93 - Opening Up to Franchises to Buy a Great Business
Most acquisition entrepreneurs I talk to start searching for a business to buy and are not open to buying an existing franchise business. But I've also heard from a number of you that as your search progressed, you eventually did open your minds to franchises and in doing so availed yourselves of many enticing opportunities. Today's guest, Doug Johns, is a great example. Doug started his search looking for a business doing between $750,000 and $2 million in EBITDA. Sizable for a searcher. And naturally he was thrilled when he saw a great one — until realizing it was a franchise. Well, flash forward. Doug and his wife overcame their reservations and today own one of the top-selling Mr. Rooter businesses in the country. It does nearly $2 million in EBITDA. With 50 employees. It is a big, healthy, mature business. Just what so many of us would love to buy. So if you've been curious about buying an existing franchise business, actually especially if you have not been curious about it or open to it, this interview will help. Doug Johns was where you are, but softened his position when the right opportunity came along and has been rewarded handsomely. Enjoy.