A (6:33)

Sure, leadership quality. Of course, being a strong team player and having a risk taking mindset. In fact, leadership has many elements, but basically it's about being a team player, a risk taker and being coachable. In sports they always have coaches. When you talk about coaching, it reminds me of the scenario in venture and entrepreneurship, especially in tech ventures. In the past when I talked to investors or venture capitalists, I asked them what kind of entrepreneurs or founders you like to invest in or admire. One quality they mentioned was being coachable. They explain that some founders might be very smart and passionate, but if they are not receptive to coaching, it's a problem. These founders may resist advice, fail to learn from mistakes and ignore experienced voices. This is what investor mean by being coachable. I can totally relate to that when you mentioned the coachability of athletes.

B (8:02)

Yes, absolutely. They're very good. Now. Now, the flip side of that, it sometimes could be athletes are very. They're very coachable, they're very passionate. Like we were talking about sometimes in a franchise system, if they're very. Yes, they may be coachable, but they may be passionate. So maybe they. And remember, they're used to taking risk. So the flip side could be. Is, okay, they've been showing how to do the business. They're in the business, they're passionate about it. But now maybe they're going to go a little bit off the tracks because they think that in my speed in this play, I can make it better, you know, like on the field sometimes that they might improvise on that. So they might take it a little bit. Okay, I get it. I know. And they just will have this sometimes be invincible. And I could go off the rails and take my business this way. And that's where the franchise system is really great, because the franchisor will go, you're going off the rails here. Let's turn it back and. And take it back to get. Let's get back on the road there. We put the guardrails up for a reason, and let's get back on the road. So sometimes that passion could lead to maybe slipping out of the system a little bit. And much like a manager, that or on a team, the franchisor will take it and take them back to center. Sometimes an athlete's so good at those, they go a little bit too far, but the franchisor will always put them back on track.

A (9:38)

Would you say ego could be a risk for athletes? What other qualities should athletes watch out for? Looking at the flip side, what traits could counteract success in franchising and leadership?

B (9:58)

Really, basically what we said, it also could be if they go a little bit too far. But the ego is definitely. That's a great way to put it. The ego could get them into trouble. And especially the more famous athletes or the ones that have had more success on the field, they have typically much bigger egos and there's not a lot of people in. Once you're dealing with an athlete that's dealt with a lot of success, you got to understand, too, in their circle, there's not a lot of people that will be. No, it's always going to be, yeah, you're right, you did. You did the greatest thing and you're good at this. And so there's not going to be many people that will say no. To him in their circle, him or her. And the great thing about a franchisor, they're looking out just for the business. They don't care who this, what he's done on the field or her. And it's, let's get back to center. So ego is definitely one that has to be held in check. And then there are athletes that we, even when they played that they sometimes had some problems with coaching and there would be times when I can talk with an athlete and if I felt that they really had really great egos or they were not going to be coachable, maybe franchising is not for them, maybe entrepreneurship is, but maybe a franchise is not a good fit. If, if I hear the words, why don't I just do this franchise on my own? Why can't I just take that business model and just do it on my own? I don't need their help. And because I would want to do it this way and I could do it much better and I could do it cheaper and why pay those royalties then it's okay, let's have this conversation and let's talk about that. Let's talk about why a franchise is successful because they've hit all the potholes, they've set up the the business. They've done this from day one. So if you start out on your own, you're going to make those mistakes and maybe some of the mistakes you make are not going to be recoverable and you'll lose your whole investment. You get in a franchise because they know they have a proven system, they've been through and made mistakes that you would make into your business and it would save you thousands of dollars or even save your business than if you went off on your own. And that the responses be, I still think I could do it better on my own and I don't need to pay these fees and just think I could do it. And that's a person that probably athlete or not, does not fit into the franchise model.

A (12:32)

Yeah, I can tell from your explanation that when athletes transition into the business world, whether as franchisees or stand along entrepreneurs, ego can be a risk. But beyond ego is also about figuring out what kind of risks they want to take and what costs they are willing to incur. By costs, I don't just mean money, but also learning curves and other challenges. To me, franchising is a more controllable type of business venture because like you said, the system is established, risks are calculatable and there is a track record. In contrast, starting a new business from Scratch is riskier. If you are a creative type of athlete, you might want to start something on your own from the ground up. In that case, are you ready to take that kind of risk? Are you ready to step up and make the best use of your leadership skills? Different personalities and risk tolerance levels come into play during this transition. Let me play devil's advocate for a moment. While you argue that the transition from sportsmanship to franchise leadership has many similarities and seems like a perfect fit, there are hidden areas to consider. In sports world, everything is clear cut and measurable. For example, in swimming, one of my favorite sports, you know who wins the gold medal because it's the person who finishes the fastest. The timing technology is sophisticated and precise, leaving no ambiguity. In the business world, however, while we have financial goals and key performance indicators, there are many hidden risks and ambiguities, especially when dealing with people, partners and employees. Athletes are trained in controlled environments, but when they move into less controlled business environments, even within franchising, they face uncertainties. How do you help athletes make this transition? Does it involve mindset shifts, education or more coaching? What do you think?

B (15:47)

Yeah, very, very education. You look at an athlete and you think of business and everything that we've talked about. But one thing really we haven't really hit on is in business when you're going to go through a struggle, period. Like you're saying, maybe there's so many moving parts where you know that you're struggling with maybe finding the right employees or you're struggling with the day to day operations and you do know that you can turn to the franchisor for help and all that. But one thing that athletes are another really good trait that they have that's really great in business is they're used to failure. Not every athlete succeeds at every game, not every game's played great and not they're going to go through ups and downs. In baseball, if you're a.300 hitter that's outstanding, that means you failed seven times out of 10. So the athletes are used to failure. So it's one of those where if your business is in a slump, it's okay. I'm. I've been used to this before. I've had a slump, I've had a shooting slump, I've got a hitting slump. I know that this will pass. It's how did I get myself in my athletic career? How did I get myself out of this slump? Or what did I do? I draw back to that of I went back to my coach helped me out. I just had to go to get laser focused and put maybe some extra time in to get myself out of the slump. So that mindset for a failure of the athlete I think is super important in business when the. When all like you're saying all those moving parts might be going awry. The athlete is used to failure and has a really great history of being able to pull him or herself out of that.

A (17:44)

Yeah, I think this tolerance for failure is very important. It's not something non athletes are typical trained for. Speaking of non athletes, this might be a good point for us to step back and look at the bigger picture. Earlier you mentioned starting your business around the COVID period when everyone was stuck at home and started developing different perspectives on their careers and lives. Now we are back to normal, but the world has changed and is still changing with technology and other moving factors. A lot of uncertainties with layoffs, corporate downsizing, inflation, etc. In this kind of environment you probably get a lot of inquiries from regular people about whether franchising could be the next chapter of their lives. So I have two related questions for you. First, for non athletes listening who may not have the athletic background, what advice would you give them for making this decision? What factors should they consider? Second, given the uncertainties in the economy and other factors, when people want to start a new chapter in their lives, they feel the urge, the pressure to do so quickly, which comes with risks. James, you are a nice incredible person, but there could be others in your business who are not as trustworthy as you. So once these regular people decide to move into this new world of franchising, how can they be smarter about figuring out who to work with and what kind of business to get into?

B (20:04)

Yeah, that's a great question. And I do work with a lot of non athletes, just great people that have been in corporate America and corporate America has turned their back on them and laid them off where they're just always just will go. I've worked all this time and I really want to have something on my own. So those are the big thing. Remember I said the best thing about the athletes are they don't really that fear of being able to step out, they don't have that the non athlete. Sometimes that fear could be overwhelming and it is a just look at what you want to take that shot that that's out there to bet on yourself and to get into a business of your own. And time is short. And I would say I wish I would have done this many years prior. And I would say I think most of My clients, when they come from corporate America and they get into their business, they see the freedom that they have, they see the, the potential for generational wealth of building their business, that they just, they say the same thing, I should have done this a lot sooner for sure. So being able to take that leap of faith and take the shot and bet on yourself I think is one for the non athlete too. That's the biggest part that, that we'd be out there to make that decision. And it just is, I would just advise anyone, if you're thinking about that too, really take that shot and bet on yourself. And then the other part of the question is who to work with. I would always say don't really go on your own looking at websites and putting inquiries into franchise a franchise because you don't really know much about that franchise. And if you're not used to looking at franchises, you need to know the steps of, hey, we're going to look at a franchise. Let's. We also have to look at fdd, that's a franchise disclosure document that the franchise sends out to you. So you need to know how to read that. And then how do you, if you're on your own, how do you make sure this is a good franchise? You ask the franchisor, hey, let me talk to franchisees in the system because they're going to be the ones that are going to validate the system and verify it. And really I would say to pick someone up, I would always look for working with a franchise broker and you just would have to talk with them and just see if they're going to be a fit for you. I would also look, if you're looking at a franchise broker, go, hey, what's your website? And maybe looked at some of their LinkedIn posts and get a feel of kind of what type of person they are. My particular self, I work with my clients and I do what's right for my client of what industry they want to be into. I'm going to give you my advice and give you my, all my knowledge, but at the end of the day we got to find you the fit and, and what, what I try to do is show you the options that are out there and what I also would say when you're looking at a franchise or look for one that's going to give you the best support because again, a lot of people think in a franchise world, I just have to put my money in and I'm good. No, it's your business, it's your asset. You have to run your business, to make it successful. The franchisor with all their systems, if you don't follow it, you're not going to be successful. At the end of the day, it's up to you to make the business grow. And really what you want to look for in a franchisor is one, they're going to be your business partner, make sure they're a great business partner and two, are you, do you feel like you're going to get great support? And then the rest really is up to you taking those systems and putting them into place. That's, that would be my advice.

A (23:59)

So a lot of due diligence is needed, really hands on due diligence before jumping into investing a chunk of money. It's not just the financial investment, also the time and hope you are putting into potentially creating something that could be generationally relevant for your children and yourself in the future. Whether you are in your pre retirement or retirement life. So much stick on hand to wrap up our interview. I was wondering James, when you look back at helping both athletes and non athletes, what's the most fulfilling impact you found yourself making in this business? Of course building a successful business is important, but I'm curious about the impact you're most proud of in these four years.

B (25:02)

I really would just say the opportunity for every client that I come across that we figure out a path of business ownership and a path of giving a shot to generational wealth in there. So for me the fulfillment is of helping non athletes and athletes find the right fit and find the right match. And the best thing is I didn't even know a franchise like this existed. And I would have never thought to even look at a franchise with this. But it's a perfect franchise. For me that to me that's the most rewarding thing is when a client signs a deal with the franchise. Just that excitement that they have knowing that they're on this new journey. And I just, I get the, I just feel so good 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. Because once you're entrepreneur, you probably will stay an entrepreneur. So it's very fulfilling. Great.

A (26:09)

Thank you so much James. Thanks for your time and all the insights. 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. I hope that everyone listen to this show feels inspired. If you are considering franchising, talk to James or other credible experts and do thorough due diligence about the business and about yourself. Is a big decision, but it can be a worthwhile one.

B (26:59)

Absolutely, yes, totally worthwhile and life changing.

A (27:13)

Thank you so much for joining us today. If you like what you heard, don't forget, subscribe to our show. Leave us top rated reviews, check out our website and follow me on social media. I'm Vince Chen, your ambitious human host. Until next time. Take care.

B (27:38)

Sa.