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June 11, 2024

Episode 195 – Lance Graulich – Changing Lives with the Powerful Force of Franchise

“There’s a lot of people that are afraid to start and remain very much stuck. People just need the nudge or the push and that’s what I love about what I do because I do like to believe that everybody is capable of being an entrepreneur.” – Lance Graulich


 
  • Lance Graulich, known as the “King of Franchising,” is the CEO of ION Franchising, a prominent franchise consulting group representing over 800 franchise brands. His impressive track record in the franchising industry has earned him a respected status as an industry authority. Lance also hosts the successful Eye on Franchising Podcast, boasting 300+ 5-star reviews and a top-tier 1.5% global ranking, where he shares valuable insights and encourages meaningful discussions within the franchising world.
  • Lance’s primary mission is to democratize business ownership through franchising. His passion for this goal shines through in his work, where he has guided over 1,000 individuals to achieve their dreams of becoming successful franchise owners. His expertise has allowed countless entrepreneurs to embark on their entrepreneurial journey within the supportive framework of established franchise systems. Beyond individual entrepreneurs, Lance has played a pivotal role in the success of well-known franchises like TGI Fridays, contributing to their impressive revenue of over $225,000,000.
  • In summary, Lance Graulich’s extensive experience, unwavering dedication, and commitment to franchising have solidified his reputation as a trailblazer and trusted expert. His remarkable journey continues to inspire and empower others to realize their entrepreneurial aspirations through franchising.
  • Listen in to hear this exciting conversation as Lance and Patrick get right into the world of entrepreneurship through franchise business. As a matchmaker, and truthteller in franchising Lance plays an important role in helping people find their great fit in business and he demonstrates his passion for what he does particularly in this chapter of his life. Lance talks about his background growing up in an entrepreneurial family, shares great stories about his first experiences with restaurant franchises along with some stories of his clients and the successes they’ve had. Lance offers guidance by way of his own ups, downs and learnings – through it all, he advises, we must keep moving forward, possess self-awareness and embrace continuous self-improvement. It’s a fun conversation with a lot of opportunity to learn!
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  • Show Notes
  • [00:42] Patrick introduces his next TEDM guest, Lance Graulich.
  • [02:58] Lance and Patrick gear up for an exciting conversation that begins with Lance sharing what he does in the world of franchising and why he’s doing it! As a matchmaker, and truthteller in franchising Lance plays an important role in helping people through the journey of finding a great fit for success.
  • [06:21] Lance shares his business beginnings as a young entrepreneur, who had a deep understanding from his entrepreneurial family. What started as a Wall Street dream, quickly turned into working with his uncle to build several restaurant franchises with TGI Fridays. After five years Lance moved into an opportunity as a Krispy Kreme franchisee. Lance shares the growing pains that came with that franchise and the other endeavours he took on alongside.
  • [14:24] In the 1980s Lance’s uncle set the tone for achieving big results with a grand vision of a billion-dollar restaurant franchise business. The number didn’t phase Lance – he had already saved a lot of money from his other entrepreneurial endeavours – because his interest was in being part of something big. Yes, making money was important, but he strove to work hard and learn a ton. His mission was certainly accomplished in all those aspects.
  • [19:16] The concept of The Everyday Millionaire podcast, started with business owners who built their companies, one step at a time, put their shoulder into it, and achieved extraordinary results within the context of what was important to them. As Lance has similarly observed success doesn’t always involve a particular dollar value, it’s also aligning with lifestyle, family time – earning what they need to have the time and resources to spend time on the things that matter to them.
  • [22:23] Nature or nurture? Lance came by his entrepreneurial spirit quite honestly which started with his grandfathers. Growing up in the environment of two self-starters who were able to live life according to their own schedules, plus his own father who loved his business on Wall Street, Lance learned that life wasn’t about punching a clock, and he aspired to live his life on his own terms.
  • [25:07] Patrick shares a story that illustrates when you love what you do, you never work a day in your life.
  • [26:53] Although happy and successful in their own vocations, Lance’s parents still imposed their limiting beliefs on his endeavours to start businesses. Ultimately, they were supportive as they could be as parents knowing that Lance was more like his grandfathers, but their own fears had them cast doubt.
  • [30:55] Lance demonstrates his belief in fate, with a story of two older gentlemen who each, 10 years apart, offered him the same unsolicited advice. Put yourself in a financial position to retire, and don’t. We all need community and collaboration for a richer life. The world of franchisees has a built-in mastermind community of people doing the same thing and pushing in the same direction.
  • [34:06] Starting a business from the ground up can be tough and wearisome. Patrick and Lance discuss the merits of starting a franchise business and how the services Lance provides as a broker helps people to work through each step of the process and fully do their due diligence before jumping in.
  • [41:32] Lance unpacks the different ways in which a franchise owner can operate within the business.
  • [44:15] Most people are technicians in their business. Moving from operating in your business to on your business is the only way to grow your business whether it’s a franchise or self-built. Patrick and Lance each share stories about how that can unfold for exponential growth – sometimes quickly, sometimes it takes 30 years!
  • [48:05] Lance describes the potential for financial security, especially in the world we live in, by owning a business and certainly by owning a franchise. If you don’t have a burning passion to give birth to a new business idea, in Lance’s view, there has never been a better time to own a franchise and become a business owner or expand your existing business. Choosing a service-provider business that is recession proof and robot proof, as an example is very possible. Lance shares a few examples and success stories of people who are making it happen.
  • [52:57] Let’s talk about how to turn your existing business into a franchise. Lance shares a quick quiz to determine if it’s the right step for you. His business offers services worldwide to help people through the process.
  • [57:05] Lance shares guidance from his own experience around failure and mistakes. At the core: keep going. The ups and downs are all part of life no matter what you’re doing.
  • [60:54] In Lance’s view – is everyone cut out to be an entrepreneur? He believes more people could step up to the plate to determine that and to have more belief in their capabilities. In short, yes in varying degrees, everyone could become an entrepreneur.
  • [64:27] Lance offers a few ways you can reach him via podcast, website and social media – links above in the show notes. [And look out for his new show coming soon! – Franchise Road Trip]
  • [66:03] Lance discusses an impactful fork in the road moment that also illustrates the law of attraction concept which when propelled by positive energy can bring some amazing opportunities.
  • [71:00] Lance and Patrick discuss values. It took some time for Lance to get clear on what his core values are and aligning with them has been a process of self-discovery.
  • [73:20] Leadership was something observed and absorbed by the influences in his young life (mother, father, grandparents) so it came somewhat naturally for Lance. An encounter with one of his lead restaurant employees led Lance to understand a deeper truth about individual leadership: you must possess self-awareness and be ready for continuous improvement.
  • [76:15] Let’s get rolling into the rapid fire! Android or Apple; favourite movie with a close reference; favourite band and song; favourite swear word; impactful book; message at the pearly gates.
  • [78:53] Lance’s gratitude. #changing lives
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    Episode 195 – Lance Graulich – Changing Lives with the Powerful Force of Franchise
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