Transcribed
The Playbook for Multi-Unit Franchise Owners
Feb 6, 2024 ·
36m 35s
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The Playbook for Multi-Unit Franchise Owners
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Description
Welcome to another exciting episode of the Advisory Board Podcast, where we bring you invaluable insights from industry experts! In this episode, our guest is none other than Jesse Keyser,...
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Welcome to another exciting episode of the Advisory Board Podcast, where we bring you invaluable insights from industry experts! In this episode, our guest is none other than Jesse Keyser, co-founder of Keyser Enterprises and a highly successful multi-unit franchise owner.
Jesse's journey began while attending college at Southern Illinois University at Carbondale, where he joined a small technology start-up. From there, he ventured into the world of entrepreneurship and opened multiple Little Caesars Pizza locations, eventually selling them all. He also became a Valpak franchisee and later opened Sport Clips Haircuts, currently owning 27 locations across five states. Additionally, Jesse and his partners operate Oxi Fresh Carpet Cleaning territories and are in the process of opening Ideal Image locations nationwide.
During our conversation, Jesse shared some invaluable key takeaways. He highlighted the importance of looking for mature franchises with aging owners nearing retirement as lucrative acquisition opportunities. Jesse emphasized that franchisors should have corporate stores to test concepts before franchising, reducing the R&D burden on franchisees. He also stressed the immense value of participating in mastermind groups to gain shared insights and attending the Multi-Unit Franchising Conference for networking and continuous learning.
We delved into various topics, including finding the right franchise brand. Jesse advised seeking brands with a clear target customer and employee profile that aligns with the concept. He also emphasized targeting a 36-month ROI timeline and exit multiples above build cost. Jesse mentioned that mature, established brands (20+ years) provide more acquisition opportunities as owners retire, while emerging brands offer the advantage of cherry-picking prime locations if you get in early.
We also discussed operating multi-unit franchises. Jesse stressed the importance of deeply understanding your financials and having robust systems in place. He highlighted the need to develop leadership skills to effectively manage diverse personalities and leadership styles. Regular benchmarking through peer mastermind groups and franchise conferences was another key aspect he emphasized.
When it comes to franchisor considerations, Jesse shared valuable insights. He explained the significance of requiring corporate stores to test concepts before franchising to avoid burdening franchisees with R&D expenses. He also emphasized the balance between implementing franchisee feedback and maintaining brand standards. Above all, Jesse emphasized that prioritizing strong franchisee relationships should be the number one focus for franchisors.
For aspiring multi-unit owners, Jesse had some valuable advice. He recommended attending the Multi-Unit Franchising Conference, an incredible platform for networking and learning from top operators. Jesse emphasized the importance of targeting average performance levels, rather than just focusing on the top 10%. He stressed the need for franchises with clear unit economics and strong franchisee profitability.
Thank you, Jesse Keyser, for sharing your wealth of knowledge and insights with us!
To learn more about the fascinating world of franchising and to discover how ClientTether can help streamline your franchise operations, check out www.clienttether.com, our proud sponsor for this episode!
Stay tuned for more exciting episodes of the Advisory Board Podcast, where we continue to bring you thought-provoking discussions with industry leaders.
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Jesse's journey began while attending college at Southern Illinois University at Carbondale, where he joined a small technology start-up. From there, he ventured into the world of entrepreneurship and opened multiple Little Caesars Pizza locations, eventually selling them all. He also became a Valpak franchisee and later opened Sport Clips Haircuts, currently owning 27 locations across five states. Additionally, Jesse and his partners operate Oxi Fresh Carpet Cleaning territories and are in the process of opening Ideal Image locations nationwide.
During our conversation, Jesse shared some invaluable key takeaways. He highlighted the importance of looking for mature franchises with aging owners nearing retirement as lucrative acquisition opportunities. Jesse emphasized that franchisors should have corporate stores to test concepts before franchising, reducing the R&D burden on franchisees. He also stressed the immense value of participating in mastermind groups to gain shared insights and attending the Multi-Unit Franchising Conference for networking and continuous learning.
We delved into various topics, including finding the right franchise brand. Jesse advised seeking brands with a clear target customer and employee profile that aligns with the concept. He also emphasized targeting a 36-month ROI timeline and exit multiples above build cost. Jesse mentioned that mature, established brands (20+ years) provide more acquisition opportunities as owners retire, while emerging brands offer the advantage of cherry-picking prime locations if you get in early.
We also discussed operating multi-unit franchises. Jesse stressed the importance of deeply understanding your financials and having robust systems in place. He highlighted the need to develop leadership skills to effectively manage diverse personalities and leadership styles. Regular benchmarking through peer mastermind groups and franchise conferences was another key aspect he emphasized.
When it comes to franchisor considerations, Jesse shared valuable insights. He explained the significance of requiring corporate stores to test concepts before franchising to avoid burdening franchisees with R&D expenses. He also emphasized the balance between implementing franchisee feedback and maintaining brand standards. Above all, Jesse emphasized that prioritizing strong franchisee relationships should be the number one focus for franchisors.
For aspiring multi-unit owners, Jesse had some valuable advice. He recommended attending the Multi-Unit Franchising Conference, an incredible platform for networking and learning from top operators. Jesse emphasized the importance of targeting average performance levels, rather than just focusing on the top 10%. He stressed the need for franchises with clear unit economics and strong franchisee profitability.
Thank you, Jesse Keyser, for sharing your wealth of knowledge and insights with us!
To learn more about the fascinating world of franchising and to discover how ClientTether can help streamline your franchise operations, check out www.clienttether.com, our proud sponsor for this episode!
Stay tuned for more exciting episodes of the Advisory Board Podcast, where we continue to bring you thought-provoking discussions with industry leaders.
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| Author | Dave Hansen |
| Organization | Dave Hansen |
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