Celebrating 10 years! 2007-2017

from law to...franchise opportunity?

Has anyone ever done this? I'm not looking to spend the res youngbuck09/08/17
I don't know....I know a Thomas Jefferson law school graduat mrlollipop09/08/17
I know a guy who went from in house counsel for Cottman Tran flyer1409/08/17
Know someone who bought a franchise store of a national chai theclient09/08/17
I think the consensus is that if you are going to try for a wolfman09/08/17
A single franchise is not good money. The poster above is al thirdtierlaw09/08/17
Don't do it unless you can get McDonalds or maybe Dunkin Don caj11109/08/17
Aren't franchise opportunities the American version of Europ sanka09/08/17
not as easy as you think. Friend of mine did that, bought dingbat09/08/17
Restaurant over law? Not in a million years. It's possible jeffm09/08/17
No. Absolutely not. 10a to 10pm if you're lucky. Try 10am bittersweet09/11/17
youngbuck (Sep 8, 2017 - 12:52 pm)

Has anyone ever done this? I'm not looking to spend the rest of my life in the practice of law, and am looking for something to transition to that would enable me to remain the sole breadwinner for my family. I've been researching restaurant franchises and have thought that may be a good way to go in and have a chance of earning money. Any thoughts or comments would be greatly appreciated.

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mrlollipop (Sep 8, 2017 - 1:01 pm)

I don't know....I know a Thomas Jefferson law school graduate now own three Mcdonald franchise

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flyer14 (Sep 8, 2017 - 1:07 pm)

I know a guy who went from in house counsel for Cottman Transmissions to being a partner when the original owner retired.

Wound up expanding the franchise to several hundred locations over the next 25 years... ended up selling somewhere in the mid-eight figures around 2004 or so, if I recall my story correctly.

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theclient (Sep 8, 2017 - 1:21 pm)

Know someone who bought a franchise store of a national chain restaurant. They said it was a terrible financial decision. They can't get out of it now. There are review sites online where owners write about their experiences with different companies.

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wolfman (Sep 8, 2017 - 1:31 pm)

I think the consensus is that if you are going to try for a restaurant/fast food franchise, you're going to have to actually work there full-time, and often much more than full-time; it's not easy work; passive ownership doesn't work well when starting out, unless you have tons of money and are willing to lose it; unless you have family working there or something... are you prepared to actually work there? Chik- Fil-a is supposed to be a good company, not sure about others...

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thirdtierlaw (Sep 8, 2017 - 1:57 pm)

A single franchise is not good money. The poster above is also correct when you're first launching and looking for qualified managers you'll be working way more than 40hrs a week. It's similar to gas stations, the people who make great money off franchises are the people who own multiple locations.

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caj111 (Sep 8, 2017 - 3:36 pm)

Don't do it unless you can get McDonalds or maybe Dunkin Donuts (which you probably can't get). It's difficult to track but generally speaking, the success rate of franchises is lower compared to similar independent businesses. The 90% success rate that the International Franchise Association claims is complete hogwash and totally unproven. While a franchised business may be able to attract a larger customer base, the amounts they pay out in royalties and buying supplies at inflated rates to the franchisor more than cancels out the higher level of business, if there is a higher level of business. Furthermore, you may be locked into a 20-year franchise contract that you can't walk away from, transfer or sell, and be forced to lose money year after year. There are a lot of failed Subway owners that have fled to Florida, one of the few states that will not recognize lawsuits filed under long-arm statutes from other states (also the reason O.J. Simpson moved to Florida after the murder trial and the civil suits were filed).

The only franchises I would remotely consider are the ones I'd be unable to get and as for the franchises that would be available to me, as Groucho Marx said, "I wouldn't join a club that would have me as a member" (something like that).

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sanka (Sep 8, 2017 - 4:05 pm)

Aren't franchise opportunities the American version of Europe's Golden Visa programmes?

The thing is , the foreigner here simply can't buy a cheap house to immigrate. He actually has to buy and operate a business.

You have a sleepy JD. You're competing against ruthless Asian immigrant business men and women. What's wrong with you?

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dingbat (Sep 8, 2017 - 4:33 pm)

not as easy as you think.

Friend of mine did that, bought a **national sandwich chain** for which the purchase price was approximately 2.5 times the annual profit. Figured the previous owner never really did anything with it, but with proper marketing and sales he could make it more profitable.

Well, ignoring the time needed to even obtain the franchise - including multiple visits for education at corporate headquarters - the franchise kept taking away time from his practice, which was what he needed to pay the bills. After taking into consideration all the time lost on this endeavor, he'd have done better if he'd kept the money invested in regular funds.

As a side job, it's too unpredictably time-consuming to be worthwhile. As your only job, you'd be struggling to make a real salary with just one restaurant. But own a dozen as your full-time work, now that's a good business.

As a career switch, it's a bad idea, but for a young adult to build a business empire, the turn-key operation that they provide makes it a lot easier than having to figure everything out from scratch

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jeffm (Sep 8, 2017 - 11:17 pm)

Restaurant over law? Not in a million years. It's possible to make a good living at it, but it will take hoards of your attention. 10 a.m. to 10 p.m. - 7 days a week. Or you could do donuts and bakery, and change it from 3 a.m. to whenever they finally close. Either way, you will have to live it and breath it, forever. It will be just like having a newborn, except it never grows up.

I know a lawyer who tried so hard to get out of law that he opened a bakery with his wife. Saw him about a year ago. The bakery was killing his soul. I hope he found a way out. He didn't want to retreat back into law, but he seemed to fully appreciate that $250 an hour totally rocks, compared to pushing food.

My brother went in halves with a CPA and bought a Pizza Inn a year ago or so. CPA wanted to manage the store, and brother wanted to be the "silent partner." CPA learned the hard way that counting beans is much easier and more lucrative. Brother saw what it did to CPA. Wasn't worth it to them. They recently sold it - maybe lost a few bucks, but they are happy it's gone.

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bittersweet (Sep 11, 2017 - 3:13 pm)

No. Absolutely not. 10a to 10pm if you're lucky. Try 10am to 3am if you are someplace that serves alcohol.

I left a family business that managed a couple of franchises to go to law school. Doc review sucks, but it beat the hell out of retail/restaurants. The hours are unforgiving if you are in management. Restaurant hours make the crazed frenzy of a six seventy-hour weeks to meet a 2d request look like a walk in the park.

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