In this insightful episode, Rich Potter, Franchise Business Consultant of Franchise Heroes, shares how to transition from corporate success into structured business ownership without costly mistakes. If you’re a burned-out executive considering entrepreneurship but unsure how to start or whether to buy versus build, you won’t want to miss it.
You will discover:
– What questions to ask existing owners during validation to uncover real risks and rewards
– Why talking to people who have already done it is the most important first step
– How franchising provides a proven game plan and support instead of starting from zero
Episode Transcript
Scott Ritzheimer
Hello, hello, and welcome, welcome once again to the Start, Scale, and Succeed podcast-the only podcast that grows with you through all seven levels of your journey as a founder. I’m your host Scott Ritzheimer, and today we’re talking about that moment-the one where you realize that the job that made you successful is the very same job that’s making you miserable, and you’ve decided to to make the leap. You’re going to become an entrepreneur, but pretty quickly you realize the skills that helped you succeed as an employee just simply do not set you up for success. That especially this success that you want as an entrepreneur. And here to help is the one and only Rich Potter, and Rich is a multi-business owner and franchise consultant who helps burned-out executives and veterans transition from corporate careers into structured business ownership.
After more than a decade in corporate sales, he moved into entrepreneurship and has since built, scaled, and exited multiple businesses while continuing to actively operate today. His perspective is shaped by real-world experience as both an advisor and an active owner. Rich focuses on helping people avoid costly mistakes, reduce unnecessary risk, and build businesses designed to support the life they want to live. Well, Rick, we Rich, we we talk a lot on this show to entrepreneurs, but we also get an opportunity like this one to talk to the pre-entrepreneur, that pre-founder who’s out there thinking, “Hey, there’s got to be a better way. And one of the things that that makes that hard is there’s not really a playbook you get from being an employee that translates directly into success as an entrepreneur. And so some of those very first steps, things like should you buy or should you build, can can trip us up from the very beginning. Where do you see folks get this wrong, and what’s the best way to think about how to set up a business that will ultimately serve your life instead of consuming it?
Rich Potter
No, that’s a great question, Scott. Again, thanks for having me. You know, I I’ve done a couple of different things in my life. I’ve done the startups. I’ve done the the franchises, and I think the biggest trip up is probably just not doing enough research or not enlisting help of people who’ve been there before, right? Like you just kind of jump into it. You know, maybe you’re doing some research on on on Google or some YouTubes, but I really think it’s it’s good to talk to people who’ve been in the trenches before, people who either consult or coach or you know have have launched a business before. You know, I one of the first things I did when I quit corporate was I bought a gym, and and I did it. You know, it was kind of something that needed a little bit of needed a lot of work, and it’s one of those things I wish I wouldn’t have. I wish I would have talked to somebody first. So yeah, I just think there’s there’s a lot of people been there before, and I think if you just kind of you know pick people’s brains before just jumping in, it can go a long ways, right?
Scott Ritzheimer
I couldn’t agree more. I think one of the biggest mistakes outside of either starting when you shouldn’t or not starting when you should is is to not take the time in this level. We want to jump straight into being the entrepreneur as opposed to preparing for it. I couldn’t agree more. I want to go back to that that idea of who who’s this really for. So within the executives and folks that have had a lot of success that you see then go and and recreate or expand that success as an entrepreneur, what do you think makes a successful entrepreneur?
Rich Potter
Well, a few things. You know, I think more than than the right experience. I think it definitely takes a certain level of tenacity. You know, running a business is not easy, and there’s going to be hiccups. There’s going to be mistakes, and it’s. I think it’s that person that just never quits, right? Someone who’s willing to bet on themselves and bet on their experience. But again, like it’s not always about experience. It’s about like never giving up and never never quitting, right? I think that’s a huge part of it. It’s just betting on yourself and just running with it, You know, so
Scott Ritzheimer
so we’re faced with this big decision relatively early on, and not that it’s the only time that it comes up, but it’s certainly an important one. Early, should we buy or should we build? And I think for a lot of folks, the initial idea is, hey, I’ll just go start my own business, but that might not be the best option. What are some times when when buying in or choosing a non-build model make the most sense?
Rich Potter
I personally, and that’s why I do what I do. I think franchising is the the perfect way to build versus buy, right? And there are opportunities. Is within franchising that you can that you can buy someone’s existing business, but with franchising it comes with a game plan. It comes with experts in the industry who have already built something, and they’re going to share that knowledge with you, right? So you’re not necessarily starting from zero. I mean, you are right, but you’re also getting a lot of help. You’re getting coaching. You’re getting a game plan, and so you know if you want to start, there’s lots of businesses that are that are pretty complicated. Restoration, senior care, some of those things like you have to get the legalities right or the the insurance claim part of it right. And even though you’re starting from zero, I think when you enlist the help of people who’ve been there before, and in you know in a franchise concept, it really helps accelerate that growth and your your ability to be successful in that business.
Scott Ritzheimer
Yeah, what are some some unrealistic expectations that folks have when they step into franchising for the first time?
Rich Potter
I think a lot of people do think it is-it’s more plug and play than it is. Right? They think that the franchise is going to build everything for them, while they are there to support and while they’re there to give you the game plan and the training. You still have to do it yourself. It’s not just going to, you know, be successful overnight, especially if you don’t put in that effort yourself, so that’s probably the biggest thing I think is just people expect more from the franchise as far as like the execution side when it’s really you, you know.
Scott Ritzheimer
What are because a lot of times we think of franchise and we we think of the big you know logos on the street corner, especially food type franchising. What do you see as some of the best franchising opportunities that are out there right now?
Rich Potter
I think home services and I think senior care are are the best industries right now to be in. I think the the QSRs, the food and beverage stuff. I think it’s really difficult with the high cost of lease and buildouts, I mean, unless you’ve got millions in the bank, it’s a hard place to start, right? You can start with a few 100,000, a couple $100,000, really, in in home services and senior care. Senior care, you’ve got 12 to 15,000 people turning 65 every single day in this country, and that’s going to continue for the next decade. You know, so I’ve seen people build businesses 10s of millions of dollars a year in senior care, and same with home services. Whether it’s roofing or HVAC, or you know, whether it’s simple landscaping, artificial turf, or whatever, like people don’t want to do all that stuff themselves, and oftentimes can’t. And so you know, there’s huge opportunity in home services.
Scott Ritzheimer
Yeah. So let’s take someone who’s who’s going into. We’ll we’ll just choose home services for the sake of it. A ton of success climbing the corporate ladder wasn’t satisfying. Want to find something else? Decide on home services. We’ll we’ll take house cleaning or something like that doesn’t really matter what it is, but one of the things that you opened up with is the need to go in and ask other people who’ve done it. So if if I had the opportunity to sit down with someone who’d already had success in that business, what questions would you recommend that I ask?
Rich Potter
It’s a good question. I every time I present a brand and we we start looking at franchising. I tell my clients that the most important part is the validation phase, and that is talking to other owners. Right? It’s more important than talking to me. It’s more important talking to the sales rep. Get in there and talk to the owners and figure out what the day to day is like. So you know, you want to know like how long did it take them to make their money back? You know what? What are your margins? What is it? Ask them. Like what? What? What is it that you should be asking? Right? Because a lot of times you don’t even know what to ask, but they know what to tell you about that business. You know what is what’s the unexpected? You know how much money does it really take? The franchise is telling me it takes $150,000 to start. Well, how much is it going to really take me to be profitable? You know, how many employees do I need? How many cars do I need? Just a lot of good questions. But like to talk about the length of time to profitability. Talk about the ROI. Talk about you know what is it about it you don’t like. If you find out from the owners what they don’t like, and maybe that’ll help you know if if you can deal with some of those some of those things or not.
Scott Ritzheimer
Sometimes when we’re sitting from the sideline, it can feel a whole lot more risky jumping into the game. What would you say to someone who’s kind of teetering on that edge right now and wondering if this is really something that could work for them,
Rich Potter
Yeah, I think that’s something I see a lot, especially as you start getting closer to making that decision and signing that franchise agreement. You know, again, I just think it comes back to like looking at look at your career. You know, look at all the times that. You you know you took a leap. You were afraid to take that promotion or take that move. You know, look back and and it worked out for you, right? Like you are where you are because you believed in yourself and you took that leap. So you’re it’s going to come to a point where starting that business is scary as can be. And you know again, just go back to that. Bet on yourself and go forward. If you’ve if you’ve done all the research, if you’ve talked to other owners, if you’ve gone through this whole phase of validating that that opportunity is valid in your market and you can do it, then just believe in yourself and go for it.
Scott Ritzheimer
Yeah, there’s a question that I ask all my guests, Rich, and and I want to ask it of you. And and the question is this: What is the biggest secret that you wish wasn’t a secret at all? What’s that one thing you wish every founder watching or listening today knew?
Rich Potter
Man, what is the biggest secret? That that I I think that entrepreneurship is how I put this like it’s not that illustrious I don’t know it’s it’s hard right and that’s not a secret though but it’s it’s something that that you can do. That I think with the right training and the right application and enough financial backing, I think it’s something that just about everybody can do. You know, I think that if you’ve got the right tools, if you’ve got the right support, it’s it’s not it’s not a secret. It’s it’s something that you can do with the right amount of effort and and you know self belief.
Scott Ritzheimer
Yeah. If someone wants to take that step forward and they’d love to hear about what types of franchising opportunities out there, where can they reach out to you? Where can they find more out about the work that you do?
Rich Potter
Yeah, I’m all over LinkedIn, so you can connect with me there. You can visit my website at franchiseheroes.co is probably the best place to reach out.
Scott Ritzheimer
Fantastic, fantastic. Well, Rich, thank you so much for being on the show. It’s a real privilege and honor having you here with us today. And for those of you watching and listening, you know your time and attention mean the world to us. I hope you got as much out of this conversation as I know, I did, and I cannot wait to see you next time. Take care.
Scott Ritzheimer
Hey everyone, Scott Ritzheimer here. Thank you so much for listening to the Start Scale and Succeed podcast. I hope this episode gave you exactly what you need for the level you’re in right now. If you want to discover what level you’re in? Take our 10-question Founders Evolution Quiz for free at foundersquiz.com. That’s foundersquiz.com. It’ll pinpoint exactly where you are and give you tailored tips to move forward and reach that next level in your journey as a founder. If you got something out of today’s episode, don’t forget to subscribe, rate, or review. It helps us reach more founders like you, and let’s be honest, it means a ton to me, my team, and all our incredible guests. So keep starting, scaling, and succeeding, and I’ll see you in the next episode.
Contact Rich Potter
Rich Potter is a multi-business owner and franchise consultant who helps burned-out executives and veterans transition from corporate careers into structured business ownership. After more than a decade in corporate sales, he moved into entrepreneurship and has since built, scaled, and exited multiple businesses while continuing to actively operate today. His perspective is shaped by real-world experience as both an advisor and an active owner. Rich focuses on helping people avoid costly mistakes, reduce unnecessary risk, and build businesses designed to support the life they want to live.
Want to learn more about Rich Potter’s work at Franchise Heroes? Check out his website at https://franchiseheroes.co/
Connect with Rich through his LinkedIn at https://www.linkedin.com/in/rich-potter-533381a/