.
The business the franchise owners are scaling may or may not be for you, but you’ll
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Videos like these are why I walked away from the corporate world six years
My daughter found my wife’s old phone
Every other video was “We miss you.”
These videos helped while I was on the road.
So walked away with the help of franchising and have never looked back
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@MenPlayingGolf
@markgraves23
@eside84
@chapelhillgov
@SouthernPinesNC
Hope they can contribute to their club more than they did to our team @ MPG
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An interesting way to think about franchise royalties.
I know many franchise owners who are happy to pay royalties just to have access to the network of other owners and entrepreneurs in their franchise system.
If you build relationships with other owners and work the network,
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@FranchiseMnA
Spent 8 years of my life franchising AdvantaClean from the ground up a long time ago.
Water damage mitigation is the highest margin service in the residential/commercial space I’ve seen.
Non discretionary too.
Yards, yards.
It’s also the most competitive.
Lots of companies
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@LunatekFringe
@franchisewolf
has some good ones
@RealErikVanHorn
has some good ones on his Franchise Secrets podcast
And, since you asked, I’ve had some multi-unit zees on my Franchise Masters podcast
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Recorded a podcast episode today with someone who started a franchise while he was an undergrad during COVID.
Took advantage of the study-at-home flexibility to build it.
Now, its manager run.
Recently, he moved half way across the country to acquire another franchise brand.
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@FranchiseMnA
Hot take JT getting in with a hot brand in a big market! Only you could find a way in. Love it! Congrats, man! Pumped for you.
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10 important questions to ask franchise owners during validation
Before you start asking these questions, be nice. Ask,
What were you doing before you opened your franchise?
What inspired you to open your own business?
Why did you invest in this particular franchise?
Do you
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@brianbeers
Steve is an amazing operator. One of the best I’ve seen. Just talked to him the other day about potentially expanding more via the Beers method !
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The first evidence of my book, The Franchise Investment Guide, going international!
This candidate is across the pond in the UK and is searching for a high-quality non-food franchise based in the States to bring to the UK.
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@MenPlayingGolf
@btaylor3334
@kmpOConnor
@ryanpj15
@Tjcroweman
@Pat_Carpenito
would be shaking his head with his hands on hips outlet stomping the ground
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@wxbrad
Brad, just want you to know that your passion inspires me. How and why did you get so passionate about the weather?
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@PhilMickelson
@Tjcroweman
a good shot to practice when you get your lob wedge reshafted (again).
@MenPlayingGolf
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@jcolesimpson
is a beast of an entrepreneur who’s on his way to building a monster business with Mighty Dog Roofing.
He’s also a great human.
And a solid follow.
I was fortunate to get connected with Cole and play a small role in his journey.
Check him out!
This message was from me
Wolf of franchises was one of 4 factors that pushed me to take another look at franchising:
1. Franchise empires podcast (found through Twitter)
Listening to this podcast reaffirmed a belief I had
Franchises were a way to achieve significant wealth
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@jcolesimpson
@FranchiseMnA
Well, Cole…as you build your Mighty Dog Empire and pitch the Big Blue deal, let me know. Might be able to help. I have a line into one of the execs over there
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@FranchiseMnA
@AdamGWaschEsq
@brianbeers
@franchisewolf
@GregMacchia
@fran_cowboy
@shainadenny
@CostaKapo
@FranchiseBob
💯 spend a bunch a time analyzing the franchise and talking to (and visiting with) franchisees before Disco Day. Shouldn’t be much new at D-Day.
And don’t be a dick at D-Day
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@franchisewolf
I don’t really see why this is a franchise (that’s coming from a franchise guy).
Where’s ongoing value for the royalty?
Doesn’t feel too difficult to track a manufacturer, get your own insurance, and work out your local deals with malls, etc.
🤷♂️
But those #’s are tempting
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New podcast episode (and it’s a bountiful one)!
Brian Alas, a mid-market M&A Advisor, drops a lot of nuggets in this one around all things exit strategy for non-food multi-unit franchisees and franchisors.
Brian and his firm, Boxwood Partners, are on the front lines as they
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Just received my order of The Toilet Paper Entrepreneur by a fellow Hokie
@MikeMichalowicz
, and I received a cool bonus! Thanks, Mike!
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Just learned my friends
@Guidant
helped the founders of
@NoDaBrewing
fund their startup a few years ago. Cheers!
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@franchisewolf
Well said.
There are a couple brands being pumped on the Twittersphere that are doing this exact thing.
Brand 1…
…claiming 80%+ “adjusted net profit” that you can run “semi-absentee” but conveniently leaves out labor from their expenses even though it’s a corporate unit.
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@MenPlayingGolf
@kmpOConnor
@rockbottomgolf
, MPG member
@kmpOConnor
got a little too excited about you sale
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@MenPlayingGolf
@btaylor3334
@kmpOConnor
@ryanpj15
@Tjcroweman
@matthewguay
would have driven right by
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@MenPlayingGolf
@eside84
@Graeme_McDowell
Nice win there,
@Graeme_McDowell
. Channeling Team Dru brings good things
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@MenPlayingGolf
@btaylor3334
@kmpOConnor
@ryanpj15
@Tjcroweman
@brandontunc
would still be waiting for a
@bumble
alert
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@FranchiseMnA
In the medium investment range, Paul Davis Restoration and City Wide Facility Solutions have some franchise owners in the $30M+ range
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@ItsMattsLaw
@AdamGWaschEsq
@FranchiseMnA
@brianbeers
@franchisewolf
@GregMacchia
@fran_cowboy
@shainadenny
@CostaKapo
@FranchiseBob
Follow this one up by pulling out
@AdamGWaschEsq
‘s comments on the franchise agreement at lunch and grill the founder
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@clthoosier
@MenPlayingGolf
@btaylor3334
@kmpOConnor
@ryanpj15
@Tjcroweman
@AugustatheBrown
@clthoosier
would have been on the green pacing off his putt
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@MenPlayingGolf
@ZachJohnsonPGA
- thank you for your inspiration. Your willingness to get rid of your four iron and embrace another 22 degree is what I have needed to do but struggled for so long. Thank you for showing me the way
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@kmpOConnor
@MenPlayingGolf
@Pat_Carpenito
@stephen_screen
@budlight
@brandontunc
@TheMasters
When your neck tan doesn’t match your pale Irish belly = the sign of a real golfer
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@AdamGWaschEsq
👆 I stand corrected.
Today, I met an emerging franchise in the solar space that has figured out a way to scale without door knocking.
They claim to have grown to $100M in something like 4-5 years.
Crae, crae if what they say is accurate and replicable
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@jcolesimpson
No words to describe how impressive your month 1 numbers are. Glad the hard work and moves you’re making are paying off. Onward!
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@BleacherReport
@MeekMill
@PrayersNhoops
@eside84
, inspiration for our
@MenPlayingGolf
pump up speeches
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From Corporate World To Multi-Unit KidStrong Franchise Owners
Jasmine and Xan Carr got an early look at KidStrong before it skyrocketed and sold 400 units.
Interestingly, when they heard about it, the KidStrong business model was being prototyped and hadn’t been franchised
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@FranchiseMnA
Gret advice. Knowing the right questions to ask emerging brands leaders and franchisees is critical. Take everything those brokers (and sales people and brand leaders) say with a grain of salt 🤣. Good brokers should provide guidance and support on your research
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@AdamGWaschEsq
@Daniel__McCarty
@franchisewolf
👆 exactly what Adam said. And if you decide to franchise, go slowly at first (get a couple a successful franchise owners out there) and then you’ll have a strong foundation to grow on. You can probably hit your three goal in the same time following the crawl-walk-run approach
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@MenPlayingGolf
@petermillar
@XObyJessica
Update: my biggest fear almost became a reality on Saturday
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@FranchiseeAdvoc
If franchisees won’t talk to you about their experience because they’re scared of the franchisor enforcing any clause like that, RUN!
On the other hand, franchisees who are happy and profitable are typically open to talking about their experience. Good franchisors with a good
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@MenPlayingGolf
@clthoosier
@EinsteinBros
@btaylor3334
is baffled about how to respond. Maybe he needs a new driver from
@rockbottomgolf
. They have amazing deals on the vertical groove game changing technology.
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@AdamGWaschEsq
@FranchiseMnA
@brianbeers
@franchisewolf
@GregMacchia
@fran_cowboy
@shainadenny
@CostaKapo
@FranchiseBob
What’s the plan to get franchises as many customers as fast as possible?
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@FranchiseMnA
In the larger investment area, word is Big Blue Swim School franchisees are crushing it. Back of the napkin math says they’ll be a billion dollar brand
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@FranchiseMnA
💯! It’s a lot easier to build a healthy franchise system if there’s a relentless focus on the franchise owner’s profitability and happiness. Otherwise, it’s tough sledding for everyone
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Worth five minutes if you like movies
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@btaylor3334
@clthoosier
@MenPlayingGolf
@GOLFTV
@ryanpj15
@Tjcroweman
@MPG_Commish
Doesn’t fit my eye
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@TKopelman
Great advice. The best access to dry powder when you need it (especially for building a business). Just open it before you start the business 🤣
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@franchisewolf
Preach!
There’s a bit of an art to having these conversations so you can extract the info you’re looking for, validate margins, the support and training, and the true drivers of the business.
Fancy way of saying to butter the franchise owners up first before talking shop.
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Calling it now. The people, the leaders, and most importantly, the scientists have good news next week.
@scientists
I have my faith in you!
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@FranchiseMnA
Great advice. BS Stat. Anyone buying a franchise shouldn’t blindly trust advice from anyone, franchisor, it’s parent company, or anyone here on the ol’ tweet machine. It’s worth spending the time time learning how to evaluate franchises properly.
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@GB_The_Goods
@btaylor3334
Don’t let the best baller to never go pro push you around like that, George
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But first, a quick disclaimer: If you find a franchise that you feel is the right fit and have spent time validating with franchise owners, and are planning to attend a Discovery Day, you may want to have a franchise attorney review it for you.
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How to quickly review a Franchise Disclosure Document (FDD)…
When you’re doing a deep dive on a franchise, one of the key sources of information is the Franchise Disclosure Document (aka the FDD).
Here’s a way to skim it when you’re early on in the process
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@FranchiseMnA
A lot for both brands. Hard to find good markets with ample turf left. Still some pockets though
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@ConnorGroce
Wild.
Was recently working with a candidate on a franchise and the franchisor kept pointing to their top franchise owner as a great source of information. The top operator is the CEO’s brother 🤦♂️
My candidate then discovered a whole nest of hairballs as he kept talking to
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@SMB_Attorney
Great option to find a business.
One small point…Believe any pretax retirement funds eligible for a ROBS can’t be tied to a plan with a current employer
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@SimchaDavidman
@franchisewolf
@PaulTTran
@RealErikVanHorn
Shoot me a message and we can hop on a call to discuss
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@MenPlayingGolf
@brandontunc
@Tinder
Speaking of “look good, feel good, play good,” Brammy gave me some
@petermillar
shorts that I can’t fit my growing budunkadunk in. Bright yellow with a hint of lime green. Want them?
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It’s more than just what’s the “hot” non-food franchise out there right now.
It’s about…
…Approaching business ownership in the right way
…Evaluating these emerging non-food franchises the right way
…Validating these emerging non-food franchises the right way
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@AdamGWaschEsq
@Daniel__McCarty
@franchisewolf
As you’re building, look at how to leverage technology to streamline everything and centralize certain services like a call center
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@Nikki704
@Larken
Hey
@Nikki704
, may I suggest a play in game of
@coyotejoes
and
@rira
(insert Ri Ra Twitter handle here)?
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@brianbeers
I get a few searchers a month asking me to find them a franchise they pull this off with. I don’t have the time to give them what they need so if you crack the code, let me know and we can collaborate.
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Shot with Andre Reed at Charlotte Touchdown club. Congrats
@Andre_Reed83
on your HOF induction.
http://t.co/gkW3JZEOdA
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