David answers my call on his Bluetooth-enabled helmet from atop an Aspen ski slope. He doesn’t need to take calls on vacation—he just likes being available. I assure him we can talk later. Certainly, we can wait until he’s reached the bottom.
David is one of the top franchisees in a brand of early childhood development centers. He has money, but equally important, he has time. He doesn’t always have to be at work, and his wife never has to be there. She practices law. Together, they bring in plenty of money to raise their family in a great neighborhood, travel, and ski. David runs his business. It doesn’t run him. He is a good example of the many wealthy franchisees I’ve met over the years—the people with the highest profits and the best lifestyles.
Being a wealthy franchisee is a question of personality. Anyone can take on this personality. Anyone can embrace these high-performance habits and get the same results. Wealth is nothing but a byproduct of choices. You don’t need talent, education, or brilliance. You don’t even need an idea—you’ve already paid your franchisor for one. You just need to execute.
That concept is simple to understand, but often hard in practice. Most people don’t execute as well as they should. They think they’ve bought a recipe for success. In a way, they have. Their franchisor tells them what ingredients to get and what to do with them. But the franchisor can’t control how well they measure, slice, stir, or bake.
Your franchisor can’t control how warmly you greet customers. They can’t force you to inspire your employees. They can’t shift your focus from the minutiae to the big picture. So many elements of the business are on you. You are the biggest variable, and your impact on your operation can’t be overstated.
But that’s great news. It means you’re betting on yourself. You’re in control. When you work for someone else, you’re betting on them.
There’s a perception of stability when you have a job. Don’t believe it. In that situation, you can do everything right and still get burned.
Most businesses in your industry are underperforming. That works to your advantage. You’re competing against mediocrity. Lead with excellence, and you win. Excellence comes naturally for some franchisees. Others need to be more conscientious. But everyone has the potential to build franchise wealth.
A day in the life of a wealthy franchisee
Imagine you’re having a good day as the owner of a successful retail franchise operation. You start early. Coffee tastes best before the sun comes up. While the rest of the world sleeps, you read a business book and make some notes. Then you close your eyes and take a few final moments to envision your day, until you hear footsteps: Time to parent. After getting the kids out the door for school, you open an app on your smartphone that shows what’s happening in your store. The lights are already on, and your employees are scurrying around, prepping for the day. You’ll check in there later. First, you’ll go to the gym.
After exercising and getting cleaned up, you stop at a discount warehouse to pick up some supplies and throw them in the back of your Lexus. (You really do use it for business.) When you get to your store, you decide to leave the supplies in the car for the moment. Today you want to enter through
