This ad will close in

The Other Shoes

Making the leap from franchise seller to franchise buyer

During his eight years working in the corporate offices of J.D. Byrider, a used car dealership and financing franchise, Jim Thompson had done pretty much everything there was to do, from opening new stores to selling franchises. "You know how to run it-you see people who have succeeded and know all the secrets. It was a natural progression for me to do this on my own," says Thompson, 33.

Before leaving headquarters, the former vice president of franchise development persuaded one of his employees to partner with him. "He came from the finance [industry], I had the franchise background, and the mix just seemed perfect," Thompson says of Jim Kagiliery, also 33.

In 2000, the pair opened their first J.D. Byrider unit in Jacksonville, Florida, with Thompson acting as president of the dealership. Kagiliery acts as president of the finance company, a franchise called Car Now Acceptance Co. that's co-branded with J.D. Byrider. Thompson and Kagiliery currently own three franchises in Jacksonville and plan to open two more soon.

The transition from corporate employee to franchisee has been a welcome one for Thompson, who majored in entrepreneurship in college. As a student, though, he didn't foresee himself running a chain of used car dealerships. "I wrote my final paper on running a gym, but you have so much overhead, it's not very profitable," Thompson says. "Once you get out in the real world, you find where the money's made."

Like this article? Get this issue right now on iPad, Nook or Kindle Fire.

This article was originally published in the October 2002 print edition of Entrepreneur with the headline: The Other Shoes.

Loading the player ...

The One Excuse You Should Never Give Your Employees

Ads by Google

0 Comments. Post Yours.

Most Shared Stories

The 3 Attributes to Look for in Top Talent
14 Books Every Entrepreneur Should Read in '14
5 Key Characteristics Every Entrepreneur Should Have
What Motivates Entrepreneurs to Do What They Do? (Infographic)
How to Change Your Beliefs and Stick to Your Goals for Good

Trending Now