Super Broker, Curt Maier Debates When to Start a New Franchise or Buy a Franchise For Sale

January 23, 2023 by No Comments

In today’s interview, our guest is Curt Maier, he is a business and franchise broker at IBA. In today’s video, they will discuss when to buy a new franchise or one for sale.

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00:00 Introduction
00:48 How did you get into the franchising space?
05:30 How long did it take to recoup your investment?
05:47 How do you define full absentee owner?
07:43 Milestones of his first entrepreneurial adventure
08:15 Thinking about the future
09:28 A market to help people buy and sell a franchise or business
9:47 Franchisee in the business brokerage world
15:05 Two key milestones to keep in mind for people going into a small business ownership
17:31 Even the “super broker” needs tools
18:48 A 35-year-old candidate with $100k, should focus more on buying a new franchise or should also evaluate a franchise resale opportunity?
23:37 When it would be better to buy an existing business?
27:19 Key data or metrics to look at when evaluating a franchise resale
28:45 Are there metrics that you are tracking to exhilarate your job as a franchise and business broker?
30:40 Conclusion

#StartANewFranchiseOrBuyAFranchiseForSale #InterviewWithCurtMaier #VettedBiz

Patrick:— “Hey, Patrick Findaro here. Co-founder at Vetted Biz. Today I’m excited to be on the line with Curt Maier, business broker and franchise broker at IBA. He’s the only licensed franchise broker and business broker in the state of Washington. Probably, I’ll add in also the only ex-nuclear submarine captain or naval officer as well. You had those three categories sorted out that without a doubt. He’s a graduate of Notre Dame. He’s done a lot of different things in his career that Curt will go into. But today’s discussion is mostly focused on the benefits of going with a new franchise versus going with an existing business or a franchise resale. So, Curt, thanks for joining today. We’d love to hear a little bit about how you got into the franchising space.”

Curt:— “Sure, Patrick. It’s a pleasure being here. I’ve been blessed in that I’ve had three distinct careers between my naval career as a U.S. Naval nuclear submarine officer, 20 years in a Fortune 300 corporation, Air Products & Chemicals selling industrial gases. And then the last 18 years as an entrepreneur where I’ve owned and sold four businesses, two of which were franchises, which I’ll describe in a little bit more detail. The way I made my way into franchising was typical of most corporate refugees. At the 20-year point, I had a very fulfilling career. I was doing some merger and acquisition work for the company I was with. So, I was a strategic buyer purchasing businesses and rolling them up in a particular industry. And realized that between my wife and me, we needed some flexibility in our lives. Initially, I thought my wife would stay at home for a while, but she encouraged me to do something entrepreneurial. When I thought about that, most of my friends suggested that if I did consider small business ownership, I should look to purchase an existing business.

Now, I was living in Allentown, Pennsylvania at the time, the lovely Lehigh Valley, not quite the robust area that I live in now in Seattle, but there are always businesses for sale in every geography and at any time. And back then in 2003, 2004, I looked at several businesses ranging from manufacturing to services and everything in between. And I had lunch with a friend who asked me how it was going, and I showed some concerns about each of the opportunities I was looking at and he interrupted me and said, «Geez, what are you looking for? Perfection?» I said, «Well. I want this to be successful. This is my first rodeo.» He convinced me that I needed to open my lens a bit and go beyond existing businesses and consider franchises. Quite frankly, when he mentioned franchising, I was in a different mindset. I thought that franchises were only for those that couldn’t do it themselves.”

P:— “Yeah. Or were you also thinking like food, like you’d be working on buying the counter?”
C:— “Exactly. I thought Harry is steering me into buying a Subway or something. My God, that was furthest from my mind. I was thinking more along the lines of a B2B kind of arrangement. At any rate, he encouraged me. He said, «Look, you’re looking at businesses, you ought to look at franchise concepts.» At the time, my search was done primarily via the internet on my own. And so I did enlarge my search to include franchises. I had plenty of time. So, I looked at a number of them from staffing to janitorial to child education to health care. I looked at a number of opportunities all the way up through making several discovery day visits as well. Ultimately, I decided on the senior healthcare space.”

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