Cash Course
The millionaire club grows every year--just think of a franchise as the secret handshake that gets you in.
URL:
http://www.entrepreneur.com/franchises/buyingafranchise/franchisebasics/article42516.html
The next time you hit the drive-thru or hire a service
franchise, think about this: One of those people on the other side
of the counter or phone may just be a millionaire.
Franchising is the source for thousands of quiet success
stories. To illustrate the beauty of buying into a proven system,
we found three franchisees who, with old-fashioned hard work and
dedication, have joined our economy's million-dollar club. And
while their lives are rarely flashy, these millionaire franchisees
have progressed by doing what really matters: realizing dreams.
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McAlister's Deli
Anyone who thinks Gen Xers lack ambition hasn't met
franchisee George McLaughlin. In a little more than five years,
McLaughlin has gone from serving sandwiches at a McAlister's
Deli location while attending the University of Mississippi to
heading a company that operates six McAlister's franchises
throughout South Carolina.
"My major challenge was to find people to believe in me at
the age of 23," McLaughlin recalls. Even though he had worked
at the deli for more than a year and had trained McAlister's
franchisees before moving from Mississippi to South Carolina to
become one himself, McLaughlin had a hard time proving he was a
good bet.
"Every time I'd walk into a developer's office, the
first thing they'd ask me was how old I was and if I was crazy
to go into a state 600 miles away and say, 'I want to build a
McAlister's Deli, and I'm going to sell a lot of sandwiches
in order to pay the rent,'" says McLaughlin.
"It's very hard for a lot of people to believe that at
first."
"My major
challenge was to find people to believe in me at the age of
23."
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Believe it or not, it happened. A company familiar with the
franchise and McLaughlin's track record as a general manager
was interested. McLaughlin's first location opened in Columbia,
South Carolina, in 1997. With the help of the vice presidents,
managers and employees at MAC Restaurant Corp., the business
McLaughlin founded to operate his franchises, he has opened five
other stores in Columbia, Greenville and Rock Hill, and has one
more location opening soon.
McLaughlin plans to expand his company beyond McAlister's by
taking on another franchise concept in the near future, and he
hopes to eventually develop a brand-new concept of his own.
Bolstered by the $6 million MAC made in 2000 and the $10 million
it's projecting for 2001, the chances anyone will be
questioning McLaughlin's pitches again are slim to none.
Servpro
Franchising might be a fairly sure thing, as opposed to other
ways of starting a business, but if you think its path to millions
comes without risk, meet Suzie and Dave McGuire. In 1989, Dave left
the security of a corporate job to work for a franchisee of
Servpro, a restoration and cleaning system franchise. His change in
jobs involved relocation, and he had to move Suzie and their baby
boy from Bloomington, Illinois, to Springfield, Illinois. "My
parents thought we were absolutely crazy," says Dave. "We
left the company car, the vacations, the health insurance. We
burned our bridges. We couldn't afford to fail-our family's
well-being depended on [our success]."
In 1990, the family moved once again, this time to Champaign,
Illinois. The couple set up a Servpro franchise in their home, and
their second son was born a few weeks later. The spare bedroom
served as an office, and their home number doubled as a business
line. Even though they were struggling, the McGuires took great joy
in early successes. Dave recalls the steps to their first million:
"The very first time our phone rang and we got a job, that was
great. I remember the first time we got a paycheck and could afford
to eat more than macaroni and cheese."
"We
couldn't afford to fail-our family's well-being depended on
[our success]."
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The days of living on macaroni and cheese are now a distant
memory for the McGuires, whose family now includes twins, born in
1997. This year, sales for their franchise are on track to reach $2
million.
Money isn't the only measure of their success. When a
devastating fire struck their warehouse last year, members of the
Champaign community as well as other Servpro franchisees helped the
McGuires rebuild their warehouse. Looking toward the future, the
McGuires are rich in more ways than one.
Allegra Print &
Imaging
When Eileen Rogers first entered the Allegra Print & Imaging
center in Scottsdale, Arizona, her only intention was to make
copies of her resume. A recent graduate of the University of
Wisconsin, Rogers had just moved to Arizona and was looking for
employment.
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The then-owner of the center was looking for a salesperson and
partner to help grow the company, and Rogers fit the bill. She
began working at the center and, within a short time, set up a
sweat equity agreement to earn a percentage of the business.
"If I got sales up to a certain level in a certain amount of
time, I could buy 10 percent, and then I had an option on the next
10 percent," Rogers explains. She continued accruing
percentages of the business until 1996, when she bought out the
remainder of her aging partner's shares.
When Rogers began working at the center, there were a few things
she needed to learn. "I didn't know the difference between
printing and copying, or anything about the technical or production
aspect of the company," she explains. "What I did know
was I enjoyed helping people, and sales are very natural for
me."
Rogers did learn how to operate the technical side of the
business, and though she now focuses on her sales and customer
relations strengths, "understanding the production process
turns out to be an advantage at this point," she says. "I
no longer have to do it, but I'm able to relate with the staff
that does."
"What I've
built is not so much a graphic design and printing company. What
I've built is a vehicle for my life."
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Rogers is also pleased to relate to the people and organizations
within her community. Each year, her Allegra center makes donations
of supplies and printing services to local charities and nonprofit
organizations. In 1999, the store created the Baby Drive, a holiday
event that collects diapers and other baby products for homeless
families and domestic violence victims. Last year, $14,000 worth of
items, including 20,000 diapers, were collected. This year, the
store is hoping to collect 50,000 diapers.
Rogers was given the Athena Award last year by the Greater
Phoenix Chamber of Commerce. "That was probably the moment in
my career when I felt the most successful," she says.
"Being recognized by peers and others in the community for not
only being a good businessperson, but mentoring women and serving
the community, that's such a big part of my life in this
company."
And Rogers is grateful for the lifestyle this
$1.65-million-grossing franchise has awarded her, including a
recent trip to Chile and two dogs, three cats and a fish.
"What I've built is not so much a graphic design and
printing company," she says. "What I've built is a
vehicle for my life."
Contact Sources
- Servpro of Champaign-Urbana
3813 N. Cunningham, Urbana, IL 61802
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