What Does It Mean to Be a Wealthy Franchisee?

April 13, 2021
Barbara Castiglia

Food is serious business. Now, on The Main Course, host Barbara Castiglia will invite insiders on the front lines of food to share their expertise, strategies, and forecasts for navigating the ever-changing restaurant industry.

 

Franchising is critical to the restaurant world, but not every franchisee is successful. So, what’s the secret recipe? Franchise expert, speaker, and author of The Wealthy Franchisee Scott Greenberg joined The Main Course host Barbara Castiglia to shed light on the subject.

Greenberg started his career as a professional speaker and leadership coach. Looking for a second stream of income and a “lab” to try out concepts, he ventured into the franchise world. For the next 10 years, he ran Edible Arrangements stores. His speaking career then moved into franchise events.

“Thinking is getting rid of subjectivity to make data-driven decisions. Leading is about developing others, and serving is building connections, not just transactional relationships.” – Scott Greenberg

“I was looking at the differences between struggling and top-performing franchisees. After a while, I kept hearing the same themes. A franchise is a scientifically sound experiment. You have people running the same business with different results. I wanted to define the variables.”

In doing so, Greenberg looked at the human element of success—how people think, lead, and serve. “Thinking is getting rid of subjectivity to make data-driven decisions. Leading is about developing others, and serving is building connections, not just transactional relationships.”

The human element to Greenberg also meant ego is the enemy of service. “If your focus is yourself, then you aren’t focusing on those that matter—your team and customers,” he added.

Greenberg’s speaking career and interactions led him to write the book as a resource and truly defined a wealthy franchisee. There are three parts to achieve this, financial return, controlling time, and quality of life. Without all three, true wealth is elusive.

He shared some stories from the book, including how a franchisee took underperforming locations and made them the top, dispelling the myth that success is all about location. He also spoke about Jersey Mike’s owner and his unique support for franchisees.

Greenberg also offered advice for franchisees in building their teams. “Define the most important traits for that role and ask questions to see if they demonstrate these. You also need to prepare them for the culture, not just train them for the job.”

A New Episode is Served Up Every Tuesday and Thursday!

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Recent Episodes

grocery prices
View episode

As recent reports highlight a cooling in overall inflation rates, the grocery sector tells a different story. Over the past three years, grocery prices have surged by 21%, outpacing the general inflation rate of 18% during the same period. This divergence is particularly pronounced in certain food items, where price increases have reached as…

Aldi's massive expansion Experts Talk Roundtable
View episode

Grocery chain Aldi recently announced plans to add 800 new stores in the U.S. within five years, focusing on the Northeast, Midwest, western U.S., and Southern California, with a debut in Las Vegas. In the Southeast, Aldi’s massive expansion plans include converting a whopping 400 Winn-Dixies and Harveys locations into Aldi stores, starting with about…

impact of AI
View episode

What is the impact of AI in serving as the architecture for reshaping industries and bolstering their competitive edge, particularly in the retail, C-store and restaurant sectors? In Episode 2 of IQ Talk, host Daniel Litwin engages in a dynamic conversation with Steve Habermas, Chief Product and Technology Officer for DTiQ. Together, they delve…