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Learning Franchising from Subway's Billionaire - With Ron Holt
Manage episode 405833787 series 3425635
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DESCRIPTION:
Ron Holt, founder of Two Maids & a Mop, shares his experiences with Fred DeLuca, the billionaire franchisee of Subway. DeLuca, known for his curiosity and larger-than-life personality, built the world's largest franchise company from scratch. Holt first met DeLuca at an IFA conference in Las Vegas. At the time, Holt's company was a small cleaning business in Florida with 12 locations. Despite having all the necessary systems and processes in place, they hit a wall and didn't know how to proceed. It was suggested that they should consider franchising, despite Holt's lack of knowledge in the area and the negative things he had heard about it from other franchise owners.
During a break at the conference, DeLuca sat across from Holt and began asking him questions about his business. Holt, initially annoyed, began to engage in the conversation, boasting about his 12 stores. When Holt asked DeLuca about his own business, he was humbled to learn that DeLuca owned Subway with 42,000 global locations. The two continued their conversation for hours, with DeLuca offering invaluable advice about franchising.
After the conference, they continued their discussions via Skype. DeLuca offered to buy Two Maids & a Mop multiple times over the next year, but Holt declined as the offers were not financially appealing. Despite this, Holt appreciated DeLuca's mentorship and the lessons he learned from him. One piece of advice that DeLuca gave Holt was not to always listen to franchise owners, as their suggestions may make their lives easier but could come at a cost to the business. Holt shared this advice at a Two Maids conference, which was met with backlash from the franchisees. Despite the controversy, Holt acknowledges the value of DeLuca's advice and the impact it had on his business.
-With Ron Holt.
TIMESTAMPS:
00:00 - Introduction and background on meeting Fred DeLuca
01:05 - Initial impressions of Fred DeLuca and his interest in the speaker's business 02:15 - Transition into discussing the speaker's background and entry into franchising 03:10 - Decision to explore franchising and attending an IFA conference
04:20 - Meeting Fred DeLuca at the conference and initial interactions
05:30 - Fred DeLuca's involvement and mentorship over the following weeks
06:45 - Offer to buy the business and considerations
07:40 - Fred DeLuca's mentoring style and lessons shared
09:00 - Fred DeLuca's resistance to technological changes and lessons learned
10:20 - Advice from Fred DeLuca regarding franchisee feedback and profitability
11:30 - Reaction to sharing Fred DeLuca's advice with franchisees
13:00 - Conclusion and reflection on Fred DeLuca's teachings
LINKS:
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