In other words, each $4,000 investment back then would have been worth well over 1 million dollars today. Maybe my great-grandfather was afraid of clowns like I am, or maybe he just really liked pizza.
For me, the appeal of purchasing a franchise is that unlike a new startup, the business plan/formula is already in place for you. With built-in franchise support and pre-existing name recognition that supplies you with loyal customers before you even lift a finger, purchasing a franchise can be a great option for someone who believes they will be successful as a business owner but doesn’t want to take the risks involved with a new startup. There is still hard work to be done, but it is nice to be in control (without taking on unnecessary risks.)
My friend and I were recently considering the purchase of a particular franchise that we believe would do very well in our area. Currently I have to drive way too far to obtain this particular food, and they don’t deliver to my neighborhood.
My wife says we shouldn’t purchase a franchise so that I can get my favorite food delivered to me. While she thinks that would be lazy, I think our willingness to pay tens of thousands of dollars for delivery of this food is proof that the business would be successful. I am concerned, however, that my friend and I would potentially eat all of our profits (like literally eat so much food we wouldn’t profit) which I imagine isn’t a good business practice.
No matter what franchise you end up with, the chance of success grows exponentially when you have a great attorney representing you throughout the process. The ability to work through a franchise contract, with its hundreds of pages of legalese, is just one example where a great attorney can put you in a better position with those selling the franchise.
I picture my attorney, Elliott Stapleton, sitting at a table across from the “corporate types” working out a great deal for me as I lean back in my chair and eat my favorite food (that I now own.) I’m sure my great-grandfather would be proud.