Aug 23, 2017
Randy Ingargiola is an experienced Business Ownership and Franchise Coach with The Entrepreneur’s Source, the world’s largest coaching organization dedicated to helping people achieve their goals through self-employment. As a trusted advisor, Randy works with his clients to help them explore the benefits of business ownership and identify opportunities that align with their personal and professional goals. In a career spanning over 30 years, Randy is dedicated to promoting entrepreneurship and business excellence. He has over 15 years of experience in strategic planning, business plan development, high performance team development and business performance improvement as a senior executive in corporate America. He served as the launch director for the Love's Entrepreneurship Center, specializing in helping corporations and small businesses incorporate effective entrepreneurial principles and practices into their business. He delivered an internationally acclaimed development program for promoting entrepreneurship in individuals, corporations, and non-profits. Randy served as a quality examiner for the Malcolm Baldrige Foundation and as Board Chairman for the business school of a private university. He is also a founding board member for a non-profit designed to promote creativity in commerce, culture, and education. Show Notes • Randy’s role as a Franchise Coach [1:10] • Types of franchises a semi-absentee owner should consider [2:50] • The vending machine business a past client started [8:40] • Initial startup costs and expected revenue from a vending machine business [13:00] • Establishing a business to replace your corporate income [16:30] • Three key aspects Randy uses with his clients to determine which businesses to pursue [19:20] • Average time frame to find a business using a Franchise Coach [23:20] • How Randy is compensated for his work [26:00] • Prior work experience and skills required [27:30] • What you get in return for paying royalties to a franchise [36:40] • Factors that can cause a franchise to fail [41:00] • Things to keep in mind when considering a business [44:20] • What is needed financially to qualify: liquidity, net worth, and other options [46:35] Tips • Establishing a side business before leaving a full time job can reduce risk [19:00] • A franchise will provide you with a business model including the tools and training you need – no experience is required [27:30] • Search for a franchise that fits your transferrable skills and passions [30:40] • Begin your search with the end in mind and evaluate each business against your goals [51:30]