The 2013 Guide to Today’s Top Franchises takes a close look at the data compiled as part of Franchise Business Review's annual franchisee satisfaction awards. We explore what trends we're seeing in 2013, what concepts and franchise models are most popular, what’s involved from an investment and financing standpoint, and how franchisee satisfaction has fared in the past year.
May’s first paying job was at age 16, in the small garage in Roberts, Wisconsin. Then he honed his skills as a jet engine mechanic in the U.S. Air Force for four years. When he came out of the military, he went back into automotive repair. After 40 years in the business, May said he has no intention of slowing down. He is now shop foreman for Honest-1 Auto Care in Cottage Grove.
Franchise Business Review wants to know what stage you're at in finding the right franchise for you: still in the research phase, having conversations, opening your first location soon... FBR encourages you, no matter the stage, to answer this simple question - where are you in your franchise search? (Click here to share)
Posted by Eric Stites on 09:04:07 AM on November 4, 2011
Great post, Steve! You make a fantastic point. Every person I talk to that is interested in investing in a franchise business asks the profit question... and they should. But as you point out, there are often many fringe benefits that small business owners are taking out of their business, that don't get reported as profit. I like to call these things "owner benefits" and they can include things like health insurance, life insurance, retirement plans, cars, cell phones, computers and other equipment, travel and entertainment expenses, etc. A small business owner can easily receive $50,000 or more in owner benefits that don't get reported as income or profit.
Your formula for Owner Discretionary Income is right on, and it's important for all franchisee candidates to consider these owner benefits when researching any franchise opportunity.
Thanks for sharing!
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Franchise Business Review