Understanding Franchising with Lance Graulich

<p>In today’s episode, Jeff begins a series of shows exploring people who have created businesses based on their skills. In this show, Jeff interviews Lance Graulich. Lance and Jeff discuss:</p> <p> </p> <ol><li style="font-weight:400;">How Lance started working on Wall Street for his dad and decided that was not his dream. </li> <li style="font-weight:400;">Taking a summer job working with his uncle led him to start five TGI Fridays franchises and going on to start franchises in Wingstop and Krispy Kreme. </li> <li style="font-weight:400;">After years of success in the franchise world, Lance went on to become a Franchise Broker. Today he works with clients to help match them with appropriate franchise partners. He has access to over 700 franchises. </li> <li style="font-weight:400;">While the terms of most franchise agreements are not negotiable, the territory location, marketing support, and timing can be negotiable. Working with Lance and a Franchise attorney they can be negotiated. </li> <li style="font-weight:400;">Some of the horror stories that Lance has seen are franchises that don’t want to work or are bad fits for the franchise that they chose. </li> <li style="font-weight:400;">What is new in Lance’s life right now is his new podcast <a href='https://ionfranchising.com/'>www.IONFranchising.com </a></li> </ol><p> </p> <p>Fast Five Questions:</p> <p> </p> <ol><li style="font-weight:400;">If you woke up and your business was gone, you have $500, a laptop, a place to live, and food, what would you do first? “I would take the $500 and buy a ticket to Jamaica and work in a bar like Tom Cruise in Cocktail. I would use my hospitality skills to rebuild my business from there.”  </li> <li style="font-weight:400;">What is the biggest mistake that you have made in business? “After bad experiences with partners I decided to go it my own way and create a Burger and Shake concept in Las Vegas. I had met an attorney that said he could help me raise money through a private placement. They ended up only rais