Chief Change Officer Podcast Episode #197 Summary
Title: Chief Change Officer
Host: Vince Chan
Guest: James Hilovski
Episode Title: Why Athletes Are Built for Business (And How Franchising is Their Secret Weapon) – Part Two
Release Date: February 24, 2025
Introduction
In Episode #197 of the Chief Change Officer podcast, host Vince Chan engages in an insightful conversation with James Hilovski, a franchise consultant based in Riverside, Southern California. James specializes in guiding retired NBA and NFL athletes as they transition into franchise ownership, as well as assisting non-athletes in launching their franchise businesses. This episode delves deep into the intersection of athletic prowess and business acumen, exploring why athletes often excel in franchising and how franchising serves as a transformative tool for diverse individuals aiming to outgrow themselves.
James Hilovski's Franchise Consulting Business
James Hilovski runs a unique franchise consulting firm that primarily assists retired athletes from major sports leagues like the NBA and NFL in becoming successful franchisees. His mission extends beyond just facilitating business ownership; James aims to change lives and create generational wealth for families and future generations. Reflecting on his personal connection to franchising, James shares:
"Using franchising as a means to fulfill the dream of becoming immersed and settled in the community was life-changing."
[00:12]
Qualities of Athletes That Make Them Effective Franchisees
James identifies three pivotal qualities that athletes bring to the franchising arena, which contribute to their success:
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Risk-Taking Ability Athletes are inherently comfortable with taking risks, a trait honed through years of betting on themselves in sports. James emphasizes:
"The athletes are very good at being able to take that risk because at the end of the day, their whole lives, they've bet on themselves."
[03:26] -
Coachability Much like in sports, franchisees must be receptive to coaching and willing to implement guidance from franchisors. James notes:
"Athletes are usually really receptive to coaching... they will take it to heart and they will try 100% to implement what the franchisor tells them to do."
[03:26] -
Leadership Athletes often possess natural leadership qualities, whether by example on the field or through vocal guidance. This ability to lead extends into their business ventures:
"They are able to lead their team or their employees into the franchise system... they have that leadership quality."
[03:26]
Vince Chan further supplements these points by drawing parallels between athletic coaching and business mentorship:
"Founders might be very smart and passionate, but if they are not receptive to coaching, it's a problem. This is what investors mean by being coachable."
[08:02]
Potential Challenges and Pitfalls
While athletes possess qualities that lend themselves to successful franchising, James also highlights potential challenges:
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Ego Management Highly successful athletes may struggle with maintaining humility, especially when transitioning to environments where their sports achievements are less relevant. James warns:
"Ego could get them into trouble... there's not a lot of people in their circle that will say no to them."
[09:58] -
Overstepping Within the Franchise System Athletes' passion and confidence can sometimes lead them to deviate from the franchisor's established systems. James explains:
"Sometimes that passion could lead to maybe slipping out of the system a little bit... But the franchisor will always put them back on track."
[08:02]
These insights underscore the importance of humility and adherence to established business practices within franchising.
Transitioning from Sports to Business
Moving from a sports career to business involves navigating uncertainties and embracing a different set of challenges. James elaborates on how athletes handle these transitions:
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Dealing with Uncertainties While sports offer clear metrics for success, business ventures, including franchising, involve multifaceted risks and ambiguities. Vince poses a critical question:
"In the business world, while we have financial goals and key performance indicators, there are many hidden risks and ambiguities... How do you help athletes make this transition?"
[08:02] -
Mindset Shifts and Education James underscores the necessity of educating athletes about business dynamics and fostering a resilient mindset:
"One thing really we haven't really hit on is in business when you're going to go through a struggle, period... athletes are used to failure and have a history of pulling themselves out of that."
[15:47]
This adaptability and resilience, cultivated through sports, are vital for overcoming business setbacks.
Advice for Non-Athletes Considering Franchising
James extends his expertise to non-athletes contemplating franchising, offering practical advice:
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Taking the Leap and Self-Belief Emphasizing the importance of self-confidence, James encourages non-athletes to:
"Take that leap of faith and take the shot and bet on yourself."
[20:03] -
Due Diligence: Choosing the Right Franchise and Franchisor James advises conducting thorough research and leveraging professional assistance:
"Don't go on your own looking at websites... work with a franchise broker... find someone trustworthy and knowledgeable."
[20:03]He also highlights the criticality of selecting a franchisor that offers robust support and aligns with the franchisee's business goals:
"Look for a franchisor that they're going to be your business partner and are going to give you great support."
[20:03]
This comprehensive approach ensures that non-athletes are well-prepared to embark on their franchising journeys.
James's Most Fulfilling Impact and Insights
Reflecting on his four years in the business, James shares the most rewarding aspects of his work:
"The fulfillment is of helping non-athletes and athletes find the right fit and find the right match... knowing that I've helped them in a small bit of finding that right match and that success is just giving them that entrepreneur spirit."
[25:02]
James takes pride in facilitating business ownership pathways that empower individuals to achieve financial independence and generational wealth.
Conclusion
Vince Chan wraps up the episode by reinforcing the significance of thorough due diligence and collaboration with credible experts like James Hilovski when considering franchising as a career transition. The conversation encapsulates the essence of the Chief Change Officer mission: empowering individuals to harness change, outgrow themselves, and achieve extraordinary outcomes.
"Like any other major change in life, career changes, including franchising can be incredibly fulfilling... It is a rewarding journey not just for you as the facilitator, but for both sides of the business equation."
[26:59]
James concurs, affirming the transformative potential of franchising:
"Absolutely, yes, totally worthwhile and life changing."
[26:59]
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This episode offers valuable insights for athletes and non-athletes alike, highlighting the synergies between sports discipline and business strategy, and providing a roadmap for those aspiring to embark on successful franchising ventures.