Shownotes
Welcome to the latest episode of Empire Builders! Today, Tommy Yionoulis is excited to welcome Marc Millet, the owner of Millet Desserts Inc., a Baskin Robbins franchisee. Marc shares insights from his journey in the dessert franchise industry, from joining the family business to expanding to multiple locations.
Key Points Discussed:
Introduction to Marc Millet:
- Owner of Millet Desserts Inc.., a Baskin Robbins franchisee
- Transitioned from a decade in law enforcement to entrepreneurship.
- Grew the business from one location to nine as of last month.
Challenges and Strategies in Franchise Operations:
- Discusses the financial and personal adjustments required to succeed.
- Highlights the grind of working long hours and gradual financial improvement.
- Emphasizes the independence and growth opportunities franchising offers.
Managing Multiple Locations:
- Importance of delegation and efficient solutions like smart safes for cash management.
- Benefits of franchising, particularly the simplicity of managing Baskin Robbins.
- Critical inflection points in business growth and establishment of efficient systems.
Acquisition Strategy:
- Focus on purchasing existing stores rather than building new ones.
- Evaluating store value and negotiating with owners, often utilizing owner-carry loans.
- Balancing acquisitions with occasional new builds to diversify and grow the portfolio.
Future Plans:
- Potential expansion into other brands within the Inspire Brands portfolio.
- Ambition to grow the Baskin-Robbins network and explore opportunities in other franchises like Jimmy John's and Buffalo Wild Wings.
- Insights on strategic growth, efficient management, and the entrepreneurial mindset needed to scale successfully.
Marc also discusses current business challenges and solutions:
- Financing: Difficulty in obtaining loans due to banks not understanding franchising.
- Hiring: The need for digital solutions for the current generation of applicants.
- Inflation: Significant cost increases post-COVID and the struggle to balance menu prices.
Local Store Marketing:
- Despite the digital age, traditional methods like coupon packs still yield good returns.
- Effectiveness of "buy one, get one" offers.
Story Time:
- A difficult winter faced with severe financial challenges due to inflation and bad weather.
- High-interest loans and tough decisions were made to recover.
- Emphasizes the importance of dedication and treating the business like a child.
Conclusion:
Tommy and Marc wrap up the discussion with reflections on the franchise industry, the importance of strategic investments, and the continuous need for operational excellence. Whether you’re an entrepreneur, a franchisee, or simply interested in the dynamics of the franchise business, this episode offers valuable insights into running successful multi-unit operations.
Tune in to this episode for an in-depth conversation on scaling success, operational strategies, and navigating challenges in the franchise industry with Marc Millet.
Links And Resources:
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