Timestamp: 0:00:41 Jim Richardson Introduction 0:03:15 Segment 1 - Get to know Jim Richardson 0:16:58 Bonus Segment: Franchising 101 0:40:00 Segment 2 - Franchising is a Partnership (Business/Branding) 1:05:44 Segment 3 - Quick Draw Questions Show Notes: Segment 1 – Get to know Jim Richardson Recorded on location at Jim Richardson’s house in Parker, Texas – just a few miles away from the famous Southfork Ranch (Who shot JR?) Born in Rockwell, Iowa Jim’s first real job was as a grocery man Studied chemistry and finance. Small town boy makes it big – Ford Motor Company, Pizza Hut, and Panda Express Bonus Segment – Franchising 101 Franchising allows you to expand your concept by utilizing the resources of others. Money The franchisee pays his part of the investment capital that is necessary to expand in exchange for the majority of the revenue. People In many cases, people is a more constraining resource than money The franchisee will source the people that will make them and your brand successful Time A franchisee can duplicate you, working on his/her side of the expansion investment as you continue to grow your business form the franchisor side. Connections In this conversation the term connections refers to real estate connections. A franchisee will have a closer tie to the local market in order to maximize potential from the real estate selection. This is particularly important with international franchising. When is a good time in the lifecycle of a business to start franchising? How do I know it’s time? When you attempt to franchise before you have all of your systems in place then you are asking a prospective franchisee to take bet on you when you have taken only a limited bet on yourself. Don’t franchise until you have the answer to all of the questions: What has made me successful? Why is my concept successful? When you know what it is that made you successful, then you know what you need to impart to others to make them successful.