Episode 3: Charlie Magee From FranNet Talks Franchise Ownership
My first guest interview for the show features Charlie Magee of FranNet of Washington who shares his own career path, lessons learned, and what led him to owning a FranNet franchise to support those who are considering franchise ownership themselves.
We also discuss considerations of owning a franchise, the benefits and downsides of it, Charlie’s role in helping people decide if it’s something they want to do, as well as franchise possibilities beyond fast food, what many people think of when they hear the word “franchise.” I wrap up the show with the “Reignition Recommendation” for the week.
[00:25] Welcome to Reigniting You™ where we talk all things career transition for those age 40+. It’s great to be with all of you today and with our producer, Eric.
[00:55] My guest today is Charlie Magee of FranNet of Washington who’s here to share his career transition story and how franchise ownership can be a potential career move.
[03:05] Happy to introduce Charlie Magee to the show. He spent over 20 years with Pearle Vision and Sonus Hearing Care prior to FranNet.
[03:55] Lisa asks Charlie to share his career path. Been an adventure – three different phases – started with Pearle Vision after graduating college; got his first taste of job transition during the Great Recession in 2008 and got a reminder of how much he needed to be on his own; then transitioned to FranNet.
[07:14] What’s a lesson or two? Charlie – one of the lessons is to not forget to have fun. Realized after leaving corporate that he’d developed a pain tolerance to put up with a lot. Mentality of taking every day, learning something new, and applying it to what you’re doing so you’re getting better at it is critical.
[09:27] What else was particularly helpful for you that got you through times of change? Charlie – people who supported me – my wife – total belief and confidence in me. Belief in yourself and commitment to your values is paramount. Worked to improve things like performance management, consultative selling, coaching – been invaluable to build business acumen.
[13:40] Keys things to keep in mind to have your own business? Charlie – spend time to clarify what it is you’re trying to accomplish. What you’re trying to do is manage risk. The clearer you can be about your role in the business, goals, and being realistic with regard to your financial readiness the better.
[15:19] What are some of the risks you’ve seen/initial mistakes clients might make? Charlie – by working with me they’d have a good sense of the skills they need to have to successfully launch the business. What often happens is that people with technical backgrounds want to go into a sales driven business when that hasn’t been their area of expertise. And good to know how the business to going to launch, how it’s going to ramp up, how long to get to a positive cash flow position, and resources are appropriate for what will be required.
[17:28] What are some of the benefits of being a franchise owner as opposed to starting a business from scratch? Charlie – there’s a higher success rate compared to start-ups as measured by the Small Business Association. Another reason is that systems, processes, and branding are all in place – can ramp up and get to scale much more quickly. Community of fellow franchisees can be an enormous benefit.
[18:49] What are some downsides of franchise ownership? Charlie – not for those who want to do things their own way and don’t have compliance as a strength. You’re an independent business owner though with a partner as a franchisee – the franchisor isn’t your boss.
[21:39] What’s your specific role in supporting people who want to be a franchisee? Charlie – role is help them with readiness assessment; from there, work to clarify goals, personal finances, appropriate budget, and the role they want to play in the business. Matchmaking, and then advising through the due diligence process.
[24:12] What’s the range of businesses that people can go into franchising with? Charlie – at FranNet.com, description of about 80 categories. Residential services are having record years.
[25:36] How can people reach you? Charlie – FranNet.com/CMagee. On LinkedIn. Can call him at 360-489-2153.
[26:20] “Reignition Recommendation” for the week – challenge yourself to get out of your comfort zone.
[26:45] Eric shares that he liked learning that franchises may be an option to try something new.
[26:53] Join us next Wednesday at 3:00 when we’ll debut our episode focused on listener stories and insights for your “best job/worst job.” As a reminder, you can email your story or leave a voicemail at 360-436-6496.