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THE FRANCHISE 500®

Want to buy a business? This is your guide. Find the hottest brands (and browse our full list by category), learn how to thrive as a franchisee, get great ideas for marketing and growth, and more. P. 62

MAXIMIZE YOUR PROFITS IN 2025

36 The 50 Biggest Mistakes That Startups Make

I’ve seen them myself. If you want to grow this year, know the problems ahead. by

NIR ZICHERMAN

50 How to Close a Sale— Even When They Say No

I’m the world’s leading door-todoor sales expert. Here’s how I overcome objections.

by SAM TAGGART

58 Save More on Taxes This Year This will be a big year for tax savings. Here are four overlooked strategies. by MARK

KOHLER

FRANCHISE 500

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-Dave O. | Franchise Owner

JASON FEIFER

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ENTREPRENEUR.COM / January-February 2025

You Should Give Ideas Away

Don’t be overly protective of your ideas. When you make them free, the ROI is huge.

WANT TO attract new business?

Here’s one of the best ways: Give away your knowledge.

This may sound dumb. Won’t people just steal your work and abuse your time? Nope: When you give away knowledge, you build trust and authority—and people want you more!

I’ve experienced this myself, and I see many smart entrepreneurs do it too. I’ll explain how, so that 2025 can become your year of giving—and receiving.

Let’s start here: I was recently talking to Dan Norcia, who heads partnerships at Pilothouse, which I do some work with. They improve brands’ e-commerce and have driven more than $500 million in business for clients. How? They’ll tell you! They publish tons of instructional materials, like a newsletter and podcast (named DTC), and host events like livestreams to help founders improve their websites.

“When we give away our knowledge,” Norcia told me, “people are grateful, and they trust our thinking. Then they try to implement this stuff themselves and get overwhelmed, and that’s when they want to hire us.” In fact, this is Pilothouse’s greatest source of user acquisition.

Just imagine giving someone a penny—and then it turns into a $100 bill. That’s like knowledge! It’s cheap for you to share (because you already know it), and valuable for them to receive (because it can transform their

business). That’s powerful.

Here are three ways you can do this now.

1/ Use LinkedIn and newsletters. LinkedIn’s algorithm specifically values “knowledge and advice,” and I’ve validated this: My posts used to be promotional or inspirational, and got little engagement. Then I switched to sharing tactical marketing advice, and now I’m past 200,000 followers.

What do I do with that audience? I drive them to my newsletter, where I share even more free advice! The result: People trust me, share my work, and reach out with partnerships and other opportunities.

Try it yourself. Think about the last time you gave advice to a peer. Did they find it useful? Turn that advice into a LinkedIn post—then keep going.

2/ Take the call.

life-changing ROI.

Do people ask you for advice? Give it to them. I mean, what’s the harm? You lose a little time? It’s a small price to pay for potentially enormous value.

About a year ago, for example, an acquaintance invited me to lunch. He had an interesting new project and wanted my thoughts. I had many. He then asked if I’d talk with his team. I said yes. Over time, relationships were built. Fun was had. Now they’re paying me for monthly consulting.

Of course, this doesn’t happen

I’m busy like you, so I can’t take every meeting. Before I agree to anything, I always ask myself: Do I see how this relationship could be additive? And I define additive. Sometimes it’s about money, but sometimes not. Maybe they help me think better—or just add joy to my life!

3/ Proactively teach or trade. Don’t just wait to be asked for ideas. Start offering! Here are two examples from friends who left their media jobs:

TEACH: My friend Sam got a job at a law firm. Lawyers are notoriously bad writers, so Sam started hosting writing workshops for his colleagues.

Demand was large, making him agency, so she approached one and said, “I’ll help you get PR, and you help me rebrand my cookies.” They agreed.

REMEMBER WHAT MAKES YOU MOST VALUABLE: It isn’t just your knowledge. It’s your unique ability to put that knowledge into action. Knowledge is simply the evidence of your greatness—so when you give it away, you only become greater.

Jason Feifer jfeifer@entrepreneur.com @heyfeifer subscribe: entm.ag/subscribe

Jason

‘The

Sword We Refuse to Die On’

Some people tell Chip and Joanna Gaines to play it safe, and to keep doing what made them famous in the first place. But they’re ready to take more risks—because that’s the entrepreneurial way. by

JASON FEIFER

How do you take risks and explore boundaries, while holding on to what makes you great?

Every entrepreneur must ask that question as they grow. And as two of the most recognizable names in the home goods and lifestyle TV world, it’s something Chip and Joanna Gaines think about a lot. “The sword that we refuse to die on,” says Chip, “is somebody forcing us to do something we don’t really feel wonderful about, and we put it out there because it’s ‘what they want’ or ‘what we’re supposed to do.’”

The couple became famous from their first TV show, a home renovation format called Fixer Upper, which helped launch a cable TV network (Magnolia)—along with a retail complex in their hometown of Waco, Texas, multiple homeware partnerships, a realty business, and more. Then, last fall, they raised eyebrows by launching competition shows on Max about…roller skating (Roller Jam), rodents (Human vs. Hamster), and singing (Second Chance Stage)?!

To them, the expansion made sense—because like all great entrepreneurs, they’ve defined a mission for themselves, and that mission gives them room to experiment. Here, they explain how they’ve done it, and how they’ve learned to take larger risks together.

When I saw your new Max shows, I immediately wondered: How did you draw the line between your past work and this? You guys have been so thoughtful about the expansion of Magnolia, so there must be a logic to it.

CHIP: Jo and I are very adamant that what got us here was a little bit of thought and strategy—but what we loved was, it was risky. Now, Jo and I are looking back on these two decades going, “What is it about this experience that we want more of?”

We had a thousand TV show options up on a wall—and, at least temporarily, it became a bit paralyzing. But as we started narrowing them down, we kept laughing, because the four had really no clear through line. Then [president of Magnolia Network] Allison Page said, “You know what? The one thing they have in common is authenticity and joy. And that’s what Chip and

Jo have always been about.”

That just felt beautiful.

JOANNA: When we think about Magnolia, whether it’s the magazine, our shop, the network—the whole point for us as a company is: How do we bring people together for these meaningful moments?

Because when we step back and see who’s coming to the shops, it’s every age. It’s a girls’ group of friends. It’s a grandma, a grandpa; it’s grandkids—it’s family. And if you’re together with the people you love, and you’re watching something and all experiencing the same emotion, there’s something really special about that.

Chip talked about not doing things just because they’re expected of you. That’s hard. It’s often much easier to play by the numbers and say, “We know people want this, so we’ll just keep doing it.” How do you push yourselves to do more?

JOANNA: I feel like that’s innately who Chip is. He says, “Jo, life is just one big experiment.”

But my comfort is: “Let’s do this for the rest of our lives and not pivot ever.” That’s where I feel the safest.

CHIP: But how do you, as a person that doesn’t feel comfortable doing that naturally, get to those places?

JOANNA: The first thing that comes to mind is this idea of skydiving—which I’ve never done. But my whole life, with every decision I’ve ever made, I equate it to feeling like I’m standing at the edge of a mountain, and I have to jump by saying yes. Most of my life, that fear kept me back. So I never felt the exhilaration of, I don’t know what’s next. I didn’t want to. I wanted to know I was safely planted on the ground. But the more I exercised that muscle, the more exhilaration I could feel.

It’s not addictive in a way where I’ll always say yes to stuff. But when I hear Chip say, “Let’s experiment,” that means there could be a failure, but

there could also be a win. There’s something that’s freeing about “Let’s experiment.” So I think my mindset now is: How are we evolving? How are we creating? How are we keeping our eyes open? Because I feel like most of what we built has been pretty instinctive. It’s been more gut. And no matter how big this business gets for us, that’s really core to who we are: How do we feel? Even though it makes sense to say yes to this, if we’re not feeling it, we’re still gonna say no.

Joanna, you might think of yourself as risk averse, but you also made the decision to trust Chip—a person who thinks totally differently than you. That by itself is a kind of risk-taking, isn’t it?

JOANNA: That’s a really good point. CHIP: We’ve been married for 20-plus years now. Early in our marriage, I thought I was right and she was wrong. I was an optimist, and she was a bit of a pessimist—though she would refer to herself as a realist. But as I’ve gotten older, I’ve realized that she has the much harder position. Risk-taking comes very naturally to me. I feel comfortable when uncomfortable. But for Jo, it was a very hard decision.

I have a friend who defines success as “distance traveled.”

Under the way that we’re framing it here, Joanna, the distance traveled for you to these kinds of decisions is larger—which is the greater accomplishment.

CHIP: Totally. Amen. She’s very thoughtful, and that has been very helpful for someone like myself, who is not. Our team also helps push us. We love to have people around who are questioning our thoughts, questioning our intentions: “Is this right for Magnolia?

Is this right for Chip and Joanna?” We also love people who go, “Hey, we actually agree with you, but here’s a counterargument.”

How do you find people who can disagree with you, but that you still trust? It’s not easy.

JOANNA: Chip and I really value people whose lives are different from ours. We know we’re gonna sharpen each other. In some ways, we find this middle place, and we’re like, “Oh, we’re alike in those areas.” But for the most part, we find strength in our differences. We come to the table recognizing that those differences are going to make us see in a new way, and we’re all going to come out of the room richer, smarter, more curious. I think that’s the beauty of relationships, whether it’s just a couple or it’s a team.

As for how we find those people: I don’t know if this is the right answer, but I think we attract all different kinds of people to work here with us. It’s beautiful that when you sit at a table of 15 people, you look at everybody, and no one’s life is the same.

CHIP: It wasn’t even real strategic. It wasn’t perfectly intentional. But we wanted the people around us to care more about what we were trying to accomplish than our feelings or opinions on how to accomplish it. As a result, the ideas that we articulate are much, much stronger—because there were so many different angles that were considered as we were wrestling through them.

Jo and I joke about the inception of our show,

WE WANTED THE PEOPLE AROUND US TO CARE MORE ABOUT WHAT WE WERE TRYING TO ACCOMPLISH THAN OUR FEELINGS OR OPINIONS ON HOW TO ACCOMPLISH IT. AS A RESULT, THE IDEAS THAT WE ARTICULATE ARE MUCH, MUCH STRONGER.”

Fixer Upper. The producers, and maybe even a network executive or two, were like, “You’ve gotta get outta Waco. This has to scale. Nobody’s gonna be able to relate to this thing.” But as it started evolving, people did relate—not because we appeared to be an odd couple with too many animals and too many kids,

but to the contrary, we were a couple that really cared about one another and cared about our community and cared about our clients. And that resonated with people that lived in completely different ecosystems.

The bottom line is: We want to provide opportunities for more and more people to talk

about ideas that make them think about the world in a different way.

In other words, everything goes back to how Joanna defined your mission: How do we bring people together for these meaningful moments?

CHIP: Man, brother—touchdown!

→ IT’S SHOWTIME Images from the Gaineses’ new shows. Clockwise from top: Roller Jam, Second Chance Stage, and Human vs. Hamster

Are You Feeling the Squeeze?

Many companies are struggling with rising costs and tighter margins. We asked six business leaders to share their solutions.

1/ Find pricing options for everyone.

“Our challenge is finding the right balance between our daily customers, who might get a cold brew every afternoon, and those who view us as a ‘treat’—coming in for our boba or jelly sips. For everyday visitors, we’re very mindful of keeping costs reasonable. For those treating themselves, we have premium offerings like Stuffed Sips, which come at a higher price point due to extra ingredients and customization. So far, this approach has helped us navigate rising costs while still offering value.”

—ANDREW

MOGER, founder, Cool Sips

2/ Cut underperforming products loose.

“Given rising costs across the board, we’ve taken a hard look at our product mix and the inventory turn and margin for every item we carry. It’s hard to say goodbye to products you’ve invested time, energy, and enthusiasm in creating, but if it isn’t selling fast enough, it can’t stay. That frees up the cash and keeps our remaining assortment fast-turning, productive, and fresh. It also frees up the working capital to keep dreaming up and building innovative new items.”

—KATE LUBENESKY, former president, W&P

3/ Diversify and optimize your supply chain.

“Over the past 18 months, we’ve seen the costs of essential materials rise by 15% to 20%. Our solution is diversification in sourcing, seeking out local and national suppliers. This helps us reduce dependency on any single supplier. Internally, we’ve also conducted a thorough review of our operations to identify where we can cut costs without sacrificing quality. This included optimizing packaging and processes in our distribution centers, and investing in technology that improves supply-chain visibility.”

—DONNA LETIER, cofounder and CEO, Gardenuity

4/ Make strategic hiring decisions.

Make

“Payroll is our most significant investment, and it’s critical that this spending drives direct revenue growth. We’ve enhanced the productivity of our sales and support teams through targeted training and technological improvements, minimizing time spent on nonessential tasks. Strategic hiring ensures that every new team member contributes significantly to our sales or customer satisfaction.”

—CHAD STARK, CEO, Stark

5/ Offer creators what big businesses can’t.

Offer

“Consumer businesses are increasingly shifting their ad spend toward creator partnerships. But the rising costs of these collaborations make it nearly impossible for early-stage startups like ours to compete with the massive ad budgets of larger companies. We’ve addressed this by structuring some of our partnerships to include equity, and winning over creators with a product they’re genuinely excited to use. A great example is our partnership with comedian Trey Kennedy, now our ‘Chief Dad Officer.’”

—KEVIN LAVELLE, cofounder and CEO, Harbor

6/ Lean into profitable business models.

Lean business models.

“Customer acquisition costs on platforms like Meta are increasing, while channels like influencers and affiliates are becoming more saturated. So we’ve leaned into a subscription-first approach that concentrates our marketing spend during peak months and reduces it during slower periods. This helped improve our average order value and cost of goods sold, which enabled us to diversify our marketing channels and launch new products that cater to different dietary preferences and lifestyles.”

—ISMAIL SALHI, cofounder,Wildgrain

How Amazon Sellers Can Delight Customers, One Smaller Package at a Time

By right-sizing packages, the e-commerce company aims to reduce waste while enabling sellers to save money and deliver an improved customer experience.

When it comes to e-commerce, Amazon is renowned for its speed and scale. And it’s only getting faster. Last year, the company achieved its quickest Prime delivery speeds yet. More than 5 billion items from Amazon arrived the same day or the next day across the globe—an increase of more than 30% year-over-year1 .

And just think, each item shipped required packaging to get to the customer’s doorstep.

Meanwhile, as the convenience and speed of home delivery grows, so do consumers’ worries about sustainability. A recent study found that more than 80% of shoppers are concerned about plastic and packaging waste2. Instead, they favor recyclable, lower-waste options. In another survey, 78% of respondents said they have a more positive view of companies that use paper-based packaging3 .

How can businesses meet rising demand for more sustainable options while improving the customer experience?

One way is to redesign packaging to reduce size, and the materials used to ship to customers. Right-sized packages allow more items to fit in delivery vehicles, potentially cutting shipping costs, emissions and much more.

Reducing waste:

It’s a package

deal for Amazon

Recognizing this, Amazon is leading the charge with its Ships in Product Packaging program (SIPP), aiming to help e-commerce entrepreneurs reduce waste, save on costs, and boost brand visibility. Through initiatives like SIPP and other decarbonization efforts, Amazon is continuously innovating for more sustainable packaging and shipping.

“Amazon strives daily to be and do better for the planet, its partners and customers,” says Kayla Fenton, Senior Manager of Sustainable Packaging at Amazon. “We constantly work to prevent and reduce waste across our businesses, including packaging.”

Using an innovative approach that blends machine learning, lab testing, and materials science, Fenton says Amazon is continually working to reinvent packaging to be smaller and to “avoid unnecessary packaging altogether.”

The initiative identifies, tests, and certifies products that can safely ship to customers using the product’s own custom-

branded original packaging — without any Amazon-added material. Items ship in the original packaging with only an address label added.

A better brand experience, signed, sealed, and more sustainably delivered

The benefits go beyond sustainability. Sellers who enroll products in SIPP can benefit from Amazon fulfillment fee discounts and can minimize the size and weight of packages. This in turn can move products to a lower fee tier, resulting in further savings.

Better still, participating SIPP sellers can also deliver an elevated shopping experience, with customers receiving their goods in clearly branded packaging, promoting brand awareness and, ideally, repeat sales.

“Selling partners who re-engineer their packages to meet SIPP standards and enroll their products in the program will be able to better manage the unboxing experience for their customers,” Fenton says. “They have the opportunity to put their brand front and center by incorporating their own branding elements and QR codes. This helps their customers learn more about their brand and product.”

Since packaging certified through SIPP is rigorously tested to ensure it can withstand the fulfillment process, participating sellers can also ensure their products are protected during storage and in transit. This can lead to fewer damaged products and more happy customers.

“We want Amazon to be a place where entrepreneurs starting new businesses and those with well-established brands can thrive,” Fenton says. “Through SIPP, along with the range of tools, programs and services Amazon offers, we want to help our selling partners scale and grow while supporting sustainability initiatives.”

It’s a win-win: By using their own packages and shrinking package size, online sellers can elevate their brand, show their commitment to the environment and deliver a better customer experience.

To learn more, visit amazon-packaging.com

Why Customers Come Back

What makes an in-person experience worth putting on autopay? This fitness studio founder has it dialed in.

by FRANCES DODDS

→ SWEAT THE SMALL STUFF

At Hylo, classes have a 50-page manual to make sure every element of the experience is just so.

Customers might try something once. But how do you get them to return?

Angus Long thinks a lot about this. He used to be an Orangetheory franchisee, and then founded a new kind of fitness studio called Hylo Fitness. He and his business partner, Matt Herring, built Hylo on a thesis: The fitness world is fragmented, with studios that exclusively focus on yoga, barre, or other modalities. Why not have the same group-fitness membership model, but offer multiple modalities under a single roof? So Long founded Hylo, which has a room for “high-intensity” workouts—combining cardio and

strength training—and a room for “low-intensity” workouts pulling from practices like yoga, barre, and Pilates.

But as he’s learned, it’s not enough to offer something new or unique. In addition, you must focus relentlessly on perceived value—making sure that your customers feel like they’re always getting their money’s worth. And here’s the trick: Their perception is going to constantly change, which means that you must change with it.

Today, Hylo has four studios (three in South Carolina and one in Tennessee) and ambitions to grow much larger. Here are three ways that Long’s team increases their customers’ sense of value.

1/ Justify your pricing. When Hylo launched, its prices were roughly the same as competitors like Orangetheory. But that wasn’t sustainable. Hylo offers more classes, needs a larger building to house both its “high-intensity” and “low-intensity” studios, and has locker rooms—all of which are expensive to run and maintain. “So we had to adapt and learn what the proper pricing tiers were,” Long says. “Now, for an unlimited membership, we’re probably $10 to $20 more than a lot of those other places.” To justify that, Hylo spends a lot of effort communicating its offerings, like new classes and a more elevated interior design, so that customers can see the value for themselves.

2/ Experiment.

People will pay more for a superior product—and superior products require a lot of testing. “A good class has a flow to it, and a logic,” Long says. “It’s entertainment, but it’s got to be an effective workout.” Hylo is constantly rolling out new beta classes, and has learned to expect failure as part of the process. “We take chances all the time, and 99 out

of 100 times, we fall flat,” Long says. “I don’t know how many sample programs are in our product graveyard. We’ve tried foam-rolling classes. We had one called ‘Six-Pack at the Bar.’ It was hot for, like, a minute, and then all of a sudden it’s gone. Pilates is incredibly hot right now, where two, three years ago, it was almost forgotten. But that innovation part is critical.”

3/ Document what works. More than anything, as Hylo has grown, Long has learned that you can’t just expect an amazing experience to replicate itself. “One class on the low side alone has a 50-page manual,” he says. “You know, down to the light controls, sound controls. The smell is important. All the sensory elements have to be dialed in.” This has proven especially true as Hylo has expanded to new locations. “I remember at Orangetheory, thinking, My God, they have hundreds of pages of binders. This seems like overkill,” Long says. “Now I’m starting to feel like, gosh, if you’re going to have satellite locations where you can’t possibly be present enough to do quality control, you’ve really got to have this paint by numbers structure.”

Hylo was included in our “America’s Favorite Mom & Pop Shops” list this summer, and then won our online bracket challenge. To see more from the list, visit entrepreneur.com/momandpop.

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This Place Makes Money!

A restaurant chain was struggling. My agency gave it a redesign, and sales more than doubled at the stores we worked on. The secret? Rethinking the experience that people have inside retail. by KEVIN KELLEY

The restaurant’s sign promised “Homestyle Cooking.” But when I asked a customer about that, he was dismissive. “If you can’t touch it, it ain’t real!” he said.

The customer’s name was Percy. The restaurant was a struggling buffet brand. Percy ate there because it was affordable—but because he couldn’t see any “homestyle cooking” happening there, he doubted the company’s claim. That’s the kind of insight I love.

I’m an architect and cofounder of a design and strategy firm that specializes in “visual storytelling”—or how business, social science, and design intertwine to build physical places that bring people together. My team has designed spaces for companies like HarleyDavidson, Whole Foods, Kraft, and Nabisco. On average, we increase foot traffic by 25% and sales by 18% to 86% without changing the product, prices, quality, or service levels—just the environment.

When we were hired to help this buffet chain, we redesigned it and we launched five beta stores—where expected weekly sales more than doubled, going from around $40,000 to $90,000.

How did we do it? The answer is all there in Percy’s comment. We created an environment that customers could see—and touch, hear, smell and taste. Their senses told them what they were experiencing was real, and that made them excited to be there.

The first part of our job is always to listen. We talk to customers, hear their problems, and design solutions. When I worked on the struggling buffet chain, I talked a lot with Percy. He had worked in a textile mill for 35 years and was skeptical of

consultants like me; he called us “pointyheaded marketing suits.” But I didn’t mind, because he intuitively understood what this restaurant needed.

“When restaurants talk about things like quality, service, homemade, homecooked, or natural food,” Percy said, “that’s all it is—talk! The billboards, banners, TV ads, and radio spots are all smoke and mirrors. If I can’t see or touch these fancy ideas like ‘homemade’ or ‘family-style,’ then it ain’t real.”

ching narrative.

So the starting question is: What is the narrative of this place? What is this story about?

At the buffet chain, their big selling point was “homestyle cooking.” That wasn’t just marketing; the restaurant put a lot of effort into its food. But all the cooking happened out of sight in the kitchen, and the food presentation was dismal. “This place doesn’t look like where a home-cooked meal would come from, as they claim,” Percy said. “It looks like a beat-up

sion zone.” In buffet restaurants, there’s a stampede between about 11:30 a.m. and 1 p.m., and again between 5 p.m. and 7 p.m. A line forms while people wait to pay their admission fee, so our job was to get people excited enough about the product to stay in line, and figure out how to get the line to move faster.

Prior to our redesign, the waiting area had white walls, horrible grey putty railing, and a menu board with no pictures. Customers would get so

ON AVERAGE, WE INCREASE FOOT TRAFFIC BY 25 PERCENT AND SALES BY 18 TO 86 PERCENT WITHOUT CHANGING THE PRODUCT, PRICES, QUALITY OR SERVICE LEVELS–JUST THE ENVIRONMENT.”

Humans assess our environments instantly, through our senses. Our involuntary interactions with our environments inform our decisions. That’s why, instead of looking at retail places as facilities with departments, we view them as a series of interactive “scenes” that visitors feel with their senses and experience with their emotions. And over the last few decades, we have distilled the art and science of scene-making into five guiding principles. Here, I’ll walk you through them using the example of the buffet chain.

Retail principle #1/

A good retail scene reinforces the overall plot, quest, and story of the brand.

When we’re redesigning a retail location, we don’t think about the space in terms of departments or functions. Instead, we build six to 10 scenes, which create an overar-

high school cafeteria.”

I heard that from dozens of other customers too. They wanted an experience that felt as close to home as they could get. We know the idea of “home-cooked meals” is a mythology, but “close to home” is also a field of meaning—a bigger narrative we could build our story around. It would inform our decision process, and ultimately become a value proposition.

So we came up with six “scenes” to tell this story: the decision zone, the produce stand, the bakery, the grill station, mom’s kitchen, and the country store. I’ll explain what they all mean below.

Retail principle #2/

A good retail scene has a beginning, middle, and end.

When a customer walked into the restaurant, the first scene they encountered was what we called “the deci-

bored in line that they carved their names in the walls, or kicked the walls.

Our vision was to create the “psychological realm” of a woodsy country store. When you walk in, you’d see wood floors, wood railings, and handwritten menu boards. There’s a lot of studies saying that if you’re shown pictures of food in the right context, it can make you physically salivate. So we printed giant pictures of mouthwatering steak, and butter melting on corn, cropped in really tight.

Now, how did we get the line to move faster? Here’s a surprising answer: drinks. When people got to the front of the line, some spent a lot of time deciding what to drink—which slowed everything down. So in the “decision zone” we did a lot of prompting and cueing around drinks. By the time they got to the front of the line, they knew: “I want a Fanta.”

Strategies

Retail principle #3

/

A good retail scene has a “mini climax” inside of it.

Before our redesign, the restaurant had a very utilitarian layout. There were about 90 different offerings—salads, steaks, bread—all served up without ceremony. We wanted these groups to feel more distinct and special. For example, the salad bar. We asked: Where do you get the best homegrown produce? Everyone loves a roadside produce stand, so we built one with crates and murals, an awning, and handwritten signs. We did the same thing with bread, creating a real bakery inside the store. The client actually made fresh bread on the premises, but didn’t get credit for it—because it all happened out of sight, in the kitchen.

For every scene, we look for a “mini climax.” This might be a sound, or smell, or some other impactful experience. The climax for the produce stand came to us after we worked in the kitchen for a few days. I was amazed by what the staff was doing back there, chopping and preparing vegetables. So I said, “Why don’t you do this in front of the customer?” The client said, “Oh, that would be messy. And our employees don’t dress well.” I told them, “That’s because they’re not in front of people. They will dress better if they’re in front of people. That’s just human nature.”

So they started cutting vegetables in front of the customer, at the produce stand. That sound of a knife chopping the head of lettuce did everything—it’s a sensory differentiator on a subconscious level. And at the bakery, every time the baker took fresh bread out of the oven, they’d ring a bell. It was an auditory cue, accompanied by the smell of fresh bread. The client said,

“How are people going to know the bell means anything?” We said, “We promise it’ll become an insider thing.”

And it did.

Retail principle #4/

A good retail scene has carefully chosen props and triggers.

Afew good props go a long way when it comes to creating an experience—for both customers and employees. For example, when we were designing the bak-

When we first told the client about this plan, they said, “Nobody wants to see the cooks; these guys look like Charles Manson.” But we said, “If you put Charles Manson on stage in a grill-master outfit, it’ll change everything.” Sure enough, employees instantly started trimming their hair, trimming their eyebrows, trying to be more presentable. And they began to take pride in their work. Then a miraculous thing happened: They started engaging with the customer! We even got to the point where the chain had the grill master

income was no longer an apathetic experience for low-income folks; now it was something Percy could be proud to show off to others. Percy thanked my team and me for making his meals more fulfilling, as did countless other customers.

The most illuminating compliment we got, however, was from the chain’s CEO. When we met him after the grand opening to conduct our post-occupancy review and analysis, we assumed he’d be overjoyed about doubling the weekly revenue. Instead, he told us to be quiet for a minute and

I ‘WHY DON’T YOU DO THIS IN FRONT OF THE CUSTOMER?’ OUR EMPLOYEES

DON’T DRESS WELL.’ I TOLD ‘THEY WILL DRESS BETTER

I SAID, ‘WHY DON’T YOU DO THIS IN FRONT OF THE CUSTOMER?’ THE CLIENT SAID, ‘OH, THAT WOULD BE MESSY. AND OUR EMPLOYEES DON’T DRESS WELL.’ I TOLD THEM, ‘THEY WILL DRESS BETTER IF THEY’RE IN FRONT OF PEOPLE. THAT’S JUST HUMAN NATURE.”

ery, we went into the storeroom and saw these giant, generic bags of flour. So we went to the executives and said, “You have 538 stores. You must buy a lot of flour. Do you think you could tell the flour distributor to customize the bags of flour with your own logos?” So we created a sub-brand, with a whole backstory about where the flour comes from, and surrounded the bakery shop with these giant bags. Now, when customers see these proprietary bags of flour, it communicates that the restaurant is serious about bread.

Clothing can be another important prop. At the bakery, we had the bakers wear baker outfits, and at the grill station—which we also pulled out of the kitchen, so customers could watch the cooks grilling their steaks—we uniformed them up and gave them badges. We actually created an order, with different levels: black belts, brown belts, orange belts. You could work your way up from “grill journeyman” to “grill master.”

asking the customer, “What type of seasoning do you like on your steak?” Now we have interactive engagement, and that’s golden.

Retail principle #5/

A good retail theme has values and reflects what you and your customers care about.

One of the last scenes is what we called “mom’s kitchen.” Formerly the hot food bar, we built the space to look like a real kitchen, with cupboards above and below the counter. And we put the dishes in ceramic pots instead of metal tins. This scene was a huge hit with customers, because it really landed the “close to home” narrative.

Once we completed the new prototype stores, instead of eating dinner all by his lonesome self, Percy invited his family and friends out for an evening of merrymaking at the buffet chain. Even his teenage grandkids loved the new digs. Eating dinner on a fixed

listen, which we did, but we didn’t hear anything except customers conversing over meals.

“That’s precisely my point!” he said. “Our customers treat us better than they ever did before. They don’t carve their names on the tables and walls. They pick up after themselves, and keep the place clean. And I credit that result to something you said on the first day we met: ‘Environment affects behavior.’”

It’s true.

Our environments are a melting pot of sensory experiences that cue us in all kinds of ways. The more clear and intentional you are about how you want your customer to feel in every scene, the easier it will be to tell a story, and build a place that accomplishes that task.

This essay was adapted from Irreplaceable: How to Create Extraordinary Places That Bring People Together, by Kevin Ervin Kelley. Published March 12, 2024, by Matt Holt Books.

PERELL

You Can’t Be One Thing Anymore

What’s the most important skill in today’s digital world? Tech super-connector Chris Lyons has an answer: It’s the ability to collaborate. by

NICOLE GULL MCELROY

Who will be safe in the age of AI?

Chris Lyons has an answer worth listening to. He is arguably the most culturally savvy guy at the most culturally influential VC firm, Andreessen Horowitz. He put together many of the splashiest tech deals today—because he’s the one forming the relationships between disruptive founders and attention-getting celebrities. Serena Williams calls him a friend. Kevin Durant’s business partner credits him with helping introduce the NBA superstar to Silicon Valley. Multiplatinum music artist will.i.am says that Lyons can find “Dr. Dre before he is Dr. Dre”—which is to say, he can spot the next icon while they’re still nobody.

So according to Lyons, who is safe in the age of AI? To look forward, he says, we should first look backward—to Renaissance Italy. “I’ve done a lot of studying of the Medici Era,” he says. “Think about a world with poets, designers, and architects all coming and working together.” Today, he says, we should think of our time as a digital renaissance as once-siloed disciplines come crashing together and industries start to overlap. “A blockchain expert sits down with a fashion house. An AI creative sits down with a musician. Now, instead of Michelangelo, we are uploading to Sora

[OpenAI’s text-to-video model]. Who knows how to put those pieces together?”

Does this depress you? Disorient you? It shouldn’t, according to Lyons. “It takes a community to know how to put those pieces together,” he says. That’s because, to him, the future doesn’t just belong

to creators or thinkers or doers. It belongs to combiners—to people who embrace many disciplines, who pursue many skills, and who gather together many kinds of people. These people push beyond what they “should” be learning, or whom they “should” be collaborating

with. In an age of AI, the combiners literally double down on humanity. They add more people—because to Lyons, the most unexpected people can produce the most unexpectedly transformative ideas, so long as someone (like him, and maybe you?) can bring them together.

He has a term for this — “shared genius.” And if you want to build a great business, he says, you need to learn to share. Lyons is happy to share how it’s done.

CHRIS LYONS has a title, though it doesn’t fully explain him. It is this: President of Web3 Media at a16z crypto, a vertical at Andreessen Horowitz.

Here’s a better description. Lyons started his career in music, working as a sound engineer for musician and producer Jermaine Dupri. As he watched musicians lay tracks, turning their abstract ideas into songs that could be heard by millions, he started to think deeper about the process of creation. “Everything in the world starts from an idea and concept,” he says. “The journey and the fun part is architecting that into real life.” This begs a few questions: Where is creation happening at a larger scale? Where would it be really fun to create?

WHEN YOU MEET WITH PEOPLE WHO THINK LIKE YOU, YOU MIGHT COME AWAY WITH ONE NEW IDEA OR DIRECTION. BUT WHEN YOU MEET WITH PEOPLE COMPLETELY UNLIKE YOU, THEY BRING A UNIVERSE OF NEW IDEAS AND CONSIDERATIONS.

His answer was technology. “Technology is like modernday alchemy,” he says. To medieval scientists, alchemy was the process of turning one metal into another. They believed that, for example, lead could be made into gold. They never pulled it off, but modern technology can do something even better, Lyons says: “It’s digital gold.” Ideas turn into money. And it can be applied equally to any field, whether it’s music, fashion, food, or more.

He wanted to test this alchemy himself, so he created an app that makes digital restaurant menus. It didn’t catch, but it inspired him to learn to code and move to Silicon Valley at the age of 24, in 2012. He joined an accelerator for tech

entrepreneurs of color called NewMe, which is where he met Ben Horowitz, cofounder of Andreessen Horowitz.

Horowitz eventually hired Lyons as his chief of staff, which gave Lyons entry into a tech gold mine. Andreessen Horowitz built its name investing in the likes of Twitter, Facebook, Airbnb, and Stripe, and now has $44 billion in committed capital across multiple funds. It has become an influential shaper of tech culture. When its partners speak, the tech world listens.

Lyons approached this work with a philosophy: “Go

where you’re the 1%, where you think differently than anyone else,” he says. “It’s important to go outside of the box, where people haven’t gone, and bridge into it.” Given his roots in music, he saw an opportunity to combine venture capital with the world’s largest cultural figures. Celebrities were eager to “go from a world of endorsements to equity,” he says, and founders were eager to connect with a new kind of investor network with strong cultural influence.

In other words, it was a form of Lyons’ shared genius concept. Founders and

culture-makers hadn’t always worked together. But don’t they have a lot to teach each other?

From there, Lyons’ dual roles were formed: He became a general partner at Andreessen Horowitz, and now focuses on companies at the intersection of culture and technology. But he also created its Cultural Leadership Fund, a joint investment fund with major athletes, artists, and other cultural movers— Kevin Hart, Shonda Rhimes, Will Smith, and major names from sports, music, and entertainment have all invested. (“What makes him so special

→ CLASS COLLAB

Chris Lyons lecturing at Harvard Business School

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Innovators

is his ability to bridge the gap for those outside the traditional tech space,” Serena Williams says of Lyons.) It’s the first fund in Silicon Valley with 100% Black LPs (limited partners, or investors), with all management fees going back to a select number of nonprofits and charities that help individuals of diverse backgrounds break into tech. Through it all, Lyons has refined his approach to creating shared genius. It starts by seeing everything and everyone as one piece of a larger puzzle—and then thinking about how those pieces can come together.

TO LYONS, here’s a perfect example of shared genius in action: A few months ago, he arranged a dinner for the founders of Udio, which a16z has invested in. Udio is an AI music generator app; you give it a prompt, and it will create a song, complete with lyrics and singing. The product was publicly launched in April 2024, and Udio, like any new tech startup, needed to figure out its product-market fit. Who exactly needs its service, and what will they do with it?

In part to answer this question, Lyons brought Udio’s founders together with will.i.am (who has also invested in Udio) and producer and rapper Timbaland. The three started goofing around with the app, starting with new music (as the app is intended) and then veering unexpectedly into full-blown comedy sketches, until the night felt like a combination of a karaoke session and Saturday Night Live. “It was hilarious,” says Lyons. “By leveraging the culture, you’re one step into an unknown mindset.

The founders had never thought this was how their product would be used.”

In other words: When you meet with people who think like you, you might come away with one new idea or direction. But when you meet with people completely unlike you, or with entirely different skill sets, they bring a universe of new ideas and considerations. The key is knowing which ideas will pair best.

And for that, he often likes to think of the “idea maze” —a term coined by Balaji S. Srinivasan, a former general partner at Andreessen Horowitz. It’s a metaphor for navigating the challenges of startups. “A good founder is capable of anticipating which turns lead to treasure and which lead to certain

but ultimately only you know how to navigate your internal journey,” he says.

Lyons follows this advice for himself. For example, when he’s excited about a founder’s product, he likes to share it with a tight-knit group of close friends and fraternity brothers from outside of tech. “If they don’t like it, then I know I’m too much in the weeds,” he says.

Lyons frames the world around “and’s” versus “or’s”: “I want to incorporate as many ‘and’s’ as I can,” says Lyons. In order to build what he hopes, or close the loop on a deal, or create an opportunity for someone in his network, successfully leveraging those “and’s” is key. That

He encourages entrepreneurs to think about their own version of “and.” Where can combinations be created— both with people and ideas? It could be in the media and ideas you ingest, for example, where combining ideas and sources can lead to unexpected breakthroughs. (On any given day, Lyons says, he’s reading everything from Deepak Chopra to Rick Rubin’s The Creative Act to James Nestor’s Breath.) It can be in pairing people for an interesting dinner, or exploring collaborations that push both sides’ comfort zones. And most importantly, he says, embracing “and” means not locking yourself into any one idea, concept, or even technology. His closest collaborators have come

THE FUTURE DOESN’T JUST BELONG TO CREATORS OR THINKERS OR DOERS. IT BELONGS TO COMBINERS—TO PEOPLE WHO EMBRACE MANY DISCIPLINES, WHO PURSUE MANY SKILLS, AND WHO GATHER TOGETHER MANY KINDS OF PEOPLE.

death,” Srinivasan writes. “A bad founder is just running to the entrance of (say) the ‘movies/music/filesharing/P2P’ maze or the ‘photosharing’ maze without any sense for the history of the industry, the players in the maze, the casualties of the past, and the technologies that are likely to move walls and change assumptions.”

To escape the maze, Lyons says, you must take in a range of information from different sources—and then develop your own unique vision of what’s right. “It’s important to get feedback and alternative perspectives,

could mean making introductions, asking questions, listening, sparking collaboration, and knowing the people who can help make each happen. “The goal is to let founders and entrepreneurs be great at what they do, and then create an ecosystem to support them across multiple different facets,” says Lyons. “Creative communities can unlock ideas and opportunities. No one thought Sam Altman and Cardi B could hypothetically be standing next to each other at the Met Gala. That’s where the potential lies.”

to expect this now. “You have to have fearlessness to go back into a room and say, ‘I know I was talking to you about NFTs last year, but I’m talking to you about AI now,’” says Rich Kleiman, who cofounded the venture firm 35V with Kevin Durant, and has invested alongside Lyons on multiple projects. “The idea of him bringing that world into other worlds gracefully is part of his skill.” It’s a skill, yes, but it’s really about a firm belief in a simple formula—for business, for people, for ideas, and for success. The formula is this: many > one.

LYONS

Transcom

A LEGACY BUILT ON ETHICS

Bangladesh is at a pivotal moment in its history, transitioning towards a future defined by transparency, sustainability, and inclusive growth under the interim leadership of Nobel laureate Muhammad Yunus. With a renewed focus on governance reform, democratic processes, and fostering trust among citizens and investors, the nation is poised to unlock its full potential on the global stage. The current administration’s emphasis on creating an open and supportive environment for businesses underscores Bangladesh’s commitment to attracting investment and innovation.

As one of the fastest-growing economies in South Asia, Bangladesh boasts a burgeoning middle class and a dynamic entrepreneurial ecosystem. These strengths, combined with ongoing reforms, position the country as an increasingly attractive destination for both foreign and domestic investors seeking opportunities in a rapidly evolving market.

Within this transformative context, Transcom shines as a beacon of stability and integrity. A pillar of Bangladesh’s business community, Transcom is one of the country’s largest and most diversified conglomerates. It boasts an unrivaled track record and portfolio across multiple industries, including pharmaceuticals, consumer goods, electronics, distribution, and media.

Transcom’s Founder Chairman, Mr. Latifur Rahman, was born into a thriving business family whose heritage stretched back to tea plantations in 1885. After Bangladesh gained independence in 1971, the family businesses were nationalized thus compelling Mr. Rahman to start again from scratch. Transcom’s journey began with Tea Holdings Ltd in 1973, and over the next three decades, Mr. Rahman would build the company into a symbol of ethical business and a trusted partner for multinationals (MNCs) entering the Bangladeshi market.

In 2012, Mr. Rahman was honored with the prestigious Oslo Business for Peace Award in recognition of his contributions to the global business community and championing ethical business.

Today, Mr. Rahman’s legacy is being carried forward by his daughter, Ms. Simeen Rahman, Group CEO of Transcom. Ms. Rahman attributes Transcom’s success to its embrace of international partnerships and its commitment to meeting global standards. As a result, Transcom now maintains enduring partnerships with leading multinational corporations (MNCs), such as PepsiCo, Novo Nordisk, L’Oréal, Whirlpool, Mars, KFC, and Pizza Hut. This impressive track record of longstanding partnerships is a testament to Transcom’s ability to align with global leaders and consistently deliver excellence. “Transcom is renowned as one of the cleanest, most compliant groups in Bangladesh. Our longstanding partnerships with these brands attest to our noteworthy track record,” asserts Ms. Rahman. She underscores that Transcom’s extensive knowledge of local regulations, and the business landscape positions it as a powerful partner for investors entering Bangladesh.

One of Transcom’s most promising areas for partnerships is its pharmaceutical business, Eskayef Pharmaceuticals, renowned for its exceptional quality standards and cutting-edge capabilities. A standout example is Eskayef’s exclusive partnership with the Danish pharmaceutical giant Novo Nordisk; Eskayef is its first partner in history to be manufacturing and distributing its advanced Penfill® insulin product. Eskayef is also a proud global manufacturer of Novo Nordisk’s insulin vials which are supplied across the world.

Going forward, Simeen Rahman reveals that Eskayef is eagerly seeking partnerships with US pharmaceutical firms as a manufacturing and co-development partner. Eskayef is the first and only company in Bangladesh to

secure FDA approvals for both solid dose and injectables. “While India traditionally leads in generic drug supply to the USA, Bangladesh offers substantial untapped potential, especially in injectables,” Ms. Rahman emphasizes.

Beyond the USA, Eskayef has established its export presence in many countries across Europe, Latin America, Africa, and Asia. Backed by prestigious accreditations from the UK MHRA, European Medicines Agency, Brazil ANVISA, Australia TGA, and others, Ms. Rahman declares, “Our vision is to elevate Eskayef into a global powerhouse, while also expanding in our domestic market.”

Transcom also has a dominant presence in Bangladesh’s media industry, housing both the country’s leading Bengali newspaper, Prothom Alo, and leading English newspaper, The Daily Star, as significant entities of the conglomerate. Prothom Alo alone reaches 20 million readers monthly, combining online and offline channels, and has the largest online reach in the world among Bengali news media companies. The Daily Star reaches local and foreign decision-makers in the country every day. Both Prothom Alo and The Daily Star are manifestations of Transcom’s dream to provide an objective, free, and transparent voice to the people of Bangladesh.

As Transcom sets its sights on another decade of leadership in Bangladeshi business, Simeen Rahman is enthusiastic about the future. She also believes that now is the time to cater to Bangladesh’s growing domestic consumer market. “While our main focus remains on expanding and growing our current ventures, we are also eager to explore new opportunities to help build a bright future for Bangladesh,” she states. Ms. Rahman confirms that Transcom will continue to pave the way for global innovators in Bangladesh, and to also take Bangladesh’s innovations global.

With its distinguished reputation for excellence, Transcom’s vision is to continue playing a pivotal role in Bangladesh’s development while concurrently pursuing global expansion through Eskayef Pharmaceuticals.

Simeen Rahman, Group CEO, Transcom Ltd.

Grupo Vázquez

MAKING THINGS HAPPEN

Paraguay achieved the milestone of an upgrade to investment-grade rating from Moody’s in July 2024, with the ratings agency noting “robust and sustained economic growth”, an economy more resilient to shocks, and “a track record of institutional reforms”. The decision reflects long-term economic diversification and investment in infrastructure, paired with robust fiscal policy. The upgrade could be a significant boost for Paraguay, further opening access to international capital markets and lowering the government’s funding costs.

The sovereign upgrade should have a knock-on effect for Paraguayan businesses, particularly in the financial sector. The banking system has huge growth potential given the low penetration of credit, with credit to the private sector to GDP reaching only 52% vs the global average of 95%. The latest financial inclusion data by the World Bank’s Global Findex Database highlights the enormous opportunity in Paraguay, with fewer than three out of ten Paraguayans having access to a bank account in 2021, the last year for which data were available.

Within this context, ueno bank was launched in December 2021 as Paraguay’s first fully digital bank with a business model geared towards accelerating financial inclusion. The idea was simple - to provide a secure and intuitive onboarding process with which Paraguayans could open a bank account in just four minutes. Behind the disruptive business model of Ueno Bank is Grupo Vazquez, a leading corporate group head by Miguel Vázquez Villasanti, a 34-year-old Paraguayan native whose career in the financial sector started when he was 14 years old.

“Grupo Vázquez has five pillars,” says Miguel Vázquez Villasanti, who sits as the group’s president. “One is financial; the second is technology; the third is retail; the fourth is real estate; and the fifth is agriculture, forestry, and farming. Grupo Vázquez was founded in 1945 by my grandfather, my mother’s father. From my father’s side, my grandmother founded in the Mercado Cuatro, a covered market that trades perishable goods, back in 1956. Then in 1984 my father founded Credicentro in the same building, to make it easier for market traders to obtain credit, and the business grew rapidly. I used to go to my father’s office to spend more time with him, as he was working so much, and to my grandfather’s office too. I absorbed everything, and I like to say I started working when I was eight years old. And when I was 14 I started my own business with their support. This is why I love what I do –financial services and ueno are in my blood.”

Gradually taking on more and more responsibility, Miguel Vázquez Villasanti eventually took control of Credicentro, a non-regulated credit entity that provided loans to SMEs, and in 2018 he and his father made the decision to transform the organisation into a bank to accelerate its growth. In 2021 the group bought Financiera El Comercio and launched

ueno as the first fully digital and branchless bank in Paraguay.

Growth and financial inclusion

The transformation has been a great success. Ueno bank now has more than 2mn clients, and a network of 1100 ATMs – more than all the other banks in Paraguay combined. The bank is planning an IPO in the next five years, and Vázquez Villasanti aims to expand into at least five new countries.

In Paraguay, ueno has been a leader in financial inclusion – more than 30% of its customers have never had a bank account before. Ueno’s success has been founded on providing the best service possible to its clients – for example, it was the first bank to provide a fully digital onboarding experience. The bank also revolutionised the banking experience by providing 24 hours a day, 7 days a week service in its 70 bricks-and-mortar branches located around the country.

Since its launch in 2021, ueno has also expanded in other lines of business, launching an insurance company, a brokerage, an asset manager, a payment service company, and a credit card merchant acquiring business. All share the same mission of expanding financial services to previously unbanked and underserved clients in Paraguay.

“I always said we would have to make it easy for Paraguayan people to go to the bank,” says Vázquez Villasanti. “We had to make our own network.”

Strategic partnerships

Grupo Vázquez’s business has been built with a range of mutually beneficial strategic partnerships with leading global businesses as well as local counterparts. With a diversified ecosystem of businesses under the group, there are wide-ranging opportunities for different partners: portfolio companies include ride-hailing company MUV, food delivery business Monchis, and ticketing enterprise tuti.

“We’ve had partnerships with a range of big companies,” says Vázquez Villasanti. “We partnered with MasterCard in 2018, and we are the only bank in Paraguay to make all transactions with MasterCard directly. We partnered with Citibank for transactions in the US. This puts ueno on a different level. We are open to partnerships of technology, and also to entering new markets with our bank. We’re a member of Western Union, which is huge given the importance of remittances to Paraguay. We are the main sponsor of the biggest football [soccer] clubs and the national football team. We also have an agreement with Conmebol - the South American club competition - and are sponsors of the Copa Sudamericana. So we are open to all sorts of partnerships.”

Technology and innovation

A central part of the success story of ueno is its partnership with ITTI, the leading tech company in Paraguay, also owned by Grupo Vazquez. ITTI is one of the region’s leading technology businesses and has grown from a flagship fintech provider to a diversified tech company. Itti, acquired by Grupo Vázquez in 2020, acts as an in-house service

Miguel Vázquez Villasanti President

provider for ueno bank, as well as third-party clients and partners outside the group. Itti gives ueno and its sister companies ownership of the technologies that they use, leveraging unique alliances to provide technologies that other companies in Paraguay cannot match.

The company was founded in 2004 to develop technology for the financial sector through its core banking system ITGF, a complete software solution for regulated and non-regulated financial entities in Paraguay. ITGF has become the most widely used software on the market, supporting more than 40% of all financial transactions in Paraguay; there are nearly 20 financial institutions in Paraguay that use itti’s technology, including the central bank.

Over time, itti has built on its huge experience of software development, and its business acumen, to become a highly innovative technology business supporting clients in a range of sectors ranging from healthcare through energy to government, helping transform their businesses through innovation. Strategic partners include technology and consulting company NCR, perhaps best known for its ATMs and point-of-sale equipment; and Ricoh, a global leader in office products.

Itti’s services are as wide-ranging as its clients, including ATM solutions, e-commerce platforms, large-scale printing, biometrics, and regtech. In 2023, it announced the acquisition of a majority stake in MUV; with the investment, it aims to accelerate the digitalisation of passenger transportation and provide more facilities and benefits to users and drivers alike, through supporting greater investment in the mobility platform’s technology. MUV is Paraguay’s leading passenger mobility platform, with more than 500,000 users and 10,000 drivers registered. Itti will make ueno’s insurance products available to drivers, enhancing their security, in another demonstration of the strategic fit between Grupo Vázquez’s businesses.

Itti’s transformational approach to applying technology to the business has been widely recognised. In 2024, the company was

awarded the platinum prize at the 2024 Fintech Americas Awards in the infrastructure, ecosystem, and back-end category, in a highly competitive field of more than 90 proposals from around the region. The company’s work developing a comprehensive banking technology ecosystem for ueno was highlighted in particular. The award demonstrates itti’s position as a leader in regional technology innovation, building on its own track record and the synergies created by Grupo Vázquez.

“We’re making a technological hub here where we can develop tech to take to other countries,” says Vázquez Villasanti. “Technology is at the heart of what we do. We are a company creating world-class products, with the best people creating them. We have more than 15 nationalities working for us – young people, older generations, creative people, practical people, all working together and learning from each other. We want to make things happen.”

World-class Paraguay

This dynamism and the cutting-edge enterprises that it has generated reflect the strengths of Paraguay as a place to do business – and the abilities of the Paraguayan people.

“I would like people to associate Paraguayan products with ‘world-class’, as they deserve,” says Vázquez Villasanti. “We have talented people. Paraguay is mostly known for its clean energy and meat. But we have everything we need in technology, too. We can be an incubator for companies testing tech. I want to make Paraguay like Costa Rica, which is a tech hub with a lot of American investors. Paraguay can be a springboard to markets across Latin America – it’s the best place to set up a regional office. We have a lot of young people, which is an opportunity, buying land in Paraguay is very cheap, and we have low taxes. But I think the best thing Paraguayan people have is determination and focus. We are a nation of people who make things happen.”

Power Up for 2025!

Look, act, and come off your absolute best at work. Emmy Award-winning tech expert Mario Armstrong shares the latest goods.

1/ Stay fit for the job. No excuses with The Amazfit T-Rex 3 [$280; us.amazfit .com] watch, which helps you maximize workouts wherever you are, whether it’s -22 or 158 degrees Fahrenheit, at high altitudes or 328 feet in the ocean. With a battery that lasts about three weeks, you can use its off-grid, turn-by-turn navigation, train with customized AI coaching, or boss it around using voice commands. The 1.5-inchwide, bright display is easy to read in full sun with all the data you could ever need, from sleep tracking to tide schedules.

2/ Wear your power. Launching a pop-up shop? Scouting locations in the desert? When work is mobile, you need juice that rolls through the day. Strap on the Bluetti Handsfree 1 Backpack Power Station [from $429; bluettipower.com] and run cameras, laptops, drones, and podcasting equipment off of the 300-watt/268.8-watthour battery inside. At only 11 pounds, the pack also has compartments for camera gear or clothing, cables, and accessories. A solar panel that tethers to the bag (starting at $149) can recharge the battery in 90 minutes.

3/ Display your brilliance.

If you’ve ever been on Zoom trying to present a physical product, sketch, or model on your desk, you know it’s awkward. The Logitech Reach [$350; logitech.com] is a smarter, more nimble version of that overhead projector from high school. With one hand, you can swing the arm—which holds an auto-focusing, HD web camera—to capture the view straight down so colleagues see what you see. It also slides vertically and pivots to show off every angle.

4/ Show up in your best light. You hardly need to be a content creator to appreciate a good glow-up for mobile video calls and FaceTime. Lighting for phone cameras isn’t new, but the Harlowe Sol 5 Mobile Light [from $79; harlowe.com] is a particularly seamless integration. Designed like a folding compass, when it opens, the LED light attaches to the back of MagSafe iPhones and cases. With 90 minutes per charge, color temperature ranges from 2700 to 6500 Kelvin to show you at your glorious best.

5/ Meet your personal transcriber.

Catching all the ideas and details in a video or phone call no longer means listening to a whole recording. The AI-powered HiDock H1E [$329; hidock.com] not only tapes, it also transcribes the conversation, turning it into searchable text you can access from the cloud (a pro membership adds speaker identification, advanced summarizing, and advanced exporting options at $13 for 20 hours). Two-way noise canceling makes every voice crystal clear. And the dock charges five devices with two USB-A and three USB-C ports.

BIG Will Group

NOURISHING TOMORROW, DELIVERING EXCELLENCE EVERYDAY

Rising investment will drive Suriname’s economic growth in 2024-25, while structural reforms designed to strengthen the business climate will go hand-in-hand with the quickening pace of offshore oil and gas development, according to the Economist Intelligence Unit.

The government has made developing the agriculture sector a priority, given its economic importance; the broader sector including forestry and fishing accounted for 8.1% of GDP in 2022, World Bank figures show. There is huge potential, with 1.5mn hectares considered suitable for agricultural production, less than 10% of which is being used, according to the US International Trade Administration.

Julio Bhikharie CEO

One of the largest food companies in Suriname is BIG Will Group, which among other businesses owns its largest flour producer, De Molen. De Molen was established in 1965 by current CEO Julio Bhikharie’s grandfather, who was the largest supplier of flour and other foodstuffs in Suriname at the time, who went into partnership with a than large local bakery. Together, they established the country’s only flour mill, and in less than a year, Bhikharie’s grandfather took over the majority of the business.

“We’ve been the preferred supplier from the start based on our high quality standards,” says Julio Bhikharie. “I still have that vision: in the food industry, quality exceeds everything. You’ll always find a market if you have the right quality, and that has always been the driving force for De Molen, and it’s what we are known for.”

In 1969, Bhikharie Sr. established VESU, a poultry feed mill, as part of an integration strategy, utilising one of the main by-products of the flour mill, wheat middlings, as an important ingredient in the feed. Given that Suriname, Trinidad, and Jamaica have among the highest per capita levels of chicken consumption in the world, this was a real business opportunity, and between them De Molen and VESU became dominant forces on the market, setting the trend in the food and feed industry.

Following the setback of the 1980 coup and a period of military rule, De Molen once again took the lead at the turn of the millennium, taking advantage of the creation of Caricom, the Caribbean economic union, which Suriname joined in 1995. With the following liberalisation of flour and bread prices, the company became a pioneer in the export market. Bhikharie himself started at the company in 2007, aged 22, at his grandfather’s request. He even spent his holidays at the flour mill, and says “I have more flour than blood in my veins”, having studied the milling process intimately. The company was going through a difficult period, having under-invested on a market in which liberalisation had led to growing competition, but from 2007 De Molen started

gaining back domestic market share. Deciding against selling the business to a multinational, Bhikharie instead set out a strategic vertical and horizontal integration plan, establishing the BIG Will Group in 2012. Integration has gone hand-in-hand with diversification. One of the first companies he founded under the group was Caricom Livestock Farm, BIG Will’s own chicken farming line, best known for its TOK brand – an acronym of “It’s our chicken” in Dutch. TOK works with Surinamese chicken breeders who use VESU feed, training them in the best farming practices and guaranteeing high standards. The process offers greater vertical integration for BIG Will, while supporting local agro-industrial entrepreneurs.

In 2016, BIG Will established FoodLab, which produces “short pastas” using flour from De Molen’s mills, further boosting vertical integration and value-added for the group. Then earlier this year, BIG Will acquired Surebeef, Suriname’s only cattle slaughterhouse. The company is forming partnerships with Brazilian companies which will export cattle to Suriname to be processed. Brazilian beef faces high tariffs in Caricom, so Suriname offers a convenient entry point to the market. Bhikharie also plans expansion into the booming corn and soybean markets, which also supply the chicken feed industry.

“We are the biggest supplier in the food industry, with the highest quality of raw materials,” he says. “If you want to talk food, come to us.”

And for those wanting to talk food in Caricom, and doing business around the region, BIG Will and its companies are always ready to have a conversation.

“’If you want to go fast, go alone. If you want to go big, go together’,” says Bhikharie. We are open for partnerships, working in different forms: supplying products including poultry and flour, distribution, partnerships to set up companies here to do business across Suriname and the whole Caricom region, and we are also open to private investors. The export market is very important for Suriname, and we are looking for more distribution partners. We have a good relationship with the government, which is open to working with us.”

Partners will also have the opportunity to build a presence on the flourishing Surinamese market – with all the potential that Bhikharie and his colleagues are passionate about promoting.

“Anything is possible here, with opportunities in every sector,” he says. “There is almost no competition in the country, so businesses can excel very quickly. Suriname is on the verge of shifting from being a third-world country to becoming a developed self-sufficient one. It’s quickly becoming a premium market. Now is the time to come and take advantage of that, rather than in five to ten years when the country will have grown without you and there will be more competition. This is a diverse, open country, and your money is safe here.”

Dominican Republic

A THRIVING HUB FOR INVESTMENT AND GROWTH IN THE AMERICAS

The Dominican Republic stands out as a regional beacon for business and investment, boasting economic growth that has tripled the regional average over the past two decades. This remarkable progress has lifted nearly 3 million people out of poverty, created a thriving middle class, and improved access to services, housing, and education. According to the World Bank, the country’s “dynamic growth,” projected at 5.1% in 2024, is driven by robust consumption, investment, and reforms in fiscal policy, energy, and employment. This success is underpinned by political and economic stability that is the envy of the region.

“The Dominican Republic has achieved an important role among the countries of the region, thanks, among other things, to the stability and good health of our democracy, as well as the economic dynamism and great opportunities for businesses and investment,” said President Luis Abinader during his August 2024 inauguration, following his landslide re-election in May.

Investor confidence is at an all-time high, with private investment reaching record levels. Investment as a share of GDP rose from an average of 25% between 2007 and 2020 to 32% from 2021 to 2023, despite global challenges like the COVID-19 pandemic, the war in Ukraine, and rising inflation. Foreign direct investment reached nearly $4.4 billion by the end of 2023—a record-setting figure, particularly as

JXCapital

OFFERING STRATEGIC PARTNERSHIP OPPORTUNITIES ACROSS

THREE VERTICALS

Dominican entrepreneur José Manuel Diez Cabral is at the helm of his Single Family Office, headquartered in the Dominican Republic, managing a diverse portfolio of ventures focused primarily on local investments. Through its three verticals—Industry, Real Estate, and Asset Management—Diez Cabral’s family office provides valuable opportunities for international partnerships while supporting the Dominican Republic’s economic growth.

In manufacturing, Industrias Petroquim was founded by Diez Cabral’s father in 1957 to supply rubber soles and heels to local manufacturers. Today, Petroquim stands as a Dominican success story in the manufacturing of footwear and its components. Under Diez Cabral’s direction as CEO and Chairman, the company has evolved into a multinational enterprise with products exported worldwide. “My father didn’t have much to start off with, but he was a true entrepreneur. I can’t imagine how he did it,” says Diez Cabral. “We have invested in technology, expanded development capacity, and pioneered our own brands, which helped us stand out as globalization brought in cheap imports.” Under his leadership, Petroquim has become a global production partner for major brands like Rocky, UGG, BOGS, Allen Edmonds, and Timberland, and exports its own products to the USA under the Servus brand.

The real estate segment is managed through Patio Capital Partners, a private equity-style entity offering limited partnership opportunities in commercial real estate, and Savonna Management Partners, focused on promoting and

investment across the region declined by 10%, according to ECLAC.

The government’s investor-friendly policies include tax incentives across sectors like tourism, renewable energy, and film production, complemented by a robust network of more than 80 free trade zones (FTZs). These zones, employing over 190,000 people and hosting more than 820 companies, offer near-total exemptions from national and local taxes. Major exports from FTZs include medical and pharmaceutical products, tobacco, apparel, textiles, and electronics.

The Dominican Republic’s strategic trade partnerships amplify its appeal. As a member of the CAFTA-DR free trade agreement with the United States and Central American nations, it enjoys privileged access to the world’s largest economy, with total goods and services trade reaching $108.5 billion in 2022. Additional trade agreements with CARICOM and other Central American countries further solidify its position as a regional trade hub.

“Today is still the best time for investment,” Abinader said earlier this year while presenting record-breaking tourism results. “We are one of the safest countries in the world and we are getting stronger every day. In addition, public-private alliances continue to produce results.”

managing tourism industry assets. Patio currently oversees over US$150 million in commercial real estate across the island under the Patio brand. Meanwhile, Savonna manages an interest in Zabela Beach, a 2 million+ sqm tourism development project in Punta Cana that combines luxury residences with world-class hotels. Zabela Beach blends modern architecture with the Caribbean’s natural beauty, offering residents premium amenities and an exclusive living experience. These ventures generate significant returns, expanding the family’s real estate portfolio.

Patio aims to list its projects on the Dominican Republic’s stock exchange (BVRD), creating new investment opportunities and market liquidity, and recently completed its second IPO of a developed commercial real estate asset.

In Asset Management, the family office manages the family’s portfolio and holds a major interest in Pioneer, a fund management company overseeing institutional funds with over $500 million invested across five public funds managing roughly $1 billion in assets, where Diez Cabral serves as Chairman of the Board. These funds target key sectors such as tourism, infrastructure, and real estate, while also executing hotel developments for global brands like Ritz Carlton and St. Regis.

“There’s great potential for strategic partnerships with foreign investors in our three verticals—industry, real estate, and tourism,” says Diez Cabral. “We’re constantly exploring new markets and products.”

As Diez Cabral strengthens his family office to manage these ventures, his businesses are emerging as the trusted partner of choice for investors, backed by a legacy of excellence and a proven track record of success. “Entrepreneurs in the DR are ambitious, innovative, and adaptable, making us ideal partners for those looking to invest in a country poised for growth,” he concludes.

Luis Abinader President of the Dominican Republic

José Manuel Diez Cabral Chairman

Grupo SID

LEADING GROWTH, WELLNESS, AND COMMUNITY IN THE DOMINICAN REPUBLIC

On track to become a highincome country by 2030, the Dominican Republic has one of the fastest-growing economies in the region, according to the World Bank. Rising incomes will further boost what is already the largest economy in the Caribbean, attracting increased trade and investment opportunities.

As one of the country’s flagship consumer companies, Grupo SID is well-positioned to capitalize on emerging opportunities. Founded in 1937, Grupo SID has evolved from a small family-run peanut oil business into a diversified business conglomerate with an international presence and a portfolio of over 2,000 products spanning multiple sectors. A true testament to entrepreneurial growth, Grupo SID, through its companies, MercaSID (edible oils and consumer goods), Induveca (meats, charcuterie, and dairy products), and Induspalma (palm oil), has built some of the Dominican Republic’s most iconic brands.

Ligia Bonetti CEO

These brands have become synonymous with their respective products, cementing Grupo SID’s market leadership. In addition to its core ventures, Grupo SID owns Escogido Baseball Club, further strengthening its cultural ties with the Dominican people and their deep passion for baseball.

“Our mission has always been to create wellness,” says Ligia Bonetti, Grupo SID’s CEO and third-generation leader. “We take a 360-degree approach to ensure everything we offer adds value, promotes overall wellness, and contributes to socio-economic development.”

This dedication to wellness extends far beyond business and health; it embraces cultural and social dimensions, representing a holistic approach to enhancing the quality of life within the communities it serves. Bonetti’s passion for making a difference emphasizes the pivotal role of education and health in lifting people out of poverty, highlighting Grupo SID’s initiatives, such as supporting cancer patients with its foundation, Caminantes por la Vida, and educating employees about health risks. Through its EducaSID initiative, the company provides educational programs for its 5,200 employees and community. During its most recent activity, “Feria de los ODS,” 2,500 children were engaged in learning about sustainability and the UN SDGs.

“If I can leave a legacy in this country, it would be to ensure that everyone connected to Grupo SID has access to education,” says Bonetti. “We strive to create value for our people. This mission is deeply embedded in our culture.”

Grupo SID actively demonstrates its commitment to sustainability through a range of impactful initiatives. One of its key programs, ReforestaSID, focuses on restoring critical ecosystems by reforesting strategic areas crucial for Santo Domingo’s water supply. Additionally, the annual Beach and Riverbank Cleanup Initiative reflects the company’s dedication to environmental preservation. Furthermore, Grupo SID operates three wastewater treatment plants equipped with advanced technologies for industrial effluent management. The company fosters a circular economy through its waste management program and processing plant, and its solar panel installations have cut CO2 emissions by 42%.

Grupo SID places long-term relationships at the core of its business— with employees, communities, customers, and partners. A pivotal moment

came in the early 2000s when the Dominican Republic signed a free trade agreement with the United States. Anticipating this, Grupo SID spent the previous decade forming strategic alliances with U.S. companies, becoming the exclusive representative for over 20 major brands from the U.S. and Europe, 90% of which remain key partners today. “We have strong relationships; our partners learn from us, and we learn from them,” says Bonetti.

When Bonetti took over ten years ago, Grupo SID was only exporting to Haiti. She made diversification a priority, and today Grupo SID is present in 17 countries across the Americas, with products even reaching Asia. The company’s transformation into a leading regional player reflects its adaptability, strategic growth, and commitment to market leadership, despite significant external shocks.

Grupo SID has a long history of successful partnerships with leading consumer goods companies, including Unilever, Diageo, Danone, General Mills, and Kimberly-Clark. With a distribution network spanning over 40,000 retail outlets and a deep understanding of the local market, Grupo SID is an ideal partner for new brands aiming to thrive. Their extensive reach, combined with valuable insights into Dominican and broader Hispanic consumer behavior, makes them an invaluable asset for international partners seeking to succeed in the region.

Throughout this journey, Grupo SID has remained committed to the welfare of its employees, their families, and the communities it serves. The company’s certification as a “Great Place to Work” reflects not only tangible benefits—such as subsidized meals, children’s play areas, and sports facilities—but also a strong tradition of ethical leadership championed by the shareholding families: Bonetti, Armenteros and Vitienes. Bonetti herself has always emphasized that true leadership is earned, not inherited.

Bonetti takes particular pride in Grupo SID’s resilience during the COVID-19 pandemic, as the company continued production and distribution despite challenges, underscoring its importance to the Dominican Republic. Grupo SID also supported employees and communities through health protocols, virus education, and mental health support. Bonetti asserts that the industrial sector kept the Dominican economy moving when tourism was shut down during the pandemic. As former President of the Industrial Association (2011-2014), she remains an advocate of the industrial sector as the backbone of sustainable growth.

With a legacy built on resilience, innovation, and an unwavering commitment to community wellness, Grupo SID is not just contributing to the Dominican Republic’s economic growth—it is shaping the future of the nation. Under Bonetti’s leadership, the company remains poised to expand its influence regionally and globally while holding steadfast to the values that have made it a trusted and beloved institution. For investors seeking a partner with a proven track record, deep local insights, and a forwardthinking approach, Grupo SID stands as a beacon of opportunity in a rapidly evolving marketplace.

MAXIMIZE YOUR PROFITS

IN 2025

Ready for a big year?

On the following pages, we offer many ways to add more zeros.

Illustration / ZOHAR LAZAR

MAXIMIZE YOUR PROFITS IN 2025

THE BIGGEST MISTAKES THAT STARTUPS MAKE

The path forward is hard, so learn from where others have fallen. This is a list of very hard-won lessons.

by NIR ZICHERMAN

I’ve conof its own nate to survive them, and

I’ve seen many startups succeed, and many fail. I’ve consulted for and invested in lots of them. My previous startup, Anchor, navigated its own challenges and missteps; we were fortunate to survive them, and ultimately Spotify acquired the company in 2019.

1/ Thinking you have all the answers

My favorite piece of advice for startup founders: You’ll be 90% wrong about your assumptions. The problem is that you don’t know which 90%. Therefore, do everything you can to challenge your convictions, and be willing to shed them or tweak them as needed. Rapid iteration and an open mind are two necessary ingredients for a successful startup journey.

Over the years, I’ve come to think of startups as a game of Minesweeper. Remember that game from early PCs? You’d start with a grid of clickable squares, with cartoon mines hidden throughout. Your job was to take a few guesses, gain some information about where the mines were, and logic your way through finding them all. Similarly, startup founders start with an empty board. And although nobody can know their locations, the mines are guaranteed to be there—and certain types of mines are common to every kind of business. A founder can save a lot of time, money, and energy if they know how to avoid these pitfalls from the very start.

After many years of navigating mines, I’ve identified the 50 most common ones. (I share lessons like this regularly in my newsletter— which you can find at my website, zaxis.page.)

To be clear, this list is far from exhaustive. And while there are certainly exceptions, it can be a great shortcut for anyone leading a new initiative, at any sized company.

Over I’ve come to think of startups as a of Remember that from of clickable squares, with cartoon mines way them all. founders start with an their locations, the mines are to be there—and certain types of are common to every time, money, to find your mines? Here are.

Ready to find your mines? Here they are.

2/ Ignoring the impact of compounding

Meaningful long-term change takes time, be it learning new skills, obtaining new customers, or establishing a brand. The most underrated way to drive improvement is through incremental steps that compound over time. Einstein apocryphally called compound interest the “eighth wonder of the world.” Tiny changes each day multiply to astronomical gains, so long as you’re consistent and committed.

3/ Disregarding the law of funnels

Any action a user or customer needs to take is considered the top of a “conversion funnel.” The goal is to get them to the bottom. One of the easiest ways to lose someone along that journey (a phenomenon known as churn) is to require them to go through too many steps. I call this the “Law of Funnels.” It states: “The more steps a user has to go through to do something, the less likely they are to complete it.”

4/ Hiring based on experience

Startups have very little time and resources to focus on the wrong thing, but it’s impossible to predict what they will need to focus on. So don’t waste energy and precious hires on what a person has done in the past. It’s 97% irrelevant to what they will be doing in the future. Instead of hiring for relevant experience, hire people who are adaptable and good problem-solvers.

5/ Focusing on scaling too early

(SEE FIG. 1)

Many startups overengineer and future-proof in the early days, which is almost certain to result in a tremendous waste of energy. At the start of the journey, there are very few knowns (see mistake No. 1). But one thing that is known is that there is a fundamental difference between the friction that prevents a product from taking off and the friction that prevents it from scaling.

6/ Wearing too many hats

In my favorite brainteaser of all time, 100 prisoners wear different colored hats and strategize ways to identify their own hat colors. A startup often has far fewer than 100 employees, but often has far more than 100 hats. Context-switching carries a real cost, and early-stage employees who fail to delegate responsibility often end up performing all tasks poorly. Find people you can trust to take some of those hats off your head, and bring them in early.

7/ Comparing your work-in-progress to others’ finished works

One of the easiest ways to get discouraged while running the startup marathon is to compare your rough drafts and works-in-progress to polished success stories. All difficult tasks (be they entrepreneurial, creative, educational, etc.) require iteration and more iteration, revision and more revision. The mistakes along the way are countless, sure, but they are also priceless. Comparing a work-in-progress to the finished products we see every day is not only demotivating—it’s also disingenuous. It’s comparing a sapling to a fully grown tree.

8/ Trying to solve unbounded problems

To be solved effectively and efficiently, problems must be segmented and bounded. First, split your intractable problems into small, digestible challenges with a single goal in mind for each. Second, ensure that their solution is bounded to a finite solution space. Not realizing this is almost always a recipe for wasted resources and disappointing outcomes.

9/ Being frightened of incumbents

Founders are often scared to take on powerful incumbents, believing those paths to be dead ends. This is a mistake. Taking on a monopoly is often a missed opportunity with enormous upside, and with lower costs than you think. There are four main reasons: Monopolies have already proven the industry is viable and lucrative. They refuse to cannibalize their own dominance. They’ve institutionalized their inefficiencies. And perhaps most importantly, they have the most to lose from making mistakes. Startups, by contrast, have the most to gain.

10/ Fearing the pivot

For most startups, there are only two viable outcomes. In the unlikely case, they will be a big success. In the more likely scenario, they will fail. Don’t stick to early product or strategy decisions that raise the likelihood of the latter. If your startup fails, the value of all your decisions will be zero—so do everything you can to maximize the likelihood of success. If that requires pivoting from what you know and are comfortable with, so be it.

11/ Thinking you need to be first

Passionate and creative thinkers often believe that in order to succeed, they need to be the first mover. This is wrong. Being the first mover is often a tremendous disadvantage. What matters is not being first but having consumers think you were first, all while benefitting from the courses charted by your forerunners.

ENTREPRENEURIAL EFFORT

The line of demarcation is known as product-market fit. Prior to that line, all of a company’s energy should be directed to reaching it. Being overly concerned with what happens afterward is an exercise in futility.

Fig. 1 /

12/ Catering too much to existing users (SEE

FIG. 2)

Your existing users or customers are critically important; you wouldn’t have a business without them. But focusing too much on their needs necessarily comes at the expense of the audience you haven’t yet reached, and for whom you’re still struggling to showcase value. Catering to those who have reached the bottom of your funnel prevents you from serving the needs of those higher in the funnel, whose needs have not yet been served. This is the push and pull of product development, and there is a flip side to it. That’s the next mistake…

DON’T BE OVERLY PROTECTIVE OR DISMISSIVE OF YOUR CUSTOMERS.

13/ Catering too much to potential users

(SEE FIG. 2)

The danger outlined in mistake No. 12 swings the other way too. Neglecting to serve the needs of your existing users runs the risk of causing unnecessary churn. The cost of retaining customers you have already converted is substantially lower than the cost of obtaining new ones. Don’t be overly protective of the users you have, but don’t be overly dismissive either.

14/ Not understanding employee motivation

Your employees are motivated by different things, and failing to recognize their different styles often leads to poor management as well as to employee dissatisfaction. I categorized people into a “Climber, Hiker, Runner” framework: Climbers are driven by the prospect of unlocking future opportunities. Hikers prefer to take on new challenges and learn new things. And Runners are happy when they can dive deep into what they’re good at. Approaching motivation this way has made me a better manager, and has helped me identify effective ways to keep employees happy.

FOCUS ON EXISTING CUSTOMERS

15/ Focusing too much on short-term gains

Successfully growing a startup is a marathon (see mistake No. 2). Short-term wins offer little beyond dopamine hits and the stroking of egos. In long-term success stories, accomplishing tough goals takes time but yields meaningful and lasting benefits. While it takes many short-term wins to get to the finish line, don’t miss the forest for the trees. Those incremental achievements are not the true goal. They are the means to an end.

16/ Putting off hard conversations

Your life is divided into two parts: that which occurs before you have the awkward, unpleasant, or emotionally taxing conversation you’re putting off, and that which occurs after. Which would you rather extend? If it’s the latter, why not do everything in your power to cross the boundary right now?

17/ Failing to recognize power laws

Power laws govern everything you do. Most of the work you put into your startup will yield little clear benefit. Most of the success you see will come from a handful of bets. Internalizing this phenomenon leads to better decision making, less emotional turbulence, and healthier, more sustainable businesses.

Fig. 2 /

FOCUS ON POTENTIAL CUSTOMERS

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The real-life Indiana Jones returns to North America to share the latest discoveries, reveal groundbreaking finds drawn from his most recent excavations and make the most thrilling announcements of his remarkable career.

Join Dr. Hawass for a captivating all-new multimedia presentation prepared exclusively for this historic tour. Stay after the lecture for a Q&A session and a book signing.

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A ROYAL EVENING

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Toronto, ON Montreal, QC

18/ Overprotecting your idea

Have a brilliant idea and an NDA preventing anyone from peeking at it? You’re likely not doing yourself any favors. Truly successful companies win with superior execution, not superior ideas (see mistake No. 11). And by overprotecting your idea from being prodded and challenged, you’re weakening its probability of ever coming to fruition. Often, those individuals who frighten you as potential competitors are those whose feedback is most valuable. And if you fear them stealing the idea, be comforted in knowing that there is no shortage of great ideas in the world. There is, however, a dire shortage of people who know what to do with them.

19/ Keeping interactions inside the office

Whether in person or remote, the value of having your team “break the ice” cannot be overstated. I mean that in two ways. First, it’s of course good for your colleagues to get to know one another (and hopefully like one another), which leads to happier employees and higher productivity. Second, when people let loose, it “breaks the ice” of the day-to-day mayhem of startup life—or what I like to call “a necessary thawing period.”

20/ Getting too comfortable

(SEE FIG. 3)

There is a big difference between being at a local minimum and being at a global one. Yet from a day-to-day vantage point, they look the same. Any change in any direction means more work, more stress, and more risk. We must zoom out and look at the entirety of our options. Sometimes the best paths or strategies lie just beyond a hill we’re scared to climb.

21/ Not putting things in perspective

When lost in the hustle and bustle of the early stages of a company, it’s important to remember that most stressful things don’t actually matter in the long term. They will do little to affect the eventual outcome, but they will heavily drain you in the near term. Please take regular moments to stop yourself, look at your small stressors, and ask if this really matters in life. It probably doesn’t.

22/ Not quantifying goals

Goals without metrics are unbounded (see mistake No. 8). This makes them harder to achieve—and how will you know when you do achieve them? How will you hold yourself accountable when you’ve veered too far off course? Particularly when working as part of a team, quantifiable and measurable goals are of paramount importance to achieve any level of alignment.

23/ Waiting to find a technical cofounder

Nearly everything I’ve needed to learn to become a technical cofounder, I taught myself (with the guidance of great mentors). You live in an age of wonders, where anyone can learn anything with incredible efficiency. Do not allow the search for a technical cofounder to prevent you from pursuing your dream. Become the technical cofounder yourself. For instance: Are you interested in AI but think you’ll never understand how it works? Think again.

24/ Looking for complicated answers when there may be simple ones

Often, problems that seem intractable have elegant and simple solutions. We are trained to look for complexity, and to value those perspectives that overcomplicate the world. Ignore that instinct! The greatest insights I had as a founder came from light-bulb moments when I realized things were simpler than I’d assumed, not more complicated.

Fig. 3/

25/ Assuming there is only one path to success (SEE

FIG. 4)

While other people’s success stories can motivate and inspire you, they can also be dangerous. Everyone’s path is unique, and often meandering. Anyone who says that your journey to success must follow a single trajectory has never built a company of their own; they’ve merely studied other people’s.

26/ Not filtering out high-frequency noise

Most day-to-day problems are just noise. Sometimes it’s angry employees or customers. Sometimes it’s a deal gone bad or failing servers. Successful leaders adopt what I call a low-pass mentality. Just as low-pass filters in engineering absorb short-term shocks by filtering out the high-frequency ups and downs, a startup founder must filter out the noise and focus on solving long-term, systemic issues that will have a high impact.

27/ Putting your eggs in one basket

As shown in mistake No. 1, you’ll be wrong about pretty much all your assumptions. So why risk your business on a single bet? Of course, it’s important to have convictions—but that doesn’t preclude you from simultaneously having other convictions, particularly at the very early stages. If the primary goal of a startup is to reach product-market fit quickly (see mistake No. 5), the risk of being wrong about your one big bet would be extremely costly.

28/ Putting your eggs in too many baskets

Just as it is dangerous to wear too many hats (see mistake No. 6), it is similarly dangerous to tackle too many strategies at once. Successful leaders prioritize ruthlessly; that means tackling “critical” tasks before ones that are only “very important.” It means committing to seeing through strategies before expending energy on other ones. And it means rallying the whole team around a single milestone or goal, rather than splitting their attention and making everyone worse off because of it.

29/ Underinvesting in long-term relationships

Most of the key turning points in my business career came through the strength of relationships fostered over many years. Small decisions to help others, to build trust, and to keep in touch can have a tremendous impact on your future in unpredictable ways. The worst-case scenario? Some wasted social energy. The bestcase scenario? You open doors you never knew were there.

30/ Failing to recognize recurring patterns

Despite all the unpredictable noise in business, there is an often-overlooked consistency between market cycles and the players within them. While it’s dangerous to place too much emphasis on individual success stories (see mistake No. 25), it is even more dangerous to overlook the cyclical nature of market dynamics. Human psychology is notoriously predictable—and notoriously forgetful.

31/ Not talking to other founders

As a founder myself, I overlooked the learned experience of other founders. There is so much guidance buried in their success stories. There is even more to take away from their failures. As I said at the top of this article, startups are like a game of Minesweeper. You can tackle a blank board and start clicking away, or you can put aside your ego and get help from those who have played that board before. If you choose the latter, the likelihood of success can skyrocket.

32/ Focusing on vanity metrics

There is a reason they are called vanity metrics. Hitting them is the kind of shortterm gain I advised you to disregard in mistake No. 15. Why achieve goals that look good but aren’t strategically important? Why care about the number of users if those users are a poor fit and don’t stick around? Why focus on time spent using your product if that number is only high because your product is hard to use (see mistake No. 3)? Identify your desired outcomes, and then find the metrics that actually map to those outcomes.

Fig. 4 /

WHY HUNTINGTON?

• Over 45%higheravera 45% higher average revenue thanourclosestcompe than our closest competitor

• Lowinitialinvestment Low initial investment starting at $163,521

• $5 billion industry and projected billi i d t to grow to $18 billion by 2028 (Source: Grand View Research)

• Close to 50 years as an industry leader

33/ Misunderstanding the CAP principle

In computer science, there is a fundamental limitation on how database systems can be built. One can never achieve more than two of the following three goals: consistency, availability, and partition tolerance (or “CAP”). The same is true of companies, which will inevitably see a decline in one of these as they invest in the other two. For instance, when ensuring all teams can talk to each other (availability) and that there is always an individual who can be the “source of truth” for others (consistency), your ability to manage when an employee leaves or communication channels go offline (partition tolerance) drops considerably.

34/ Never setting arbitrary deadlines

Arbitrary deadlines are a tool. Like most tools, they can be good or bad, depending on who’s using them and for what. Yet while there are many times a team needs the space to think, build, and iterate without undue pressure, there are just as many instances that benefit from the structure and direction provided by arbitrary deadlines. Importantly, arbitrary deadlines should be recognized as arbitrary, and they should be adjusted if needed. But that doesn’t diminish their power in aligning a team and incentivizing productivity. In the right circumstances, I’ve seen them work wonders.

35/ Ignoring uncertainty principles

Early-stage entrepreneurship, as in quantum physics, presents an inescapable tradeoff. Resources (time, money, etc.) can be spent on investing in a specific strategy or on keeping open optionality; they cannot do both. I call this phenomenon the Startup Uncertainty Principle. It shows that the more you focus on the present, the less you’re able to prep for the future. And the more you prep for the future, the less effective you’ll be now. Companies that attempt to do both at once are fighting a losing battle.

36/ Not prioritizing low-hanging fruit

As shown in mistake No. 28, successful companies prioritize ruthlessly. When companies spread themselves and their employees too thin, they hurt productivity and morale. Of course, there is value in investing in longer-term projects with higher costs and higher rewards. Yet it is also critical to regularly prioritize easy wins and short-term opportunities that move the needle incrementally. In addition to laying the foundation for compounding improvements (see mistake No. 2), it will also reengage your teammates and keep morale high.

37/ Overlooking unexplored markets

As founders and dollars race to build in competitive, high-growth markets, opportunities often exist in “hidden layers” of industry. Companies that focus there can ride waves of market growth while avoiding fierce competition, by turning potential competitors into actual customers. Some of the most valuable companies in the world have taken this approach (including the two most valuable) and it has paid dividends (literally).

38/ Not relying on proven technology

New technological solutions to longstanding problems can be attractive. But the hidden downsides can surface much too late—often when you’re already dependent. New technologies can break, can go out of business, can have unexpected side effects. By contrast, longstanding problems tend to have proven longstanding solutions. While not as exciting to use, they work, and that’s what matters most.

39/ Sugarcoating bad news

Managers sometimes believe that when things get hard—and they inevitably will, many times over—bad news is better delivered indirectly or with a positive spin. This is an innate human desire. But employees are smart. Being disingenuous about the state of the business or the rationale for business decisions will hurt your company over the long term. This applies to everything from layoffs to pivots to cutting perks. Your employees will see through the euphemisms, rendering your sugarcoating fruitless, and they will respect you less for your lack of directness.

40/ Ignoring entropy

It’s a law of the universe that everything trends toward disorder. Knowledge and control are no different. No matter what, eventually you’ll be wrong. Your convictions will need to adapt as the world in which they exist evolves. The stable parts of your business will suffer from unexpected market dynamics, new competition, and shifting consumer attitudes. Those who succeed in the long term embrace entropy as a fact of life, and they know that they cannot hold anything too sacred for too long.

41/ Forgetting your only advantage

With limited time and limited resources, only so much can get done. A startup has every disadvantage relative to more wellfunded incumbents, and only one advantage: speed. Leverage this. Big players are slow to move and slow to turn, like giant cruise ships. Startups are small and nimble sailboats that can race faster and turn on a dime when it matters.

42/ Treating money like it isn’t fungible

A dollar is a dollar is a dollar. Every single dollar spent—no matter how it’s accounted for— is money not spent on something else. This is all the more reason to prioritize ruthlessly (see mistake No. 28). Resources have a habit of disappearing faster than you’d expect.

43/ Not explicitly deciding how to balance productivity and alignment (SEE

FIG. 5)

Companies that overinvest in aligning their team members do so at the expense of productivity. Those that focus on productivity do so at the expense of alignment. The optimal balance depends on the company, its size, and its unique journey. But the important takeaway is that you are making this trade-off whether you explicitly choose the balance or not—so you might as well choose it.

44/ Only talking to people you know

The “birthday paradox” shows that if you put 23 people in a room together, there is a 50% chance two will share the same birthday. By the same mathematical logic, if any conversation has even a 0.3% chance of being life-changing, then putting a few dozen people in a room together is virtually guaranteed to lead to some life-changing conversations. The takeaway? Meet more people.

45/ Working only from home

Startup stress can seep across any boundaries you’ve set. To drive both productivity and better mental health, don’t work exclusively from where you sleep and spend time with family. I say “exclusively” because I have seen startups achieve great success in a fully remote setup. Still, the early days of startups rely critically on serendipitous conversations and ideations—and that can only happen when employees are colocated. Get the team together now and then.

46/ Working only from an office

Most founders I know get their best ideas when they’re not at work. There’s something about the change of scenery, the connections between unrelated neurons, and the exposure of a problem or challenge to a new environment. Whereas mistake No. 45 showcases why it’s important to sometimes bring your team together, this one recognizes that it’s equally important to take them out of their comfort zones and get them to interact in brand-new places and brand-new ways.

47/ Forgetting to revisit whatever motivates you

When things get difficult (and they will), it’s important to reflect on the things that helped motivate you to start in the first place. Have it readily accessible—be it a movie or a podcast episode or a book or a soundtrack—and revisit it when you feel the morale drop. For me in my Anchor days, it was Daft Punk’s Random Access Memories. To this day, if I need a jump-start in motivational energy, I just put on that album and get to work.

48/ Not taking pictures

You’re going to miss the early days. You’ll wish they were better documented. If things end up working out, you’ll look at those moments in time and say, “Wow, look how far we’ve come.” And if things don’t, you’ll say, “Wow, look how hard we worked. If I did that, I can handle anything.”

49/

Assuming you have product-market fit

Product-market fit is the elusive transition point at which you realize who your customers are and what value you’re providing for them. Hardly anyone reaches this point without considerable effort, and the easiest way for a brand-new enterprise to fail is to assume they have reached this point when they have not. There are only two ways—talking to customers and looking at data—that can verify the milestone has been hit. Once there, things get considerably easier.

50/ Thinking there are only 50 startup mistakes

I suppose I’m guilty of this one right now. No list of startup advice is exhaustive. Every new entrepreneurial journey is bound to uncover unique challenges. Yet that’s also part of the fun of the startup journey: You never know what’ll happen next.

Nir Zicherman is the CEO of Oboe and shares advice like this weekly in his newsletter, Z-Axis. Subscribe at zaxis.page.

Fig. 5 /

At PuroClean, owning a franchise is about more than repairing homes... It’s about joining a large network dedicated to each other’s growth.

MAXIMIZE YOUR PROFITS IN 2025

HOW TO CLOSE THE SALE

( EVEN WHEN THEY SAY NO )

I’m the world’s leading door-to-door sales expert. I’ve heard “no” endlessly. Here’s how I close sales anyway—and how you can too.

by SAM TAGGART

IIN 2025 my career as a door-to-door and

began my career as a door-to-door salesman. It was hard. I would barely get my first sentence out, and their response would be, “Not interested!”—followed by a slammed door.

These days, I’m a little disappointed when I don’t get any pushback. I’ll think, Wait a minute, come on, hit me with something! Why? Because after a successful career in sales, and now running a training agency for salespeople called The D2D Experts, I know something now that I didn’t when I started: Nine times out of 10, if a prospect doesn’t raise a single objection, they aren’t really listening. They’ve checked out, and when you get to the end, they’ll say something like, “Can you leave me some information? I’ll call you if I’m interested.”

If you misdiagnose the pushback, you’ll end up responding with the wrong tactics, and they probably won’t work. It’s like trying to use a screwdriver on a flathead nail. So let’s break them down.

A deal-breaker condition is a problem that can’t be resolved or overcome. Suppose you’re selling a software product, and within minutes of talking to a prospect, you find out that they aren’t the person who can make a company purchasing decision. Or you’re selling a service for homeowners and discover you are talking to a renter. In both cases, the person is literally disqualified from buying from you. The same is true if you learn the company is filing for bankruptcy, or that they’re already in contract with one of your competitors. There’s nothing you can do about any of these, so just excuse yourself and move on.

All of which is to say: When people object, they’re engaged. You should like objections. If you can’t deal with objections, you can’t sell.

Instead, when you hear an objection from a customer, you need to assess what kind of objection it is. This is the key to everything that happens next. That’s because there are three kinds of objections:

1/ A deal-breaker condition

2/ A smoke screen

Nine times out of 10, if a say me some information? You should with objections, Instead, when kind of is to that happens next. That’s 1 A 2 A 3 A

3/ A true objection

A smoke screen can be a little harder to confirm, but the usual tell is that the pushback comes within the first minute of starting your pitch. The classic example is when the prospect says, “Not interested.” If someone says it before they even know what you’re selling, they simply don’t feel like listening to you right now. Their pushback has no connection to what they might think of your offering if they gave you a fair chance to sell it. Other common smoke screens are: “I’m too busy to talk now,” “We can’t afford it,” and “We’re happy with what we’re using.”

However, if a prospect gives you enough time to explain what you’re selling and then resists, or repeats a substantial concern over and over, it might be a true objection. These need to be taken seriously and answered in depth. For instance, if you’re pitching a fitness coaching service and—after some detailed back and forth— the prospect says, “You know, I just follow an online workout plan and it works for me,” that’s a true objection. It’s also an invitation for you to make your case: Why should this person spend extra money for personalized sessions? If you can show that your service adds more value than whatever solution they’re currently using, and is worth the extra cost, you have a real shot at winning their business. A true objection is exactly the kind of pushback you want to hear. It’s a fastball over the plate;

Start quickly. Scale confidently.

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you just need to learn how to hit it.

In this article, I’ll show you how to overcome both the smoke screen and the true objection. (There’s no point combating the deal-breaker.) So let’s start with the smoke screen.

Blowing away the smoke

Let’s say I’m selling solar panels, and within the first 30 seconds, the prospect says, “Sorry, we can’t afford it.” I haven’t even gotten a chance to explain that it will cost nothing out of pocket, saving the customer money from day one—so it makes no sense for them to say they can’t afford it. What do I do here?

One option is to say, “That’s okay. Anyway, so what we’re doing is…” and keep going with my pitch. This is called a micro-validation—a simple, two-second acknowledgment that puts me back in the driver’s seat and buys me more time.

A second option is to convert it into a solvable objection. When I hear, “We can’t afford this,” I instantly translate it to, “Prove to me how we can afford this.” So I respond with, “That’s exactly why I’m here, to show you why everyone is doing this.” I’m not merely defusing the objection—I’m flipping it into a reason to keep listening.

Another example is when a customer brushes you off with, “I’m too busy to talk now.” Many salespeople hear that as a no— but the word “no” never came out of their mouth! My objection translator turns it into, “Whatever I’m busy with at the moment— my job, a deadline—feels more important than whatever you’re selling.” That’s a solvable objection, and totally fine! I’ll reply with something like, “I’ll just make it super quick, and be in and out of your hair before you know it.” That gives a micro-validation that I heard them as I go on.

But my all-time favorite way to deal with smoke screens is what I call “the 8 Mile technique,” because I got the idea years ago from the classic Eminem movie 8 Mile. (If you’ve never seen it, watch it! It’s an epic sales lesson as much as a hip-hop movie.) In the final rap battle, Papa Doc wins the coin toss and elects to let Rabbit (Eminem) go first. Rabbit knows that his opponent has a lot of ways to mock and attack him, so Rabbit unloads a bunch of

negative information—about himself! (He says, “I am a [expletive] bum, I do live in a trailer with my mom…I did get jumped by all six of you chumps.”) This way, he steals the other guy’s thunder in front of the crowd. What can Papa Doc possibly do here, without just repeating all the insults Rabbit already acknowledged? Speechless, he has to concede defeat.

You can do the same during your pitch by addressing the objections you expect to hear before the prospect has a chance to get them out. Let’s say I’m selling a new AI product and I’ve been hearing the same pushback lately. When a potential customer’s body language starts signaling resistance, I might beat them to the punch with:

“Hey, I bet you’ve probably already talked to five or six guys trying to pitch you on AI, right? These bros are annoying, aren’t they? Always trying to sell what you don’t even need. Plus, I bet you’ve been trying to watch your budget these days with the uncertain economy? Yeah, me too. I hate wasting money on some fancy tech I never use. That’s why I’m so glad my company is doing something so new and different. I’ll be super quick because I can tell that you’re busy, right? I need to leave soon

anyway, because I have another appointment. But before I run, let me show you this cool program we’re running.” Boom, boom, boom. I’ve just covered all the major potential smoke screens in 10 seconds. The key is preparation. That means taking notes on every objection you hear. Then practice weaving them into the conversation naturally, so it sounds like you just came up with them off the top of your head. This may take a while to get the hang of, but it’s totally worth the effort. When you get good at it, you can disarm your prospects, taking their objections right out of their mouths.

Flipping a true objection into an opportunity

When a potential customer raises a real objection, not a smoke screen, you need to investigate. One of my favorite old sayings is, “Buyers are liars.” They often make stuff up to try to wiggle out of a deal or hide their true concerns to avoid showing vulnerability. So how can you tell what’s really bothering them? I use a strategy with three steps: identify, isolate, and overcome (IIO).

First, drill down into objections to identify the true source of the problem.

Port Authority of Trinidad and Tobago

GEOGRAPHY AND EXPERIENCE

With ample natural resources, particularly oil and gas, and a position as a major financial centre, Trinidad and Tobago has one of the highest gross national incomes in Latin America and the Caribbean, according to the World Bank. Classified as a high-income country, the twin island state of 1.3mn people has low indebtedness, robust financial buffers, excellent human capital, and political stability, which will support its medium-term growth.

As befits an island nation between the wealthy economies of North America and the major emerging markets of South America, Trinidad and Tobago is a free-trading nation, with a high trade-to-GDP ratio of 92%, World Bank figures show. Key trading partners are as diverse as the US, China, Brazil, and Belgium.

The Port Authority of Trinidad and Tobago (PATT) has overseen key sea transportation functions since 1962, the year of the country’s independence, though the Port of Port of Spain (PPOS), in the nation’s capital, dates back a century. The company has three business units. Firstly, PPOS, the cargo handling business and the major multi-purpose port in the country, and one of the only publicly-owned ports in the region. Secondly, Port of Spain Infrastructure Company (POSINCO), which manages PATT’s real estate portfolio, which covers more than 150 hectares. And thirdly, Trinidad and Tobago Interisland Company (TTIT), which operates vessels transporting passengers, vehicles, and cargo between Trinidad and Tobago, a vital sea link for commerce and tourism.

Lyle E. Alexander Chairman

“We have quite a bit of history behind us,” says PATT chairman Lyle E. Alexander. “I’m proud to say that we’re recognised as a flagship in the region in terms of our experience and the variety of operations we have, including containerised cargos, break-bulk, fluids, inter-island vessels, and cruise ships; we’re one of a kind. PPOS is the nerve centre of the Trinidadian economy.”

PPOS benefits not only from being the entry point to the flourishing Trinidadian economy, but its enviable geographical location, close to South America, and in a sheltered position that makes it an ideal safe harbour during the hurricane season. This drives significant amounts of traffic to the port during the season, when other ports are less secure. It is also a very well-run operation, with a team that prides itself on work ethic and reliability – the port kept on operating throughout the covid-19 pandemic.

PATT is currently in the process of evaluating expressions of interest from six proponents for a PPP arrangement for cargo handling operations at PPOS. But this is just the start: the port has a $200mn modernisation plan, which will help it expand its capacity and boost productivity by 50% through a PPP. This should provide further opportunities for investors and contractors.

“We aim to increase our transhipment revenue,” says Alexander.

“Currently we handle around 314,000 TEUs of cargo, which we have the potential to expand to 600,000 TEUs, when an investor comes in. We are wide open for other possibilities – including developing towage, bunkering, dry docking, and offshore operations.”

As Alexander notes, Trinidad and Tobago’s natural beauty and proximity and relationship to Latin America provide opportunities for tourism development. PATT thus is looking at the potential of developing its cruise ship business. The development of Trinidad as a methanol production bunkering centre through companies including Methanex and Proman also provides a potential source of clean fuel for the increasingly environmentally-conscious cruise industry.

Alexander sees partnerships as a way of accelerating PATT’s process of continuous improvement, which has recently entailed investment in new cranes and vehicles. The company is focused on further strengthening its competitive advantages on the regional market.

“Our hope is that five years from now, we will have attracted an investor on board who will be able to capitalise on the advantages we have based on our location, experience, and existing operations,” he says. “We are working on our productivity constantly, and in five years’ time, we’d like to be more productive and efficient, and use technology better. We are always looking to improve in space, time, and technology - to be more nimble. We would like partnerships to support technology and knowledge transfer. There’s potential. If you look at it from a physical point of view, our footprint may be small, but the boots that we have can leave a significant footprint – let’s see who can join us in the journey.”

The wave of investments in Trinidad and Tobago’s port infrastructure and services present huge opportunities for international partners which can capitalise on the strengths of both PATT and the country as a whole – and take them to the next level.

“Trinidad and Tobago has huge investment potential,” says Alexander.“Thisisacountryyoucantrust,whereyoucandobusiness with confidence. We want to show that investors can come in and make a step forward in the market. We have organisations which can help international companies have a soft landing here, navigating them through bureaucracy and a new market. We have a skilled workforce that is willing to work and move ahead. We recognise our shortcomings, and are always working to improve. We work hard to get to where we want to – and international partners can help us do that.”

For instance: “It sounds good, but I need to think more about it.” That’s vague. It means there’s something deeper that the prospect isn’t telling you. What are they thinking about?

I’d respond with: “It feels like you still have some questions. I’m sorry I didn’t explain clearly. Just let me know what I can answer for you.” Or I might restate the concern back to them, but make it a lot more narrow, as in, “I totally get it. We all have to think about everything we spend on these days. But if you had enough cash on hand, you’d be all about it, right?”

Either way, let’s say the prospect replies, “I really just want to make sure it’s affordable.” This is getting closer to the real problem, but we’re not there yet.

ME: “When you say ‘affordable,’ do you mean cheap enough for your budget, or just that you want to make sure you’re getting the best deal?”

PROSPECT: “Just that I’m getting the best deal.”

Bingo! The real problem is identified. The next step is isolating: Finding out if that’s the only concern preventing the deal, or whether there are other issues too. ME: “So if you got a killer deal, would anything else hold you back?”

PROSPECT: “No, but I’d like to get at least three bids from three different companies.”

Now the problem is both identified and isolated. The last step is to collaborate with the prospect and overcome the objection. Solve this one, and you can close the deal. ME: “Hey, I totally understand. If I were to call our competition right now and get them to send quotes and show you the deals they’re offering—and if ours is the best value—would you say yes then?”

Here, I’m double-checking to make sure this is the real objection. If he says yes, I’d continue with something like, “Awesome. I just happen to have a few examples from other customers who did the same comparison shopping.” Then I’d pull up the competing bids on my iPad and show that we offer the best value. (Remember: You should always pitch on value rather than price. It’s not just what they’re paying but the bang they’re getting for their buck.)

Because this prospect has already

A true objection is exactly [what] you want. It’s a fastball over the plate; you just need to learn how to hit it.

said competitive bids are the only thing holding them back, how can they say no at this point? Assuming your value proposition really is the best, this problem will soon be overcome.

One final trick to save a sale

You can usually tell if a prospect is about to raise an objection (or throw you out of their office). At that point, you may think you need to sell even harder to try to save the pitch from crashing.

But that’s actually the perfect moment to stop selling—and go on a tangent.

Here’s how it works: If someone says, “Sorry, this is a bad time, I’m really busy with work,” you quickly switch into human mode with something like, “No worries, I totally understand. What do you do for work?” The prospect will probably answer that question because people generally like to talk about their jobs and hobbies.

Then you can respond conversationally. If the prospect is an engineer, what kind? What projects are they working on now? This might lead to a brief exchange about product design or quality control and you can loop back with a comment like, “As an industrial engineer, I’m sure you can appreciate the difference between well-designed and crappy products. That’s one thing I really love about my company— how our HVAC systems are engineered to a very high quality standard…”

Once people start talking to you, it’s a lot easier to keep them talking. The hardest part is honing your instinct as to when’s a good moment to loop back to your sale.

I remember pitching one of my company’s executive mastermind groups, the Xperts Circle, to a prospect who was

over need

acting highly skeptical. Early on, I made a mental note that he mentioned having just gotten back from a scuba diving trip to the Cayman Islands. When we seemed to be hitting a wall of tension, I shifted to asking, “So do you like to travel?”

This led to a fun exchange about all the spots he’d visited, and how he was getting more into adventure travel. I listened intently and responded with interest. When the mood was calmer and less tense, I transitioned back to my pitch. “The best part about our CEO mastermind group is that we do an international trip once a year, with epic adventures in awesome places. It’s the coolest way to mastermind and network with other high-level people. We’ve got one coming up next month. Let’s get you on board so you can be part of the fun!”

We ended up closing the deal—a $30,000 per year commitment for five years. And he wound up becoming a real friend along the way.

Not all of these tactics work all of the time. But even when they don’t, they improve your mindset. If you take every kind of pushback at face value, you’ll just hear no, no, no—and you’ll feel like you’re getting beat up the whole time. But “I’m busy” isn’t a no. “We can’t afford it” isn’t a no. So use these tools to just keep going until you do hear “no.” At least you’ll have a fighting chance!

From Eat What You Kill: Becoming a Sales Carnivore by Sam Taggart, to be published on January 14, 2025, by Portfolio, an imprint of Penguin Publishing Group, a division of Penguin Random House, LLC. Copyright © 2025 by Sam Taggart.

SPOTLIGHT

Laboratorio de Productos Eticos

SERVING THE REGION’S HEALTH

Paraguay’s planned fiscal consolidation programme has “started strongly”, while additional revenues from the Itaipu hydroelectric plant will allow the country to fund social investments, Fitch Ratings reported in mid-2024. Government revenue soared by 17% year-on-year in the first four months of 2024 as tax collections rose by 24%. Fitch expects the deficit to narrow further, bolstering investor confidence, with a backdrop of “solid” GDP growth. The government is committed not only to improving spending efficiency and tax administration, but boosting economic growth, continuing the country’s impressive path over the past two decades.

Rising incomes are bolstering spending on healthcare, which rose nearly fivefold between 2000 and 2021 from $104 to $479 per head, according to the World Bank, with the budget of the Ministry of Public Health and Social Welfare rising at double-digit rates for much of the period. Demand for pharmaceuticals from both healthcare institutions and over-the-counter purchases by consumers is set to rise, providing opportunities for local producers and importers alike.

Founded in 1984, Laboratorio de Productos Eticos (known as Eticos) is a leader in the Paraguayan pharmaceutical sector. Dedicated to meeting the needs of physicians and improving the lives of patients, it has broken new ground on the market since its establishment, delivering products under the most demanding quality standards.

“Laboratorio de Productos Eticos was founded as a Paraguayan family-owned company,” says Oscar Vicente Scavone, the company’s president and son of its founder. “There was a gap in the market between multinational companies’ pharmaceuticals, which were quite expensive at the time, and locally-manufactured products sold at affordable

prices. There was nothing in the middle of the market. We changed that, launching the first national pharmaceutical laboratory producing the first Paraguayan-made innovative pharmaceutical products. Through that concept, Eticos was born. From day one, we have been a company based on quality, with a European corporate culture – in products, in pricing, in administration, and in all our commercial activities.”

Following the global trend, Eticos is increasingly focused on the fastgrowing market for biologics – drugs extracted from living organisms such as small cell cultures and plant or animal cells – as demand for chemicallysynthesised drugs slows. Scavone says that biological products currently

account for around 40% of the global market, and that this share is likely to grow to 90% in a decade or so. Eticos’s product range continues to grow, with 62 new products added in 2023 alone, all produced in Paraguay, in categories including cardiac health, respiratory health, neurology, ophthalmology, gastroenterology, and women’s care.

“The foundation of everything we do is that we are company producing quality products to globallyapproved standards,” says Scavone. “We’re also an innovative company offering the latest products on the market as soon as possible, following the R&D of multinationals.”

Eticos has a strong track record of working with international partners, with which it works to bring new pharmaceuticals to the Paraguayan market as a first-mover, in segments as diverse as diabetes, oncology, and covid-19. In 2012, Eticos formed a strategic partnership with vertically-integrated SpanishmultinationalINSUD,allowingtheParaguayan company to bring innovative new pharmaceuticals to the regional market, and develop its manufacturing capacity in areas including dry powders for inhalation and eye drops. In partnership with INSUD subsidiary Mabxience, Eticos was able to introduce biosimilar monoclonal drugs for the treatment of cancer and other chronic degenerative diseases onto the domestic market for the first time, reducing costs to the government health service and broadening access to these medicines for patients. Other partners include Japanese multinational Takeda, Italian biopharmaceutical company Kedrion Biopharma, and European cosmetics brands Biotanique and Bella Aurora.

“We absolutely believe that in the future we have to look for partnerships to accelerate getting access to new products and formulations,” says Scavone. “We have already done some projects for technology transfer, and the results are astonishingly fast. What could take eight to ten years to develop locally can be done in only one year through partnerships; the main reason being that new products in the pharmaceutical market are developing so quickly that it’s not possible to keep up. So partnerships are definitely the future.”

Scavone sees huge potential in building up exports, where the company sees its sales growing fastest, having been the first Paraguayan pharmaceutical business to export its products – it won its first tender in Guatemala in 1990. Eticos can leverage two competitive advantages – firstly, Paraguay’s relatively low cost base and favourable business environment, and secondly that the company’s products meet approved quality standards to be sold anywhere in Latin America. Scavone sees Paraguay as the ideal springboard for the wider region, with investors able to capitalise on the country’s remarkable strengths as business destination and export centre.

“First and foremost, our country is stable,” says Scavone. “Our macroeconomic situation is solid, and our currency is stable. The Central Bank of Paraguay takes good care of the country’s economy, and is apolitical. This gives certainty that we can invest and make long-term plans, which isn’t the case in other countries in the region. So it’s a safe business destination. Paraguay has no social differences – there are good relations between people. And Paraguayan people are very productive. We are the most efficient country in the region, with the highest productivity levels.”

Dr. Oscar Vicente Scavone President

TAX STRATEGIES TO MAKE A

IN 2025

by MARK J. KOHLER, CPA, ATTORNEY

Millions of Americans were in a holding pattern in 2024, waiting to make major decisions on business expansion, buying equipment, hiring, or even purchasing investment property. They were concerned about interest rates and inflation, of course, but they were also hampered by the uncertainty of the presidential election.

With a new Trump administration, we now have an answer: Republicans are expected to extend many of the provisions in the Tax Cuts and Jobs Act (TCJA), which were set to expire at the end of 2025. This includes keeping personal income tax rates the same, as well as maintaining the current standard deduction figures, bonus depreciation rules, and qualified business income deduction.

Had those not been extended, CPAs like me would have anticipated higher tax bills for our clients—and therefore advised on a range of mediocre, marginally helpful tactics. But now, I’m telling clients to operate with more certainty. We

know what the economic impact was before under the Tax Cuts and Jobs Act, including the bottom-line impact on business owners’ tax returns. It’s now time to invest and to review our plans for expansion.

Other tax relief could also be coming from Washington in 2025. On the campaign trail, President Trump talked about reducing or eliminating taxes on Social Security, tips, and even overtime. It remains to be seen whether those bills pass, and, if they do, how businesses should adjust their spending strategies.

In the meantime, there’s still plenty else that business owners can do to reduce their tax burden in 2025. Here are four strategies to talk about with your tax advisor this year.

Utilizing an S corporation to save on FICA

Some accountants might say this is a “highrisk” strategy. I think the high risk is not taking a reasonable salary out of your S corporation, and there is plenty of room for planning. If you expect to make more than $60,000 of net income in your business this year, you can split your income between pass-through (getting the 199A deduction) and W-2 (limiting your FICA responsibility) and create significant tax savings.

If you aren’t sure what your net income will be this year, consider an LLC so you can convert to an S corporation when the time is right. Make sure you have a constructive conversation about how much salary to take, and your passthrough should be greater than your payroll.

Integrating your family into your business

Almost every small business owner utilizes their family members in the business. However, they often forget to compensate them most advantageously. Taxpayers should stop paying taxes first, and then giving their kids money or paying for their expenses after. Instead, they can start deducting valid compensation for their children’s services in the business and let the kids pay for their own expenses.

Children under age 18 should not be paid with a W-2 or a 1099, but compensated as “outside labor” through a sole proprietorship. When set up properly, this can be achieved through the use of a support company for a client’s S corporation.

Children age 18 or older will typically be compensated with a 1099 when helping the business from afar while at college or serving on the company’s Board of Directors or Advisers. However, if they are acting like a “rank and file employee,” they must be paid through a W-2 and comply with state and federal regulations.

The bottom line is that there are tremendous tax savings by making sure children pay their own taxes on their income at a much lower rate than that of the business owner or parents.

Healthcare expenses and insurance

There are so many opportunities for a taxpayer to save on taxes when it comes to healthcare expenses and health insurance if they are proactive and engaged in the planning process.

The Health Savings Account (HSA) is as strong as ever and is a huge opportunity for even non-business owners. The HSA is deductible for taxpayers on the front page of their tax return, no matter their income—and it never phases out. The funds grow tax-free and aren’t a “use it or lose it” plan. A taxpayer can even invest the money in a self-directed way, including in real estate.

The Health Reimbursement Arrangement (HRA) is another fantastic strategy, but strictly for business owners. This benefits those with higher-than-average medical expenses. The HRA allows business owners without other employees to set up their own “benefit plan” for healthcare and reimburse themselves for all of their healthcare expenses—thereby getting a 100% write-off for all of their medical expenses.

Finally, it’s important for business owners to remember that health insurance is 100% deductible for a small-business owner, whether the business owner covers other employees or not. A non-business owner would have to try and itemize this expense, to no avail.

Business travel

In my opinion, travel is one of the most underutilized tax deductions by small-business owners today. Unlike meals and entertainment, which are predominately limited by 50%, travel expenses are 100% deductible. Travel expenses include airfare, baggage fees, hotel and lodg-

ing, rental cars and gas, and even valet, taxi, trains, tolls, etc.

I try to make all of my travel a business write-off by following a few simple rules. Consider the following five reasons to justify a valid travel expense:

1/ Hold a company annual meeting. Every small business should maintain a board with their family members or close friends and deduct legitimate board meetings when traveling.

2/ Visit a client or customer. Wherever a taxpayer is traveling, they should be considering a meeting with a client or customer and cultivating the relationship.

3/ Visit a vendor. A taxpayer should consider every trip an opportunity to visit a vendor or supplier and negotiate new pricing, tour a facility, or talk about networking.

4/ Attend a conference or workshop. Taxpayers should look at possible workshops in the local area where they are visiting. Travel to classes, whether tax, legal, business, marketing, or technical training, will be a write-off in their business.

5/ Checking on rental property. I’ve said it time and time again: Rental property is one of the best investments for any taxpayer to build wealth. It’s also an incredible tax benefit and method to build tax-deferred or even tax-free wealth.

Any of these legitimate business purposes above justify a valid business expense and deduction for a business owner.

In short, this will be a very interesting year for tax planning. Major legislation will be passed, and new opportunities may arise. It’s absolutely critical that a taxpayer meet with a legitimate tax advisor and take control of their tax planning this year. It doesn’t have to be complicated or intimidating. You just need to have the conversation and find a plan that works.

Mark J. Kohler is a CPA, attorney, cohost of the Main Street Business Podcast, and regular contributor to Entrepreneur

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CONTENTS

Welcome to the 2025 Franchise

Our definitive ranking of franchising’s strongest brands—and the ones you might want to buy. 77 The Top 10 Brands Who’s on top, and how they got there. We dive deep into their strategies—from nostalgic menus to store redesigns.

These Brands Rose Fast!

These five brands made major jumps on the list. Here’s how they did it—and how other brands can follow.

Marketing’ What’s the best spend of your marketing dollars? Franchisees and franchisors share their biggest wins.

A school for new moms. A 3D scanning studio. Pet-friendly weddings? Here are some of the newest ideas in franchising.

Thinking about buying a franchise? This will help you make the right decision.

We’re seeing trends in this year’s Franchise 500 winners.

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COMMUNITY

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TOGETHER, WE’RE #1

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WHO’S THE BEST?

We ranked the top 500 franchises. Here’s what you should know about them.

What do the best franchises in America look like? Here are a few answers, based on our latest Franchise 500.

Age/ The best franchises can be as old as A&W, which started franchising in 1925 and is the oldest in our ranking. Or they can be as young as Spark by Hilton and Lawn Pride, both of which saw their first franchise in 2023 and are the list’s newest entrants. Our ranked brands are truly all ages, with eight that began franchising before 1955, and 92 that started since 2015.

Cost/ The best franchises can be started for as little as $1,945— which is the most affordable franchise investment in our ranking, from Cruise Planners. (In fact, eight of the ranked franchises can be started for less than $10,000. That includes five commercial cleaning brands, two travel agencies, and one fitness brand.) Or they can cost as much as $190.9 million to start, which is the highest investment in our ranking,

for Hilton Hotels and Resorts. (On the high end, 62 of our top franchises have a minimum startup cost of $1 million or more—the majority of which are hotels and restaurants.)

Units/ The best franchises can have fewer than 100 total units open (like 85 companies in this year’s ranking) or more than 10,000 units open (like 11 of the selected brands). In franchising, biggest does not automatically mean best—as evidenced by our No. 1 company, Taco Bell, which is not one of those brands with 10,000 or more units! (It had 8,565 as of mid-2024.)

Actually, let’s spend another moment on size: If you looked purely at the average of all of the companies in our ranking, the average franchise would have 1,269 open units, and would be opening 33 new units a year. But that number is skewed by massive brands like 7-Eleven and McDonald’s. When you look at the median number of units for franchises in the ranking, you see something much more realistic: just 269.

All of which is to say: The best franchises don’t look like any one thing. They are young and old, affordable and expensive, large and small. The only consistency is their relevancy: They all deliver value to their customers and franchisees—building systems that are strong enough to replicate in dozens or thousands of units, but nimble enough to adapt to changing times. That’s why we publish our Franchise 500 ranking every year.

Here’s how it works: We collected data as of July 31, 2024, and spent half a year analyzing it for trends and movement. All of the numbers that you see on this page—and throughout this issue—are specific to that date—so when we say a brand grew “in the past year,” we’re talking about between July 2023 and July 2024. (For more details on how we assess brands, see page 156.)

Each year brings familiar names and new surprises. This year, for example, we saw a continued rise in

quick-service food brands: There were 104 of them in last year’s ranking and 111 in this one, including 32 in the top 100. That won’t come as a shock, but the nuance is important: There’s unique growth among better-for-you products like acai bowls and Mediterranean food, as well as beverages (coffee, smoothies/juices, teas) and desserts.

We also saw growth in the Health & Wellness category, with 34 franchises ranked this year (versus 31 last year). This includes brands that provide autism treatment services—a relatively new franchise offering, which joins other new entrants in the mental health space.

At Entrepreneur, we take great pride in producing this list. We offer it as a resource for anyone in franchising, especially those who are considering buying a franchise for the first time (like maybe you?). So what do the best franchises in America look like? In truth, the answer is simple: It’s whatever brands are best for you

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500

Taco Bell

Taco Bell has a formula for success: math + magic. Its new CEO explains.

by Jason Feifer

Is it easier to take over a struggling brand or a super-hot brand?

A hot brand might sound easier. It already has momentum! The fundamentals are strong!

But in January 2024, when Sean Tresvant became the new CEO of Taco Bell, he answered that question differently: “I don’t think it’s easier to walk into a hot brand,”

he said back then. When the bar is high, every dip is noticeable. “My job, and our job as the Taco Bell team, is to keep this brand hot.”

By that measure, Tresvant is doing his job.

Taco Bell has been on a yearslong hot streak both on the Franchise 500 and in the market, and that continued in 2024: Same-store sales grew 4%, inter-

national systems grew 6%, and digital sales grew 30%. (That data was through Q3.) And it launched over 40 new menu items, including fun collaborations (like with Cheez-It crackers) and promotions (like a menu of discontinued but beloved items from decades past). All that growth helped Taco Bell notch its fifth consecutive No. 1 spot on the

Franchise 500—making it only the second brand to achieve that feat in our 46-year history. (The other was Subway.)

So what’s the secret? Tresvant says it like this: Taco Bell doesn’t want to be just another successful quick-service restaurant brand; it wants to be a “capital-B Brand”—building deep, personal, decadeslong relationships with its consumers, and transcending the products it sells.

Here, Tresvant explains how Taco Bell thinks big and acts bigger.

You’re now one year into being CEO. With all you’ve learned so far, what’s your advice to someone stepping into a new leadership position?

Learn the role. Learn to make sure you’re being the CEO and not the job you were in previously. For me, it was going from the chief brand officer to the CEO. So much to my chagrin, I wasn’t in charge of marketing anymore, and I had to learn that. I had to appreciate that. And I had to let my functional experts be great. I had to be the person who created the culture and created the “big-swing” environment to let them do their job and do it well.

On the flip side of that is learning the other functions, making sure I’m adding value—whether it’s development, whether it’s finance, whether it’s working in the international or the U.S. business—and growing in those areas, asking the right questions.

That reminds me of a conversation I had with John Mackey, a cofounder and the former longtime CEO of Whole Foods. He said that he attributes his long success to his willingness to constantly ask, “What does the business need from me?” The former

→ THE HEAD TACO

Sean Tresvant is Taco Bell’s new(ish) CEO.

answer to that is going to change, but usually that answer meant moving away from a thing that he knew how to do well. It’s doing what the company needs of you and being able to listen. There’s a lot of constituents. There’s a lot of ideas. So it’s very important to listen to the different functions, the team as individuals, the team as a team, and understanding where people are coming from—and then being able to make a smart, aligned decision.

When you were chief brand officer, you brought a lot of menu items back, like the Mexican Pizza. You even set up a system for customers to vote on which menu items to bring back. This year, you’ve gone further. For example, there’s the Decades Menu—a lineup of food that Taco Bell used to serve between the ’60s and ’00s. Why so much nostalgia? For Taco Bell, nostalgia plays. A group of us—it was probably early first quarter—were sit-

ting around saying, “You know, beyond being able to vote on menu items to bring one back, what would that be on steroids?”

We had a little inspiration from a famous singer who was doing an “Eras” tour at the time. And I think it came up: What would be our “eras”?

Originally, we were just going to have some really cool merch and a collectible cup from each decade—because people not only love the food, they love the merch as well. But the team took it a step further and said, “What would headline the Decades menu?” So that’s where you get the Gordita. The Caramel Apple Empanada. The Meximelt. When we combine classic Taco Bell menu items with great merch, we’ve seen incredible results.

The merch thing is really interesting. It’s one thing to sell food—everyone needs food. But wearing merch requires a very personal relationship with the brand. How can a brand build that kind of relationship?

We don’t want to just collab with a person who is hot in the culture. We’re going to partner with a person who authentically loves Taco Bell.” “

For any business, you gotta hit people in the head—right price, right strategy, good food. But when you hit people in the heart, that’s when the merch sells.

I love food, but I’m not gonna wear my favorite steak house T-shirt, right? But I wore a Taco Bell coach’s jacket the other day, and somebody asked to buy it off me. When people are so passionate about your brand that they’re going to wear a hoodie, a jacket, something that says, I am with team Taco Bell, you’ve done more than sell price-pointed value menus. That’s when you know you’ve hit somebody in the heart.

I give our brand a lot of credit, because it’s not just about us being a great food brand in the quick-service restaurant category. I’ve always said I want to be a great “big-B” Brand. And when you’re a great Brand, you don’t have the box of QSR, you don’t have the box of food. You can just do things that are cool and different.

What is the difference to you between being a great QSR brand versus a big-B Brand? All Brands need to have great businesses. How’s our sales? Are we winning in development? How’s the profit line look? But there’s a lot of great businesses that don’t survive because they don’t have a great Brand. They’re very transactional. We have a lot of transactions at Taco Bell, but we also have a lot of emotional relevance with our consumers. To me, a great

Brand is one that people have that emotional connection to.

And when you become a great Brand, that’s when people post about you, that’s when people make TikToks about you, that’s when people tell a friend, and that’s when people want to try your new limited-time offer right in the drive-thru. There’s a difference between I’m just gonna go get the food ’cause I’m hungry and I’m gonna go tell the world that I’m connected to Taco Bell

Let’s go back to the idea of nostalgia. You have been so smart about engaging people’s longterm love of this brand. But if a brand leans too heavily on nostalgia, it becomes a nostalgic brand—a brand that was relevant. How do you engage nostalgia but not be trapped by it? All great brands can weigh the scales on when it’s appropriate to go back to the past and celebrate an era, and how you keep pushing forward. We want to be a modern brand that is relevant to consumers, both in menu and experience. We’re pushing forward with—we call ’em CEPs: Category Entry Points, whether it’s desserts, beverages. There’s a lot of people who love the new menu items—not just the Crunchwraps, which are foundational, but the Big Cheez-It Crunchwrap Supreme— a Crunchwrap with a 16-timessized Cheez-It inside of it. But when we can also bring back a Meximelt, then you can combine the great future of the brand with

the surprise and delight of the past of the brand.

And there’s a lot of people—my kids included—who’ve never tried a Meximelt. So when you think about Gen Z, who maybe has heard about a Meximelt from their parents, now they get to be part of the experience of: This is different. It’s not the menu today. It’s the menu from the past, and it’s just as good as it was 30 years ago as the menu is today.

Taco Bell does a great job of picking the right partners to collaborate with across the culture, whether it’s Cheez-It today or Doritos about a decade ago. How do you know which one is right?

The one word we like to use when we’re looking at a collaboration—whether it’s with a person, a food item, a sauce— is authenticity. It’s not a word we take lightly. If it’s a person, we always say, “What’s their Taco Bell story?”

We don’t want to just collab with a person who is hot in the culture or just pay somebody to rep the brand. We’re going to partner with a person who authentically loves Taco Bell. So before we even go forward with any particular person— Davante Adams, LeBron James, Doja Cat—believe it or not, they sit down for 20, 30 minutes, and they talk about what Taco Bell meant to them growing up, what street their Taco Bell was located on, what their favorite menu items are. Then you know that they really love and are authentic to the brand.

You can’t sit down and talk to a 16-times-normal-size Cheez-It, though. So how do you pick which other brands to collaborate with?

We always talk about the idea of math and magic. For Cheez-It, the math is that it’s Gen Z’s No. 1 cracker. There’s insight into all of this, which says that our kind of cult is “Gen Z and cultural rebels,” and their cult is kind of “Gen Z cultural rebels.” It’s very similar to Doritos: It’s one of Gen Z’s favorite chips. That’s the math of it, making sure it’s the right thing for our consumers.

Then the magic is: How do we come together and tell a really compelling story with the 16-times Cheez-It and our iconic Crunchwrap? And then you put those two things together, and operations and marketing take it forward. But it always starts with a little bit of math and magic.

As you settled into the CEO role this year, you spent a few days working at a Taco Bell location. What did you learn from that? Somebody told me once, “You can’t draw an elephant if you’ve never seen an elephant.” You can take that same philosophy into, “You can’t really set a vision for a large restaurant company if you never worked in the kitchen.” I’d never had restaurant experience, so I decided to go get some.

I worked three shifts in the Taco Bell on Pico in Los Angeles. And it was an incredible experience. I worked a lunch, a dinner, and a latenight shift. I was on the line, which is where you prepare the food. I was sweeping up the parking lot. I was washing dishes. And it was all for the education—not to point out every mistake the team was making. It was to listen, to hear, to learn: How could I help them?

“I want to be a great ‘big-B’ Brand. And when you’re a great Brand, you don’t have the box of food. You can just do things that are cool and different.”

The best part of the experience was, after every shift, I would sit down with the RGM [restaurant general manager], who runs the store, and with the area coach, and we’d talk about the day and everything that happened. What were their observations today? Then I’d go into what I learned. And it’s helping long term. Not everything will be nextday solves—but how we think about the brand, how we think about the calendar, how we think about how the brand comes to life 365? That definitely helps me and helps the team. And actually, I told my team that everybody is going to work a shift every quarter in a store, just to get closer to the team member, just to get closer to the consumer.

When we spoke last year, you said you drive your assistant crazy because you frequently say yes when someone wants to grab coffee and bend your ear. As you’ve gotten busier, how do you keep that line of communication open with your team and franchisees?

I think I still drive her crazy, because it’s hard for me to say no. But we’re doing a lot of stuff internally—shoutout to the Taco Bell internal communications team. We’re sending out quarterly emails. When I worked at the store, we sent out a companywide communi-

cation about the experience, why I did it, the outcomes.

You’ve heard the expression “ivory tower brands,” which just sit in corporate. If you’re not talking to the field, if you’re not talking to RGMs, if you’re not talking about franchisees, do you really understand what’s going on in the brand? So we’re doing a lot more to talk to everyone about the state of the business, how they’re feeling, and how we can help them get better—not only long term, but each and every day.

So what does that all add up to, in practice?

I’ll put my answer in terms of strategy, people, and culture. The strategy: We’re doing well—as a brand and as a business. The people: I can’t say enough about their passion, their energy. I have this saying, “Chase greatness in each and every day.” I feel like the people come in, and no matter what function they’re in, we’re all chasing greatness together. So we’ve got a great strategy. Our people are world-class. But mostly importantly, it’s the culture. And the culture is: We’re having a lot of fun. You can’t work at Taco Bell and not have a lot of fun.

To hear the full interview with Sean Tresvant, find the Entrepreneur podcast Problem Solvers wherever you get your podcasts.

and our online customers coming in. The big thing is not to disrupt the customer flow in the store.” If you’re seeking evidence of the strategy’s success, look no further than the company’s high online ratings.

JJersey Mike’s

Jersey Mike’s

ersey Mike’s Subs may be known for its classic, no-nonsense appeal, but its readiness to embrace change has proven equally important. This year marks Jersey Mike’s second year in a row at the No. 2 spot on our ranking, its seventh year in a row in the Top 10, and its eighth

consecutive year as No. 1 in its category. It’s doing so well that in November, Blackstone announced it was buying the sub franchise for $8 billion.

Operationally, this year’s biggest development is that nearly every shop now has separate lines for digital and in-store orders. “We

started putting second lines in when we did the retrofits a couple years ago, and it’s just been building and building,” explains Hoyt Jones, president of Jersey Mike’s. “We really focused on it this year to make sure the stores are using it, so that we’re rewarded with the efciency of the drivers

Operations are always Jersey Mike’s core focus, but homing in on digital lines is especially important now that digital orders account for 40% of its sales. DoorDash and UberEats are integrated directly into the company’s proprietary point-of-sale system, eliminating the need for additional order tablets that cause headaches behind the counter. This element may be invisible to customers, but for workers and franchisees, it leads to less confusion in the ordering process and smoother sub delivery. Meanwhile, consistency in the menu allows Jersey Mike’s to deliver a quality product to customers again and again. In 2024, there were some limited-time menu items—including new cheesesteaks in the spring and a pastrami sandwich in the winter—but the breadth of its fixed menu keeps the brand’s loyalists coming back.

“It’s fun for the stores to add a little variety sometimes for customers that are coming in for many, many years,” says Jones. “When we feel good about something and we’re excited about it, we’ll do that for a short-term basis and then go back to what we do best: make great Italian subs.”

—rachel davies

Dunkin’

It’s been almost 20 years since Dunkin’ debuted its now-iconic “America Runs on Dunkin’” slogan. Back then, Dunkin’ was announcing itself as the ultimate stop for on-the-go customers. Today, that positioning continues—but with a digital twist: More than two-thirds of the company’s U.S. sales now come through digital, drive-thru,

or delivery, which underscores the importance of speed and efficiency for the success of each shop. “As we increase access to our brand, demand is only growing, so that’s very encouraging,” says Scott Murphy, the chief brand officer of Inspire Brands, Dunkin’s parent company.

Operational efficiency is top of mind at Dunkin’. Between

October 2023 and July 2024, the franchise added 1,000 “NextGen” locations—reaching 4,000 of these futuristic sites. These stores were designed to better facilitate modern customer preferences and the chain’s increasingly broad array of iced drinks. They include digital kiosks, mobile-order pickup areas, and a beverage

tap system. “The ‘NextGen’ store model was essential specifically for driving iced-beverage success over the last few years,” Murphy explains. This attention to convenience is much of what helped Dunkin’ jump three spots in the Franchise 500, from No. 6 last year to No. 3 this year.

As more customers shop digitally, building out the rewards program has become a more dynamic opportunity too. Dunkin’ Rewards membership is growing annually, giving customers the opportunity to earn points and special bonuses for specific order types, and to earn badges—a new addition in 2024. The “Boosted Status” tier, which is awarded to those who come to a Dunkin’ more than 12 times a month, has seen steady membership growth. This is especially impactful given that these customers are the most likely to increase their checks and add food to their orders. “It’s not just the big moments like the Super Bowl that bring people to us; it’s personalized offers and high-quality service,” Murphy explains. “We spend a lot of time thinking about value—getting it right is hard, and consumers define ‘value’ differently.”

This past year has seen a trend toward more franchisees opting to open colocations and multibrand restaurants that feature other Inspire Brands chains, like Jimmy John’s, Baskin-Robbins, and Buffalo Wild Wings. By combining two restaurants in one location, franchise owners can maximize their back-of-house space and minimize costs, while attracting more customers for different meals. “Dunkin’ is the leading base brand for domestic cross-brand commitments, so I’m thrilled to see folks diversifying their own portfolios across dayparts,” Murphy says.

—rachel davies

Popeyes Louisiana Kitchen

If you’re at an airport or on a college campus anytime soon, keep an eye out for a Popeyes. Locations in these hightraffic areas have been key to the franchise’s growth game plan this past year. “From a long-term strategy standpoint, those venues are really important for

us,” says Brian Lindley, vice president of development at Popeyes. “A lot of times, it’s a place for us to make a connection with a customer who we maybe don’t have a freestanding restaurant close to, but we might be able to build some brand affinity with them and just introduce the brand in a unique place. That’s why

we’re really driving hard on that strategy.”

By familiarizing new customers with the restaurant in a new place, these strategic locations also indirectly serve Popeyes franchisees across the country and beyond. Overall, the company has a global footprint of over 4,700 restaurants in more than

this association in the most visible way possible by launching their first ever Super Bowl ad. The spot features comedic actor Ken Jeong emerging from a cryogenic chamber and discovering that Popeyes finally has chicken wings. Naturally, he brings the food along with him as he discovers the other wonders of the 21st century: robot vacuums, self-driving cars, and mixed-breed dogs.

“It’s been really fun, but also a pretty fundamental piece of our growth opportunity,” says Lindley.

—rachel davies

Ace Hardware

The year 2024 was a memorable one for Ace Hardware: It marked the company’s 100th year in business. Any milestone birthday is an opportunity to regroup, and CEO John Venhuizen guided the retailer co-op to zero in on ways it could better serve its “neighbors,” as the company calls

its customers. Some measures might be invisible to anyone outside the company, but one major change will reshape the way “neighbors” shop across the country.

Ace continued to expand its marketing to bring more customers to the brand. It also increased and improved its associate training—so that once

those customers are in the store, the team members can provide them with all the help they need to accomplish their home-improvement goals. Ace also worked with FranklinCovey consultants to create a better leadership development program. These updates prepare the company for what Venhuizen sees as the “three

impact: Digital sales grew by double digits in the past year; 87% of Ace customers rated their store with 5 out of 5 stars; and the Elevate3 Ace pilots have shown a significant improvement in customer satisfaction. The company is in the Franchise 500’s Top 10 for the third year in a row, and clinched its 10th consecutive year as No. 1 in its category.

“Turns out, serving your neighbors well never goes out of style, nor does it become void of opportunity,” Venhuizen says. “We feel blessed to be in the business of serving others.”

—rachel davies

®

The UPS Store

When Sarah Casalan became president of The UPS Store, Inc., a few years ago, she spent a week working in one of the stores herself. It’s a customary experience for company leadership, intended to provide insight into what franchisees and customers alike could use help with. Sure enough,

insight came on Casalan’s first day in the store—in the form of a large stack of training binders. “My head of instructional design would say that he remembers the day of that phone call very clearly,” she says with a laugh.

To Casalan, it was immediately clear that all of this paperwork was the wrong

approach. And since then, she’s heard time and again from operators that a more sophisticated system was needed to prepare workers. Training binders are a vestige of the franchise’s 1980s origins, not how you engage workers in the 2020s. So in 2024, the company successfully launched its first digital, mobilefriendly training system. The

chise consultants used to serve 35 or more UPS Stores each. Many of them are now averaging less than 30, to give them more time with each franchisee. “We are supporting our franchisees to help them achieve their goals faster, so that they can support [their customers,] the small-business owners in their community,” Casalan says. “We’re realigning all of our efforts around that, and I think that has made all the difference.”

—rachel davies

Culver’s

Craig and Lea Culver— along with Craig’s parents, George and Ruth—opened the first Culver’s restaurant in 1984 in the family’s hometown of Sauk City, Wisconsin. Their ButterBurgers and Fresh Frozen Custard were hits, leading to the first successful Culver’s franchise opening in 1990 in Baraboo, Wisconsin. Business

has only gotten better. In 2024, Culver’s began celebrating its 40th anniversary—and now it’s celebrating its seventh year in a row in the Franchise 500’s Top 10.

“After three record years of sales and traffic growth, outpacing the industry trends, we are on pace for yet another record year,” says Rick Silva, president and CEO of Culver’s. The company opened

nearly 60 new locations in 2024, and expected to open restaurant number 1,000 by December.

“Third-party delivery is contributing to the sales and traffic growth,” Silva says, “but even our base business sales and traffic numbers [not counting delivery] are materially outperforming the category.”

Culver’s digital strategy has

Franchises, Top Food Franchises, and Top Franchises for Women.

“Our focus is to partner with existing and new owneroperators to help them grow their business in a healthy way,” Silva says. But there are opportunities for everyone. “We have a mentee program that provides team members and managers in our restaurants a path to ownership.”—kim kavin

There were big changes at Wendy’s in 2024. The company brought on a new leadership team, rolled out new strategies to recruit franchisees, and even brought bilingual AI to its drive-thrus—all of which landed the burger brand back in the Top 10. (Last year, Wendy’s was No. 17.)

Let’s start with the leadership. Kirk Tanner became president and CEO, after a nearly 32year career at PepsiCo. (He was most recently CEO of PepsiCo Beverages North America.) The brand also elevated new people to its U.S. and international president roles. New initiatives followed—like data-driven incentivization programs, which

help new franchises open in locations that have the highest probability of profitability. Wendy’s also introduced development incentives in Canada and parts of Latin America.

The team also focused on a new “next gen” restaurant design, enabling a simplified construction buildout, lower capital expenditures, and reduced op-

erating expenses. Wendy’s says it’s unlocked up to 400 times the digital and delivery capacity of previous designs.

“The response to the latest design has been overwhelmingly positive from both the franchise community and the industry,” says Abigail E. Pringle, Wendy’s new U.S. president. As of last November, Wendy’s was on track to have nearly 300 next-gen locations operational by the end of 2024.

To optimize its drive-thru experience, Wendy’s implemented a voice-enabled AI to take orders in English and Spanish. The system combines conversational artificial intelligence with audio and visual technologies to create a personalized, consistent customer experience. Real people working the counters add a personal touch.

“While still in early learning stages, the new Spanish-language capability empowers Wendy’s crew members to better serve Spanish-speaking customers,” Pringle says. “We are encouraged by the results of testing at select company restaurants and plan to expand in 2025.”

Of course, there’s also the addition of food promotions. One recent example is the Krabby Patty Kollab, combining Wendy’s Krabby Patty Kollab Burger and Pineapple Under the Sea Frosty to celebrate SpongeBob’s 25th anniversary. Pringle says the promotion “really struck a positive chord with consumers, driving impressive sales growth and attention for Wendy’s.”

Looking ahead, Pringle says, “With over 400 new development commitments already secured in 2024, we have approximately 1,200 committed restaurant openings through 2025.” Those restaurants will join the 7,000-plus Wendy’s restaurants around the globe. —kim kavin

to try the Sparkling Strawberry Hampton Waffle, in collaboration with Paris Hilton,” Gandhi Buckley says.

Going forward, Hampton is actively seeking franchisees, especially in Europe, the Middle East, and Africa.

Steady expansion is the name of the game for Hampton by Hilton. This past year was the brand’s 40th anniversary, and the company opened its 3,000th hotel worldwide. It also celebrated its 400th hotel opening in China, and its 150th across Europe, the Middle East, and Africa with the Hampton by Hilton Sandton

Grayston in Johannesburg, South Africa. That site gave Hampton an established presence on five continents.

But Hampton by Hilton’s international ambition hasn’t changed its focus here at home. “We introduced new, more efficient North American build prototypes and cost-effective renovation solutions for existing assets, to ensure our

hotels are updated and refreshed,” says Shruti Gandhi Buckley, senior vice president and brand leader. “Our focus remains on delivering a strong return on investment and margin performance. This strategic approach ensures franchisees benefit from the brand’s commitment to superior service, positioning Hampton as a leading choice in upper-midscale hospitality.”

“With a 20% revenue-peravailable-room premium over our [competitive] set and some of the strongest profit margins in the category, Hampton offers franchisees a proven path to success backed by robust brand support, an established guest base, and a reputation for reliability,” Gandhi Buckley says.

—kim kavin

Kumon

In an increasingly competitive education industry, Kumon consistently outperforms—serving millions of students globally, rolling out new innovations, and now earning its fifth consecutive spot in the Top 10.

Kumon was founded in 1958 by Toru Kumon, a high school math teacher in Japan, and

the first overseas Kumon Math Center opened in New York in 1974. It utilizes what it calls “The Kumon Method,” a system to help students of all ages develop “both a high level of academic ability and the ability to learn independently,” with a focus on math and reading skills.

In 2024, the brand introduced two major initiatives:

Kumon Connect, and its English for Spanish Speakers Program. “Both efforts are game changers for our instructors and students,” says Mike Shim, Kumon’s senior vice president of field operations.

With Kumon Connect, students can complete assignments digitally via tablets. The program also gives instructors a way to

Kumon Connect, the management of their centers becomes

Kumon’s English for Spanish South Florida and the Greater gram is a competitive offering

to learning English with all the

Program are two examples of dents’ needs at the forefront,” are increasing our competitiveness both in franchise development and for existing centers.”

Kumon is interested in meeting with potential franchisees who have education experience. The company offers competitive incentives—up to $38,700 for new U.S. franchisees to cover rent reimbursement, signage, furniture, and more—as well as a low franchise fee of $2,000.

“We aim to make the transition to becoming a business owner seamless, so our instructors can realize the possibilities that come with being a part of Kumon,” Shim says. “Those who can take their passion for teaching and combine it with a heart for business and community are ideal franchise owners.” —kim kavin

5 BRANDS GROWING IN LEAPS AND BOUNDS

Want to know how to rocket up in the Franchise 500 rankings? These brands all jumped over 150 spots since last year—and they’re sharing the strategies behind their growth.

by KIM KAVIN

Zoomin Groomin

is joining the Franchise 500 for the first time. It’s debuting at No. 280

John Hewitt is amazed by how much money people will spend on their dogs.

That’s saying something, given that Hewitt has some experience with high-networth enterprises. Hewitt cofounded Jackson Hewitt, the tax preparation services empire, and sold it for $483

million. Today, his company Loyalty Brands has seven franchise brands with an eighth in the works, offering everything from construction and tax and accounting services to, yes, pet services— which he says is the “fastestgrowing [category] by far.”

“I love my tax-preparation industry, but it only grew

by 1% a year,” he says. “The amount spent on pets has doubled, and it’s expected to double again in the next five years.”

His mobile pet-grooming brand is Zoomin Groomin, which he acquired in 2021. Back then, the business was about 18 years old, struggling, and had just two franchises

and four vans. Now it has 134 units—and is joining the Franchise 500 for the first time, debuting at an impressive No. 280.

“We’re bringing in about six to eight new franchises a month, and adding 12 to 14 new vans a month,” Hewitt says. “The demand is so great; after you’re in business about six months, you’re booked three weeks in advance. You need another van, so your business is expanding.”

He says that by 2029, he expects Zoomin Groomin to have 3,000 vans in operation—and he plans to build on customer demand across multiple brands. He recently acquired Salty Dawg storefront pet salon and bakery, and is launching a pet waste removal franchise.

The Loyalty Brands franchises share information about customers, he says, giving pet-business franchisees a boost to their sales base.

“Our largest office does 5,000 tax returns. Well, those tax returns—an estimated 3,500 of them have pets,” he says. “So we cross-market to our other companies. Very few organizations do a good job of that cross-marketing. I expect that we’ll have 1,000 franchisees by 2029.”

He’s also planning to test ideas for further monetization: “This is already successful. The average van does about $200,000 and nets $50,000. We’re going to add things in like dog walking and insurance. We’re not just sitting on our laurels. We’re committed to improving the system to help our franchisees monetize their databases.”

The Now Massage

is joining the Franchise 500 for the first time. It’s debuting at No. 306

When Jason and Gara Post opened their first Now Massage boutique in 2015 in West Hollywood, California, the couple envisioned a membership-based concept with customizable services, so that massages could become a convenient part of guests’ and members’ monthly routines.

The Now Massage began franchising in 2019, and this is the company’s first year in the Franchise 500—debuting strongly at No. 306. The Now has 60 boutiques across the United States, with more than 170 locations in development. Average gross revenue of franchises open more than a year is $1.2 million.

One initiative that helped drive that growth in the past year is better digital marketing, says Jeff Platt, president of The Now.

“We developed an in-house agency team that optimizes ad spend across our franchise network,” Platt says. “This approach enables us to shift strategies in real time on platforms like Meta, driving more

bookings and ensuring each marketing dollar delivers results

The company also built a new

tiques, says cofounder and chief

tions including Washington D.C., Boston, Philadelphia, Salt Lake City, Minneapolis, Charlotte, St. Louis, Kansas City, Indianapolis, Austin, Houston, and San Antonio. The ideal franchise owner is a multi-unit operator.

“Service innovation will remain a key focus as we aim to have 100 locations operating by the end of 2025,” Platt says. “We will diversify our offerings by testing and launching innovative new enhancements and services designed to attract first-time guests while inspiring excitement among our team members, existing guests, and members.”

Rolling Suds

is joining the Franchise 500 for the first time. It’s debuting at No. 311

The Rolling Suds powerwashing brand began more than three decades ago in Pennsylvania. It started franchising in 2022 and had 47 franchise locations open as of July 2024, landing it on the Franchise 500 for the first time—at No. 311.

“This year, we evolved a lot,” says CEO Aaron Harper.

“Our systems were built at the beginning of the year, but we quickly realized we needed to build an executive team of seasoned franchise professionals to support our franchisees. Going from 90 territories sold at the end of 2023 to nearly 250 territories sold by the end of 2024 required us to grow as a team.”

The company focuses more on commercial businesses than residential, with trucks that can soft-wash four stories from the ground and clean homes in less than 30 minutes.

“We learned that cold outreach is one of the most effective methods of acquiring customers,” Harper says. “People have dirty buildings and homes that

need to be cleaned. The industry is so fragmented that there aren’t a ton of power-washers getting in front of these customers. In a lot of ways, it’s a

For 2025, the plan includes tackling national accounts, with a good portion of franchise owners having operated for at least a year. Harper says he expects to have more than 420 locations nationwide by the end of 2025.

“California is a big target for us,” he says. “We are getting a ton of traction there, selling 15 units in the last 12 months. Other states where we would like to get more franchise owners would be Connecticut, Massachusetts, New Hampshire, Rhode Island, California, Florida, Washington, Minnesota, Wisconsin, Illinois, Indiana, Maryland, and Oregon, just to name a few.”

He says the ideal franchise owner wants to build a sizable business, has a higher risk tolerance with a more entrepreneurial mind than average franchisees, is well-capitalized, and does not need to take a salary from the business in year one.

“A few of our operators are multi-brand, multi-unit franchisees who are well-poised for rollup opportunities within the network as opportunities arise,” he says. “None of our franchise owners are coming in expecting to be part-time out the gate. However, we do not want them out powerwashing buildings. They will have two employees hired before training for that. We have a very specific ideal operator: They must be comfortable going out into their community every day to develop relationships to win work.”

Amada Senior Care

didn’t rank in the .Franchise 500 in 2024. It’s back at No. 322 this year.

Amada Senior Care began franchising in 2012, and has made the Franchise 500 before. It missed the ranking last year, however—and is now back at a strong No. 322.

What caused the sudden acceleration? In short: The brand took two of its offerings and built them into much big-

ger opportunities.

Amada Senior Care has an unusual origin story. It begins with NFL player Tafa Jefferson, who signed with the Chicago Bears in 1997 but suffered career-ending injuries a year later. He began talking with his college football teammate Chad Fotheringham, and the two went into business together—

deciding to create Amada because Jefferson’s mom used to work in senior care, and he saw opportunity there.

At the start, Amada Senior Care provided basic in-home care for seniors. “We ran our own agency in Orange County for six or seven years,” Fotheringham says. “We had a friend who wanted

to get into the business. He saw that we were doing well, and he said he wanted to be our first franchise.”

By 2023, the brand had 156 franchisees. Then it began emphasizing two of its offerings more than it had before—leading to strong growth and 41 more franchise locations, with average unit volume growing 16.4% between October 2023 and October 2024. It had 249 locations sold by the end of 2024, and 500 more mapped out for purchase.

So what were those offerings? One of them was placements. Although Amada helps seniors in their homes, some eventually require alternate living arrangements. Amada helps them find the best assisted- and memorycare facilities, and then collects placement fees.

The other offering involves helping aging military veterans. Many veterans are eligible for a government benefit that covers in-home care, but most veterans don’t know about it or can’t figure out how to get it.

The Amada team untangles the bureaucratic maze for them.

Focusing on serving severely underserved populations—particularly in rural areas—helped Amada serve about four times more veterans in 2024 than in 2023.

“We have certified educational units at the healthcare facilities, so their people can understand better how these programs work, send these [veterans] over to us, and then we advocate for them within the bureaucratic system,” he says.

For frustrated caregivers who had been trying to help veterans receive in-home care, the option was a godsend. “The amount of business we could create from that vertical was incredible,” Jefferson says.

Playa Bowls

In 2014, a pair of surfers set up a card table in Belmar, New Jersey, and started selling acai bowls. They came up with the idea after traveling the world and learning about acai and pitaya. These became among the first branded Playa Bowls. Within a year, they opened their first official location in Belmar. Then they started

expanding. The first franchise opened in 2016, and they ended 2024 with nearly 300 total units. This is only its second time on the Franchise 500; last year, it was at No. 461. Now it’s No. 304. What caused the big jump? New leadership—and a new approach to franchisee growth. As franchises grow, they often reach a pivotal moment: The

founders have overseen growth the best they can, and are ready to bring in a seasoned executive. That’s what happened in April 2023, when former Smoothie King COO Dan Harmon became Playa Bowls’ new CEO.

Harmon has over three decades of franchising experience from Papa Murphy’s, Potbelly Sandwich Works, Blockbuster,

and McDonald’s. He quickly saw ing franchisees.

“It’s a vote of confidence,” Tipp says. “Franchise owners follow profitability. If they’re making money, they’re happy to open another shop.”

Next on the list is continuing to streamline the store buildout process to lower costs. “We moved from owners hiring their own architects to having a centralized brand architect who handles all the new shop openings,” Tipp says. The franchise also now has a preferred equipment distributor that gives franchise owners an extra level of support. “We partnered with them really closely, so our franchise owners don’t have to go shop around.”

THE BOLDEST NEW IDEAS IN FRANCHISING

These eight innovative businesses are now franchising—and maybe in a few years, they’ll be climbing the Franchise 500 list too.

by SOFIA WOLFSON

A school for new moms!

A school new moms!

It’s not easy being a new mom—which is why, in 2012, Alexandra Spitz created New Mom School to provide emotional and educational support during the postpartum period. The eight-week course includes wellness speakers, a research-based curriculum, and other forms of support such as free breastfeeding classes and a 24/7 exclusive digital community. Spitz created the company after what she calls her own “challenging experience as a new mother,” and her goal is to “focus on the mental health and well-being of moms, knowing that it directly impacts the health and development of their babies.” As of January 2025, New Mom School expects to have eight franchise locations across the U.S., with at least 20 more in the works.

A mobile 3D scanning studio!

A mobile 3D scanning studio!

Have you ever wanted a statue of yourself? Shrunk 3D can make it. It’s a fully mobile 3D scanning studio, which can scan people on the spot and deliver a high-definition, detailed 3D statue. (It can also create replicas of athletes, influencers, or whomever a customer wants.) The studios often operate outside of events, where people are looking to capture memories and take home something unique. By January 2025, Shrunk 3D expects to have 65 franchisees operating across the U.S. It has nationwide partnerships with universities, “Name, Image, and Likeness” (NIL) deals with athletes, and is developing several new products, including bobbleheads.

Plant-based treats!

MidnighTreats specializes in vegan baked goods, which means no butter, eggs, milk, or anything derived from animals—but without sacrificing on taste and texture. In fact, says founder Johnny Nguyen, most of his customers aren’t vegan and “are often surprised to find out” that his treats are. Nguyen launched the brand out of his mom’s kitchen, having been inspired by his time eating late-night snacks in college (and then later converting to a plant-based diet). MidnighTreats now has two franchises in Virginia, one in Maryland, and plans to expand regionally this year.

Coffee and cats!

and cats!

If you love cats and coffee, then you’ll really love a cat café. The concept has been prowling around America for years, and here’s how it works at Orlando Cat Café: There’s a full-service café with drinks and food, and an adjacent area where 12 to 20-plus cats play. The cats come from a local adoption center, and human guests can watch them through a window or stroll through the play area. Separate A/C and filtration systems ensure that “you can be allergic to cats, but still enjoy the café experience and watch the feline fun through a large picture window,” says owner Sandra Cagan. Her cafe has welcomed over 180,000 visitors since opening in 2016, and just began franchising.

Mom

*BAD SERVICE

The auto industry has a bad rap for bad service, but not at Midas. What sets Midas apart from the rest of the industry is our commitment to transparency for both our stores and customers, as well as our investment in evolving technologies—such as Advanced Driver Assistance Systems and Digital Vehicle Inspections.

That’s why we are a 2025 Top Global Franchise.

RANKED #1 IN AUTO REPAIR AND TIRES CATEGORY

Inclusive A beer

Inclusive coworking!

In a work-from-home era, what can bring people together? The four cofounders of The Coven have an answer: “Inclusive workspaces where all people— especially those from historically underestimated communities—can thrive both personally and professionally.” The coworking sites offer workshops, connections, and online content to help support their members. As of January 2025, The Coven expects to have five franchises in Minnesota and Wisconsin, and is poised to sign 10 more by the end of the year, focusing on the central and southern regions of the U.S.

A European-inspired beer spa!

Have you heard of a beer spa? It’s exactly what it sounds like—a spa centered on beer, with unique treatments (like soaking in a tub full of beer ingredients) and plenty of beer to drink.

My Beer

Barbara Corzo first discovered the concept in Europe in 2018, and she wanted to bring it home—so she colaunched My Beer Spa in Orlando, Florida, in 2021. It “combines the traditional European beer spa with an upscale-yet-approachable private spa experience,” she says—making it a great way to relax for anyone, not just beer lovers. My Beer Spa received its Franchise Disclosure Document (FDD) this past June, so it hopes to open more units soon.

Lighter,

worry-free ice cream!

Alexis Negranti loves sustainable agriculture and quality food. So she came up with Negranti , an ice cream company that uses sheep’s milk. Because sheep’s milk is an A2 milk product, her ice cream is friendly for those who are lactose-intolerant. Another benefit: Its unique, lighter texture “is a result of our continued commitment to the health benefits we get from our recipes, and sits less heavily in the digestive tract,” Negranti says. Negranti Creamery has yet to sign a franchise agreement, but has been in conversation with multiple groups.

Pet-friendly weddings!

FairyTail Pet Care calls itself “the nation’s first wedding pet-care company.” What does that mean? They have creative ways to involve your pets in your wedding—like a “dog of honor” video service, where the company “captures your wedding day all from your pet’s point of view.” They also work with local shelters in their “Yappily Ever After” program to bring adoptable pets to weddings. (If this sounds familiar, that’s because they scored a deal on Shark Tank in 2023.) FairyTail Pet Care currently has five franchises in 13 territories nationwide, with another location slated to open this year.

BUILT FOR SUCCESS. DRIVEN

BEGIN YOUR FUTURE WITH BIG O TIRES

RANKED #1

WHEELS & TIRES CATEGORY

WWHAT’S REALLY NEW IN FRANCHISING

ant to spot the hottest new trends in franchising? You need to look in a pretty wonky place: the Franchise 500 categories.

Here’s why: Each year, as we create our ranking, we organize every franchise brand by category. Some categories are simple and expected, like Sports Bars/ Pubs. But every year, as new kinds of franchises rise up, they require entirely new categories. For example, we’re now seeing a lot of bars where patrons can pour their own drinks—so instead of keeping them inside the Sports Bars/ Pubs category, they now get their own Self-Pour Bars category.

In other words, new trends require new categories. They’re a leading indicator of where franchising is going. This year, in addition to Self-Pour Bars, we added seven other new categories. They are: Autism Treatment Services, Hawaiian Food, Hydraulic Hose Services, Mediterranean Food, Outdoor Space Construction/Remodeling, Pet Grooming, and Real Estate Investing.

What’s driving the growth in these new areas, and what can that tell you about what’s coming next in franchising? That’s what we wanted to know—so we asked! We picked four of the new categories, and reached out to a leader in each to ask: What’s driving the growth in your category? Here’s what we learned.

Want to find the newest opportunities in franchising? Here’s what these four trends will tell you.

by CARL STOFFERS

What’s driving growth in Autism Treatment Services

Why is there a rise in autism treatment services? It’s simple: There’s been a rise in autism diagnoses—but so far, there hasn’t been an equal increase in accessible care.

What’s driving growth in Autism Treatment Services on

“There are not enough providers to meet the demand,” says Nichole Daher, founder of Success on the Spectrum, which goes by its acronym SOS. Its treatment centers use Applied Behavior Analysis (ABA), a form of therapy that helps individuals with autism improve communication skills and self-control. “Every single location has client waiting lists, whether in the city, in rural areas, or the suburbs.”

Its biggest challenge: “Staffing is the only thing that can slow an ABA business’s growth,” Daher says. Because of the individualized nature of autism therapy, an SOS franchisee needs to build a highly trained, stable, highly skilled workforce. To help its franchisees do that, the company partners with universities to offer tuition discounts and career growth options for staff. Additionally, SOS provides in-house certification and paid internships to attract and retain talent, resulting in one of the lowest turnover rates in the industry.

What’s in Real Estate

What’s driving growth in Real Estate Investing

Real estate franchises have done well for decades—just look at the success of brands like RE/MAX. But now real estate investing franchises are taking off as well, largely due to the nationwide shortage of housing.

HomeVestors

HomeVestors of America is the largest franchise in this space, and its business model is simple: Its franchisees buy homes—typically ones in need of repair or that sellers must offload quickly—and then refurbish and resell them. More than 80% of those homes are under 1,400 square feet and built before 1980, which are the kind of properties especially suited for first-time buyers—a particularly underserved market right now. “As we’ve continued to see builders scramble to accommodate first-time buyers, the houses that our franchisees are renovating have filled a critical gap,” says Larry Goodman, CEO of HomeVestors.

Economic shifts, such as rising interest rates, have impacted the real estate market. However, HomeVestors has remained resilient by focusing on median house value properties, which Goodman says has kept them “a little more insulated during the downturn versus those investors pursuing higher-priced property.”

What’s driving growth in Self-Pour Bars

What’s driving growth in Self-Pour Bars

Want to own a bar? Consider this niche: self-pour bars, where patrons can pour their own drinks.

Self-pour systems have been in use for more than a decade. But they’ve become especially popular now. “As wages and labor expenses increase, self-pour systems offer a cost-effective alternative to traditional staffing,” says Michael Venditto, COO of Tapville Social, a leading franchise in the space. Tech innovation has also driven growth. Self-pour technology uses RFID-enabled taps and real-time consumption tracking to provide previously unmatched efficiency for both operators and guests—along with great data. “They provide insights for inventory management and enable personalized marketing through loyalty programs and mobile apps,” Venditto says.

Plus, consumers just like the experience. “It’s an interactive experience that encourages group participation,” he says. “Friends, family, and coworkers enjoy sampling beverages together.”

What’s driving growth in Hydraulic Hose Services

What’s driving growth in Hydraulic Hose Services

When a company needs heavy machinery, it often starts with a fundamental question: Should the machine be hydraulic or electric? Many industries, such as construction, agriculture, and manufacturing, continue to favor hydraulic—so as these industries have grown, the need for hydraulic hose services has grown too. “Hydraulic systems are more efficient, less costly, and more predictable, while remaining clean, sealed systems,” says John Dobelbower, vice president of development at PIRTEK USA, one of the leading franchises in the hose services space.

The services industry has formed around its clients’ needs. For example: “They’re often operating under tight timelines,” Dobelbower says. That’s why PIRTEK offers 24/7/365 mobile services for immediate hose replacements. Customer expectations are also evolving, with a focus on minimizing downtime and maximizing efficiency—so PIRTEK also offers maintenance and inventory management solutions, to prevent problems before they start.

THE BEST MARKETING DOLLARS I’VE EVER SPENT

Great marketing doesn’t require huge budgets. We asked franchisees and franchisors to share their best marketing ROI—and their stories (on the following pages) will inspire you.

1/ Host an annual family-friendly event.

“Every December, we host our highlyanticipated ‘Grinch Takes Over’ event for two magical nights. A live Grinch character roams the restaurant, engaging with families, playing silly pranks, and posing for photos. He even accept onions from kids who come dressed as little Grinches themselves. We set up a large projector for movie screenings, serve special kids’ pizzas made with green dough, and provide on-site photo printing, giving families a memorable keepsake to take home—complete with our Crust Pizza branding, perfect for the fridge. We often have lines out the door, and people stop us around town to tell us how much their kids loved the event.”

—JESSIE and JASON PARKER, franchisees of Crust Pizza Co. in Louisiana

2/ Incentivize team members to create content.

“The best money we ever spent on marketing wasn’t for ads or influencers; it was for coffee. We believe our team members are the true powerhouse behind community awareness, so we created a Slack channel where our team can upload anything that captures the spirit of our studio: selfies, ‘us-ies,’ quick videos, artsy shots, silly moments, teacher tips, member celebrations, memes, or fails. For every image or video we use in our social campaigns, the contributor gets a Starbucks or Peet’s Coffee gift card—in surprise amounts. What started as a fun way to gather content has transformed into a vibrant culture of sharing and collaboration.”

—TONI KING and AUDREY RYDER, franchisees of YogaSix in California and Nevada

3/ Commission a photo shoot of yourself on the job.

“At Padgett, we believe relationships are at the heart of tax and accounting services. We provide tax and accounting services to Natalie, owner of Always Yours Bakery Cafe, and we found a professional photographer through the local Chamber of Commerce directory to capture our partnership in action. Just $500 and an hour of time resulted in stunning images that replaced generic stock images on our website, social media channels, and Google Business Profile. They became the centerpiece of a client success story highlighting Natalie’s entrepreneurial journey, and elevated corporate marketing efforts, adding a layer of authenticity to brochures, presentations, and digital campaigns.” —SHINJI TANIGUCHI, franchisee of Padgett Business Services in California

4/ Partner with corporate on local disaster relief initiatives.

“Recently, I reached out to DonutNV corporate to partner on disaster relief efforts for communities in my territory of St. Pete, Florida, following Hurricanes Milton and Helene. DonutNV jumped at the chance, and I was supported with enough product to serve over 4,000 residents of the St. Pete area. Cofounder Alex Gingold actually joined me on night one of the give-back efforts. The response to this initiative was overwhelming, and we continued to provide donations to local schools, communities, and businesses over the following weeks. We just wanted to brighten the day of those who lost everything in these hurricanes, and we are proud to continue these efforts in 2025.”—ERIC KOROKNAY, franchisee of DonutNV in Florida

5/ Set up a welcome table at community events.

“We try to have a presence at local events, setting up a welcoming MaidPro table and tent at every opportunity. Kids and adults alike are delighted by our popcorn machine, and we also offer toys for children. We even include fuzzy friends by making dog treats and a water dish available. One of the highlights of our setup is the spinning wheel, where attendees can win exciting prizes, including a free cleaning service and various swag items. This not only promotes my business but also fosters a sense of community spirit. The marketing spend is close to minimal and usually only includes the cost of entry, but the connection we make with our local community is priceless.”—JULIE SOLLINGER, franchisee of MaidPro in Massachusetts

6/ Don’t count out old-fashioned mailers.

“Direct mail continues to be a key driver of success. In June, I received a call from a mom as her son entered his senior year, saying she’d received our mailer and took it as a sign to give test prep one last try. Her son’s scores improved, and he’s been accepted into his dream school. I believe consistency is key—vibrant, colorful postcards with clear messaging go out monthly. The content includes validated insights from reputable sources, emphasizing how standardized test prep improves college acceptance odds. In today’s digital age, physical mail stands out as a tangible way to connect with parents often overwhelmed by online clutter.”—CARA MURRAY, franchisee of Huntington Learning Center in New Jersey

7/ Get a memorable mascot.

“Ivy the Owl has proven to be a fantastic tool for Ivybrook Academy franchisees. This lovable mascot serves many purposes, making it one of the best investments for boosting the brand’s visibility. As an educator assistant, Ivy the Owl brings joy and excitement to the classrooms, helping children feel more at ease and engaged. Ivy helps make important announcements at events and provides a playful, attention-grabbing presence for promotional campaigns. Ivy visits new locations to take photos and builds anticipation for school openings, as well as representing us at events like graduations and community fairs. Students can even travel with Flat Ivy, a portable version of Ivy the Owl that families can take to different locations.”

—JAMIE SMITH FLATOW, chief marketing officer of Ivybrook Academy

8/ Partner with local celebrities who love your product.

“Claudia Coffey, a local TV personality, was a customer at our locations, so we proposed creating a signature drink inspired by her. This resulted in the Claudia Coffee, a triple espresso frappé with almond milk and chocolate syrup. Claudia launched the drink on her TV show, discussing her busy lifestyle and indirectly endorsing Clean Eatz, while also promoting it on her social media. While Clean Eatz paid for three on-air spots—one on location and two in-studio, totaling $1,000—Claudia’s personal promotion was an extra, valuable boost. Claudia’s target demographic aligns perfectly with ours—female, educated, 30 to 50 years old—making her endorsement even more impactful.”—MATT HALL, franchisee of Clean Eatz in Kentucky 9/

“In the lead-up to the Grand Opening of my location in Knoxville, I was talking to a friend who had just won a World Series title, and jokingly asked him, ‘Why don’t you bring the trophy to the event?’ I was surprised when he replied, ‘What time?’ As an Olympian myself, I wanted the event to celebrate excellence in all forms, so we also brought in another Olympian to sign autographs. These star-studded appearances generated incredible buzz. I learned not to be too shy to ask—and more importantly, that having something concrete to market around is key. It is much easier to generate traction with your digital marketing effort if there is a unique aspect to your event.”—DAVIS TARWATER, franchisee of SafeSplash Swim School in Tennessee and South Carolina

10/ Come up with an interactive campaign.

“During our Peanuts-themed launch that featured our new pumpkin pie milk tea flavor, we wanted to bring It’s the Great Pumpkin, Charlie Brown to life in a way that resonated with fans. So we partnered with influencers for a nationwide scavenger hunt across six cities, where consumers had the chance to find hidden pumpkins and win a month of free Gong cha. It was an absolute hit. The buzz around the event was contagious, with customers eagerly sharing their pumpkin finds on social media. As a result, we saw double-digit sales growth within the first two weeks and a significant uptick in store traffic. On the media side, our campaign generated over 500,000 views, with exceptional engagement across channels.”—EMILY LEE, master franchisee of Gong cha

11/ Give away product for a good cause.

“In May 2024, for two weeks, nurses and teachers across locations enjoyed 50% off cups of tea to recognize their immense contributions. In Oklahoma City, we took our appreciation a step further, when our Tea Truck made stops at two hospitals and a high school. Each nurse and teacher received a free cup of tea, along with a ‘Certifiably Awesome’ swag bag filled with HTeaO goodies like lip balm, an energy shot, and exclusive branded items. Over 1,000 free teas were served, and the response was overwhelming. Beyond spreading brand awareness and deepening community relationships, this campaign created customers for life.” —MACKENZIE

JEWELL, franchisee of HTeaO in Oklahoma

12/ Launch an annual feelgood charity campaign.

“During our ‘Paint it Pink’ campaign, in partnership with the Breast Cancer Research Foundation and Breast Cancer Canada, franchisees pledge to donate a percentage of every painting project completed between October and November. They also rally behind the cause through pages on their websites, marketing materials, and social media campaigns. The most exciting way franchisees get involved is by donning bright pink gear and teaming up with local businesses. Think pink ice cream shops, pink coffee houses, pink offices, and even ‘pinked-out’ country clubs! If it can be painted, it’s going pink. Since the campaigns, Paint it Pink has raised $555,000—equivalent to funding 11,000 hours of groundbreaking research.” —MIKE STONE, CEO of CertaPro Painters

“Block some time on my calendar”

Hilda Cockram

Kiddie Academy

Multi-Unit Franchise Owner

Find New Meaning Here. Become a Franchise Owner.

Kiddie Academy Franchise Owners enjoy more flexibility and independence than in their former careers. Maybe that’s why two-thirds of Academies are owned by Franchise Owners with more than one location

READ THIS BEFORE MEETING A FRANCHISOR

Thinking about buying a franchise? You should meet the franchisor—and you should know exactly how to approach that meeting—to ensure you’re making the right decision.

by MARK SIEBERT, founder and CEO, iFranchise Group

Franchisees and franchisors should be collaborators. A relationship should benefit you both financially, and you should think of yourself on equal footing. Unfortunately, however, it doesn’t always end up that way. There are a few minefields that potential franchisees may encounter during the sales process. By interacting smartly with the franchisor, you’ll be better able to understand the opportunity, assess the business you’re getting into, and determine whether it’s the right fit for you.

This is what I do for a living: As the CEO of iFranchise Group, my team of consultants helps emerging and established franchisors grow. We see the insides of these businesses, and we know what makes the best ones work—and the worst ones fail.

In this article, I’ll walk you, the potential franchise buyer, through the entire process of interacting with a franchisor. Let’s assume you’ve already done some basic due diligence: You’ve read the brand’s Franchise Disclosure Document (FDD), interacted with its sales or business development team, and talked to other franchisees. Now it’s time to get in deeper—and we’ll start by evaluating how the franchise has been selling to you. ▶

The ‘award’ of a franchise

The best franchisors “award” franchises. They are serious about their commitment to quality, and only the best franchise candidates will qualify. Unfortunately, the worst franchisors hide behind the word and use it as a sales tool.

Once you start your franchise search, you will almost certainly hear that a franchisor will “award” a limited number of franchises in your territory. That word connotes a highly selective process in which a franchise territory is granted to the winners of a long line of prospective candidates. In fact, the best franchisors do take selecting franchisees very seriously. They recognize that the success of their organization is founded on the bedrock of franchisee success. They realize that the single most important factor in the success of any franchise system is the strength of the franchisees that are brought into the system. Successful franchisees generate more income, and therefore pay more royalties. They require less support and often invest in additional franchise locations. They do not litigate. And they validate well with new candidates interested in the franchise system.

While the best franchisors are truly selective, somewhere along the line, less selective franchisors hijacked the jargon, using words like “award” to create a sense of urgency in their buyers. Instead of using it as a formula for success, they just use it to help close the sale. The end result can be that you are so tied up trying to win the approval of the franchise selection committee that you may rush unwisely into an invest-

ment. Thus, one of the most important rules of the franchise sales process is: “Always remember—they’re salespeople.”

Today, a typical franchise development officer (aka franchise salesperson) with a sevento-10-year track record of success makes a base salary of $85,000 to $100,000, plus a commission of perhaps $5,000 per sale. Good franchise salespeople can easily double their base salary every year on commissions. This can motivate overzealous sales tactics.

Of course, there are some companies that really do believe in the concept of awarding a franchise. One major mall-based food retailer, which launched its franchise program in 1989 and awarded about 650 franchises in its first decade of franchising, reportedly decided that in order to discourage overeager salespeople, it would compensate its development staff on straight salary and not pay commissions. Other companies have incorporated the franchisee’s long-term performance into the salesperson’s compensation. But most companies, and most salespeople, are still largely commission-oriented.

Franchise salespeople are paid to present a franchise opportunity in the best light, so you need to be careful that you are not the victim of a particularly skillful salesperson. Choose the franchise you want—not the franchise someone else wants you to buy.

Trust, but verify

The vast majority of franchise development officers, despite their financial motivations to sell, are honest and reputable. They do not want to sell you a franchise that will fail,

since that’s also bad for the franchisor they work for. And, truth be told, when it comes to those few disreputable franchise salespeople, the majority of well-intentioned franchise salespeople are among their loudest critics. After all, the salespeople who play fast and loose with the rules hurt everyone’s reputations—and they can take sales away from franchises where the prospect might really be a good fit.

As a franchise buyer, it’s sometimes difficult to discern the sales-driven organizations from those that are truly selective. While most are honest, it is imperative that you protect yourself from those who care only for their commissions—not your success.

Please do not take this as a license to be adversarial in the sales process. One of the things a good franchisor is trying to ascertain is how well you get along with their team—and people in general. If you treat your franchise salesperson like a used-car dealer, you will likely be shown the door.

That said, caution is vital to a successful negotiation, so be on the lookout for anything that seems strange in the sales process. Specifically, here are some red flags that should make you very concerned:

→ Telling you something that is inconsistent with the franchisor’s FDD. The more inconsistent it is, the more likely it is that the alteration was deliberate.

→ Implying you will do better financially than the numbers in the FDD. There may, of course, be legitimate reasons they might expect you to generate better numbers (a newly designed prototype operation or a market in which the franchisor already has a strong presence, for

The best franchisors want to be sure you are a good fit for the organization. They also want you to feel as if you are interviewing for a position you may not get.

example), but if they cannot explain why you will do better (or even better, show you a subset of numbers demonstrating why), you should exercise a great deal of caution.

→ Implying that you will or should achieve the median numbers (or any numbers, for that matter) in the franchisor’s Financial Performance Representation (FPR) in Item 19, which is almost always strictly historical and is not supposed to be a projection.

→ Steering you to talk to particular franchisees as you go through your validation process. If there is a good reason to speak to those franchisees (they are all in your chosen market, they are operating a new prototype, they all started in the past two years), that might be reasonable. Otherwise, exercise caution against speaking solely with cherrypicked franchisees.

→ Any high-pressure tactics designed to get you to close should be viewed with a healthy degree of skepticism. Implying that a fee structure may be changing soon or that a territory may soon be sold to someone else (even if true) is designed to rush your decision.

→ An overabundance of “puffery.” Puffery in the sales process often involves the use of unprovable superlatives and opinions rather than objective facts. If your franchisor claims to provide “the best support” or have “the happiest franchisees,” those claims can be hard to refute.

→ How evasive is the franchisor salesperson when answering your questions? Judge this carefully. While your first reaction might be to per-

ceive evasiveness as deceptive, it may just be that the franchisor is constrained by laws and/or best practices as to how they can answer the question you are asking. If a franchisor is avoiding your question, ask yourself if there might be a legitimate reason for the indirect answer you are receiving.

If you find yourself confronted by these tactics, an alarm should go off in your head—but don’t stop your investigation. This might just be a new salesperson who has not been properly trained, or the franchisor may not know how the franchise is being represented. But the more prevalent these tactics are within the organization, the more likely this is an institutional characteristic.

Remember: As a franchisee, you are only as good as the franchise system you belong to. If you join a system that employs high-pressure salespeople, it is likely they have recruited a number of franchisees who are not well-qualified.

Underqualified candidates are more likely to fail. A lack of capital may cause them to take shortcuts relative to brand standards, causing quality at the consumer level to suffer. Failed franchisees are more likely to sue, which can cause the franchisor to go under—or at a minimum, force the franchisor to spend money to defend against this litigation, depleting resources that they could otherwise use for franchisee support. Poor validation from these franchisees will make

it more difficult for the franchisor to grow in the future.

So if you feel you are dealing with a high-pressure franchise salesperson who has stepped over the line of “truth-stretching” into pure fabrication, run for the hills.

Also be wary of franchisors who try a bit too hard to impress you. Maybe they send a limousine to pick you up at the airport or take you to dinner at an expensive restaurant. They may pay for your airfare to attend Discovery Day (that’s when franchisees do a detailed runthrough with the brand). They wear $1,200 suits and flash their Rolex watches as they pull out their Montblanc pens to sign the contract. While there is nothing wrong with this per se, check that they don’t have their other hand in your pocket.

Don’t let these surface details keep you from looking beyond the show to the substance of the franchise opportunity and the long-term relationship you will have with the franchisor. But until you know for sure, keep your hand on your wallet.

Meeting the team

While some franchisors may wait until Discovery Day to introduce you to the team that will be providing you support, many offer you a chance to meet and interview them while you go through preliminary due diligence. The sooner you can speak to some of these people, the better, so you should avail yourself of this opportunity as soon as possible.

First, though, be sure you understand their roles and responsibilities (ask your development officer) and who they report to in the organization. That should tell you something about organizational alignment

and priorities while giving you an opportunity to prepare specific questions for these meetings.

Of course, you will want to know how each of these people will provide support—either directly or indirectly—to you as a franchisee. But beyond that, you will want to understand how you will fit in with the franchisor’s mission and culture. Unlike your franchise development officer, whom you may see little of after you sign the contract, you may be entering into a relationship with some of these people that will last for decades—so be sure you like them, or at least can communicate well with them.

Remember, too, that with better franchise systems, these interviews are also about qualifying you as a franchisee. Often, these people will be asked for their opinion about your candidacy and your fit within the organization. So while you want to get your questions answered, you also want to be sure that you interview well.

Discovery Day

The ultimate goal of everything the franchisor has done so far—the marketing brochures, the ads, the trade shows, the follow-up calls—is to get you to a face-to-face meeting, Discovery Day. This meeting, which almost always takes place at the franchisor’s headquarters, is designed to sell you on why you should become a franchisee, and, at least with good franchisors, is also designed to be sure you are a good fit for the franchisor in terms of knowledge, experience, attitude, and culture.

So how does it usually work?

You are typically invited to fly or drive in for this meeting. Most of the time, you are responsible for your own travel expenses. Usually, you are asked to bring your spouse, life partner, or

The sooner you can speak to some of the people from the franchise support team, the better, so you should avail yourself of this opportunity as soon as possible. →

potential business partners with you. You should absolutely do so, regardless of whether they receive an explicit invitation, as you will need their support not only to make the final decision, but as you move forward with your business.

While there are many variations as to how Discovery Days are conducted and the order in which things happen, they generally have the following elements:

→ Often, the franchise development officer meets you at the airport or at your hotel the night before. You may go out to dinner with the development officer and other members of the management team, so they (and you) can get a feel for how well you will mesh with the organization.

→ The following morning (or when you arrive), you are often given a tour of the franchisor’s headquarters and introduced to various people who will provide support to you as a franchisee. If you have not yet spoken to some of these people on the phone, you will probably interview with them at some point during your visit.

→ As part of this process, you may have detailed meetings with the department heads who will be supporting you. These individuals may also demonstrate some of this support (the IT person showing how information is captured and key performance indicators are measured, the real estate person detailing how sites are analyzed, etc.).

→ If the franchise has physical locations, you typically visit one or more nearby operating locations. During those visits, you may have

the opportunity to learn in greater detail how the business runs and what your role might look like.

→ The franchisor likely makes a presentation about the company (often with PowerPoint slides) that will provide you with more background and an opportunity to ask questions.

→ If you have not yet reviewed the FDD with your development officer, you go through it item by item, and you’re asked if you have any questions about the contents. The franchisor uses this opportunity to sell you on making an investment in the franchise and to explain any warts you may have found.

→ You may have additional discussions about how you intend to finance and run your business.

→ You may be asked to take a personality profiling test if you have not done this previously.

→ You should have an opportunity to get answers to any final questions you may have.

At the end of the process, you are told that the award committee will review your information and make a final decision on your candidacy soon. Often, you are told that the franchisor will be considering your application, and you’ll be given a timeline for the next steps. You may be asked for a tentative commitment, assuming the franchisor is willing to move forward with your candidacy. To prepare for Discovery

the team

Day, the franchisor should provide you with a detailed agenda of the visit in advance. Once you receive that, you should develop a list of goals and questions you’d like to address during the visit. The more prepared you are walking into Discovery Day, the more you will get out of it.

Many of the most revealing questions you should ask your franchisor will be based on a thorough reading of the FDD. If the franchisor is involved in litigation, ask about it. If the franchisor has a significant number of franchise failures, ask about them. If the franchisor has been involved in a bankruptcy—ask.

Beyond that, other questions may occur to you based on your knowledge of the franchisor, the market, and the competi-

tion. You will need to come up with more specific questions, depending on your personal and financial situation, as well as the particular franchisor you’re interested in.

Here are some good ones to start with:

1/ Tell me about your competitors, especially those operating in my local market. How will we address them based on your market analysis?

2/ What kinds of changes are on the horizon for this concept? Marketing? Operations?

3/ How are you planning to respond to the competitive threat posed by current competitors? Potential competitors?

4/ What is the biggest competitive threat in the marketplace? What is

the biggest opportunity? (Note: Pay close attention here. If you don’t get a substantive answer, either you are being sold or you are dealing with someone who simply does not know the answer. In either case, be wary.)

5/ Who is your customer at the end-user level? What is happening to this market?

6/ What are you really selling? (For example, on one level, McDonald’s is selling hamburgers. But on another, it is selling quality, ser-

vice, and value—delivered fast with a clean restroom.)

7/ What has happened to the market over the past five years? To your market share? To your strategy? What new competitors have surfaced, and why?

8/ Who are your major vendors? Do they give terms on initial inventory? What terms? What terms do they provide on ongoing purchases?

9/ What are you doing to secure the best prices on products? Are you also

negotiating with service and equipment vendors (e.g., insurance, office equipment, etc.)?

10/ How much do you spend on research and development? How much is that as a percentage of revenue?

11/ What are you trying to accomplish with your advertising? Who is your agency? Why did you choose them?

12/ Are there any plans to sell the business in the next five years?

13/ Where do you see the company five years from now? Are you planning any major strategic changes in the concept? Do the owners plan on eventually selling the company or passing it on to their heirs?

14/ What major changes has the CEO implemented since he took over (or in

the past three years)? Is this part of an overall strategy?

15/ How are you attempting to differentiate yourself in the franchise marketplace?

16/ Are any major changes to management planned?

17/ What support do you provide to franchisees that helps them build revenues during their first six to 12 months of operation?

18/ In what ways do you collect information on best practices and share them with franchisees in your system?

19/ What key performance indicators (KPIs) do you share with franchisees? How is the information shared?

20/ Why are you not using an FPR

(assuming they aren’t)?

21/ I talked to a franchisee of yours, who told me [whatever concerning or intriguing thing you heard]. How do you respond to that?

22/ What is your biggest franchise disaster? Why did it occur? What has been done to prevent a reoccurrence? What is the name of the franchisee involved?

23/ What is the best thing you can say about each of your competitors? What are their strengths and weaknesses?

Discovery Day vs. Decision Day

While it is not common practice, some franchisors have replaced Discovery Day with the term “Decision Day,” and they will try to use the site visit to close the sale. They will provide the agreements at least seven days before your

visit so you can sign. They may even preface the meeting with something like, “If we are able to answer all your questions to your satisfaction, will you be ready to sign at the end of our time together?”

Franchisors figure (correctly) that by getting you to commit to a visit to their home office, you have deepened your psychological investment in the franchise and are thus more likely to buy (much like automotive dealers do when they get you to take a test drive). In fact, I heard one franchisor speak about this at an industry event some years ago; his advice was to be sure to have franchise prospects “bring

their checkbook, so you can sell them while they are still in the ether.”

A Discovery Day positioned as a Decision Day is another red flag. You should be able to walk away from Discovery Day and process the information you’ve received. You should feel free to follow up with the franchisor’s team on any additional questions that may have arisen during the visit. You should never feel pressured to make a life-changing decision on the spot.

These meetings can be very exciting. And with the pressure of the salespeople and an expectation of signing, it is all too easy to get caught up in the moment. Don’t let that happen.

Choreographed site visits

If the franchise involves a physical location, the franchisor will probably suggest that you visit a nearby location to show you what their current prototype looks like, provide you more detail on how it operates, and help you better understand the role you will play on a day-today basis.

Look at this as a first date: For a date, you would dress up and look your best, and for this visit the franchisor will show you its best unit operating at its busiest time. If it’s a restaurant franchisor, for instance, expect that you will go around the lunch or dinner hour. The unit will be swarmed with people, all of whom will be happily buying

Be careful that you are not the victim of a particularly skillful salesperson. Choose the franchise you want—not the franchise someone else wants you to buy.

the product you may one day sell. It will be hectic. As often as not, the unit manager will be so swamped she won’t be able to talk. And you may think (as the franchisor wants you to), What a gold mine!

While there’s nothing wrong with dressing up for a date, maintain your healthy skepticism. I was once asked to be an expert witness in a case (I declined) in which the franchisor would pass out coupons

for free food redeemable on Discovery Days. Needless to say, the franchisees subjected to this trickery were not happy when the long lines they saw at units never materialized at their own locations.

So when you visit operating units, keep an open mind. If the location(s) you visit are owned and operated by the franchisor, pay particular attention to the

standards they are maintaining. Take note of the following:

→ Is the location clean and well-maintained?

→ Does the quality of the staff seem high?

→ How well do they engage with customers?

→ How well do they engage with you if they are introduced during the visit?

If the franchisor doesn’t do a great job in all these areas in the locations they operate near their home office, that is cause for concern.

The office tour

If you are visiting a larger franchise company on Discovery

Day, chances are they will give you an opportunity to walk through their offices and meet their people where they work. If your franchisor has a manufacturing facility, prepare to don a hard hat as well. While you may not think so at first, the facility tour is of vital interest to you in making your franchise decision. Do not take it lightly.

As a franchisee, what you are buying is, in effect, the expertise of the people you are meeting and the culture you are observing. So ask questions. Ask to see samples of what they will be doing for you. If they are in advertising, ask to see samples of recent promotional campaigns. If they are in real estate, ask to see site packages.

Also get to know the people a

little better. Ask them how long they have been with the company. If it has not been long, ask them what they were doing before. Observe what they have in their offices and how organized they seem to be. Even how they dress and how they interact with you will offer clues about their values.

It is important that you develop a personal rapport with the franchisor. After all, you will be working closely with this company—perhaps for the next 20 years or more. From that standpoint, it is not important to establish a good working relationship with the franchise salesperson—as they will, in all likelihood, be long gone before you have finished your first decade with the franchisor (or,

if they are still around, will have minimal interaction with you unless you invest in another franchise). You should, however, feel the franchisor exercised good judgment in hiring and training the salesperson.

Another approach you might take is to interview some of the franchisor’s staff who were not at Discovery Day. One key person who may not be at the Discovery Day meeting is the field business consultant (or similar title), who would be your main day-to-day contact in your market once you open. If the franchisor hasn’t already suggested you speak with him or her, you should request an interview by

phone or in person (assuming they live close to you). Since you would likely interact with them more closely than with anyone else on the franchisor’s team, it’s important that you feel comfortable with them and feel they have the experience and skill level to be a valuable support resource. The field business consultant likely supports between 20 and 30 franchisees in your region. When you talk to existing franchisees in the system, I highly recommend you ask them how well the field business consultant performs, and how much value he brings to helping franchisees build successful businesses.

You might also ask to talk to people on the franchisor’s marketing, training, or operations

teams. Ask them what they like about the brand and what they like or don’t like about working for the franchisor.

The bottom line is that you need to feel comfortable with your franchisor, their culture, and the team they have assembled. You’ve got a long road to travel together.

BBe sure you know what’s being tested.

At some point during Discovery Day, you may be asked to take a personality profiling test. For years, I have been skeptical about these tests. I have seen successful franchisees come from all different walks of life, and the most successful appeared to have little in common. Most were hard workers and were willing to fol-

You absolutely must visit the franchisor’s office and meet their team before you make the final decision. Do not let any highpressure sales tactic dissuade you.

low the system, but I didn’t need an elaborate profiling test to tell me that. Recently, though, I have started to feel more comfortable with these tests—though I do not always encourage their use, as it is fairly easy for people to game the system.

I learned this almost by accident when I spoke to a franchise salesperson who swore by psychological testing—but not for the reason you might think. He told me the tests didn’t mean

much to him as far as potential success was concerned, but they did tell him everything he needed to know about how to sell the franchise! In essence, he was using these tests to have his prospective franchisees identify their own hot buttons. Prospects were telling the franchisor how they wanted to be sold!

Over the years, however, I’ve spoken with a number of franchisors who use profiling tools successfully as part of

their franchise recruitment process. When used properly, they help a franchisor better understand the potential strengths and weaknesses of their candidates as business owners and members of a franchise system. Profiling tools are most relevant for franchise systems where the franchisee will be actively involved in dayto-day operations. They can help the franchisor (and the candidate, if the information is shared with them) identify the franchisee’s tendency toward attention to detail, leadership skills, work ethic, and other factors that could be a predictor of business success.

If you’re asked to take a profiling test, I recommend you agree to it as long as the fran-

chisor is willing to share the results with you.

My personal ambivalence aside, I know a number of companies that swear by them. One such company, a sports-focused franchisor that I am familiar with, has on occasion eliminated candidates from contention based on test results alone, which they feel strongly has made them a better franchisor. Some of the best franchise management recruiters have used them effectively as well. Plus, there is global research that has been done and processes that have been established to aid in the profiling of franchisee candidates. Many of the consultants at the iFranchise Group swear by these tests.

So if you are asked to take a

test, take it and answer it fairly. But know that while most franchisors are probably using them for legitimate purposes, at least some franchisors and franchise salespeople are using them for an edge in the sales process.

BBe careful of the meeting at a hotel.

Occasionally, you will run into a franchisor that wants to get together for Discovery Day in your hometown—maybe at a hotel or an airport lounge. While this tends to be the exception in franchising, if your franchisor offers, by all means, take them up on it. This gives you an opportunity to get to know the franchisor without investing additional time or money in travel.

Just don’t substitute this meeting for the trip to the franchisor’s home office. You absolutely must visit the franchisor’s office and meet their team before you make the final decision. Do not let the convenience of a local visit or any high-pressure sales tactic dissuade you. And if the franchisor hasn’t already encouraged this visit, that should be a concern.

There can be reasons a prospective franchisor might not want you to visit them on their turf. Perhaps business isn’t great, and they have just gone through a major layoff. Perhaps they have very little in the way of a support team to show at the moment. Again, this is not an indictment of smaller or newer franchisors. Newer franchi-

sors bring some significant advantages to the table. With a new franchise, you will likely have the opportunity to work with the founder of the company instead of someone with significantly less experience. The franchisor, if they are smart, will place extra emphasis on your success, as the success of early franchisees will dictate the long-term success of the franchisor. You will be able to pick the best territories—and add territories before others join the system. And as the company grows, early franchisees will often have the best seat at the table when it comes to providing input to the franchisor and the founder.

The point is not that you

should only pick organizations with big teams. It’s simply that you need to know what you are buying. So be sure you kick the tires—in person—before committing to anything.

The group interview

At some point during Discovery Day, you will likely have a group meeting with people from the franchisor’s leadership team. These staff members will represent most of the departments you’ll interact with as you develop and operate your franchise.

If you received a detailed agenda before Discovery Day, it hopefully included a list of the people you’d be meeting with. With that in hand, I recommend you develop a list

→

By interacting smartly with the franchisor, you’ll be better able to understand the opportunity, assess the business, and determine whether it’s the right fit for you.

of questions to address with the people who are responsible for specific areas such as site location, facility design, construction, training, marketing, finance, and general franchise operations. If you bring that list into the meeting with you, you’ll be prepared to pose the right questions to the right people.

The group meeting may begin with the franchisor’s team going through a struc-

tured presentation of the franchise opportunity and the support you’d receive as a franchisee. It often covers things like:

→ the market

→ the concept

→ competitive positioning

→ the franchise organization

→ support provided to you as a franchisee

→ the process of moving forward with the franchise, should you choose to do so.

This is a fairly common approach. If you’ve not seen that presentation before, ask for a copy before you leave, so you can review it later or share it with your advisers.

Following the presentation, you’ll likely have a chance to probe deeper with the staff members in attendance. This is where your preparation will benefit you. Don’t be afraid to ask questions. This is your best opportunity to speak with the people within the franchisor’s organization who would ultimately support you as a franchise owner.

Remember that this inter-

view is a two-way street, as both parties are sizing each other up for success. Either at this meeting or throughout the day, expect them to ask you questions to further qualify you for the franchise. Since they probably already know a lot about you professionally from speaking with you on the phone, the questions will likely be geared toward getting to know you better personally. And if you brought your spouse or significant other, they will want to involve them in the conversation as well. They may ask you where you see yourself in five years’ time. Do you plan to open additional locations? What gives you the greatest satisfaction? What is your greatest accomplish-

ment? How would you respond in [X situation]?

The goal here is twofold. The best franchisors want to be sure you are a good fit for the organization. But they also want you to feel as if you are interviewing for a position you may not get. In some circles, it’s called the “negative sell”—making you sell the franchisor on yourself, rather than the other way around. Psychologically speaking, if they can make you feel as if you are competing for something, you are much more likely to want it.

At some point, you will probably be asked where you are in the decision-making process. They will want to cover what steps you have taken in

areas like investigating your market and obtaining financing. And they may want to walk you through the FDD one more time to answer any remaining questions and uncover any lingering objections you may have.

Use the list of questions on page 142. You don’t have to ask all of your questions at Discovery Day. Some may be appropriate during the site visit. Others perhaps would be better when the salesperson is going through the FDD. And still others may be best during a follow-up phone call. But ask them. All of them. And ask any others you can think of.

Toward the end of the interview process, the fran-

chise salesperson will want to get a preliminary commitment from you. That will often come in the form of a question, such as, “If you are approved by the committee, when do you think you’ll be ready to move forward?” You may be told that the franchisor’s application committee will be considering your application over the next several days and will provide some preliminary feedback on your candidacy. Keep in mind this preliminary commitment is just that—preliminary. You are not signing on the dotted line just yet. And, as opposed to the hard-sell Decision Day tactics you read about earlier, this is meant to gauge your level of commitment—not to make you commit on the spot.

The franchisor won’t be done with you once your in-person visit is over. With most well-functioning franchise organizations, there will be a debriefing after Discovery Day, where the people who met you will provide their input on how well you would do as a franchisee. In some organizations, a single “no” vote may be enough to jeopardize your candidacy, but in most, the business owner weighs their input and ultimately makes the decision.

Some old-school franchise salespeople may, at this point, use the application committee as an opportunity to play good cop, bad cop. By claiming to feel positive about you and your

→

I

If you feel you are dealing with a high-pressure franchise salesperson who has stepped over the line of “truth-stretching” into pure fabrication, run for the hills.

application, the salesperson (the good cop) can urge you to move fast before the bad cop (the committee) gives away your territory to another franchisee. The committee is faceless, so it gives you no one specific to dislike. It also represents a higher authority whose demands you supposedly must strive to meet. Rest assured, however, that whenever pressure is applied, it will come from the committee.

These tactics, for the most part, went out of favor about the same time as the horse and buggy, but if you encounter them, do not let them push you into a hasty or unwise decision.

Evaluate information-sharing within the franchise system. An important issue to address during Discovery Day is how

well best practices are gathered and disseminated throughout the franchise system. Owning any business is a challenge, but a franchise system can lessen that challenge—if the franchisor has established good systems for collecting and sharing best practices among franchisees. The strength of the system is defined by the collective knowledge of the franchisee community. If you as a franchise owner lack access to that knowledge, the franchisor’s value proposition diminishes substantially. In a high-functioning franchise system, the franchisor gathers franchisees’ financial data and shares the results through a webbased benchmarking platform. A franchisee should be able to log into that platform and see how

his or her business compares to other franchisees by geography, age in the system, revenue volume, etc. There should also be a technology hub where franchisees can access best practices in marketing, sales, employee retention, and other key factors that help each franchise location succeed.

In your group meeting with the franchisor’s team, ask them what systems they’ve put in place to gather and share this information. Also ask whether they share their companyowned data with franchisees. If they operate corporate locations, they should share that information as well.

ery Day, you’re finally on your way home. But you can’t relax yet. You now have the information you need to decide—or at least most of it. And you still have work to do. Your first order of business should be to document your meeting. Since you will likely be meeting with multiple franchisors, you will need to keep track of all these details. While it does not need to be lengthy, you should probably note:

→ who was present

→ when and where the meeting took place

→ what levels of support were discussed

→ any information that will help you develop your financial model

In the process of documenting these conversations, you will likely come up with additional questions you will want to jot down for your next call with your development officer. Finally, let the glow wear off. Look at some other opportunities or just take a weekend off from your search.

C l

Cool

off. After a long, grueling Discov-

→ what promises or commitments were made by either party

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A cooling-off period isn’t just a good idea in the abstract; it can protect you as well. When the Federal Trade Commission originally announced the “Franchise Rule” requiring franchisors to provide prospective franchisees with key data, the regulators built in a cooling-off

period to prevent fast-talking salespeople from closing unsophisticated prospects before they had finished their search. Twenty years ago, it was not uncommon to present the FDD (which was then called the Uniform Franchise Offering Circular, or UFOC) at Discovery Day, sending prospects home with detailed written information after this initial meeting. Today, with the advent of electronic disclosure, you will almost always have received the FDD prior to your visit. And if there are no changes to the franchise agreement, the mandatory 14-day waiting period may have already expired by the time you arrive.

Don’t just kick the tires; take it for a spin.

Finally, try putting yourself in the role of a franchisee for a week or so and see how well the “job” suits you.

In fact, some franchisors (McDonald’s and Domino’s among them) require you to work in a franchise or corporate location before being awarded a franchise. Sort of like Navy SEAL training for franchisees, this trial run is as much about giving their franchisees a chance to ring the bell as it is about the franchisor wanting to see whether they can hack it.

Of course, most franchisors do not have this built into their sales process. But

Owning any business is a challenge, but a franchise system can lessen that challenge—if the franchisor has good systems for collecting and sharing best practices.

,

that doesn’t mean you can’t put yourself through your own version of SEAL training. Perhaps you can get a job working for a franchisee. Maybe you can’t take the time to do this, or maybe there are no units close to where you live. But if you want to get a good feel for what you are getting into, you might want to ask your franchisor if they will let you try before you buy. If you feel you have a partic-

ularly strong rapport with a franchisee in your area, perhaps (with the franchisor’s permission) you could offer to work for a week or two for free. The franchisee gets free labor, and you get some insight as to whether you are cut out for the role. Some franchisors may frown on this practice, perhaps fearing you are trying to obtain their intellectual property in order to compete

with them. If this is the case, you might instead find ways to simulate their work environment. For example, you might spend some time at competing sites: Get there when they open and stay as long as you can every morning. In your calls with franchisees, spend time talking about what a typical day in their life is like. And talk to independents and competitors as well. Paint yourself into the picture.

Be sure you know what you are getting yourself into. A janitorial service franchise might sound like a great, low-cost business opportunity. But it may also mean you will be working late nights and sleeping during your children’s baseball games. A bar and grill might sound like great fun, until you realize you will be open every day of the year and away from your family on most holidays.

Af r

After all that, you decide!

At this point, your research should have given you a great deal of background on the franchises you are considering. Hopefully, you also have enough insight to determine whether the business is a good fit for you. You have ideally found one (or perhaps more than one) business that is wellsuited to your talents and that you believe you would enjoy. Likewise, you have assessed the risk associated with the venture and are comfortable that you can manage it. And finally, if you have gotten this far with one or more franchisors,

you believe the team they have assembled and the system they have created will work.

But before signing on the dotted line, there is still more work to do.

The acid test for your final decision must include an examination of your projected financial performance and an analysis of whether the return you anticipate from your hard work and your investment will be worth the risk you will incur. If you’ve dug deep with the franchisor, and are happy with what you’ve learned, then this number-crunching is worth the time investment— and will hopefully yield a lucrative decision for all.

This article is excerpted from Mark Siebert’s book, The Franchisee Handbook, which is a detailed guide to vetting and buying a franchise. Get it at entrepreneur.com/bookstore

UNDERSTANDING THE RANKING

How Entrepreneur creates the Franchise 500® and how brands are evaluated.

Tcreates the are evaluated

he very first Franchise 500 ranking was published in 1980. Over the four-and-a-half decades since then, the franchise industry has seen a lot of changes, including trends that have come and gone (and sometimes come again!) and new regulations. But through it all, the franchise model has remained resilient. It continues to be an increasingly attractive avenue for people interested in starting and running their own business.

If you’re one of them, this list can be a valuable tool to learn about the opportunities that are available. You’ll find companies that started franchising before the Franchise 500 existed and have stood the test of time—as well as emerging brands that only started franchising in the past few years. You’ll find triedand-true concepts, as well as some of the newest trends, from autism treatment services to self-pour bars. Above all, you’ll find a wealth of information on brands that want to make you the boss.

There’s one more thing that hasn’t changed since 1980, and that’s the goal of this list—to recognize the franchise companies that are doing it best. But how do we determine which ones those are? Read on to find out.

The 5 Pillars of the Franchise 500 ®

We rank every franchise brand based on more than 150 data points. Here are the main categories of data we consider.

COSTS & FEES

→ Franchise fee

→ Total investment

→ Royalty fees

SIZE & GROWTH

→ Open and operating units

→ Growth rate

→ Closures SUPPORT

→ Training times

→ Marketing support

→ Operational support

→ Franchisor infrastructure

→ Financing availability

→ Litigation

BRAND STRENGTH

→ Social media

→ System size

→ Years in business

→ Years franchising

FINANCIAL STRENGTH & STABILITY

→ Franchisor’s audited financial statements

Note: Pillars are not listed in order of importance or weighting.

HOW WE BUILD THE LIST

Our ranking process begins by gathering the data. Starting in June 2024, we asked franchisors to fill out our extensive online form and submit a copy of their current Franchise Disclosure Document (FDD) or Canadian Disclosure Document. An impressive 1,366 companies supplied all the required information this year. Each submission was vetted by our editorial team before being entered for data analysis.

To be eligible to rank, a franchisor must be seeking new franchisees in the U.S. or Canada and must have had a minimum of 10 units open and operating as of July 31, 2024, with at least one franchise located in North America. Each eligible franchisor was scored based on more than 150 data points, and those with the highest cumulative scores became this year’s Franchise 500. (The categories of our data points are detailed on the left.)

Franchise companies are listed on the following pages within their industry categories. Ranked companies—that is to say, the brands that made our official Franchise 500 list— appear with their position listed to the left of their names. As an additional

tool, we also list the 866 franchise companies that did not rank in the Franchise 500 but whose information was verified by our team. These companies are listed in alphabetical order under “Not Ranked” in their respective categories. Check the index on page 266 to find a specific company, or go to entrepreneur .com/franchise500 to view the entire ranking in numerical order.

Note: The Franchise 500 is not intended to endorse, advertise, or recommend any particular franchise. It is solely a tool to compare franchise operations. You should always conduct your own careful research before investing in a franchise. Read the FDD and related materials, get help from a franchise attorney and an accountant to review legal and financial documents, talk to as many existing and former franchisees as possible, and visit their outlets. Protect yourself by doing your homework to find the opportunity that’s best for you.

Research compiled by Tracy Stapp Herold, Jordan Hall, and Michael Frazier, with assistance from Sean Strain, Emma Bennett, Elina Natarajan, and Karl Wang; technical assistance from Michael Flach and Angel Cool.

EXPAND YOUR PORTFOLIO WITH SCOOTER’S COFFEE® A GROWING

OPPORTUNITY AWAITS MULTI-UNIT FRANCHISE OWNERS

Are you a seasoned franchise owner looking for your next big opportunity? Discover how Scooter’s Coffee® can complement and enhance your portfolio. Our industry-leading brand offers a strong opportunity for multi-unit franchise owners.

Are you a seasoned franchise owner for your next opportunity? Discover how Scooter’s Coffee complement and enhance your Our industry-leading brand multi-unit owners.

Here’s why Scooter’s Coffee stands out:

Award-Winning Brand:

We’ve been for excellence various

We’ve been recognized for excellence through various accolades, including Entrepreneur magazine’s Franchise 500, Franchise Times’ Fast & Serious, and USA Today’s Best Coffee Chain.

Nationwide Presence:

Our is on cusp of incredible expansion over 800 across the

Our coffee franchise is on the cusp of incredible expansion with over 800 locations across the country and plenty of territory still available.

Multi-Unit

Multi-Unit Friendly:

Whether you’re already in the QSR industry or looking to join, our brand is ideal for owners ready to diversify their investments with multiple brands and locations.

Flexible Models:

We have options for both

We have options for both traditional kiosks and new endcap locations to fit any market. Our locations thrive in rural, suburban, and metro areas.

Core Values:

Community Focused:

Integrity, love, and courage Scooter’s our brand’s we stay true to

Integrity, love, humility, and courage are the pillars guiding Scooter’s Coffee. These core values have shaped our brand’s journey, ensuring we stay true to our mission as we grow.

Comprehensive Support:

Our franchise partners benefit from extensive training, marketing, and operational support.

We do more than just serve specialty coffee; we serve smiles. Our brand values high-quality products, community connection, and customer loyalty.

We do more than just serve specialty coffee; we serve smiles. Our brand values community connection, and customer

Strong reputation:

Our is to many successful multi-unit

Our franchise network is home to many successful multi-unit owners.

LISTINGS KEY

Year Began/Franchising Since

This shows how long a company has been in business and how long it has been franchising. Both are good to know when you’re trying to decide whether you should go with an established system or a newer concept.

Available U.S. Regions and Seeking Int’l.?

Check out these columns if you want to know whether a franchise system is expanding in your area and whether a company requires franchisees to buy master licenses or multiple units.

Number of Franchises/Company-Owned

See a franchise company’s size and how quickly it’s growing. Here, we list the numbers of franchises and company-owned units open and operating worldwide as of July 31, 2022, 2023, and 2024.

Startup Costs/Franchise Fee

Look here for the total initial investment to open a franchise (without financing). This figure can be impacted by real estate and construction costs, equipment, inventory, location, type of business, and other variables. Note: The startup costs include the initial franchise fee; however, for easy reference, the franchise fee is listed separately as well.

Royalty Fee

Many franchisors require franchisees to pay an ongoing royalty fee. Specific fees are listed in this column, typically expressed as a percentage of gross sales.

Financing Available?

Just over 85% of the franchisors in our listing offer in-house financing or have relationships with third-party financing sources to which they refer qualified franchisees.

Home-Based/Mobile Opportunity

H M

Identifies franchises that can be run from home or from a mobile unit, with no retail store, outside office, or warehouse space required.

Kiosk/Express Unit Available?

K Ex

Some franchises offer kiosk opportunities or smaller express units that typically cost less than full-size units to open.

DIRECTORY

RETAIL

FRANCHISE 500

FRANCHISE 500

FRANCHISE 500

Minnetonka, Minn.

FRANCHISE 500

FRANCHISE 500 ®

Choosing Goddard is Choosing Excellence.

The Goddard School® offers a proven model, growing demand, and strong support to help you thrive in early childhood education.

Thriving Market Early education projected to reach $91B by 2030*

Proven Model $498K average EBITDA**

Meaningful Impact Provide high-quality education in your community.

Work-Life Harmony Enjoy standard school weekday hours.

Growth Opportunities Prime locations and multi-unit opportunities available.

FRANCHISEE SPOTLIGHT

“Goddard has the resources and the systems in place for you to run your own business. The educational support and the overall operational guidance is phenomenal. We love what we do.”

Sumara and Imran Ahmad, Multi-Unit Franchise Owners

FRANCHISE 500 ®

Ducklings Early Learning Center Early education and childcare West Chester, Pa.

Drop-in childcare,

party/play space San Jose, Calif.

KLA Schools Preschool/childcare Miami

Let Mommy Sleep In-home newborn and postpartum care Fairfax Station,

Montessori

Average Unit Volume: $2,529,222*

Category: $83.6 Billion by 2030**

Locations: 150+ Open or In Development

Centers Owned by Multi-Unit Franchisees: 75%

“The demand for educational child care has never been greater. With 25 years’ experience, Lightbridge Academy’s unique culture, operational and marketing systems, and training and support made it the best choice for my long-term growth plans.”

Nishitkumar Patel, Multi-Unit Franchisee

“I have a background in music education, so when we chose Lightbridge Academy, yes, I looked at the opportunity through the teacher lens, but also through the mom lens. I wanted to open a school that I would trust to put my own children in.”

Becky Grovenstein, Multi-Unit Franchisee

FRANCHISE 500

FRANCHISE 500

Little Medical School Healthcare-themed after-school and summer-camp programs St. Louis

and

RoboThink STEM programs Lake Bluff, Ill.

Steamoji STEAM education Redmond, Wash. 2019/2020ALL

STEM For Kids Biomed, coding, and engineering programs for ages 4 to 14 Raleigh, N.C.

Stemtree Science, coding, robotics, electronics, and math programs Vienna, Va.

Wize Computing Academy Coding, robotics, and design classes, camps, and competition prep Coppell, Texas

Zebra Robotics Robotics, coding, and technology education centers for grades 1 through 12 Cary, N.C.

CHILDREN’S ENRICHMENT PROGRAMS: MISCELLANEOUS

Drama Kids After-school drama classes and summer camps Ft. Myers, Fla.

NOT RANKED

The Bunny Hive Social clubs for children from 2 weeks old through kindergarten and their caregivers Powhatan, Va.

Chef It Up!/Chef It Up 2 Go! Allergy-friendly cooking parties, classes, and events Blairstown, N.J.

Flour Power Kids Cooking Studios Children’s cooking classes, parties, and events Davidson, N.C.

The Knight School Chess enrichment activities Birmingham, Ala.

LearningRx One-on-one cognitive training for all ages Colorado Springs, Colo.

Little Kitchen Academy Children’s cooking classes Vancouver, British Columbia

Little Play Place Children’s enrichment Tampa, Fla.

Parker-Anderson Enrichment Enrichment programs Van Nuys, Calif.

S,W C

S,W

S,W

FRANCHISE 500

FRANCHISE 500

FRANCHISE 500 ®

FRANCHISE 500

Roma’s Ribs, steaks, seafood Orlando, Fla.

FRANCHISE 500 ®

Quick-Service Restaurants

Bahia Bowls Acai Cafe Acai and other fruit bowls, smoothies, salads, wraps, toast Estero, Fla.

FRANCHISE 500

Frutta Bowls Acai, pitaya, and kale bowls; smoothies, toast, coffee St. Petersburg, Fla.

Goodness Bowls Fruit bowls, smoothies, toast, salads, wraps Villanova, Pa.

Grain & Berry Acai, pitaya, and spirulina bowls; smoothies, juices, yogurt, toast, plant-based flatbreads and quesadillas Trinity, Fla.

Nautical Bowls Acai bowls Minnetonka, Minn.

Sambazon Acai Bowls Acai bowls, smoothies, and superfoods San Clemente, Calif.

SoBol Acai bowls and smoothies Patchogue, N.Y.

S,W

FRANCHISE 500

FRANCHISE 500 ®

Detroit Wing Company Chicken wings Madison Heights, Mich.

El Pollo Loco Grilled chicken and Mexican food Costa Mesa, Calif.

Hangry Joe’s Hot Chicken & Wings Hot chicken sandwiches and wings Springfield, Va.

Hurricane Grill & Wings Chicken wings, tenders, sandwiches, salads Beverly Hills, Calif.

Layne’s Chicken Fingers Chicken tenders Frisco, Texas

Lee’s Famous Recipe Chicken Chicken, biscuits, sides Shalimar, Fla.

Rise Southern Biscuits & Righteous Chicken Biscuits and chicken Durham, N.C.

Roots Chicken Shak Duck-fat-fried chicken wings, tenders, and sandwiches Farmers Branch, Texas

Chicken tenders, salads, sandwiches, tacos, wings San Francisco

VooDoo Wing Company Chicken wings, salads, sandwiches, sides, desserts Mobile, Ala.

It On!

wings, sandwiches, and tenders Elgin, Ill.

Wing Snob Chicken wings Warren, Mich.

S,W*

S,W C

Mass.

FRANCHISE 500

Nitrogen

Cream Ice cream Miami

Crispy Cones European-style ice cream and fruit cones Rexburg, Idaho

Eiffel Waffle Ice cream and desserts Chicago Ridge, Ill.

Fosters Freeze Soft-serve ice cream, burgers, sandwiches, hot dogs, fries Chino Hills, Calif.

Ice Cream Hut Ice cream Cocoa Beach, Fla.

MilkShake Factory Milkshakes, chocolates, caramels Pittsburgh

Negranti Creamery Sheep’s-milk ice cream Boise, Idaho

Pecan Jacks Ice cream and candy Santa Rosa Beach, Fla.

Sub Zero Nitrogen Ice Cream Ice cream, Italian ice, frozen yogurt, custard Provo, Utah

The Sweet Spot Ice cream, milkshakes, churros, funnel cakes, waffles, smoothies, coffee Virginia Beach, Va.

Markham, Ontario

S,W

FRANCHISE 500

Gourmet Paletas Gelato and sorbet bars Coral Gables, Fla.

Orange Leaf Frozen Yogurt Frozen yogurt, shakes, smoothies, cakes

Paciugo Gelato Caffe Gelato, coffee, pastries, smoothies, iced

Burgers, fries, chicken wings Beverly Hills, Calif.

Harlem Shake Burgers and shakes New York

iniBurger Halal burgers, wings, fries, shakes Pleasanton, Calif.

Mooyah Burgers, Fries, & Shakes Burgers, fries, shakes Plano, Texas

Roy Rogers Restaurants Burgers, roast beef sandwiches, fried chicken Frederick, Md.

Sammy’s Sliders Sliders, chicken fingers, fries, shakes Winston-Salem, N.C.

Savvy Sliders Sliders, chicken fingers, custard shakes, fries, beverages Farmington Hills, Mich.

Siri’s Gourmet Burgers & Pizza Burgers and pizza Gulfport, Fla.

Smalls Sliders Cheeseburger sliders, fries, shakes Atlanta

Burgers Denver

Burgers, roast beef sandwiches, milkshakes, fries, salads Redford, Mich.

FRANCHISE 500

Crave Hot Dogs and BBQ Hot dogs, barbecue, beer, ax throwing Cheyenne, Wyo.

Dog Haus Hot dogs, sausages, burgers, fried chicken, plant-based proteins, craft beer Pasadena, Calif.

Hot Dog on a Stick Corn dogs, lemonade, fries, funnel cakes Beverly Hills, Calif.

Nathan’s Famous Hot dogs, burgers, seafood, chicken, cheesesteaks Jericho, N.Y.

MEDITERRANEAN FOOD

385 Nick the Greek Souvlaki and gyros San Jose, Calif.

NOT RANKED

Apola Greek Grill Greek food Yorba Linda, Calif.

Doner Haus German-style doner kebabs Miami Beach, Fla.

Garbanzo Mediterranean Fresh Mediterranean food St. Petersburg, Fla.

The Great Greek Mediterranean Grill Greek and Mediterranean food West Palm Beach, Fla.

GW Gyro & Wings Gyros, wraps, wings, cheesesteaks, smoothies Atlanta

Gyro Republic Halal gyros, chicken, and falafel Richmond, Texas

The Halal Guys Halal food Flushing, N.Y.

Over the Top Pita Mediterranean food Clermont, Fla.

Press Mediterranean food Irving, Texas

Cilantro Taco Grill Mexican food Northlake, Ill.

FRANCHISE 500 ®

Fox’s Pizza Den Pizza, sandwiches, stromboli, wings, salads, appetizers Murrysville, Pa.

Happy Joe’s Pizza & Ice Cream Pizza, pasta, sandwiches, salads, ice cream Davenport, Iowa

Mr. Gatti’s Pizza Pizza, pasta, salad, and sandwich buffets Ft. Worth, Texas

Pizza Schmizza Pizza Salem, Ore.

Round Table Pizza Pizza, wings, salads Beverly Hills, Calif.

Sarpino’s Pizzeria Pizza, calzones, wings, appetizers, salads Lincolnshire, Ill.

Slice House by Tony Gemignani Pizza Henderson, Nev.

Smokin’ Oak Wood-Fired Pizza & Taproom Pizza and self-pour beer, wine and mixed cocktails St. Petersburg, Fla.

Straw Hat Pizza Pizza Dublin, Calif.

FRANCHISE 500

FRANCHISE 500

FRANCHISE 500

ClusterTruck Delivery- and pickup-only restaurants Indianapolis

Crisp & Green Salads, grain bowls, smoothies, healthy food Wayzata, Minn.

Currito Grain bowls, wraps, salads, smoothies, shakes Cincinnati

Curry Up Now Indian-inspired food San Francisco

D.P. Dough

Calzones, wings, sides, salads, desserts East Freetown, N.Y.

Fazoli’s Italian food Beverly Hills, Calif.

The Fresh Monkee Protein shakes Glastonbury, Conn.

Golden Krust Caribbean Restaurant Jamaican food White Plains, N.Y.

Gregoire Sandwiches, salads, quiches, soups, poutines, potato puffs, desserts Berkeley, Calif.

Jars by Fabio Viviani Desserts in a jar, coffee Chicago

Kale Me Crazy Smoothies, juices, salads, wraps, toasts, bowls

Mad Greens Salads, bowls, wraps Golden, Colo.

Market Eatery Healthful food Denver

Newk’s Eatery Sandwiches, salads, soups, pizzas, desserts Jackson, Miss.

New York Fries Fries, poutine, hot dogs Wilmington, Del.

Puffles Hong Kong egg waffles and bubble tea Hollywood, Fla.

Rocky Mountain Wraps

Pita wraps, breakfast burritos, salads, soups, wings Conifer, Colo.

House Salads, soups, sandwiches, wraps, smoothies Westfield, N.J.

Salad Station Salads, wraps, and soups Hammond, La.

FRANCHISE 500

Salata Salad Kitchen Salads, wraps, soups, teas, lemonades Houston

Sweet Paris Creperie & Cafe Crepes, waffles, salads, panini, milkshakes, coffee, alcohol Houston

Tikka Bowls and Tacos Indian-Mexican fusion food St. Augustine, Fla.

Food: Retail Sales

Tabla Indian food Orlando, Fla.

FRANCHISE 500

At The Joint Chiropractic, we’re more than just a network of

FRANCHISE 500 ®

Brooksville, Fla.

San Juan, Puerto Rico

RAPIDLY GROWING ACROSS THE GLOBE

Be a part of the hottest and fastest growing full size fitness franchise.

• IndustryLeader: Recognized as the most competitive and innovative brand in the $40 billion fitness industry

• Award-WinningExcellence: Ranked #1 in the Fitness Category for 2025 by Entrepreneur Magazine

• IconingBrandLegacy: A trusted name in fitness with over 35 years of history and industry expertise

• ImpressiveFranchiseGrowth: Over 1,500 franchise rights sold, showcasing strong market demand.

• GlobalImpact: One of the largest member bases in the worldwide fitness industry

Inquire at crunch.com/franchise for more info or email John Merrion at john.merrion@crunch.com to learn more about available territories.

FRANCHISE 500

Own the Premier Boutique Fitness Concept

Orangetheory is a science-backed, technology-tracked, coach-inspired group workout designed to produce real results from the inside out.

•Differentiated concept, built to meet the unique needs of members

•State of the art proprietary treadmills, rowing machines and fitness equipment

•Daily workout routines designed by fitness experts

•Low fixed expenses with high margins

•Comprehensive franchise training, onboarding and cross-functional support, including best-in-class coach trainings

FRANCHISE 500

FRANCHISE 500

We're proud to be in the 2025 Franchise 500—but we're not surprised. After all, we've also made Entrepreneur Magazine’s “hot franchises to own” list. Our franchisees enjoy the reputation of the nation’s largest bathroom remodeler and a complete, in-place system of operational and sales support. Re-Bath wants to help motivated entrepreneurs like you build meaningful businesses and join our growing, thriving brand.

FRANCHISE 500 ®

FRANCHISE 500

FRANCHISE 500

FRANCHISE 500

Registry Collection Hotels by Wyndham Hotels Parsippany, N.J.

Super

Travelodge by Wyndham

Tryp by Wyndham Hotels

Collection

FRANCHISE 500 ®

FRANCHISE 500

FRANCHISE 500

FRANCHISE 500 ®

FRANCHISE 500

FRANCHISE 500

FRANCHISE 500 ®

Etobicoke, Ontario

Holyoke,

FRANCHISE 500

Neurotechnology to help the brain relax and reset Scottsdale, Ariz.

Clean Your Dirty Face Facials, skin-care products Chicago

Degree Wellness Self-care and wellness solutions Jacksonville, Fla.

Deka Lash Eyelash extensions, brow services, skincare solutions Bountiful, Utah

Di Thurma Wellness and Recovery Infrared sauna, cold tub, red light, cryo, and compression therapy Cornelius, N.C.

Face Foundrie Facials, lash and brow services, skincare Eden Prairie, Minn.

Frenchies Modern Nail Care Manicure and pedicure studios Littleton, Colo.

Glo30 Skincare studios Washington, D.C.

Glow Sauna Studios Infrared saunas, light therapy, halotherapy, related services Dallas

Icebox Cryotherapy Wellness studios

Idolize Brows and Beauty Eyebrow and facial threading, lash and brow services, waxing, facials Charlotte, N.C.

LashKind Eyelash extensions and beauty services San Diego

Lumin Lash Lash extensions, lifts, and tints, eyebrow lamination and waxing Rosenberg, Texas

S,W

S,W NO

S,W C,I**

FRANCHISE 500

FRANCHISE 500

& Bowling Bowling, billiards, sports bars and restaurants Myrtle Beach, S.C.

Fowling Warehouse Fowling (football bowling) entertainment centers Hamtramck, Mich.

iSmash Entertainment centers offering rage rooms, splatter paint, and ax throwing Rochester, N.Y.

Pickleball Kingdom Indoor pickleball Phoenix

Sandbox VR Virtual reality games Pleasanton, Calif.

Shoot Indoors Indoor shooting ranges Broomfield, Colo.

Dream Vacations

FRANCHISE 500

FRANCHISE 500 ®

FRANCHISE 500

FRANCHISE 500

FRANCHISE 500

Beef-a-Roo

Beef Jerky Experience

Beef ‘O’ Brady’s Family Sports Pub

Ben & Jerry’s

Benjamin Franklin Plumbing

AAAMCO Transmissions

and Total Car Care 164

A&W Restaurants 201

Abrakadoodle 174

Acai Express Superfood Bowls 190

Accelerated Waste Solutions 261

Access Garage Doors 235

Ace Handyman Services 235

Ace Hardware 256

Ace Pickleball Club 254

Acti-Kare 246

AdvantaClean 240

AeroWest 237

AIM Mail Centers 262

Aire-Master 237

Aire Serv 236

AlignLife 214

All American Pet Resorts 249

All County Property Management 171

All Dry Services 240

Allegra Marketing Print Mail 170

Alloy Personal Training 216

Aloft Hotels 231

Aloha Poke Co. 206

AlphaGraphics 170

Altered States Wellness 248

The Alternative Board (TAB) 168

Altitude Trampoline Park 252

Always Best Care Senior Services 246

Amada Senior Care 246

Amazing Athletes 180

Amazing Lash Studio 248

American Family Care 222

American Poolplayers Association 254

AmeriCare 246

America’s Color Consultants 229

AmericInn by Wyndham 231

Amide International Insurance

Agency & FMO 186

AmSpirit Business Connections 172

Anago Cleaning Systems 232

Angelina Italian Bakery 196

Angel Spa 243

Angry Chickz 197

Angry Crab Shack 190

Another Broken Egg Cafe 188

Any Lab Test Now 261

Anytime Fitness 216

Apex Leadership Co. 182

ApexNetwork Physical Therapy 221

A Place At Home 246 A Place to Grow 174

Apola Greek Grill 202

Apricot Lane Boutique

Aqua-Tots Swim Schools 182

Between Rounds Bakery Sandwich Cafe 194

Beyond Juicery + Eatery 210 The Big Biscuit

Bin There Dump That

Black Bear Diner

Assisted Living Locators

Bad

City Brew Tours 254

City Publications 168

City Wide Facility Solutions 234

Class 101 264

Clean Eatz 210

Cleanest Restaurant Group 234

The Cleaning Authority 239

Clean Juice 210

Clean Your Dirty Face 248

Closet & Storage Concepts/More Space Place 227

Closet Factory 227

Closets By Design 226

Clothes Bin 264

Clothes Mentor 256

Club Pilates 220

Club SciKidz 176

Club Z! In-Home Tutoring Services 184

ClusterTruck 211

CMIT Solutions 265

Code Ninjas 178

theCoderSchool 178

Coffee News 168

Cold Stone Creamery 198

College Hunks Hauling

Junk & Moving 261

Color Glo 237

Colors On Parade 164

Color World Painting 228

Combo Brands 264

Comet Cleaners 258

ComForCare 246

Comfort Keepers 246

Complete Weddings & Events 264

ComputerXplorers 178

Concrete Craft 222

Conserva Irrigation 241

Cookie Cutters Haircuts for Kids 243

Cookie Plug 192

Cool-Binz 261

Cornwell Quality Tools 256

Corvus Janitorial Systems 232

Costa Oil 166

Cousins Maine Lobster 208

Cousins Subs 206

The Coven 170

Coverall 234

CPA Moms 186

CPR Cell Phone Repair 265

Craft Axe Throwing 255

Craters & Freighters 262

Crave Hot Dogs and BBQ 202

Crayola Imagine Arts Academy 176

Creatif 253

Creative Colors International 237

Creative World School 174

Crestcom 170

Crisp & Green 211

Crispy Cones 199

Crowne Plaza Hotels & Resorts 231

CR3 American Exteriors 228

Cruise Planners 254

Crunch 216

Crust Pizza Co. 204

Ctrl V 255

Culver’s 200

Cupbop 192

Curio Collection by Hilton 230

Currito 211

Curry Up Now 211

Cyberbacker 172

CycleBar 216

D

Daddy’s Chicken Shack 197

Dairy Queen 198

Daisy 229

Dale Carnegie 170

Dart Wars 255

Dave’s Hot Chicken 197

Days Inn by Wyndham 231

D-BAT Academies 180

Decorating Den Interiors 229

The Decor Group/Christmas Decor 226

Deer Solution 237

Degree Wellness 248

Deka Lash 248

Del Taco 202

Denny’s 190

The Designery 224

Destination Athlete 254

Detroit Wing Company 197

Digna Insurance 186

Dill Dinkers 255

Discover Strength 216

Discovery Map 166

District Taco 203

Di Thurma Wellness and Recovery 248

DivaDance 255

Dog Haus 202

The Dog Stop 250

Dogtopia 249

Dog Training Elite 249

Dolce by Wyndham 231

Donatos 204

Doner Haus 202

D1 Training 216

DonutNV 194

DoodyCalls 238

Dope CFO Certified Advisor 186

DoubleDave’s Pizzaworks 188

DoubleTree by Hilton 230

Doughnuttery 194

D.P. Dough 211

Drama Kids 178

DreamMaker Bath & Kitchen 224

Dream Vacations 254

The DripBar 221

Drybar 242

Dryer Vent Superheroes 234

Dryer Vent Wizard 234

DryerVentz - DuctVentz Cleaning Service 234

DRYmedic Restoration Services 239

Duck Donuts 194

Ducklings Early Learning Center 174

Ductz 236

Dumpster Dudez 258

DumpStor 258

Dunkin’ 197

Dunn Brothers Coffee 198

E

EagleOne 172

Eagle Transmission & Automotive 164

EarthWise Pet 250

East Coast Wings + Grill 190

ECHO Suites Extended Stay by Wyndham 231

EcoGreen Lawn Care 236

ecomaids 239

EggBred 208

Eggs Up Grill 188

Eiffel Waffle 199

810 Billiards & Bowling 255

Einstein Bros. Bagels 194

Element by Westin 231

Elements Massage 244

Elevation Burger 201

Elite Window Cleaning 240

Ellianos Coffee 198

Ellie Mental Health 222

Elmer’s Breakfast Lunch

Dinner/Egg N’ Joe 188

El Pollo Loco 197

Embassy Suites by Hilton 230

The Entrepreneur’s Source 168

Enviro-Master Services 234

Epcon Communities 264

Epic Health

GGameDay Men’s Health 222

GarageExperts 227

The Garage Floor Company 222

Garage Kings 222

Garage Living 227

Garbanzo Mediterranean Fresh 202

Gatsby Glass 229

Generator Supercenter 264

Get A Grip Resurfacing 224

Get In Shape For Women 216

Get Up And Go Kayaking 255

G-Force Parking Lot Striping 237

Gigglewaters 189

Glass Doctor 235

The Glass Guru 235

Global Art 174

Global Recruiters Network 172

Glo Tanning 247

Glo30 248

Glow Sauna Studios 248

The Goddard School 174

GoDog 250

goGlow 247

Golden Chick 196

Golden Corral 189

Golden Krust Caribbean Restaurant 211

GoldenTrust Insurance 186

Goldfish Swim School 182

Gold’s Gym 216

GoliathTech 265

Gone for Good 261

Gong cha 210

Goodcents 206

The Good Feet Store 221

Goodness Bowls 192

The Good Pour 212

Goosehead Insurance 186

Gotcha Covered 229

Grain & Berry 192

GrandStay Hotels 231

Grand Welcome 171

Granite Garage Floors 222

Grasons Estate Sales & Business

Liquidations 260

The Gravity Vault 218

Graze Craze 212

Grease Monkey 166

Great American Cookies 192

Great Clips 242

GreatFlorida Insurance 186

The Great Greek Mediterranean Grill 202

Great Harvest 196

Green Food Solutions 265

Green Home Solutions 242

GreenLight Mobility 222

Gregoire 211

Griswold Home Care 245

Groovy Hues 228

Groucho’s Deli 208

The Grounds Guys 236

The Grout Doctor 235

The Grout Medic 235

The Groutsmith 235

The Growth Coach 168

Grumpy’s Restaurant 188

GW Gyro & Wings 202

GYMGUYZ 218

Gyro Republic 202

Gyu-Kaku Japanese BBQ Restaurant 190

HHabit Burger & Grill 200

The Halal Guys 202

Hammer & Nails 242

Hampton by Hilton 230

Hand & Stone Massage and Facial Spa 243

Handel’s Homemade Ice Cream 198

H&H Bagels 194

H&R Block 186

Handyman Connection 235

Hangry Joe’s Hot Chicken & Wings 197

Happy Cat Hotel & Spa 250

Happy Joe’s Pizza & Ice Cream 204

Hardee’s 201

HardTop Hotel 166

Harlem Shake 201

Hawaiian Bros Island Grill 201

Hawaii Fluid Art 253

Hawthorn Extended Stay by Wyndham 231

HealthSource America’s Chiropractor 214

Heaven’s Best Carpet & Upholstery Cleaning 232

Hello Sugar

Helping Hand Security 264

Heroes Lawn Care 236

The Highland Cleaning Company 239

High Touch-High Tech 178

Hilton Garden Inn 230

Hilton Hotels and Resorts 230

Holiday Inn and Holiday Inn Express 230

HomeCare Advocacy Network 247

Home Clean Heroes 239

Home Helpers Home Care 246

Home Instead 245

HomeSmart 262

HomeTeam Inspection Service 260

Home2 Suites by Hilton 230

HomeVestors of America 264

Homewatch CareGivers 245

HomeWell Care Services 245

Homewood Suites by Hilton 230

Honest Abe Roofing 229

The Honey Baked Ham Co.

Hoppin’

House

HouseMaster

Huddle House

Hudson Valley Swim 184

The Human Bean 198

Hummingbird Music School 176

Hungry Howie’s 203

Huntington Learning Center 184

Hurricane Grill & Wings 197

Hydrate IV Bar 221

Hydrogen Fitness 218

I

Icebox Cryotherapy 248

Ice Cream Hut 199 iCode School 178 Ideal Siding 229 Idolize Brows and

J

Lean Kitchen Company 212

The Learning Experience Academy of Early Education 174

Learning Express Toys & Gifts 182

LearningRx 178

Ledgers 186

Ledo Pizza 204

Lee’s Famous Recipe Chicken 197

Legally Tan 247

Legato Living 247

Le Macaron French Pastries 194

Lemon Tree Hair Salons 242

Lennys Grill & Subs 208

Let Mommy Sleep 174

Level Up Automation 229

Liberty Tax Service 186

Lightbridge Academy 174

Lightspeed Restoration 240

Lime House 192

LIME Painting 228

Linden Creek 229

Lindora 222

Line-X 166

Links Golf Cafe 253

The Little Gym 182

Little Kickers 180

Little Kitchen Academy 178

Little Medical School 178

Little Play Place 178

Logan’s Roadhouse 189

Lumin Lash 248

M

Maaco 164

Mac Tools 256

Madabolic 218

Made in the Shade 229

MAD Greens 211

Mad Science 178

Magnolia Soap and Bath Co. 258

Maha Juice Bar 210

Maid Brigade 239

MaidPro 239

Maid Right 239

MaidThis Cleaning 239

The Maids 238

Marble Slab Creamery 198

Marco’s Pizza 203

Mariam Coffee 198

Marigold Academy 174

Martinizing 258

Massage Envy 243

Massage Heights 244

MassageLuXe 243

Matco Tools 256

Mathnasium Learning Centers 184

Mayweather Boxing + Fitness 220

McAlister’s Deli 208

McDonald’s 200

Meals of Hope 214

MediPlus Clinic 222

Medi-Weightloss 222

Melting Pot 190

Men In Kilts 240

Merry Maids 239

Metal Supermarkets 258

Mezza Lebanese Kitchen 202

Microtel by Wyndham 231

Midas 164

MidnighTreats 194

Midtown Chimney Sweeps 242

Mighty Auto Parts 166

Mighty Dog Roofing 228

Milex Complete Auto Care/

Mr. Transmission 164

MilkShake Factory 199

MiniLuxe 249

Mint Condition 234

Minuteman Press 170

Miracle-Ear 222

Miracle Method Surface

Refinishing 224

Mister Sparky 235

Modern Market Eatery 211

Modern Purair 236

Moe’s Southwest Grill 202

Mold Medics 240

Molly Maid 238

Moms on the Run 218

Money Pages 168

Monster Mini Golf 252

Monster Tree Service 236

Montessori Kids Universe 174

Mooyah Burgers, Fries, & Shakes 201

Morelia Gourmet Paletas 200

Mosquito Authority 237

Mosquito Hunters & Humbug

Holiday Lighting 237

Mosquito Joe 237

Mosquito Shield 237

Mosquito Squad 237

Motel 6 230

Motto by Hilton 231

Motto Mortgage 188

Mountain Mike’s Pizza 203

Movita Juice Bar 210

Moxies 190

Mr. Appliance 235

Mr Brews Taphouse 189

MrCool 229

Mr. Electric 235

Mr. Gatti’s Pizza 204

Mr. Handyman 235

Mr. Rooter Plumbing 238

Mrs. Fields 194

Mulberrys Garment Care 258

Murphy Business Sales 168

Music Go Round 258

My Beer Spa 249

My Salon Suite 245

Naf Naf Grill 211

Nathan’s Famous 202

National Academy of Athletics 180

National Property Inspections 260

Native Grill & Wings 189

Natural Rejuvenation MedSpa 244

Nautical Boat Club 253

Nautical Bowls 192

Navis Pack & Ship 262

Negranti Creamery 199

Neighborhood Barre 220

Nekter Juice Bar 208

NerdsToGo 265

NEST Protection Plan 265

Network In Action 172

New Again Houses 264

Newk’s Eatery 211

New Mom School 249

New York Fries 211

Next Day Access 222 NextHome 262

N-Hance Wood Refinishing 226 Nick the Greek 202

911 Restoration 240 NinjaTrix 252

NorthStar Moving Company 261

Nothing Bundt Cakes 212

The Now Massage 243

Nurse Next Door Home Care Services 246

NuSpine Chiropractic 214

Oasis Senior Advisors 247

Office Evolution 170

Office Pride Commercial Cleaning Services 234

TheOfficeSquad 186 ohDeer 237

Ohm Fitness 218

Old Chicago Pizza +

Plato’s Closet 256

Playa Bowls 190

Play It Again Sports 254

Pokemoto 206

Pokeworks 206

Pool Scouts 238

Poolwerx 238

Pop-A-Lock 261

Popeyes Louisiana Kitchen 196

Port of Subs 206

Postal Annex+ 262

Postal Connections & iSold It 262

PostNet 262

Potbelly Sandwich Works 208

PottyPro 238

Powerflex Gym 218

Precision Garage Door Service 235

Precision Tune Auto Care 164

PremierGarage 227

Premier Pools & Spas 227

Prepaze Academy 184

Preserve Services 229

Press Waffle Co. 211

Pretzelmaker 194

PrideStaff 172

Prime IV Hydration & Wellness 220

PrimoHoagies 206

Primrose Schools 174

Prism Specialties 240

Proforma 170

Pro Image Sports 256

Property Management Inc. 171

ProSource Wholesale 224

Puffles 211

Puparazzi Mobile Pet Spaw 250

Pure Barre 218

Pure Fitness 218

Pure Green 210

PuroClean 239

Pvolve 218 Q

QC Kinetix 222

Qdoba Mexican Eats 203

Qualicare 247

RRadiant Waxing 248

Rainbow Restoration 239

Rainbow Snow 200

Rakkan Ramen 192

Ramada by Wyndham 232

Randy’s Donuts 194

Rapid Hose 261

Real Deals on Home Decor 258

The Real Food Academy 255

Real Property Management 170

Realty One Group 262

Re-Bath 224

Red Barn Homebuyers 264

redbox+ Dumpsters 258

Red Mango Cafe & Juice Bar 200

Registry Collection Hotels by Wyndham 232

RE/MAX 262

Renovation Sells 229

Rent-A-Center 256

Repicci’s Real Italian 200 Restoration 1 240

Restore Hyper Wellness 248

Rhea Lana’s 182

Richard’s Painting 228

Right at Home 245

Right Hand Senior Care 247

Rise Southern Biscuits & Righteous Chicken 197

Rita’s Italian Ice & Frozen Custard 200

RNR Tire Express 166

Robeks Fresh Juices & Smoothies 210

RoboThink 178

RockBox Fitness 220

Rocket Fizz Soda Pop and Candy Shop 212

Rock N Roll Sushi 190

Rocky Mountain Chocolate Factory 212

Rocky Mountain Wraps 211

Rolling Suds 241

Romp n’ Roll 180

The Roof Resource 229

Rooster & Rice 192

RooterMan 238

Roots Chicken Shak 197

Rosati’s Pizza 204

Round Table Pizza 204

Row House 218

Roy Rogers Restaurants 201

RSVP Direct Mail Advertising 168

Rubbish Works 262

Rumble Boxing 220

Russo’s New York Pizzeria & Italian Kitchen 188

Rusty Taco 203

Rytech Restoration 240

S

SaaviHome 229

Sabai Thai Spa 244

Safer Home Services 237

SafeSplash Swim School 182

Salad House 211

Salad Station 211

Saladworks 212

Salata Salad Kitchen 212

Salons by JC 245

Salty Dawg Pet Salon + Bakery 250

Salty Paws Ice Cream Truck 252

Sambazon Acai Bowls 192

Sammy’s Sliders 201

Sam the Concrete Man 227

Sandbox VR 255

Sandler 170

Sanford Rose Associates 172

Sarpino’s Pizzeria 204

Saunatica 249

Savvy Sliders 201

Sbarro 203

Scary Strokes 252

Scenthound 250

Schlotzsky’s 208

Schmackary’s 194

School of Rock 176

Scissors & Scotch 242

Scoop Soldiers 238

Scooter’s Coffee 198

Screenmobile 235

Sculpture Hospitality 172

SealMaster 237

Sea Love 253

Season 2 Consign 256

sek Sauna Studio 249

Send Me a Pro 264

Senior Care Authority 247

Senior Helpers 245

Serotonin Anti-Aging Centers 222

ServiceMaster

ServiceMaster

7-Eleven

Shack

Sharkey’s Cuts For Kids

Shear Madness Haircuts for Kids

ShelfGenie

Shipley Do-Nuts 194 Shoot Indoors 255 Shoot

Strive 11 Fitness 218

Stroll 168

Studio 6 230

Style Encore 256

Sub-Ology 208

Subway 206

Sub Zero Nitrogen Ice Cream 199

Succentrix Business Advisors 186

Success on the Spectrum 214

Success Space 170

sugaringLA 248

Sugar Sugar 248

Sully’s Steamers 208

Sunmed - Your CBD Store 222

Super 8 by Wyndham 232

SuperGlass Windshield Repair 166

Superior Fence & Rail 224

Surcheros 203

Surface Experts 226

Surface Specialists 226

Sweat440 218

Sweet Paris Creperie & Cafe 212

The Sweet Spot 199

Swensen’s 199

The Swing Bays 253

SWTHZ 249

Sylvan Learning 184

Synergy HomeCare 246

TTabla 212

Taco Bell 202

Taco Casa 203

Taco John’s 202

Taco Works 203

Taffer’s Tavern 190

The Tailored Closet 227

Take 5 Oil Change 166

Talem Home Care & Placement

Services 247

Tan Republic 247

Tapestry Collection by Hilton 230

TAPinto 168

Tapioca Express 210

Tapster 189

Tapville Social 189

Taste Buds Kitchen 180

Taziki’s Mediterranean Cafe 202

TCBY 200

TeaCupFuls 210

TeamLogic IT 265

Team Up Athletics 254

Techy 265

Tempo by Hilton 232

Temporary Wall Systems 265

The Ten Spot 249

Teriyaki Madness 192

TGA Premier Sports 180

That 1 Painter 228

ThirsTea 210

30 Minute Hit 220

360clean 234

360 Painting 228

Tide Cleaners 258

TidyTask 239

Tierra Encantada 174

Tijon Fragrance Lab 258

Tiki Taco Shack 203

Tikka Bowls and Tacos 212

Tile Liquidators Floor & Design 224

Timber Pizza Co. 204

Tina Maids 239

Tint World 166

Tippi Toes 182

Tip Top K9 249

Tire Pros 166

The Toasted Yolk Café 188

Toastique 212

Togo’s 208

Tommy’s Express Car Wash 166

Tony Roma’s 189

Tootl Transport 265

Toppers Pizza 206

Top Rail Fence 224

Top This Chocolate 212

Totally Nutz 214

Touching Hearts At Home 247

Tous les Jours 196

TownePlace Suites by Marriott 231

Town Money Saver 168

The Tox 249

Trademark Collection by Wyndham 231

Transworld Business Advisors 168

Travelin’ Tom’s

Travelodge

TruBlue

School 182

Twinkle Star Dance Academy 182

Twin Peaks Restaurant 189

Two Maids

Two Men and a Truck

UBuildIt

United Water Restoration Group

and Portable

Univista Insurance

The UPS Store 262

Uptown Cheapskate 256

Air

USA Insulation

Lawns

V

Valvoline Instant Oil Change 164 Vanguard Key Clubs 218

Fur 250

Vara Juice 210

W

The $20 Bill That Became Priceless

by Kate Flynn, cofounder, Sun & Swell Foods

As I built my snack-food brand, Sun & Swell Foods, I kept hearing the same advice: Hustle for your customers. Never turn down business. Obsessively focus on ROI. So that’s what I did—and although my company grew, it wasn’t profitable. This began affecting me emotionally. I love my brand and care deeply about its success. Its challenges started to feel like my own.

By 2023, I needed a way to snap out of it. So I found a manifestation exercise called “Ocean of Abundance.” It goes like this: Imagine yourself by a magical ocean. Its waves are made of gold coins, and its wealth keeps washing ashore at your feet. I know this might sound silly, but I committed to it anyway. Its goal is to help you feel a sense of abundance—as if anything is possible, and opportunity is infinite.

About a month later, the craziest thing happened when my nanny was sick and I took my son to the beach: As we played in the sand, I found a $20 bill buried near the water—as if my ocean of abundance became real!

I felt jolted awake. Finally, I understood what I was doing wrong in my business. All that advice—never turn down business, obsessively focus on ROI, etc.—meant that I was playing things safe. I was operating out of scarcity. Because I was too afraid of losing things, I wasn’t playing to win.

Then I started to make changes. I once worked with customers who treated us poorly, because I was too afraid of losing revenue. Now I’m more selective, and only work with customers that treat us like true partners. I used to keep a broad SKU assortment, because I felt like we couldn’t cut off any revenue streams—even though it created an overly complex organization. Now we have a narrower assortment, and we let go of smaller SKUs to focus on growing bigger ones. I used to deprioritize organic social media because we couldn’t see a clear ROI, even though I love making content. Now I give myself permission to create what I want—because if I love it, my joy will come through.

Today, Sun & Swell Foods is on a path to real profitability, and our strategy is grounded in authenticity and purpose instead of fear. I feel like I’m finally standing on the shore of that ocean of abundance—not chasing every wave, but letting the right opportunities wash ashore.

→ BURIED TREASURE

The author took this photo the day she found $20 on the beach. She still has the bill— sand and all.

WHAT INSPIRES YOU?

Tell us about a story, person, object, or something else that pushes you forward, and we may include it in a future issue. And we may make you photograph it, too. Email INSPIRE@ENTREPRENEUR.COM with the subject line “WHAT INSPIRES ME.”