Insight From a Franchise Specialist

Let's Chat with Jim Parker, Business Broker

LINK TO YOUTUBE: http://www.youtube.com/@JimParkerBusinessBroker

My Website: https://www.JimParkerBuinessBroker.com

EPISODE NUMBER: 3

RELEASE DATE: March 1st 2024

SHOW NOTES:

Insight From a Franchise Specialist

AKA... Overcoming Buyer's Fears: A Conversation with Tom Scarda of the Franchise Academy

In this podcast episode, the guest is Tom Scarda, a franchise specialist from the Franchise Academy, who shares his experience in buying and selling franchise businesses and offers insights on overcoming fears associated with such decisions. An important discussion topic is understanding the motivations of buyers, their fears, and how to manage them effectively. Tom also speaks about his personal journey from working in a subway conductor job to becoming a successful business franchisee.

00:00 Introduction and Guest Presentation

01:17 Guest's Journey into Franchising

03:51 Overcoming Buyer's Fears

04:46 Guest's Background and Franchise Academy

07:09 Guest's Experience with Franchises

11:05 Understanding Buyer's Concerns

19:47 Addressing Buyer's Financial Expectations

25:12 Overcoming Fear and Embracing Uncertainty

25:39 The Magic of Choosing Uncertainty: A Book Insight

26:01 The Dilemma of Choosing Between Uncertainty and Unhappiness

26:37 The Importance of Growth and Stepping Out of Your Comfort Zone

27:01 The Impact of Business Ownership on Personal Life

28:09 The Midlife Awakening: A New Perspective on Midlife Crisis

28:44 The Role of Spousal Support in Business Acquisition

31:35 The Unexpected Success of a Smoothie Franchise in Winter

32:52 The Importance of Understanding Buyer Motivations

43:37 The Role of Business Brokers as Consultants and Friends

47:20 Closing Remarks and Recommendations

BLOG:

Owning and running a business is a profound journey—the demands are high, but so are the rewards. Recently, I had the pleasure of sitting down with Tom Scarda, a highly accomplished figure in the franchising world and a beacon for individuals looking to navigate their way to successful business ownership.

Tom Scarda is no stranger to the world of business; he has carved his own successful path as the founder of the Franchise Academy. After having several engaging conversations with business brokers from around the country and Canada, and having written two books on overcoming fears in business, Tom Scarda knows what it takes to be successful in the world of franchising. He has learnt the art of selling not just any business, but franchise businesses. His journey is nothing short of inspirational, having gone from being notoriously dubbed as the 'worst English speaker' by his teachers, to becoming a best-selling author who now helps others master the art of franchising.

Being naturally inclined towards writing since his early years, Tom revealed how he faced setbacks due to people's criticisms and doubts about his skills. Resilient in the face of adversity, he continued to pursue his passion and invested in educating himself further. His journey into the franchising world began around 2014 when he authored his first book, 'The Magic of Choosing Uncertainty.'

Overcoming fear is a vital aspect of venturing into the world of business. Tom elaborates on how fear, primarily fear of the unknown, often becomes a considerable obstacle for potential business owners, sending them scurrying back to their comfort zones. It's a natural human tendency to be resistant to change, but as Tom emphasizes, embracing this fear and uncertainty can lead to a fulfilling life. His first book aimed to help these people conquer their fears and step into the world of business assuredly.

In his journey through the world of franchising, Tom had his fair share of highs and lows. His first franchise, Maui Waui Smoothies, was an incredible success that allowed him to semi-retire at 41. However, his second venture, Super Suppers, failed and resulted in him losing almost his entire life savings. Despite this devastating blow, he persisted on his entrepreneurial path and transformed his heartbreaking loss into insightful lessons for others. Using his personal experiences, he authored his second book, 'Franchise Savvy,' advising people on avoiding the mistakes he made and achieving success in their first attempt at franchising.

Tom's insight extends beyond selling franchises; he provides valuable advice for potential business buyers. He guides them through their fears, understanding that a significant part of their anxiety stems from the unknown factors of running a business. He encourages them to acknowledge the fear but not allow it to rule their decisions. Furthermore, he also reminds business brokers that buyers' primary motivation may exist beyond merely wanting to earn more money. Understanding their lifestyle goals is crucial. So, the next time you find yourself dwelling on the uncertainty of stepping into the business world, remember Tom's wise advice: choosing uncertainty could lead to your most fulfilling life yet.

Find Tom Scarda at https://www.TheFranchiseAcademy.com

PODCAST TOPIC KEYWORDS:

Tom Scarda, Jim Parker, Franchise Academy, business brokers, attorneys, SBA lenders, sell businesses, franchise businesses, buyers fears, The Magic of Choosing Uncertainty, Franchise Savvy, selling franchise businesses, Uncertainty, Fear, Subway Conductor Job