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To Franchise or Not: Why Stop Selling Franchises?

To Franchise or Not: Why Stop Selling Franchises?

Transcription:

Amanda: Alright. Welcome, Matt, to our podcast today. Thanks for being here.

Matt Murphy: Thanks for having me.

Amanda: Mike was just sharing with us, and we’re talking a lot about when you’re pursuing a business opportunity, and you’re looking to kind of take that entrepreneurial journey and figure out what that looks like for you. So, we’ve talked about identifying whether that is the right journey for you, right business ownership as a whole, franchising if that’s the way to go. We’ve gone down to the level of choosing an industry that mostly most well fits with your goals and your, you know, what you’re trying to do here and then we’re down to level of a company and Mike was sharing with us specifically about Griswold Home Care, and and the choice you made to stop franchising for a couple of years and I’m sure that was an easy choice to make but want to talk more about what was the motivation behind that?

Matt: Yeah, I mean in some respects, it was a really easy decision to make, because when we examined it from the right thing to do, it was the right thing to do. And the reason it was, it was a really challenging time in terms of what was happening in the industry and how those changes, the regulation changes, were impacting our business and what we needed to do to make the offering right for people. It’s such a big obligation when somebody is going to entrust their net worth to us we just had to make sure that we were worthy of it. We had make to sure that we were going to do the right thing with that trust, that we’re going to have an offering that was going to allow that person to have a business that was compliant, and a business that they could grow and that they could they could drive their own equity in, and we had some work to do to get there. So that was four or five years ago. Today, we feel really great about that. So today we feel like we do meet that obligation. Today, we’re excited to bring new people in for those reasons.

Amanda: I love it. Anything you want to expound upon Mikes?

Mike Magid: No, I again, I think I just commend Matt. It’s unheard of in the franchising industry to shut down franchise development. Maybe for a few months while you’re sorting things out, never for four years. I had never seen it. Have you ever seen that in your profession?

Mike Powers: I have not, I have not, but that was being driven by changes in the landscape that and, you know, factors that were out of everyone’s control and you need to anticipate, you know. We go back to what we talked about Blockbuster had they anticipated some of the things and made a change or at least prepared to navigate those changes, they may be around today and and due to Matt’s leadership, I think that was a difficult but an easy decision, when you look at it, because we have constituents then there are the things that they’ve invested in, we wanted to protect our investment. We wanted to be able to build the equity as we talked about and we thought that that made the sense, the best sense, to move the initiative forward.

Matt: As clear as it was that we had to stop is as clear as it is that we had to get back in. I mean, again, I, we keep, we talk a lot about this sense of obligation and, and I almost feel obligated to bring this offering to the public now, because it is such a incredible opportunity to join us at this time. And just as strongly as we felt that we couldn’t offer it four years ago, we feel just as zealous about the fact that people should be taking advantage of this opportunity now.

Mike Magid: I might ask a question, if you don’t mind, Amanda.

Amanda: Absolutely.

Mike Magid: I’m gonna play Amanda’s role here for a second, and without getting into all the weeds, the details of it. Shutting down a company’s development for four years, and because of industry changes and whatnot, but yet, nobody else did. None of the other folks that, you know, offer opportunities in this industry did, and just wondering if there’s any insight from you as to why we did because of these changes and they didn’t feel compelled to.

Matt: Yeah, you know, hard pressed to answer for everybody else. But, I think that the issues hit us, maybe a little bit differently. Our circumstances might have been different than the rest of the industry. Just we’ve been around for thirty six years at this point, but at that time, we had a lot of things about our model that had built up over the years and maybe people entered in at a different time. They didn’t have as much work to do when when when the regulations in the industry change again, it’s hard to speak for what the rest of those folks did, I just knew that what we had to do to make things a state-of-the-art offering that we didn’t want to do incremental changes, we wanted to really fix it. So that, that’s, that’s part of the reason that it made sense for us to do it that way.

Mike Magid: And, you said back at the time when you stop selling franchises, that you would not sell this franchise to your sister.

Matt: Right.

Mike Magid: How do you feel today about your sister being offered a franchise opportunity?

Matt: Maryanne, if you’re watching, you should buy a franchise today from Griswold Home Care.

Amanda: Mike, I want to stay kind of walk that same line because you said it was so clear, it almost was an easy decision to make to stop selling because everything was going on, and the legislative landscape. You said it’s also as clear decision to start again, because we’ve got a great opportunity and, you know, want to share that with the world. But what makes it so clear, why is now the right time?

Matt: Yeah, I think just that we’re just really proud about the way the company’s positioned now. I think that we have, we’ve got a tremendous history and heritage to rely on from when Jean Griswold founded the business you know, she was the, the genesis for what today is the purpose statement that we all rally around. We give people the help they need to live in the place they love, and what if what a phenomenal business to be able to embrace that purpose statement every day. A lot of folks in our industry have a similar purpose, but we feel really strongly about ours. We feel really strongly about our tie to the matriarch of the business with Jean. And we also feel really strongly about how we’re positioned right now for all the things that are happening in our marketplace, and our ability to take advantage of them. We have a focus on quality, we have a focus on the real heroes in this business, which is the caregiver side of the business, and so I think we’ve some got really cutting edge great ways for us to embrace that constituency. We’ve got some really interesting things that we’re doing in terms of our leverage of technology. This will always be a people business. This is always going to be about the human dynamic in the home, but we also know that there’s just tremendous technology that we can bring to wrap around what we’re doing to make it an even richer experience for that care recipient. We put our are offering up against anybody else’s terms in of those three metrics.

Amanda: Alright thanks for sharing. And I want go to back to Jean Griswold. Right? Because there’s every day, there’s more and more women and young younger, folks getting into franchising and starting businesses. So, back in the 80s, that was not the norm. So I really wanted to kind of touch on that because it is something that we focus so more much on now, but in 1982 when Jean was starting the company, she was very much a pioneer in that women-owned businesses.

Matt: Yeah, just such a phenomenal story and again, I think that everything we do that’s smart and good. We owe to Jean, so, you know, for what she did, and really inventing a new category for franchising. I mean, she was the first to do it and look at 60 other people have gotten into, 60 other businesses, have followed suit because of what she did in terms of leadership in the industry. So, you know, think I, when we sit back to measure her impact it’s really quite phenomenal.

Amanda: Absolutely. Any final thoughts from my esteemed panel here?

Mike Magid: First of all let’s thank Matt Murphy, President and CEO of Griswold Home Care for joining us today.

Matt: It was my honor and privilege.

Mike Magid: And always great to sit next to Mike Powers and share the mic, you know, on Franchising with Purpose and just a compliment to you for doing a wonderful job in hosting this podcast today and keeping us on track and focused on what we need to be focused on, so, thank you and appreciate our loyal listening audience.

Amanda: You’re welcome. And thank you all for being here. Matt, thanks for popping in, and sharing your your expertise and giving us little a bit of insight and behind the curtain into, you know, the decisions that were made and I feel much more well informed, as someone, who’s potentially taking this journey, you know, into business ownership and franchising. I feel really good I hope our listeners do too about things to look for and now lying that with your personal mission and purpose and questions to ask and all that goes into it. So, again, Matt thanks for being here. Mike, and Mike…

Mike Magid: Can you remind the audience where they’re going to be able to find this podcast?

Amanda: That’s coming up next on my list here. So, again, you can find this podcast on Spotify, iTunes, YouTube, Stitcher, Google Play Music, and again, my personal favorite www.griswoldhomecare.com/franchising/, you can also find us on Twitter, Facebook and Instagram and with that thanks to everyone being for here and we’ll see you next month!

Matt: Thank you.

Mike Magid: Thank you.

Mike Powers: Thanks, Amanda.