{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.175,"endTime":2.605,"body":"Hey, welcome back"},{"speaker":"Average Joe Finances","startTime":0.175,"endTime":2.605,"body":"to the Average Joe Finances Podcast."},{"speaker":"Average Joe Finances","startTime":2.655,"endTime":6.814,"body":"I'm your host, Mike Cavaggioni,"},{"speaker":"Average Joe Finances","startTime":2.655,"endTime":6.814,"body":"and today's guest is Bob Bernata."},{"speaker":"Average Joe Finances","startTime":6.815,"endTime":9.165,"body":"So Bob, super excited to have you on."},{"speaker":"Average Joe Finances","startTime":9.165,"endTime":12.094,"body":"We're going to talk about some"},{"speaker":"Average Joe Finances","startTime":9.165,"endTime":12.094,"body":"franchising really excited about it"},{"speaker":"Average Joe Finances","startTime":12.104,"endTime":13.864,"body":"and I hope to learn a lot from you."},{"speaker":"Average Joe Finances","startTime":13.864,"endTime":15.004,"body":"So welcome to the show."},{"speaker":"Bob Bernotas","startTime":15.704,"endTime":16.334,"body":"Thank you, Mike."},{"speaker":"Bob Bernotas","startTime":16.384,"endTime":17.264,"body":"Really appreciate it."},{"speaker":"Bob Bernotas","startTime":17.914,"endTime":18.465,"body":"Glad to be here."},{"speaker":"Average Joe Finances","startTime":19.234,"endTime":19.894,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":19.894,"endTime":21.144,"body":"I'm glad to have you here."},{"speaker":"Average Joe Finances","startTime":21.154,"endTime":25.274,"body":"So I want to start this podcast off"},{"speaker":"Average Joe Finances","startTime":21.154,"endTime":25.274,"body":"the same way I start every episode."},{"speaker":"Average Joe Finances","startTime":25.614,"endTime":27.264,"body":"And we want to know more about you."},{"speaker":"Average Joe Finances","startTime":27.854,"endTime":30.984,"body":"So if you could share a little bit"},{"speaker":"Average Joe Finances","startTime":27.854,"endTime":30.984,"body":"about yourself, share your story, how"},{"speaker":"Average Joe Finances","startTime":30.984,"endTime":32.824,"body":"you got into franchising, but tell us."},{"speaker":"Average Joe Finances","startTime":33.215,"endTime":35.465,"body":"Who is Bob Bernotas?"},{"speaker":"Bob Bernotas","startTime":35.835,"endTime":36.735,"body":"Oh my goodness."},{"speaker":"Bob Bernotas","startTime":36.795,"endTime":39.594,"body":"Bob Bernotas is  a father of five."},{"speaker":"Bob Bernotas","startTime":39.594,"endTime":40.814,"body":"I have four daughters."},{"speaker":"Bob Bernotas","startTime":40.894,"endTime":42.594,"body":"My oldest daughter works for me."},{"speaker":"Bob Bernotas","startTime":42.594,"endTime":44.625,"body":"She sits in the office adjacent from mine."},{"speaker":"Bob Bernotas","startTime":44.625,"endTime":46.085,"body":"She's 25 years old right now."},{"speaker":"Bob Bernotas","startTime":46.085,"endTime":47.594,"body":"So I'm trying to build a legacy."},{"speaker":"Bob Bernotas","startTime":47.635,"endTime":51.925,"body":"With a number of my children as well,"},{"speaker":"Bob Bernotas","startTime":47.635,"endTime":51.925,"body":"but my background is in franchising."},{"speaker":"Bob Bernotas","startTime":51.925,"endTime":57.145,"body":"I've been in franchising hate to admit"},{"speaker":"Bob Bernotas","startTime":51.925,"endTime":57.145,"body":"at this point, but since 1986, when"},{"speaker":"Bob Bernotas","startTime":57.145,"endTime":61.605,"body":"I got into my first franchise concept"},{"speaker":"Bob Bernotas","startTime":57.145,"endTime":61.605,"body":"back in my twenties the first one I"},{"speaker":"Bob Bernotas","startTime":61.605,"endTime":63.515,"body":"got into was called West coast video."},{"speaker":"Bob Bernotas","startTime":63.575,"endTime":67.84,"body":"If you remember the video industry,"},{"speaker":"Bob Bernotas","startTime":63.575,"endTime":67.84,"body":"the VHS rental industry and I"},{"speaker":"Bob Bernotas","startTime":67.86,"endTime":69.59,"body":"think, it happened to that industry."},{"speaker":"Bob Bernotas","startTime":69.6,"endTime":72.13,"body":"It's not around any longer,"},{"speaker":"Bob Bernotas","startTime":69.6,"endTime":72.13,"body":"but I got out of it."},{"speaker":"Bob Bernotas","startTime":72.16,"endTime":75.53,"body":"I wouldn't say it's the ideal time,"},{"speaker":"Bob Bernotas","startTime":72.16,"endTime":75.53,"body":"but I got out of it early enough where"},{"speaker":"Bob Bernotas","startTime":75.53,"endTime":79.05,"body":"I didn't take too much of a beating,"},{"speaker":"Bob Bernotas","startTime":75.53,"endTime":79.05,"body":"but it did fairly well for a long"},{"speaker":"Bob Bernotas","startTime":79.05,"endTime":83.49,"body":"time with it own multiple franchise"},{"speaker":"Bob Bernotas","startTime":79.05,"endTime":83.49,"body":"concepts, three different franchise"},{"speaker":"Bob Bernotas","startTime":83.52,"endTime":87.31,"body":"concepts and multiple units with each"},{"speaker":"Bob Bernotas","startTime":83.52,"endTime":87.31,"body":"that I built over the years and sold."},{"speaker":"Bob Bernotas","startTime":87.855,"endTime":89.485,"body":"I'm currently a franchise investor."},{"speaker":"Bob Bernotas","startTime":89.485,"endTime":91.725,"body":"So I do believe in franchising."},{"speaker":"Bob Bernotas","startTime":91.725,"endTime":94.205,"body":"I get high on my own supply, so to speak."},{"speaker":"Bob Bernotas","startTime":94.645,"endTime":98.735,"body":"And I also was CEO of a"},{"speaker":"Bob Bernotas","startTime":94.645,"endTime":98.735,"body":"national chain back in the day."},{"speaker":"Bob Bernotas","startTime":98.745,"endTime":103.635,"body":"I have a, I have an extensive background"},{"speaker":"Bob Bernotas","startTime":98.745,"endTime":103.635,"body":"in franchising, love that model"},{"speaker":"Bob Bernotas","startTime":103.665,"endTime":105.325,"body":"and love what it can do for people."},{"speaker":"Average Joe Finances","startTime":106.025,"endTime":106.295,"body":"All right."},{"speaker":"Average Joe Finances","startTime":106.315,"endTime":106.715,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":106.725,"endTime":111.565,"body":"So Bob, as you were going, I was taking"},{"speaker":"Average Joe Finances","startTime":106.725,"endTime":111.565,"body":"some notes on a couple of things and you"},{"speaker":"Average Joe Finances","startTime":111.565,"endTime":114.115,"body":"got started in franchising back in 86."},{"speaker":"Average Joe Finances","startTime":114.145,"endTime":116.145,"body":"I don't even want to tell you how"},{"speaker":"Average Joe Finances","startTime":114.145,"endTime":116.145,"body":"old I was because I don't want to"},{"speaker":"Average Joe Finances","startTime":116.145,"endTime":119.715,"body":"offend you, but man, you've been"},{"speaker":"Average Joe Finances","startTime":116.145,"endTime":119.715,"body":"doing this for a while, right?"},{"speaker":"Average Joe Finances","startTime":120.095,"endTime":121.925,"body":"So obviously you've got"},{"speaker":"Average Joe Finances","startTime":120.095,"endTime":121.925,"body":"the experience, right?"},{"speaker":"Average Joe Finances","startTime":121.945,"endTime":123.415,"body":"That's what I'm trying to get at."},{"speaker":"Average Joe Finances","startTime":123.505,"endTime":123.735,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":123.735,"endTime":124.825,"body":"That's what I'm trying to get at here."},{"speaker":"Average Joe Finances","startTime":125.445,"endTime":127.175,"body":"But yeah, so you had mentioned"},{"speaker":"Average Joe Finances","startTime":125.445,"endTime":127.175,"body":"though that you're still"},{"speaker":"Average Joe Finances","startTime":127.175,"endTime":129.254,"body":"franchising, just investing, right?"},{"speaker":"Average Joe Finances","startTime":129.895,"endTime":134.335,"body":"And my question is, because, I, I know"},{"speaker":"Average Joe Finances","startTime":129.895,"endTime":134.335,"body":"people that have franchise, businesses"},{"speaker":"Average Joe Finances","startTime":134.335,"endTime":138.695,"body":"that they've that they bought and started"},{"speaker":"Average Joe Finances","startTime":134.335,"endTime":138.695,"body":"up or whatever and they're doing right."},{"speaker":"Average Joe Finances","startTime":138.695,"endTime":141.625,"body":"But what do you mean"},{"speaker":"Average Joe Finances","startTime":138.695,"endTime":141.625,"body":"by franchise investing?"},{"speaker":"Bob Bernotas","startTime":142.025,"endTime":145.795,"body":"I don't have time to"},{"speaker":"Bob Bernotas","startTime":142.025,"endTime":145.795,"body":"acquire a franchise and operate the"},{"speaker":"Bob Bernotas","startTime":145.795,"endTime":151.035,"body":"franchise so I look for people who"},{"speaker":"Bob Bernotas","startTime":145.795,"endTime":151.035,"body":"potentially want to be, want to operate"},{"speaker":"Bob Bernotas","startTime":151.135,"endTime":154.985,"body":"at least on a part time, could be"},{"speaker":"Bob Bernotas","startTime":151.135,"endTime":154.985,"body":"full time, could be part time, that"},{"speaker":"Bob Bernotas","startTime":154.995,"endTime":156.105,"body":"I have a real comfort level with."},{"speaker":"Bob Bernotas","startTime":156.455,"endTime":159.665,"body":"And plus I like whatever the concept"},{"speaker":"Bob Bernotas","startTime":156.455,"endTime":159.665,"body":"happens to be that they may be"},{"speaker":"Bob Bernotas","startTime":159.665,"endTime":162.905,"body":"interested in that I'm showing"},{"speaker":"Bob Bernotas","startTime":159.665,"endTime":162.905,"body":"them and they're in a good market."},{"speaker":"Bob Bernotas","startTime":162.955,"endTime":167.025,"body":"And if everything lines up"},{"speaker":"Bob Bernotas","startTime":162.955,"endTime":167.025,"body":"properly, I may very well invest"},{"speaker":"Bob Bernotas","startTime":167.025,"endTime":172.075,"body":"with and have them operate the"},{"speaker":"Bob Bernotas","startTime":167.025,"endTime":172.075,"body":"business, more and more franchise."},{"speaker":"Bob Bernotas","startTime":172.44,"endTime":176.77,"body":"Companies have developed semi"},{"speaker":"Bob Bernotas","startTime":172.44,"endTime":176.77,"body":"passive models , and give you a"},{"speaker":"Bob Bernotas","startTime":176.77,"endTime":178.56,"body":"quick history lesson in franchising."},{"speaker":"Bob Bernotas","startTime":178.57,"endTime":183.08,"body":"If you go back 2030 years ago, there were"},{"speaker":"Bob Bernotas","startTime":178.57,"endTime":183.08,"body":"very few of these concepts that offered"},{"speaker":"Bob Bernotas","startTime":183.08,"endTime":188.37,"body":"semi passive models unless they were"},{"speaker":"Bob Bernotas","startTime":183.08,"endTime":188.37,"body":"something like QSR restaurant or boutique"},{"speaker":"Bob Bernotas","startTime":188.37,"endTime":190.65,"body":"fitness, whereby you can start it."},{"speaker":"Bob Bernotas","startTime":190.65,"endTime":191.84,"body":"You can put a manager in place."},{"speaker":"Bob Bernotas","startTime":191.84,"endTime":193.01,"body":"They operate it for you."},{"speaker":"Bob Bernotas","startTime":193.01,"endTime":195.7,"body":"You start a 2nd, 1 put a manager in place."},{"speaker":"Bob Bernotas","startTime":195.74,"endTime":197.01,"body":"They operate it for you."},{"speaker":"Bob Bernotas","startTime":197.505,"endTime":201.575,"body":"But more and more of these concepts"},{"speaker":"Bob Bernotas","startTime":197.505,"endTime":201.575,"body":"have now developed a platform to"},{"speaker":"Bob Bernotas","startTime":201.585,"endTime":204.525,"body":"support franchisees on a passive basis."},{"speaker":"Bob Bernotas","startTime":204.845,"endTime":209.925,"body":"And more and more of these concepts"},{"speaker":"Bob Bernotas","startTime":204.845,"endTime":209.925,"body":"have become, or I should say,"},{"speaker":"Bob Bernotas","startTime":210.115,"endTime":213.575,"body":"more and more of these concepts"},{"speaker":"Bob Bernotas","startTime":210.115,"endTime":213.575,"body":"are service oriented businesses."},{"speaker":"Bob Bernotas","startTime":213.865,"endTime":215.834,"body":"It could be something"},{"speaker":"Bob Bernotas","startTime":213.865,"endTime":215.834,"body":"home service related."},{"speaker":"Bob Bernotas","startTime":215.834,"endTime":218.825,"body":"It could be a company does"},{"speaker":"Bob Bernotas","startTime":215.834,"endTime":218.825,"body":"windows, company does roofing,"},{"speaker":"Bob Bernotas","startTime":218.825,"endTime":222.195,"body":"a company does flooring, company"},{"speaker":"Bob Bernotas","startTime":218.825,"endTime":222.195,"body":"that does window cleaning."},{"speaker":"Bob Bernotas","startTime":222.195,"endTime":224.745,"body":"It could be anything"},{"speaker":"Bob Bernotas","startTime":222.195,"endTime":224.745,"body":"having to do with the home."},{"speaker":"Average Joe Finances","startTime":224.854,"endTime":226.885,"body":"One of my"},{"speaker":"Average Joe Finances","startTime":224.854,"endTime":226.885,"body":"buddies does one with insulation."},{"speaker":"Bob Bernotas","startTime":227.755,"endTime":228.155,"body":"Love it."},{"speaker":"Bob Bernotas","startTime":228.195,"endTime":228.665,"body":"Which one?"},{"speaker":"Bob Bernotas","startTime":229.145,"endTime":229.805,"body":"I love it."},{"speaker":"Bob Bernotas","startTime":230.505,"endTime":231.135,"body":"Great brand."},{"speaker":"Bob Bernotas","startTime":231.135,"endTime":232.564,"body":"I've placed many people with it."},{"speaker":"Bob Bernotas","startTime":232.635,"endTime":233.994,"body":"It's a fantastic brand."},{"speaker":"Bob Bernotas","startTime":234.295,"endTime":238.644,"body":"So perfect example, but"},{"speaker":"Bob Bernotas","startTime":234.295,"endTime":238.644,"body":"Koala has a platform like."},{"speaker":"Bob Bernotas","startTime":238.905,"endTime":241.965,"body":"These other service brands"},{"speaker":"Bob Bernotas","startTime":238.905,"endTime":241.965,"body":"has a platform to support"},{"speaker":"Bob Bernotas","startTime":242.295,"endTime":244.305,"body":"franchisees on a part time basis."},{"speaker":"Bob Bernotas","startTime":244.305,"endTime":246.135,"body":"They have a national"},{"speaker":"Bob Bernotas","startTime":244.305,"endTime":246.135,"body":"call center and so forth."},{"speaker":"Bob Bernotas","startTime":246.425,"endTime":249.685,"body":"They just develop the tools"},{"speaker":"Bob Bernotas","startTime":246.425,"endTime":249.685,"body":"necessary to allow you to do it"},{"speaker":"Bob Bernotas","startTime":249.685,"endTime":251.855,"body":"on a part time basis from day one."},{"speaker":"Bob Bernotas","startTime":252.665,"endTime":256.935,"body":"Because so many people, many of"},{"speaker":"Bob Bernotas","startTime":252.665,"endTime":256.935,"body":"my clients, most of my clients"},{"speaker":"Bob Bernotas","startTime":256.935,"endTime":260.675,"body":"are actually coming from corporate"},{"speaker":"Bob Bernotas","startTime":256.935,"endTime":260.675,"body":"America and they have a full time job."},{"speaker":"Bob Bernotas","startTime":260.685,"endTime":262.115,"body":"Many of them make a lot of money."},{"speaker":"Bob Bernotas","startTime":262.155,"endTime":265.085,"body":"They're not going to, they"},{"speaker":"Bob Bernotas","startTime":262.155,"endTime":265.085,"body":"can be C suite, whatever."},{"speaker":"Bob Bernotas","startTime":265.325,"endTime":269.025,"body":"They're not going to walk away from"},{"speaker":"Bob Bernotas","startTime":265.325,"endTime":269.025,"body":"that money, but often, they want to"},{"speaker":"Bob Bernotas","startTime":269.025,"endTime":272.185,"body":"start building an off ramp because"},{"speaker":"Bob Bernotas","startTime":269.025,"endTime":272.185,"body":"despite the money they're making"},{"speaker":"Bob Bernotas","startTime":272.185,"endTime":276.205,"body":"your corporate America, they might"},{"speaker":"Bob Bernotas","startTime":272.185,"endTime":276.205,"body":"be working 60, 70 hours a week."},{"speaker":"Bob Bernotas","startTime":276.205,"endTime":278.695,"body":"And they know they can't"},{"speaker":"Bob Bernotas","startTime":276.205,"endTime":278.695,"body":"maintain that pace forever."},{"speaker":"Bob Bernotas","startTime":278.695,"endTime":282.865,"body":"So they're looking for something"},{"speaker":"Bob Bernotas","startTime":278.695,"endTime":282.865,"body":"as a gradual on ramp off ramp in"},{"speaker":"Bob Bernotas","startTime":282.865,"endTime":287.745,"body":"some cases, an immediate off ramp"},{"speaker":"Bob Bernotas","startTime":282.865,"endTime":287.745,"body":"into the world of franchising."},{"speaker":"Bob Bernotas","startTime":287.745,"endTime":289.245,"body":"And that's really why."},{"speaker":"Bob Bernotas","startTime":289.615,"endTime":292.975,"body":"I, these types of concepts"},{"speaker":"Bob Bernotas","startTime":289.615,"endTime":292.975,"body":"or this platform, this semi"},{"speaker":"Bob Bernotas","startTime":292.975,"endTime":294.925,"body":"passive platform was developed."},{"speaker":"Average Joe Finances","startTime":295.625,"endTime":298.495,"body":"Yeah that's"},{"speaker":"Average Joe Finances","startTime":295.625,"endTime":298.495,"body":"fantastic because  it's a way for that,"},{"speaker":"Average Joe Finances","startTime":298.504,"endTime":302.314,"body":"if somebody's pretty busy with their"},{"speaker":"Average Joe Finances","startTime":298.504,"endTime":302.314,"body":"day job, they're nine to five, but they"},{"speaker":"Average Joe Finances","startTime":302.324,"endTime":303.874,"body":"want to get into something different."},{"speaker":"Average Joe Finances","startTime":304.334,"endTime":307.204,"body":"It's something that they could be a"},{"speaker":"Average Joe Finances","startTime":304.334,"endTime":307.204,"body":"little bit more hands off with and"},{"speaker":"Average Joe Finances","startTime":307.204,"endTime":309.574,"body":"not, have to go all in right away."},{"speaker":"Average Joe Finances","startTime":309.574,"endTime":311.214,"body":"And I think that's a very good point."},{"speaker":"Average Joe Finances","startTime":311.464,"endTime":312.374,"body":"Another friend of mine."},{"speaker":"Average Joe Finances","startTime":313.039,"endTime":315.759,"body":"Who has one with he also is"},{"speaker":"Average Joe Finances","startTime":313.039,"endTime":315.759,"body":"part of a franchise with a"},{"speaker":"Average Joe Finances","startTime":315.759,"endTime":317.049,"body":"junk removal service, right?"},{"speaker":"Average Joe Finances","startTime":317.499,"endTime":319.619,"body":"He's doing it while he's"},{"speaker":"Average Joe Finances","startTime":317.499,"endTime":319.619,"body":"still active duty in the Navy."},{"speaker":"Average Joe Finances","startTime":320.169,"endTime":321.619,"body":"And I was like, dude, that is amazing."},{"speaker":"Average Joe Finances","startTime":321.629,"endTime":323.149,"body":"I was like, how are you"},{"speaker":"Average Joe Finances","startTime":321.629,"endTime":323.149,"body":"doing this right now?"},{"speaker":"Average Joe Finances","startTime":323.149,"endTime":327.079,"body":"And he, he basically told me like, Hey,"},{"speaker":"Average Joe Finances","startTime":323.149,"endTime":327.079,"body":"it was basically a business in a box and"},{"speaker":"Average Joe Finances","startTime":327.079,"endTime":332.329,"body":"I hired the drivers and, and I just put it"},{"speaker":"Average Joe Finances","startTime":327.079,"endTime":332.329,"body":"all together and I run it on the backend."},{"speaker":"Average Joe Finances","startTime":332.329,"endTime":333.814,"body":"And I'm like, Okay."},{"speaker":"Average Joe Finances","startTime":334.194,"endTime":336.408,"body":"And he's like, you know, and I do"},{"speaker":"Average Joe Finances","startTime":334.194,"endTime":336.408,"body":"a lot of the stuff on the back end"},{"speaker":"Average Joe Finances","startTime":336.408,"endTime":339.958,"body":"myself, the paperwork, the, all the,"},{"speaker":"Average Joe Finances","startTime":336.408,"endTime":339.958,"body":"crunching all the numbers, working"},{"speaker":"Average Joe Finances","startTime":339.958,"endTime":341.158,"body":"all the invoices and everything."},{"speaker":"Average Joe Finances","startTime":341.758,"endTime":343.818,"body":"But he's like,  I'm getting"},{"speaker":"Average Joe Finances","startTime":341.758,"endTime":343.818,"body":"ready to hire an assistant."},{"speaker":"Average Joe Finances","startTime":343.818,"endTime":344.798,"body":"That's going to do all of that."},{"speaker":"Average Joe Finances","startTime":345.148,"endTime":348.008,"body":"He's like, I just wanted to wait till"},{"speaker":"Average Joe Finances","startTime":345.148,"endTime":348.008,"body":"I was cash flowing a little bit more"},{"speaker":"Average Joe Finances","startTime":348.228,"endTime":351.238,"body":"so I can afford to have the assistant"},{"speaker":"Average Joe Finances","startTime":348.228,"endTime":351.238,"body":"and then be completely passive."},{"speaker":"Average Joe Finances","startTime":351.248,"endTime":351.818,"body":"And I'm like, Oh."},{"speaker":"Average Joe Finances","startTime":352.423,"endTime":353.053,"body":"All right, man."},{"speaker":"Average Joe Finances","startTime":353.103,"endTime":353.613,"body":"That's fantastic."},{"speaker":"Average Joe Finances","startTime":353.823,"endTime":357.663,"body":"So yeah, I, I definitely see where"},{"speaker":"Average Joe Finances","startTime":353.823,"endTime":357.663,"body":"that can be very lucrative for"},{"speaker":"Average Joe Finances","startTime":357.663,"endTime":360.313,"body":"somebody that, that wants to get into"},{"speaker":"Average Joe Finances","startTime":357.663,"endTime":360.313,"body":"something like that, but what about"},{"speaker":"Average Joe Finances","startTime":360.883,"endTime":365.473,"body":"let's say there's somebody that they"},{"speaker":"Average Joe Finances","startTime":360.883,"endTime":365.473,"body":"left their nine to five, they're done."},{"speaker":"Average Joe Finances","startTime":365.703,"endTime":367.243,"body":"They don't want to go"},{"speaker":"Average Joe Finances","startTime":365.703,"endTime":367.243,"body":"back to corporate America."},{"speaker":"Average Joe Finances","startTime":367.253,"endTime":373.013,"body":"They want to get into a franchise that"},{"speaker":"Average Joe Finances","startTime":367.253,"endTime":373.013,"body":"they can go fold, hands on be operational."},{"speaker":"Average Joe Finances","startTime":373.203,"endTime":375.503,"body":"What would that look like for"},{"speaker":"Average Joe Finances","startTime":373.203,"endTime":375.503,"body":"somebody that wants to do that?"},{"speaker":"Average Joe Finances","startTime":375.513,"endTime":379.113,"body":"Just give everything up and go full,"},{"speaker":"Average Joe Finances","startTime":375.513,"endTime":379.113,"body":"full throttle into their business."},{"speaker":"Bob Bernotas","startTime":379.163,"endTime":380.783,"body":"Honestly,"},{"speaker":"Bob Bernotas","startTime":379.163,"endTime":380.783,"body":"Mike, it looks the same."},{"speaker":"Bob Bernotas","startTime":380.853,"endTime":384.103,"body":"Because the same companies that"},{"speaker":"Bob Bernotas","startTime":380.853,"endTime":384.103,"body":"offer a semi passive model,"},{"speaker":"Bob Bernotas","startTime":384.373,"endTime":386.723,"body":"anybody can jump into full time."},{"speaker":"Bob Bernotas","startTime":387.043,"endTime":390.713,"body":"They just, over time, they develop"},{"speaker":"Bob Bernotas","startTime":387.043,"endTime":390.713,"body":"the additional tools to, but there's"},{"speaker":"Bob Bernotas","startTime":390.723,"endTime":394.603,"body":"plenty of franchises also that want"},{"speaker":"Bob Bernotas","startTime":390.723,"endTime":394.603,"body":"you to jump into it on a full time,"},{"speaker":"Bob Bernotas","startTime":394.603,"endTime":396.743,"body":"at least for the first year or two."},{"speaker":"Bob Bernotas","startTime":397.363,"endTime":402.843,"body":"Everything eventually becomes passive"},{"speaker":"Bob Bernotas","startTime":397.363,"endTime":402.843,"body":"over time, unless it's a linear model."},{"speaker":"Bob Bernotas","startTime":402.903,"endTime":406.763,"body":"What I'm doing right now in"},{"speaker":"Bob Bernotas","startTime":402.903,"endTime":406.763,"body":"consulting, if I do this, I make money."},{"speaker":"Bob Bernotas","startTime":406.763,"endTime":408.563,"body":"If I stop doing it, I stop making money."},{"speaker":"Bob Bernotas","startTime":408.563,"endTime":413.123,"body":"But with most franchises, it's all"},{"speaker":"Bob Bernotas","startTime":408.563,"endTime":413.123,"body":"about leveraging other people and"},{"speaker":"Bob Bernotas","startTime":413.123,"endTime":416.553,"body":"leveraging the systems that the"},{"speaker":"Bob Bernotas","startTime":413.123,"endTime":416.553,"body":"franchise company is setting up with you."},{"speaker":"Bob Bernotas","startTime":417.143,"endTime":424.398,"body":"What I am so attracted to, and let me"},{"speaker":"Bob Bernotas","startTime":417.143,"endTime":424.398,"body":"back up a lot of my, of my clients, they"},{"speaker":"Bob Bernotas","startTime":424.418,"endTime":428.238,"body":"also are real estate investors and we"},{"speaker":"Bob Bernotas","startTime":424.418,"endTime":428.238,"body":"always have this conversation and I'm"},{"speaker":"Bob Bernotas","startTime":428.238,"endTime":433.488,"body":"watching so many real estate investors"},{"speaker":"Bob Bernotas","startTime":428.238,"endTime":433.488,"body":"now switch over to franchise investing."},{"speaker":"Bob Bernotas","startTime":434.328,"endTime":438.678,"body":"You are trading some of your time, but"},{"speaker":"Bob Bernotas","startTime":434.328,"endTime":438.678,"body":"let's say you're a real estate investor"},{"speaker":"Bob Bernotas","startTime":438.678,"endTime":441.778,"body":"and you're doing it residentially and"},{"speaker":"Bob Bernotas","startTime":438.678,"endTime":441.778,"body":"you have a few properties and you're"},{"speaker":"Bob Bernotas","startTime":441.778,"endTime":446.808,"body":"managing the properties and usually in"},{"speaker":"Bob Bernotas","startTime":441.778,"endTime":446.808,"body":"that situation, when I have found most"},{"speaker":"Bob Bernotas","startTime":446.808,"endTime":450.718,"body":"real estate investors, they are they're"},{"speaker":"Bob Bernotas","startTime":446.808,"endTime":450.718,"body":"treading water in terms of cash flow."},{"speaker":"Bob Bernotas","startTime":450.858,"endTime":452.038,"body":"It's a long term play."},{"speaker":"Bob Bernotas","startTime":452.048,"endTime":454.388,"body":"It's a 15, maybe 20 year play."},{"speaker":"Bob Bernotas","startTime":454.648,"endTime":457.758,"body":"They're building equity in the"},{"speaker":"Bob Bernotas","startTime":454.648,"endTime":457.758,"body":"properties and event and if you bought"},{"speaker":"Bob Bernotas","startTime":457.758,"endTime":461.718,"body":"before cobit, you're in a good place"},{"speaker":"Bob Bernotas","startTime":457.758,"endTime":461.718,"body":"buying after covid maybe not so much."},{"speaker":"Bob Bernotas","startTime":462.288,"endTime":465.698,"body":"But from a cash flow standpoint,"},{"speaker":"Bob Bernotas","startTime":462.288,"endTime":465.698,"body":"it's not exactly fantastic unless"},{"speaker":"Bob Bernotas","startTime":465.758,"endTime":468.398,"body":"You're buying these outright"},{"speaker":"Bob Bernotas","startTime":465.758,"endTime":468.398,"body":"or putting a lot of money down."},{"speaker":"Bob Bernotas","startTime":468.778,"endTime":473.738,"body":"What I love about franchising is you"},{"speaker":"Bob Bernotas","startTime":468.778,"endTime":473.738,"body":"are trading some of your time, but"},{"speaker":"Bob Bernotas","startTime":473.748,"endTime":478.338,"body":"with a semi passive concept, it might"},{"speaker":"Bob Bernotas","startTime":473.748,"endTime":478.338,"body":"be between 10 and 20 hours a week, but"},{"speaker":"Bob Bernotas","startTime":478.338,"endTime":480.568,"body":"your returns are infinitely better."},{"speaker":"Bob Bernotas","startTime":480.568,"endTime":483.218,"body":"Your friend you mentioned"},{"speaker":"Bob Bernotas","startTime":480.568,"endTime":483.218,"body":"owns a Koala insulation."},{"speaker":"Bob Bernotas","startTime":483.718,"endTime":484.738,"body":"Great concept."},{"speaker":"Bob Bernotas","startTime":484.768,"endTime":486.748,"body":"I'm sure he's doing really well with it."},{"speaker":"Average Joe Finances","startTime":487.038,"endTime":487.308,"body":"Oh yeah."},{"speaker":"Average Joe Finances","startTime":487.308,"endTime":488.108,"body":"He's expanded."},{"speaker":"Average Joe Finances","startTime":488.118,"endTime":489.668,"body":"He's got 10 areas now."},{"speaker":"Average Joe Finances","startTime":489.788,"endTime":490.448,"body":"It's insane."},{"speaker":"Average Joe Finances","startTime":490.878,"endTime":495.168,"body":"You started off with one and now he's"},{"speaker":"Average Joe Finances","startTime":490.878,"endTime":495.168,"body":"he's taking over the Midwest up there."},{"speaker":"Bob Bernotas","startTime":495.208,"endTime":495.718,"body":"Yeah."},{"speaker":"Bob Bernotas","startTime":495.788,"endTime":496.118,"body":"Yeah."},{"speaker":"Bob Bernotas","startTime":496.118,"endTime":500.468,"body":"And I see this happen all the time"},{"speaker":"Bob Bernotas","startTime":496.118,"endTime":500.468,"body":"with my clients and ones that are,"},{"speaker":"Bob Bernotas","startTime":500.498,"endTime":504.208,"body":"that have jumped into it and we're"},{"speaker":"Bob Bernotas","startTime":500.498,"endTime":504.208,"body":"formerly real estate investors"},{"speaker":"Bob Bernotas","startTime":504.628,"endTime":506.478,"body":"they're reallocating funds."},{"speaker":"Bob Bernotas","startTime":506.478,"endTime":509.368,"body":"They're selling off properties"},{"speaker":"Bob Bernotas","startTime":506.478,"endTime":509.368,"body":"and buying franchises in order"},{"speaker":"Bob Bernotas","startTime":509.368,"endTime":512.328,"body":"to expand with franchises just"},{"speaker":"Bob Bernotas","startTime":509.368,"endTime":512.328,"body":"because the rate of return."},{"speaker":"Bob Bernotas","startTime":512.648,"endTime":515.468,"body":"The ROI is so much so superior."},{"speaker":"Bob Bernotas","startTime":515.478,"endTime":519.438,"body":"If you're willing to trade some of your"},{"speaker":"Bob Bernotas","startTime":515.478,"endTime":519.438,"body":"time for that, but not only that, from"},{"speaker":"Bob Bernotas","startTime":519.438,"endTime":524.578,"body":"an equity standpoint, franchises building"},{"speaker":"Bob Bernotas","startTime":519.438,"endTime":524.578,"body":"equity, the right franchise, of course,"},{"speaker":"Bob Bernotas","startTime":524.578,"endTime":526.038,"body":"you can get into the wrong franchise."},{"speaker":"Bob Bernotas","startTime":526.038,"endTime":528.548,"body":"But if you work with somebody who"},{"speaker":"Bob Bernotas","startTime":526.038,"endTime":528.548,"body":"knows what you're doing and you"},{"speaker":"Bob Bernotas","startTime":528.558,"endTime":532.598,"body":"find the right franchise, you're"},{"speaker":"Bob Bernotas","startTime":528.558,"endTime":532.598,"body":"building equity at a very rapid rate."},{"speaker":"Bob Bernotas","startTime":532.628,"endTime":536.568,"body":"Typically, you're going to see franchises,"},{"speaker":"Bob Bernotas","startTime":532.628,"endTime":536.568,"body":"you build a franchise and you decide,"},{"speaker":"Bob Bernotas","startTime":536.648,"endTime":538.008,"body":"Hey, I want to sell the franchise."},{"speaker":"Bob Bernotas","startTime":538.548,"endTime":542.228,"body":"Usually you're going to see somewhere"},{"speaker":"Bob Bernotas","startTime":538.548,"endTime":542.228,"body":"between a two to five multiple of"},{"speaker":"Bob Bernotas","startTime":542.228,"endTime":543.838,"body":"earnings depending upon the model."},{"speaker":"Bob Bernotas","startTime":543.848,"endTime":550.958,"body":"So if you build, you buy something like"},{"speaker":"Bob Bernotas","startTime":543.848,"endTime":550.958,"body":"Maybe for 200, 000, you start to build"},{"speaker":"Bob Bernotas","startTime":550.958,"endTime":556.158,"body":"it and, and let's say in a couple, three"},{"speaker":"Bob Bernotas","startTime":550.958,"endTime":556.158,"body":"years you're driving a million dollar"},{"speaker":"Bob Bernotas","startTime":556.158,"endTime":559.618,"body":"top line, million and a quarter top line"},{"speaker":"Bob Bernotas","startTime":556.158,"endTime":559.618,"body":"and a quarter million dollar bottom line."},{"speaker":"Bob Bernotas","startTime":559.868,"endTime":561.148,"body":"What's that business worth?"},{"speaker":"Bob Bernotas","startTime":561.178,"endTime":564.138,"body":"Typically, it's going to be worth"},{"speaker":"Bob Bernotas","startTime":561.178,"endTime":564.138,"body":"somewhere between 3 quarters of a million"},{"speaker":"Bob Bernotas","startTime":564.138,"endTime":568.568,"body":"to about a million dollars, that concept"},{"speaker":"Bob Bernotas","startTime":564.138,"endTime":568.568,"body":"that you may have spent 200, 000 for."},{"speaker":"Bob Bernotas","startTime":569.268,"endTime":570.968,"body":"If it's the right concept."},{"speaker":"Bob Bernotas","startTime":571.288,"endTime":574.928,"body":"And that's 1 of the reasons why I"},{"speaker":"Bob Bernotas","startTime":571.288,"endTime":574.928,"body":"like these service oriented businesses"},{"speaker":"Bob Bernotas","startTime":575.488,"endTime":577.358,"body":"more so than brick and mortar retail."},{"speaker":"Bob Bernotas","startTime":577.358,"endTime":581.558,"body":"If you look at something like crumble"},{"speaker":"Bob Bernotas","startTime":577.358,"endTime":581.558,"body":"cookie very popular concept or orange"},{"speaker":"Bob Bernotas","startTime":581.558,"endTime":585.598,"body":"theory, you're talking about 7800K"},{"speaker":"Bob Bernotas","startTime":581.558,"endTime":585.598,"body":"to open either 1 of those concepts."},{"speaker":"Bob Bernotas","startTime":585.598,"endTime":588.618,"body":"But if you open a 2nd, one 7800K."},{"speaker":"Bob Bernotas","startTime":588.818,"endTime":591.018,"body":"You open a 3rd one 7800K.."},{"speaker":"Bob Bernotas","startTime":591.238,"endTime":594.518,"body":"What I like about the service"},{"speaker":"Bob Bernotas","startTime":591.238,"endTime":594.518,"body":"concepts is that you can buy,"},{"speaker":"Bob Bernotas","startTime":594.878,"endTime":596.728,"body":"let's say, one like a koala."},{"speaker":"Bob Bernotas","startTime":596.978,"endTime":601.368,"body":"Maybe it's 150, 200 K, but a"},{"speaker":"Bob Bernotas","startTime":596.978,"endTime":601.368,"body":"2nd territory might be 40 grand."},{"speaker":"Bob Bernotas","startTime":601.628,"endTime":603.858,"body":"A 3rd territory might be 30 grand."},{"speaker":"Bob Bernotas","startTime":604.348,"endTime":608.248,"body":"So you're scaling so economically"},{"speaker":"Bob Bernotas","startTime":604.348,"endTime":608.248,"body":"and then you just scale into"},{"speaker":"Bob Bernotas","startTime":608.248,"endTime":609.578,"body":"those territories over time."},{"speaker":"Bob Bernotas","startTime":609.698,"endTime":610.488,"body":"If that makes sense."},{"speaker":"Average Joe Finances","startTime":611.328,"endTime":613.108,"body":"Yeah, no,"},{"speaker":"Average Joe Finances","startTime":611.328,"endTime":613.108,"body":"that makes perfect sense to that."},{"speaker":"Average Joe Finances","startTime":613.558,"endTime":616.858,"body":"wHen you look at it from just the the"},{"speaker":"Average Joe Finances","startTime":613.558,"endTime":616.858,"body":"equity standpoint now, at the same"},{"speaker":"Average Joe Finances","startTime":616.858,"endTime":621.318,"body":"time, you're expanding by getting these"},{"speaker":"Average Joe Finances","startTime":616.858,"endTime":621.318,"body":"areas or expanding your business still"},{"speaker":"Average Joe Finances","startTime":621.318,"endTime":625.528,"body":"under one umbrella versus opening up"},{"speaker":"Average Joe Finances","startTime":621.318,"endTime":625.528,"body":"new locations, but you may have to"},{"speaker":"Average Joe Finances","startTime":625.528,"endTime":628.948,"body":"open new physical locations depending"},{"speaker":"Average Joe Finances","startTime":625.528,"endTime":628.948,"body":"on how far out your area goes."},{"speaker":"Average Joe Finances","startTime":628.948,"endTime":630.558,"body":"So that's, yeah that's pretty amazing."},{"speaker":"Average Joe Finances","startTime":630.558,"endTime":637.168,"body":"And I, I look at what my buddy did has"},{"speaker":"Average Joe Finances","startTime":630.558,"endTime":637.168,"body":"done with that and  from his initial"},{"speaker":"Average Joe Finances","startTime":637.168,"endTime":640.828,"body":"investment to what he's cash flowing"},{"speaker":"Average Joe Finances","startTime":637.168,"endTime":640.828,"body":"right now is already night and day."},{"speaker":"Average Joe Finances","startTime":640.838,"endTime":644.398,"body":"Like he's already made his"},{"speaker":"Average Joe Finances","startTime":640.838,"endTime":644.398,"body":"money back and then some in just"},{"speaker":"Average Joe Finances","startTime":644.398,"endTime":646.088,"body":"like two years of doing this."},{"speaker":"Bob Bernotas","startTime":646.788,"endTime":649.058,"body":"Yep, and that's"},{"speaker":"Bob Bernotas","startTime":646.788,"endTime":649.058,"body":"with those and that again,"},{"speaker":"Bob Bernotas","startTime":649.058,"endTime":650.458,"body":"that's a service oriented brand."},{"speaker":"Bob Bernotas","startTime":650.458,"endTime":652.208,"body":"And that's typically what I see."},{"speaker":"Bob Bernotas","startTime":652.368,"endTime":656.098,"body":"But to your point, what I also find"},{"speaker":"Bob Bernotas","startTime":652.368,"endTime":656.098,"body":"interesting you again, you look at a"},{"speaker":"Bob Bernotas","startTime":656.098,"endTime":660.698,"body":"brick and mortar retail type concept"},{"speaker":"Bob Bernotas","startTime":656.098,"endTime":660.698,"body":"that requires, again, the crumble cookie."},{"speaker":"Bob Bernotas","startTime":660.698,"endTime":661.638,"body":"You open 1."},{"speaker":"Bob Bernotas","startTime":662.003,"endTime":664.483,"body":"If you would open a 2nd, one, you"},{"speaker":"Bob Bernotas","startTime":662.003,"endTime":664.483,"body":"have another location for the 3rd,"},{"speaker":"Bob Bernotas","startTime":664.483,"endTime":666.123,"body":"one, you have another location."},{"speaker":"Bob Bernotas","startTime":666.133,"endTime":669.033,"body":"Now, all of a sudden, you're at, 2 and"},{"speaker":"Bob Bernotas","startTime":666.133,"endTime":669.033,"body":"a half million dollars invested in it."},{"speaker":"Bob Bernotas","startTime":669.293,"endTime":673.503,"body":"Whereas most of these service oriented"},{"speaker":"Bob Bernotas","startTime":669.293,"endTime":673.503,"body":"concepts, you can have 1 centrally located"},{"speaker":"Bob Bernotas","startTime":673.513,"endTime":675.453,"body":"facility and it may just be an office."},{"speaker":"Bob Bernotas","startTime":675.793,"endTime":677.703,"body":"It may be a little bit of flex space."},{"speaker":"Bob Bernotas","startTime":677.753,"endTime":680.343,"body":"It may be a, a small"},{"speaker":"Bob Bernotas","startTime":677.753,"endTime":680.343,"body":"warehouse with an office."},{"speaker":"Bob Bernotas","startTime":680.843,"endTime":684.443,"body":"In it, and if it's centrally"},{"speaker":"Bob Bernotas","startTime":680.843,"endTime":684.443,"body":"located, you can develop multiple"},{"speaker":"Bob Bernotas","startTime":684.473,"endTime":688.263,"body":"territories, but that's your home"},{"speaker":"Bob Bernotas","startTime":684.473,"endTime":688.263,"body":"base and you don't have the build out."},{"speaker":"Bob Bernotas","startTime":688.293,"endTime":693.233,"body":"Typically with build out in office"},{"speaker":"Bob Bernotas","startTime":688.293,"endTime":693.233,"body":"or in a warehouse it's very minimal."},{"speaker":"Bob Bernotas","startTime":693.283,"endTime":697.753,"body":"You're signing short term leases, as"},{"speaker":"Bob Bernotas","startTime":693.283,"endTime":697.753,"body":"opposed to maybe a 5 or 10 year lease."},{"speaker":"Bob Bernotas","startTime":697.753,"endTime":700.103,"body":"When you go into brick and"},{"speaker":"Bob Bernotas","startTime":697.753,"endTime":700.103,"body":"mortar retail, brick and mortar"},{"speaker":"Bob Bernotas","startTime":700.103,"endTime":702.003,"body":"retail has become so expensive."},{"speaker":"Bob Bernotas","startTime":702.313,"endTime":704.883,"body":"So that drives up the cost precipitously."},{"speaker":"Average Joe Finances","startTime":705.628,"endTime":706.938,"body":"Yeah,"},{"speaker":"Average Joe Finances","startTime":705.628,"endTime":706.938,"body":"no, that's a great point."},{"speaker":"Average Joe Finances","startTime":706.968,"endTime":711.513,"body":"That's a fantastic point because,"},{"speaker":"Average Joe Finances","startTime":706.968,"endTime":711.513,"body":"it's all those little back end"},{"speaker":"Average Joe Finances","startTime":711.513,"endTime":714.753,"body":"expenses, I think that'll catch up"},{"speaker":"Average Joe Finances","startTime":711.513,"endTime":714.753,"body":"to somebody and catch you off guard."},{"speaker":"Average Joe Finances","startTime":714.753,"endTime":717.533,"body":"Cause you might just be looking"},{"speaker":"Average Joe Finances","startTime":714.753,"endTime":717.533,"body":"at what the cost is to open up the"},{"speaker":"Average Joe Finances","startTime":717.533,"endTime":720.473,"body":"franchise Oh yeah, I could open"},{"speaker":"Average Joe Finances","startTime":717.533,"endTime":720.473,"body":"up an orange theory for 700, 000."},{"speaker":"Average Joe Finances","startTime":720.863,"endTime":720.973,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":720.973,"endTime":721.143,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":721.143,"endTime":722.073,"body":"What about the property?"},{"speaker":"Average Joe Finances","startTime":722.123,"endTime":723.243,"body":"What about where are you going to put it?"},{"speaker":"Average Joe Finances","startTime":723.533,"endTime":724.803,"body":"That's not included in the cost."},{"speaker":"Average Joe Finances","startTime":724.843,"endTime":726.183,"body":"That's just the franchise cost."},{"speaker":"Average Joe Finances","startTime":726.183,"endTime":728.663,"body":"Yeah it's a lot of little things"},{"speaker":"Average Joe Finances","startTime":726.183,"endTime":728.663,"body":"that, that you wind up looking at"},{"speaker":"Average Joe Finances","startTime":728.663,"endTime":731.393,"body":"something that you thought was 700,"},{"speaker":"Average Joe Finances","startTime":728.663,"endTime":731.393,"body":"000, but really cost you about."},{"speaker":"Average Joe Finances","startTime":731.583,"endTime":735.043,"body":"2 million to put it all together"},{"speaker":"Average Joe Finances","startTime":731.583,"endTime":735.043,"body":"depending on where you're opening it."},{"speaker":"Average Joe Finances","startTime":735.043,"endTime":737.643,"body":"Now, if it was out here in Hawaii,"},{"speaker":"Average Joe Finances","startTime":735.043,"endTime":737.643,"body":"it'll probably be that much because"},{"speaker":"Average Joe Finances","startTime":738.403,"endTime":739.833,"body":"real estate out here is very expensive."},{"speaker":"Bob Bernotas","startTime":740.668,"endTime":741.238,"body":"Yes, it is."},{"speaker":"Bob Bernotas","startTime":741.278,"endTime":741.668,"body":"They're there."},{"speaker":"Bob Bernotas","startTime":741.958,"endTime":742.368,"body":"They're there."},{"speaker":"Average Joe Finances","startTime":742.988,"endTime":743.228,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":743.228,"endTime":743.608,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":743.618,"endTime":747.528,"body":"Now, with what you do as a"},{"speaker":"Average Joe Finances","startTime":743.618,"endTime":747.528,"body":"franchise investor, now you've been"},{"speaker":"Average Joe Finances","startTime":747.528,"endTime":749.588,"body":"doing this for quite some time."},{"speaker":"Average Joe Finances","startTime":750.108,"endTime":756.468,"body":"What would you say are some of the best"},{"speaker":"Average Joe Finances","startTime":750.108,"endTime":756.468,"body":"options you've seen for folks that want"},{"speaker":"Average Joe Finances","startTime":756.488,"endTime":761.938,"body":"to Get into a franchise, like some of"},{"speaker":"Average Joe Finances","startTime":756.488,"endTime":761.938,"body":"the best part time to build that passive"},{"speaker":"Average Joe Finances","startTime":761.938,"endTime":764.328,"body":"income , strategies that you've seen."},{"speaker":"Bob Bernotas","startTime":764.678,"endTime":767.548,"body":"I'm not going"},{"speaker":"Bob Bernotas","startTime":764.678,"endTime":767.548,"body":"to name specific brands, but I"},{"speaker":"Average Joe Finances","startTime":767.548,"endTime":769.918,"body":"know mostly"},{"speaker":"Average Joe Finances","startTime":767.548,"endTime":769.918,"body":"like the service industry, right?"},{"speaker":"Bob Bernotas","startTime":770.348,"endTime":770.668,"body":"Yeah."},{"speaker":"Bob Bernotas","startTime":770.718,"endTime":771.708,"body":"I'll give you an example."},{"speaker":"Bob Bernotas","startTime":771.718,"endTime":775.318,"body":"There's a concept that's out there right"},{"speaker":"Bob Bernotas","startTime":771.718,"endTime":775.318,"body":"now that I've placed a lot of my clients"},{"speaker":"Bob Bernotas","startTime":775.318,"endTime":778.968,"body":"in, and I have a lot of clients that"},{"speaker":"Bob Bernotas","startTime":775.318,"endTime":778.968,"body":"are currently in process with them and"},{"speaker":"Bob Bernotas","startTime":778.988,"endTime":781.738,"body":"what's important to also know, Mike,"},{"speaker":"Bob Bernotas","startTime":778.988,"endTime":781.738,"body":"is you got to know what's behind it."},{"speaker":"Bob Bernotas","startTime":781.788,"endTime":784.898,"body":"Cause everything this spoken"},{"speaker":"Bob Bernotas","startTime":781.788,"endTime":784.898,"body":"mirrors, if you go online and you"},{"speaker":"Bob Bernotas","startTime":784.898,"endTime":788.248,"body":"start searching franchises, you"},{"speaker":"Bob Bernotas","startTime":784.898,"endTime":788.248,"body":"don't know what you're getting."},{"speaker":"Bob Bernotas","startTime":788.248,"endTime":790.398,"body":"You're getting exactly"},{"speaker":"Bob Bernotas","startTime":788.248,"endTime":790.398,"body":"what they want to show you."},{"speaker":"Bob Bernotas","startTime":790.398,"endTime":794.808,"body":"So knowing what's behind it, knowing what"},{"speaker":"Bob Bernotas","startTime":790.398,"endTime":794.808,"body":"the unit economics of the brand looks"},{"speaker":"Bob Bernotas","startTime":794.808,"endTime":798.898,"body":"like, knowing what the true opening cost"},{"speaker":"Bob Bernotas","startTime":794.808,"endTime":798.898,"body":"of the brand looks like is important."},{"speaker":"Bob Bernotas","startTime":799.263,"endTime":803.003,"body":"But to your point, I'll give you one"},{"speaker":"Bob Bernotas","startTime":799.263,"endTime":803.003,"body":"example, and there's a concept that I've"},{"speaker":"Bob Bernotas","startTime":803.003,"endTime":806.563,"body":"showed a lot of my clients recently, and"},{"speaker":"Bob Bernotas","startTime":803.003,"endTime":806.563,"body":"a number of them have jumped into it,"},{"speaker":"Bob Bernotas","startTime":806.923,"endTime":812.413,"body":"does phenomenally well, and it's just a"},{"speaker":"Bob Bernotas","startTime":806.923,"endTime":812.413,"body":"B2B concept, but you can operate it out"},{"speaker":"Bob Bernotas","startTime":812.413,"endTime":817.413,"body":"of you can operate it out of a container"},{"speaker":"Bob Bernotas","startTime":812.413,"endTime":817.413,"body":"basically, but it's these temporary walls."},{"speaker":"Bob Bernotas","startTime":817.803,"endTime":821.913,"body":"Meaning so when a commercial"},{"speaker":"Bob Bernotas","startTime":817.803,"endTime":821.913,"body":"contractor has a job, they get"},{"speaker":"Bob Bernotas","startTime":821.913,"endTime":826.083,"body":"a job and they're going to do a"},{"speaker":"Bob Bernotas","startTime":821.913,"endTime":826.083,"body":"renovation in a school, a hospital, a"},{"speaker":"Bob Bernotas","startTime":826.083,"endTime":827.643,"body":"restaurant, whatever it happens to be."},{"speaker":"Bob Bernotas","startTime":827.983,"endTime":830.523,"body":"Typically, they're going in"},{"speaker":"Bob Bernotas","startTime":827.983,"endTime":830.523,"body":"and they're going to put up."},{"speaker":"Bob Bernotas","startTime":830.583,"endTime":831.783,"body":"They're going to section off."},{"speaker":"Bob Bernotas","startTime":831.943,"endTime":834.603,"body":"The area where they're going to work"},{"speaker":"Bob Bernotas","startTime":831.943,"endTime":834.603,"body":"because the business wants to stay open"},{"speaker":"Bob Bernotas","startTime":834.603,"endTime":836.663,"body":"while the work is going on or a mall."},{"speaker":"Bob Bernotas","startTime":836.663,"endTime":840.093,"body":"You see this happen all the time and"},{"speaker":"Bob Bernotas","startTime":836.663,"endTime":840.093,"body":"they have to build walls and they"},{"speaker":"Bob Bernotas","startTime":840.093,"endTime":842.113,"body":"build drywall sticks and drywall."},{"speaker":"Bob Bernotas","startTime":842.433,"endTime":848.043,"body":"Problem is, those building materials have"},{"speaker":"Bob Bernotas","startTime":842.433,"endTime":848.043,"body":"become increasingly expensive since COVID."},{"speaker":"Bob Bernotas","startTime":848.393,"endTime":849.863,"body":"Plus, it takes time to put them up."},{"speaker":"Bob Bernotas","startTime":849.873,"endTime":852.213,"body":"Plus, it takes time to rip"},{"speaker":"Bob Bernotas","startTime":849.873,"endTime":852.213,"body":"them down when it's all over."},{"speaker":"Bob Bernotas","startTime":852.673,"endTime":856.703,"body":"The concept, newer franchise"},{"speaker":"Bob Bernotas","startTime":852.673,"endTime":856.703,"body":"that has been introduced these"},{"speaker":"Bob Bernotas","startTime":856.703,"endTime":858.953,"body":"walls go up as a franchisee."},{"speaker":"Bob Bernotas","startTime":858.973,"endTime":861.383,"body":"Basically, you are your people."},{"speaker":"Bob Bernotas","startTime":861.393,"endTime":863.453,"body":"Let's save a couple of people"},{"speaker":"Bob Bernotas","startTime":861.393,"endTime":863.453,"body":"that are installing these walls."},{"speaker":"Bob Bernotas","startTime":863.453,"endTime":863.863,"body":"They go up."},{"speaker":"Bob Bernotas","startTime":863.863,"endTime":865.473,"body":"Typically in 2 days, they go down."},{"speaker":"Bob Bernotas","startTime":865.473,"endTime":866.493,"body":"Typically in 2 days."},{"speaker":"Bob Bernotas","startTime":866.773,"endTime":868.153,"body":"It's a rental concept."},{"speaker":"Bob Bernotas","startTime":868.233,"endTime":872.823,"body":"I like it specifically because it"},{"speaker":"Bob Bernotas","startTime":868.233,"endTime":872.823,"body":"was very similar to the video rental."},{"speaker":"Bob Bernotas","startTime":873.173,"endTime":876.473,"body":"Business that I had, and I"},{"speaker":"Bob Bernotas","startTime":873.173,"endTime":876.473,"body":"also had tanning salons again,"},{"speaker":"Bob Bernotas","startTime":876.473,"endTime":877.713,"body":"which is a rental type thing."},{"speaker":"Bob Bernotas","startTime":877.713,"endTime":880.543,"body":"You're buying equipment and"},{"speaker":"Bob Bernotas","startTime":877.713,"endTime":880.543,"body":"you're renting time in those."},{"speaker":"Bob Bernotas","startTime":880.553,"endTime":883.583,"body":"So those tend to be"},{"speaker":"Bob Bernotas","startTime":880.553,"endTime":883.583,"body":"really lucrative concepts."},{"speaker":"Bob Bernotas","startTime":883.583,"endTime":886.603,"body":"The unit economics on the one that"},{"speaker":"Bob Bernotas","startTime":883.583,"endTime":886.603,"body":"I'm mentioning is, it's phenomenal."},{"speaker":"Bob Bernotas","startTime":887.103,"endTime":891.523,"body":"It's hard to fathom because when you"},{"speaker":"Bob Bernotas","startTime":887.103,"endTime":891.523,"body":"mentioned this to a lot of people , I"},{"speaker":"Bob Bernotas","startTime":891.743,"endTime":896.443,"body":"can't wrap my head around it, but when"},{"speaker":"Bob Bernotas","startTime":891.743,"endTime":896.443,"body":"you see the unit economics behind it and"},{"speaker":"Bob Bernotas","startTime":896.443,"endTime":900.103,"body":"how simple it is to operate it, because"},{"speaker":"Bob Bernotas","startTime":896.443,"endTime":900.103,"body":"you're just really, you're going to store"},{"speaker":"Bob Bernotas","startTime":900.103,"endTime":906.133,"body":"these things in like a container or in"},{"speaker":"Bob Bernotas","startTime":900.103,"endTime":906.133,"body":"a, a rental space and you have a vehicle,"},{"speaker":"Bob Bernotas","startTime":906.133,"endTime":909.513,"body":"maybe a Sprinter van or a small truck that"},{"speaker":"Bob Bernotas","startTime":906.133,"endTime":909.513,"body":"takes them around and you do the installs,"},{"speaker":"Bob Bernotas","startTime":909.513,"endTime":913.893,"body":"but just big upsides to things that you"},{"speaker":"Bob Bernotas","startTime":909.513,"endTime":913.893,"body":"never would think that even existed."},{"speaker":"Average Joe Finances","startTime":914.593,"endTime":916.733,"body":"Yeah, I know"},{"speaker":"Average Joe Finances","startTime":914.593,"endTime":916.733,"body":"that, that sounds pretty lucrative."},{"speaker":"Average Joe Finances","startTime":917.243,"endTime":917.583,"body":"oKay."},{"speaker":"Average Joe Finances","startTime":917.583,"endTime":919.823,"body":"So I want to ask you something."},{"speaker":"Average Joe Finances","startTime":920.303,"endTime":922.873,"body":"I've had somebody else come on and"},{"speaker":"Average Joe Finances","startTime":920.303,"endTime":922.873,"body":"talk franchises with me before, and I'm"},{"speaker":"Average Joe Finances","startTime":922.873,"endTime":927.633,"body":"curious to what your answer is going to"},{"speaker":"Average Joe Finances","startTime":922.873,"endTime":927.633,"body":"be on this, but why go with a franchise"},{"speaker":"Average Joe Finances","startTime":927.643,"endTime":929.273,"body":"versus starting your own business?"},{"speaker":"Average Joe Finances","startTime":929.283,"endTime":934.823,"body":"What are some of the advantages of"},{"speaker":"Average Joe Finances","startTime":929.283,"endTime":934.823,"body":"doing the franchise versus a startup?"},{"speaker":"Bob Bernotas","startTime":935.223,"endTime":936.933,"body":"Look, there's"},{"speaker":"Bob Bernotas","startTime":935.223,"endTime":936.933,"body":"a lot of franchises."},{"speaker":"Bob Bernotas","startTime":936.943,"endTime":939.253,"body":"Honestly, Mike, I"},{"speaker":"Bob Bernotas","startTime":936.943,"endTime":939.253,"body":"wouldn't go anywhere near."},{"speaker":"Bob Bernotas","startTime":939.313,"endTime":943.263,"body":"So maybe there's not that much of a"},{"speaker":"Bob Bernotas","startTime":939.313,"endTime":943.263,"body":"difference, but with the better franchise"},{"speaker":"Bob Bernotas","startTime":943.303,"endTime":947.093,"body":"companies the success rate is infinitely"},{"speaker":"Bob Bernotas","startTime":943.303,"endTime":947.093,"body":"higher than starting your own business."},{"speaker":"Bob Bernotas","startTime":947.123,"endTime":950.633,"body":"There was a study done by the chamber"},{"speaker":"Bob Bernotas","startTime":947.123,"endTime":950.633,"body":"of commerce a number of years back and"},{"speaker":"Bob Bernotas","startTime":950.633,"endTime":954.693,"body":"they basically tracked a whole bunch"},{"speaker":"Bob Bernotas","startTime":950.633,"endTime":954.693,"body":"of independent mom and pop stores"},{"speaker":"Bob Bernotas","startTime":954.693,"endTime":958.673,"body":"that all opened or businesses that"},{"speaker":"Bob Bernotas","startTime":954.693,"endTime":958.673,"body":"all opened around the same time, they"},{"speaker":"Bob Bernotas","startTime":958.673,"endTime":960.603,"body":"tracked them for a five year period."},{"speaker":"Bob Bernotas","startTime":961.083,"endTime":964.633,"body":"cOncurrently, they tracked a whole"},{"speaker":"Bob Bernotas","startTime":961.083,"endTime":964.633,"body":"bunch of franchises, different"},{"speaker":"Bob Bernotas","startTime":964.643,"endTime":968.543,"body":"types of franchises that all opened"},{"speaker":"Bob Bernotas","startTime":964.643,"endTime":968.543,"body":"roughly around the same time for that"},{"speaker":"Bob Bernotas","startTime":968.593,"endTime":971.043,"body":"same concurrent five year period."},{"speaker":"Bob Bernotas","startTime":971.433,"endTime":976.133,"body":"At the end of five years, the"},{"speaker":"Bob Bernotas","startTime":971.433,"endTime":976.133,"body":"independent businesses, 48 percent"},{"speaker":"Bob Bernotas","startTime":976.143,"endTime":977.643,"body":"were still up and operating."},{"speaker":"Bob Bernotas","startTime":978.173,"endTime":980.003,"body":"Okay, the rest have failed."},{"speaker":"Bob Bernotas","startTime":980.063,"endTime":981.063,"body":"Roughly half failed."},{"speaker":"Bob Bernotas","startTime":981.613,"endTime":984.423,"body":"With the franchises, 97"},{"speaker":"Bob Bernotas","startTime":981.613,"endTime":984.423,"body":"percent were still operating."},{"speaker":"Bob Bernotas","startTime":984.903,"endTime":988.833,"body":"In general, the success rate"},{"speaker":"Bob Bernotas","startTime":984.903,"endTime":988.833,"body":"with franchises is infinitely"},{"speaker":"Bob Bernotas","startTime":988.833,"endTime":993.273,"body":"higher than a mom and pop type"},{"speaker":"Bob Bernotas","startTime":988.833,"endTime":993.273,"body":"of business that you might open."},{"speaker":"Bob Bernotas","startTime":993.693,"endTime":997.013,"body":"The other thing that I would suggest"},{"speaker":"Bob Bernotas","startTime":993.693,"endTime":997.013,"body":"is that, look, there's a learning"},{"speaker":"Bob Bernotas","startTime":997.013,"endTime":1000.838,"body":"curve that you're going to go"},{"speaker":"Bob Bernotas","startTime":997.013,"endTime":1000.838,"body":"through and that learning curve, if"},{"speaker":"Bob Bernotas","startTime":1000.838,"endTime":1003.898,"body":"you're on your own, trying to put"},{"speaker":"Bob Bernotas","startTime":1000.838,"endTime":1003.898,"body":"something together, that learning"},{"speaker":"Bob Bernotas","startTime":1003.898,"endTime":1005.578,"body":"curve can virtually go on forever."},{"speaker":"Bob Bernotas","startTime":1006.108,"endTime":1010.608,"body":"A franchise, you're buying already"},{"speaker":"Bob Bernotas","startTime":1006.108,"endTime":1010.608,"body":"a preexisting learning curve"},{"speaker":"Bob Bernotas","startTime":1010.938,"endTime":1012.948,"body":"you're buying power as well."},{"speaker":"Bob Bernotas","startTime":1013.238,"endTime":1015.898,"body":"Now, that learning curve, maybe"},{"speaker":"Bob Bernotas","startTime":1013.238,"endTime":1015.898,"body":"the franchise companies only"},{"speaker":"Bob Bernotas","startTime":1015.898,"endTime":1017.308,"body":"been operating for 5 years."},{"speaker":"Bob Bernotas","startTime":1017.308,"endTime":1022.73,"body":"Does sound like a long time, but if it's"},{"speaker":"Bob Bernotas","startTime":1017.308,"endTime":1022.73,"body":"5 years times 100 franchises all that data"},{"speaker":"Bob Bernotas","startTime":1022.73,"endTime":1024.88,"body":"is flowing up to the franchise company."},{"speaker":"Bob Bernotas","startTime":1024.88,"endTime":1029.14,"body":"So the better companies are creating,"},{"speaker":"Bob Bernotas","startTime":1024.88,"endTime":1029.14,"body":"as you said earlier, that business in"},{"speaker":"Bob Bernotas","startTime":1029.14,"endTime":1033.37,"body":"a box that you're just not going to"},{"speaker":"Bob Bernotas","startTime":1029.14,"endTime":1033.37,"body":"find, trying to open something on your"},{"speaker":"Bob Bernotas","startTime":1033.37,"endTime":1037.48,"body":"own and trying to figure it all out on"},{"speaker":"Bob Bernotas","startTime":1033.37,"endTime":1037.48,"body":"your own and potentially making lots of"},{"speaker":"Bob Bernotas","startTime":1037.48,"endTime":1039.47,"body":"mistakes that could be deadly mistakes."},{"speaker":"Average Joe Finances","startTime":1040.02,"endTime":1041.24,"body":"Yeah, that was"},{"speaker":"Average Joe Finances","startTime":1040.02,"endTime":1041.24,"body":"actually something I was going to"},{"speaker":"Average Joe Finances","startTime":1041.25,"endTime":1045.56,"body":"ask you about like when it comes to"},{"speaker":"Average Joe Finances","startTime":1041.25,"endTime":1045.56,"body":"the experience that you have with"},{"speaker":"Average Joe Finances","startTime":1045.57,"endTime":1049.58,"body":"opening a franchise,  the fact that"},{"speaker":"Average Joe Finances","startTime":1045.57,"endTime":1049.58,"body":"there's so many other businesses."},{"speaker":"Average Joe Finances","startTime":1050.185,"endTime":1055.565,"body":"Under that umbrella that have already,"},{"speaker":"Average Joe Finances","startTime":1050.185,"endTime":1055.565,"body":"saw their own success or saw some of their"},{"speaker":"Average Joe Finances","startTime":1055.565,"endTime":1060.235,"body":"own failures and just, lessons learned"},{"speaker":"Average Joe Finances","startTime":1055.565,"endTime":1060.235,"body":"and stuff that all gets pulled together"},{"speaker":"Average Joe Finances","startTime":1060.235,"endTime":1062.955,"body":"and can be given to the new franchisee."},{"speaker":"Average Joe Finances","startTime":1062.955,"endTime":1065.225,"body":"So I, yeah I think"},{"speaker":"Average Joe Finances","startTime":1062.955,"endTime":1065.225,"body":"that's very interesting."},{"speaker":"Average Joe Finances","startTime":1065.305,"endTime":1065.625,"body":"But."},{"speaker":"Average Joe Finances","startTime":1066.005,"endTime":1070.365,"body":"It's also one of those, you get what you"},{"speaker":"Average Joe Finances","startTime":1066.005,"endTime":1070.365,"body":"paid for type things because you could"},{"speaker":"Average Joe Finances","startTime":1070.365,"endTime":1075.375,"body":"take that same 200, 000 and start your"},{"speaker":"Average Joe Finances","startTime":1070.365,"endTime":1075.375,"body":"own business, but you have nothing else"},{"speaker":"Average Joe Finances","startTime":1075.375,"endTime":1081.255,"body":"besides what you're doing yourself versus"},{"speaker":"Average Joe Finances","startTime":1075.375,"endTime":1081.255,"body":"taking that 200, 000, starting a franchise"},{"speaker":"Average Joe Finances","startTime":1081.705,"endTime":1087.92,"body":"or opening up a franchise business and"},{"speaker":"Average Joe Finances","startTime":1081.705,"endTime":1087.92,"body":"you already have the tools in place"},{"speaker":"Average Joe Finances","startTime":1088.32,"endTime":1090.08,"body":"and people that you can reach out to."},{"speaker":"Average Joe Finances","startTime":1090.08,"endTime":1092.05,"body":"So is that another thing"},{"speaker":"Average Joe Finances","startTime":1090.08,"endTime":1092.05,"body":"that you've seen too?"},{"speaker":"Average Joe Finances","startTime":1092.05,"endTime":1096.65,"body":"What does the support system look like"},{"speaker":"Average Joe Finances","startTime":1092.05,"endTime":1096.65,"body":"for a lot of these newer franchises?"},{"speaker":"Bob Bernotas","startTime":1096.7,"endTime":1099.69,"body":"Some of the franchises"},{"speaker":"Bob Bernotas","startTime":1096.7,"endTime":1099.69,"body":"again I wouldn't recommend, but"},{"speaker":"Bob Bernotas","startTime":1099.69,"endTime":1101.13,"body":"there's some really good cons."},{"speaker":"Average Joe Finances","startTime":1101.37,"endTime":1102.7,"body":"Of course,"},{"speaker":"Average Joe Finances","startTime":1101.37,"endTime":1102.7,"body":"I'm going to preface this with"},{"speaker":"Average Joe Finances","startTime":1102.73,"endTime":1105.74,"body":"every question I ask you is about"},{"speaker":"Average Joe Finances","startTime":1102.73,"endTime":1105.74,"body":"franchises that you would recommend."},{"speaker":"Bob Bernotas","startTime":1105.93,"endTime":1106.32,"body":"Okay."},{"speaker":"Bob Bernotas","startTime":1106.46,"endTime":1110.39,"body":"I typically I'll work with the top 10,"},{"speaker":"Bob Bernotas","startTime":1106.46,"endTime":1110.39,"body":"15 percent in any given category of"},{"speaker":"Bob Bernotas","startTime":1110.43,"endTime":1115.61,"body":"a franchising, but to support tools"},{"speaker":"Bob Bernotas","startTime":1110.43,"endTime":1115.61,"body":"that these companies have available."},{"speaker":"Bob Bernotas","startTime":1115.69,"endTime":1119.08,"body":"Number one, you have access"},{"speaker":"Bob Bernotas","startTime":1115.69,"endTime":1119.08,"body":"to a lot of information."},{"speaker":"Bob Bernotas","startTime":1119.38,"endTime":1123.61,"body":"You have access to other"},{"speaker":"Bob Bernotas","startTime":1119.38,"endTime":1123.61,"body":"franchisees, you have access to"},{"speaker":"Bob Bernotas","startTime":1123.99,"endTime":1125.79,"body":"to groups that work together."},{"speaker":"Bob Bernotas","startTime":1125.82,"endTime":1128.55,"body":"Maybe you'll have a local group"},{"speaker":"Bob Bernotas","startTime":1125.82,"endTime":1128.55,"body":"that you work with franchisees, but"},{"speaker":"Bob Bernotas","startTime":1128.55,"endTime":1132.69,"body":"you could potentially reach out to"},{"speaker":"Bob Bernotas","startTime":1128.55,"endTime":1132.69,"body":"any franchisee around the country"},{"speaker":"Bob Bernotas","startTime":1133.17,"endTime":1135.24,"body":"and ask them, Hey, how are you?"},{"speaker":"Bob Bernotas","startTime":1135.3,"endTime":1136.74,"body":"How are you able to do this?"},{"speaker":"Bob Bernotas","startTime":1136.74,"endTime":1140.2,"body":"And all this data is flowing"},{"speaker":"Bob Bernotas","startTime":1136.74,"endTime":1140.2,"body":"up to the franchise company and"},{"speaker":"Bob Bernotas","startTime":1140.2,"endTime":1144.39,"body":"typically this information is"},{"speaker":"Bob Bernotas","startTime":1140.2,"endTime":1144.39,"body":"being imparted to the to all new"},{"speaker":"Bob Bernotas","startTime":1144.4,"endTime":1146.28,"body":"franchisees coming into the system."},{"speaker":"Bob Bernotas","startTime":1146.98,"endTime":1148.29,"body":"Hit me with that question again, Mike."},{"speaker":"Bob Bernotas","startTime":1148.29,"endTime":1150.91,"body":"I want to make sure I'm"},{"speaker":"Bob Bernotas","startTime":1148.29,"endTime":1150.91,"body":"answering it completely."},{"speaker":"Average Joe Finances","startTime":1150.97,"endTime":1152.53,"body":"Oh,"},{"speaker":"Average Joe Finances","startTime":1150.97,"endTime":1152.53,"body":"yeah, that, that answers it."},{"speaker":"Average Joe Finances","startTime":1152.72,"endTime":1156.89,"body":"I'm looking for what some of the,"},{"speaker":"Average Joe Finances","startTime":1152.72,"endTime":1156.89,"body":"some of those advantages are that you"},{"speaker":"Average Joe Finances","startTime":1156.89,"endTime":1161.3,"body":"have opening up a franchise versus,"},{"speaker":"Average Joe Finances","startTime":1156.89,"endTime":1161.3,"body":"starting your own business and just"},{"speaker":"Average Joe Finances","startTime":1161.32,"endTime":1164.09,"body":"what that kind of looks like, With"},{"speaker":"Average Joe Finances","startTime":1161.32,"endTime":1164.09,"body":"the top companies that you work with."},{"speaker":"Average Joe Finances","startTime":1164.09,"endTime":1167.79,"body":"So you mentioned that you're going"},{"speaker":"Average Joe Finances","startTime":1164.09,"endTime":1167.79,"body":"to have access to more information"},{"speaker":"Average Joe Finances","startTime":1168.32,"endTime":1172.04,"body":"that you have access to the other"},{"speaker":"Average Joe Finances","startTime":1168.32,"endTime":1172.04,"body":"franchisees, to ask them what's"},{"speaker":"Average Joe Finances","startTime":1172.05,"endTime":1173.69,"body":"worked for them and things like that."},{"speaker":"Average Joe Finances","startTime":1173.91,"endTime":1177.76,"body":"And do you notice  or some of the ones"},{"speaker":"Average Joe Finances","startTime":1173.91,"endTime":1177.76,"body":"that you work with, did they ever do"},{"speaker":"Average Joe Finances","startTime":1177.76,"endTime":1183.34,"body":"like any type of, national conferences"},{"speaker":"Average Joe Finances","startTime":1177.76,"endTime":1183.34,"body":"and get togethers to Hey, here's what"},{"speaker":"Average Joe Finances","startTime":1183.34,"endTime":1187.715,"body":"some of our, top franchisees in our"},{"speaker":"Average Joe Finances","startTime":1183.34,"endTime":1187.715,"body":"industry, here's what they're doing."},{"speaker":"Average Joe Finances","startTime":1188.065,"endTime":1191.805,"body":"Here's what our top performers are doing"},{"speaker":"Average Joe Finances","startTime":1188.065,"endTime":1191.805,"body":"and here's how, they got their type deal."},{"speaker":"Average Joe Finances","startTime":1191.805,"endTime":1193.005,"body":"Like to share that with everybody else."},{"speaker":"Bob Bernotas","startTime":1193.93,"endTime":1196.72,"body":"All the better franchise"},{"speaker":"Bob Bernotas","startTime":1193.93,"endTime":1196.72,"body":"companies are in fact doing that,"},{"speaker":"Bob Bernotas","startTime":1196.72,"endTime":1201.17,"body":"but it's it goes so far beyond that"},{"speaker":"Bob Bernotas","startTime":1196.72,"endTime":1201.17,"body":"in that they will have regional"},{"speaker":"Bob Bernotas","startTime":1201.19,"endTime":1204.67,"body":"councils where you'll get together"},{"speaker":"Bob Bernotas","startTime":1201.19,"endTime":1204.67,"body":"with other franchisees in your region."},{"speaker":"Bob Bernotas","startTime":1204.94,"endTime":1207.58,"body":"Plus they'll have conference"},{"speaker":"Bob Bernotas","startTime":1204.94,"endTime":1207.58,"body":"calls to go on a regular basis."},{"speaker":"Bob Bernotas","startTime":1207.58,"endTime":1210.38,"body":"And you'll be able to ask questions"},{"speaker":"Bob Bernotas","startTime":1207.58,"endTime":1210.38,"body":"on the conference call, share"},{"speaker":"Bob Bernotas","startTime":1210.38,"endTime":1213.11,"body":"best practices and so forth."},{"speaker":"Bob Bernotas","startTime":1213.63,"endTime":1216.96,"body":"Another big advantage is the buying power."},{"speaker":"Bob Bernotas","startTime":1217.39,"endTime":1220.69,"body":"So again, it's always posed"},{"speaker":"Bob Bernotas","startTime":1217.39,"endTime":1220.69,"body":"to me, wow, I have to pay this"},{"speaker":"Bob Bernotas","startTime":1220.7,"endTime":1223.28,"body":"franchise fee of 50 or 60, 000."},{"speaker":"Bob Bernotas","startTime":1223.32,"endTime":1227.49,"body":"I just saved that money and put that into,"},{"speaker":"Bob Bernotas","startTime":1223.32,"endTime":1227.49,"body":"yeah, but you don't have the buying power."},{"speaker":"Bob Bernotas","startTime":1227.55,"endTime":1228.03,"body":"Okay."},{"speaker":"Bob Bernotas","startTime":1228.15,"endTime":1231.99,"body":"If that company has 500 franchises,"},{"speaker":"Bob Bernotas","startTime":1228.15,"endTime":1231.99,"body":"they're buying materials or"},{"speaker":"Bob Bernotas","startTime":1231.99,"endTime":1236.49,"body":"services, whatever is needed for a"},{"speaker":"Bob Bernotas","startTime":1231.99,"endTime":1236.49,"body":"franchise way less than you can buy"},{"speaker":"Bob Bernotas","startTime":1236.49,"endTime":1240.16,"body":"as a mom and pop trying to develop"},{"speaker":"Bob Bernotas","startTime":1236.49,"endTime":1240.16,"body":"those relationships with vendors."},{"speaker":"Bob Bernotas","startTime":1240.17,"endTime":1244.06,"body":"So there's so much more than goes into"},{"speaker":"Bob Bernotas","startTime":1240.17,"endTime":1244.06,"body":"it than just, Hey, am I going to hang my"},{"speaker":"Bob Bernotas","startTime":1244.06,"endTime":1246.55,"body":"own shingle or am I going to go for it?"},{"speaker":"Bob Bernotas","startTime":1246.56,"endTime":1249.43,"body":"And honestly, over the"},{"speaker":"Bob Bernotas","startTime":1246.56,"endTime":1249.43,"body":"years I've gone both routes."},{"speaker":"Bob Bernotas","startTime":1249.78,"endTime":1253.83,"body":"I've opened a couple of independent"},{"speaker":"Bob Bernotas","startTime":1249.78,"endTime":1253.83,"body":"companies, one failed, one made it."},{"speaker":"Bob Bernotas","startTime":1254.17,"endTime":1258.21,"body":"I've opened, I've never failed with a"},{"speaker":"Bob Bernotas","startTime":1254.17,"endTime":1258.21,"body":"franchise, but my success level with the"},{"speaker":"Bob Bernotas","startTime":1258.21,"endTime":1261.52,"body":"franchises were infinitely higher as well."},{"speaker":"Bob Bernotas","startTime":1261.52,"endTime":1261.89,"body":"So"},{"speaker":"Bob Bernotas","startTime":1262.16,"endTime":1268.36,"body":"I love franchising as a model as"},{"speaker":"Bob Bernotas","startTime":1262.16,"endTime":1268.36,"body":"long as you connect with the right"},{"speaker":"Bob Bernotas","startTime":1268.37,"endTime":1274.09,"body":"franchise companies know what to look"},{"speaker":"Bob Bernotas","startTime":1268.37,"endTime":1274.09,"body":"for, which ones have the things that"},{"speaker":"Bob Bernotas","startTime":1274.09,"endTime":1276.42,"body":"are going to make you more successful."},{"speaker":"Bob Bernotas","startTime":1276.565,"endTime":1281.265,"body":"Then the next company and what they all"},{"speaker":"Bob Bernotas","startTime":1276.565,"endTime":1281.265,"body":"really boil down to is the unit economics."},{"speaker":"Bob Bernotas","startTime":1281.465,"endTime":1283.655,"body":"How well are these franchises going to do?"},{"speaker":"Bob Bernotas","startTime":1283.655,"endTime":1286.075,"body":"Because you can cover"},{"speaker":"Bob Bernotas","startTime":1283.655,"endTime":1286.075,"body":"up for a lot of sins."},{"speaker":"Bob Bernotas","startTime":1286.365,"endTime":1290.285,"body":"If these things are making a lot"},{"speaker":"Bob Bernotas","startTime":1286.365,"endTime":1290.285,"body":"of money, I often run into clients"},{"speaker":"Bob Bernotas","startTime":1290.285,"endTime":1295.425,"body":"who are specifically looking for"},{"speaker":"Bob Bernotas","startTime":1290.285,"endTime":1295.425,"body":"some category of franchising."},{"speaker":"Bob Bernotas","startTime":1295.805,"endTime":1300.035,"body":"I term these people ideologues"},{"speaker":"Bob Bernotas","startTime":1295.805,"endTime":1300.035,"body":"for lack of a better term in that,"},{"speaker":"Bob Bernotas","startTime":1300.215,"endTime":1302.435,"body":"Hey, somebody may, they have a dog."},{"speaker":"Bob Bernotas","startTime":1302.485,"endTime":1303.365,"body":"They love their dog."},{"speaker":"Bob Bernotas","startTime":1303.365,"endTime":1307.785,"body":"So they want to be in something pet"},{"speaker":"Bob Bernotas","startTime":1303.365,"endTime":1307.785,"body":"related, not always the best choice."},{"speaker":"Bob Bernotas","startTime":1308.375,"endTime":1311.745,"body":"So on the other end of the spectrum,"},{"speaker":"Bob Bernotas","startTime":1308.375,"endTime":1311.745,"body":"I work with a lot of clients who"},{"speaker":"Bob Bernotas","startTime":1311.745,"endTime":1315.995,"body":"simply say, Bob, show me the best"},{"speaker":"Bob Bernotas","startTime":1311.745,"endTime":1315.995,"body":"financial opportunities in franchising."},{"speaker":"Bob Bernotas","startTime":1316.35,"endTime":1321.21,"body":"If I'm given that latitude,"},{"speaker":"Bob Bernotas","startTime":1316.35,"endTime":1321.21,"body":"I love working in that space."},{"speaker":"Bob Bernotas","startTime":1321.6,"endTime":1322.02,"body":"Okay."},{"speaker":"Bob Bernotas","startTime":1322.03,"endTime":1325.03,"body":"Semi absentee, best"},{"speaker":"Bob Bernotas","startTime":1322.03,"endTime":1325.03,"body":"financial opportunities."},{"speaker":"Bob Bernotas","startTime":1325.03,"endTime":1328.68,"body":"That's exactly what I will show a"},{"speaker":"Bob Bernotas","startTime":1325.03,"endTime":1328.68,"body":"client because first and foremost,"},{"speaker":"Bob Bernotas","startTime":1329.03,"endTime":1333.56,"body":"you have to be successful because if"},{"speaker":"Bob Bernotas","startTime":1329.03,"endTime":1333.56,"body":"you get into something that's your"},{"speaker":"Bob Bernotas","startTime":1333.57,"endTime":1338.17,"body":"passion and you don't do as well"},{"speaker":"Bob Bernotas","startTime":1333.57,"endTime":1338.17,"body":"financially as you would have hoped,"},{"speaker":"Bob Bernotas","startTime":1338.44,"endTime":1340.11,"body":"you can learn to hate your passion."},{"speaker":"Average Joe Finances","startTime":1340.98,"endTime":1341.72,"body":"Oh, yeah, absolutely."},{"speaker":"Average Joe Finances","startTime":1341.72,"endTime":1345.17,"body":"So actually, Bob, I want to ask you,"},{"speaker":"Average Joe Finances","startTime":1341.72,"endTime":1345.17,"body":"like, how do you actually approach that"},{"speaker":"Average Joe Finances","startTime":1345.53,"endTime":1350.32,"body":"when you have clients that come to you"},{"speaker":"Average Joe Finances","startTime":1345.53,"endTime":1350.32,"body":"and they say okay, I, I love my dog."},{"speaker":"Average Joe Finances","startTime":1350.33,"endTime":1351.23,"body":"I love my cat."},{"speaker":"Average Joe Finances","startTime":1351.24,"endTime":1352.93,"body":"I want to do something"},{"speaker":"Average Joe Finances","startTime":1351.24,"endTime":1352.93,"body":"working with animals."},{"speaker":"Average Joe Finances","startTime":1353.24,"endTime":1358.51,"body":"How would you break it down to them to let"},{"speaker":"Average Joe Finances","startTime":1353.24,"endTime":1358.51,"body":"them know Hey, I understand your passion."},{"speaker":"Average Joe Finances","startTime":1358.76,"endTime":1362.52,"body":"And if you get into this, they're You"},{"speaker":"Average Joe Finances","startTime":1358.76,"endTime":1362.52,"body":"know the potential for you to make"},{"speaker":"Average Joe Finances","startTime":1363.13,"endTime":1365.14,"body":"cash, more cash would be over here."},{"speaker":"Average Joe Finances","startTime":1365.38,"endTime":1366.82,"body":"But if you got into this"},{"speaker":"Average Joe Finances","startTime":1365.38,"endTime":1366.82,"body":"is what this looks like."},{"speaker":"Average Joe Finances","startTime":1366.87,"endTime":1369.57,"body":"How do you break it down to them"},{"speaker":"Average Joe Finances","startTime":1366.87,"endTime":1369.57,"body":"to make them understand, that it"},{"speaker":"Average Joe Finances","startTime":1369.58,"endTime":1371.51,"body":"might not be a good fit for them?"},{"speaker":"Bob Bernotas","startTime":1372.15,"endTime":1375.02,"body":"Honestly, Mike I'm"},{"speaker":"Bob Bernotas","startTime":1372.15,"endTime":1375.02,"body":"direct with that and I will just tell"},{"speaker":"Bob Bernotas","startTime":1375.02,"endTime":1376.85,"body":"them, I'll post a question to them."},{"speaker":"Bob Bernotas","startTime":1376.86,"endTime":1377.79,"body":"Do you want to make money?"},{"speaker":"Bob Bernotas","startTime":1378.66,"endTime":1383.87,"body":"If making money is important to you,"},{"speaker":"Bob Bernotas","startTime":1378.66,"endTime":1383.87,"body":"you may want to not, look, there's"},{"speaker":"Bob Bernotas","startTime":1383.87,"endTime":1387.78,"body":"some good, not to knock on the"},{"speaker":"Bob Bernotas","startTime":1383.87,"endTime":1387.78,"body":"pet industry, some really good pet"},{"speaker":"Bob Bernotas","startTime":1387.78,"endTime":1391.55,"body":"franchises, the ones that do well tend"},{"speaker":"Bob Bernotas","startTime":1387.78,"endTime":1391.55,"body":"to be a really expensive concepts,"},{"speaker":"Bob Bernotas","startTime":1391.58,"endTime":1395.68,"body":"million, million and a half, 2 million"},{"speaker":"Bob Bernotas","startTime":1391.58,"endTime":1395.68,"body":"concepts aNd there's some really good"},{"speaker":"Bob Bernotas","startTime":1395.82,"endTime":1398.165,"body":"other pet franchise that they do fine."},{"speaker":"Bob Bernotas","startTime":1399.475,"endTime":1404.675,"body":"If someone comes to me and they're willing"},{"speaker":"Bob Bernotas","startTime":1399.475,"endTime":1404.675,"body":"to be open minded and say, Bob, just"},{"speaker":"Bob Bernotas","startTime":1404.675,"endTime":1406.995,"body":"show me here's what I have to work with."},{"speaker":"Bob Bernotas","startTime":1407.235,"endTime":1409.815,"body":"I don't want to exceed a"},{"speaker":"Bob Bernotas","startTime":1407.235,"endTime":1409.815,"body":"quarter million dollars in total"},{"speaker":"Bob Bernotas","startTime":1409.835,"endTime":1411.185,"body":"cost to open this franchise."},{"speaker":"Bob Bernotas","startTime":1411.185,"endTime":1413.695,"body":"I have 75 K that I can put into it."},{"speaker":"Bob Bernotas","startTime":1414.025,"endTime":1414.965,"body":"That's 1 example."},{"speaker":"Bob Bernotas","startTime":1414.975,"endTime":1420.735,"body":"It could be millions, but as an"},{"speaker":"Bob Bernotas","startTime":1414.975,"endTime":1420.735,"body":"example, 75 K, 250 total all in cost."},{"speaker":"Bob Bernotas","startTime":1420.735,"endTime":1423.565,"body":"Don't want to exceed it then I'm"},{"speaker":"Bob Bernotas","startTime":1420.735,"endTime":1423.565,"body":"going to show them concepts that have"},{"speaker":"Bob Bernotas","startTime":1423.565,"endTime":1426.745,"body":"the best financial opportunity that"},{"speaker":"Bob Bernotas","startTime":1423.565,"endTime":1426.745,"body":"would fit within those parameters."},{"speaker":"Bob Bernotas","startTime":1426.745,"endTime":1430.515,"body":"I also, if they need financing,"},{"speaker":"Bob Bernotas","startTime":1426.745,"endTime":1430.515,"body":"I work with the top franchise"},{"speaker":"Bob Bernotas","startTime":1430.545,"endTime":1432.465,"body":"lending sources out there."},{"speaker":"Bob Bernotas","startTime":1432.795,"endTime":1436.475,"body":"Rare that I can't get somebody"},{"speaker":"Bob Bernotas","startTime":1432.795,"endTime":1436.475,"body":"financed if they have decent credit."},{"speaker":"Bob Bernotas","startTime":1436.485,"endTime":1438.995,"body":"And there's lots of different"},{"speaker":"Bob Bernotas","startTime":1436.485,"endTime":1438.995,"body":"instruments for that as well."},{"speaker":"Average Joe Finances","startTime":1439.005,"endTime":1439.245,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1439.275,"endTime":1441.785,"body":"Bob, I'm glad you brought that up because"},{"speaker":"Average Joe Finances","startTime":1439.275,"endTime":1441.785,"body":"that's something I wanted to ask you."},{"speaker":"Average Joe Finances","startTime":1441.795,"endTime":1444.075,"body":"Cause as you were talking about,"},{"speaker":"Average Joe Finances","startTime":1441.795,"endTime":1444.075,"body":"you're like, yeah, somebody comes"},{"speaker":"Average Joe Finances","startTime":1444.075,"endTime":1447.955,"body":"to you and say, they say, Hey, I've"},{"speaker":"Average Joe Finances","startTime":1444.075,"endTime":1447.955,"body":"got 75K liquid to put into this."},{"speaker":"Average Joe Finances","startTime":1447.985,"endTime":1450.15,"body":"But I don't want to spend more"},{"speaker":"Average Joe Finances","startTime":1447.985,"endTime":1450.15,"body":"than a quarter of a million."},{"speaker":"Average Joe Finances","startTime":1450.15,"endTime":1451.26,"body":"So that was something"},{"speaker":"Average Joe Finances","startTime":1450.15,"endTime":1451.26,"body":"I was going to ask you."},{"speaker":"Average Joe Finances","startTime":1451.26,"endTime":1454.361,"body":"So are there different ways to"},{"speaker":"Average Joe Finances","startTime":1451.26,"endTime":1454.361,"body":"get financing to meet that 250,"},{"speaker":"Average Joe Finances","startTime":1454.361,"endTime":1459.22,"body":"000 and beyond for if you need a"},{"speaker":"Average Joe Finances","startTime":1454.361,"endTime":1459.22,"body":"commercial space for this particular"},{"speaker":"Average Joe Finances","startTime":1459.22,"endTime":1460.45,"body":"franchise or anything like that?"},{"speaker":"Average Joe Finances","startTime":1460.49,"endTime":1460.82,"body":"Sure."},{"speaker":"Average Joe Finances","startTime":1460.87,"endTime":1464.61,"body":"So like you had mentioned the financing,"},{"speaker":"Average Joe Finances","startTime":1460.87,"endTime":1464.61,"body":"but what about the other side of"},{"speaker":"Average Joe Finances","startTime":1464.61,"endTime":1467.8,"body":"that let's say you do need a space,"},{"speaker":"Average Joe Finances","startTime":1464.61,"endTime":1467.8,"body":"and you need a commercial space."},{"speaker":"Average Joe Finances","startTime":1468.26,"endTime":1471.8,"body":"Do you have resources to help"},{"speaker":"Average Joe Finances","startTime":1468.26,"endTime":1471.8,"body":"somebody find the space or also"},{"speaker":"Average Joe Finances","startTime":1472.12,"endTime":1474.17,"body":"fund and finance the space as well?"},{"speaker":"Bob Bernotas","startTime":1474.57,"endTime":1475.5,"body":"Yeah, franchise companies,"},{"speaker":"Bob Bernotas","startTime":1475.5,"endTime":1479.98,"body":"the better franchise companies will"},{"speaker":"Bob Bernotas","startTime":1475.5,"endTime":1479.98,"body":"assist you with finding space, whether"},{"speaker":"Bob Bernotas","startTime":1480.56,"endTime":1484.48,"body":"it's retail space, whether it's"},{"speaker":"Bob Bernotas","startTime":1480.56,"endTime":1484.48,"body":"commercial, industrial space, whatever"},{"speaker":"Bob Bernotas","startTime":1484.48,"endTime":1488.4,"body":"it happens to be, they all have real,"},{"speaker":"Bob Bernotas","startTime":1484.48,"endTime":1488.4,"body":"the better ones, again, have real estate"},{"speaker":"Bob Bernotas","startTime":1488.41,"endTime":1492.35,"body":"departments, and they will work with"},{"speaker":"Bob Bernotas","startTime":1488.41,"endTime":1492.35,"body":"you to help you identify the locations."},{"speaker":"Bob Bernotas","startTime":1493.06,"endTime":1496.93,"body":"Then as far as financing go, there's"},{"speaker":"Bob Bernotas","startTime":1493.06,"endTime":1496.93,"body":"so many different instruments that"},{"speaker":"Bob Bernotas","startTime":1496.93,"endTime":1499.52,"body":"can be potentially used as an example."},{"speaker":"Bob Bernotas","startTime":1499.52,"endTime":1502.63,"body":"The rates are going up now, but"},{"speaker":"Bob Bernotas","startTime":1499.52,"endTime":1502.63,"body":"it's still not a bad choice."},{"speaker":"Bob Bernotas","startTime":1502.7,"endTime":1503.65,"body":"SBA loans."},{"speaker":"Bob Bernotas","startTime":1504.0,"endTime":1504.91,"body":"SBA loans."},{"speaker":"Bob Bernotas","startTime":1504.91,"endTime":1508.34,"body":"If you don't, if you don't"},{"speaker":"Bob Bernotas","startTime":1504.91,"endTime":1508.34,"body":"exceed 350 K, it's not recourse."},{"speaker":"Bob Bernotas","startTime":1508.39,"endTime":1511.18,"body":"You're not pledging,"},{"speaker":"Bob Bernotas","startTime":1508.39,"endTime":1511.18,"body":"your house isn't at risk."},{"speaker":"Bob Bernotas","startTime":1511.56,"endTime":1512.96,"body":"Your assets aren't at risk."},{"speaker":"Bob Bernotas","startTime":1512.96,"endTime":1513.93,"body":"Do you sign personally?"},{"speaker":"Bob Bernotas","startTime":1513.93,"endTime":1516.46,"body":"Yes, but you're not coming here"},{"speaker":"Bob Bernotas","startTime":1513.93,"endTime":1516.46,"body":"after your house or assets."},{"speaker":"Bob Bernotas","startTime":1517.0,"endTime":1519.92,"body":"SO SBA's possibility 10 year term."},{"speaker":"Bob Bernotas","startTime":1519.93,"endTime":1523.5,"body":"So it's, even though the rates have"},{"speaker":"Bob Bernotas","startTime":1519.93,"endTime":1523.5,"body":"gotten higher, the term is 10 years and"},{"speaker":"Bob Bernotas","startTime":1523.5,"endTime":1527.67,"body":"you can always pay it off in 2 years"},{"speaker":"Bob Bernotas","startTime":1523.5,"endTime":1527.67,"body":"or 3 years or 4 years without penalty."},{"speaker":"Bob Bernotas","startTime":1527.67,"endTime":1532.26,"body":"There's something called a 401k"},{"speaker":"Bob Bernotas","startTime":1527.67,"endTime":1532.26,"body":"rollover, even hefty accounts out"},{"speaker":"Bob Bernotas","startTime":1532.26,"endTime":1536.54,"body":"there don't know what it is, but you're"},{"speaker":"Bob Bernotas","startTime":1532.26,"endTime":1536.54,"body":"rolling funds from a 401k or an IRA"},{"speaker":"Bob Bernotas","startTime":1537.12,"endTime":1541.57,"body":"into a business without taxation,"},{"speaker":"Bob Bernotas","startTime":1537.12,"endTime":1541.57,"body":"without penalty, without interest."},{"speaker":"Bob Bernotas","startTime":1541.77,"endTime":1542.2,"body":"Okay."},{"speaker":"Bob Bernotas","startTime":1542.2,"endTime":1545.16,"body":"So there's a few different"},{"speaker":"Bob Bernotas","startTime":1542.2,"endTime":1545.16,"body":"ways we could potentially go."},{"speaker":"Bob Bernotas","startTime":1545.44,"endTime":1546.12,"body":"And i,"},{"speaker":"Average Joe Finances","startTime":1546.13,"endTime":1546.99,"body":"That's very interesting."},{"speaker":"Average Joe Finances","startTime":1546.99,"endTime":1550.09,"body":"I didn't, yeah, that's, I didn't know"},{"speaker":"Average Joe Finances","startTime":1546.99,"endTime":1550.09,"body":"you can actually roll that over into,"},{"speaker":"Average Joe Finances","startTime":1550.31,"endTime":1553.56,"body":"are you talking about like rolling"},{"speaker":"Average Joe Finances","startTime":1550.31,"endTime":1553.56,"body":"it over into paying off the loan?"},{"speaker":"Average Joe Finances","startTime":1554.03,"endTime":1557.49,"body":"iF somebody has an SBA loan and they're"},{"speaker":"Average Joe Finances","startTime":1554.03,"endTime":1557.49,"body":"rolling it over to pay off the loan"},{"speaker":"Average Joe Finances","startTime":1557.49,"endTime":1560.52,"body":"for the business or they're rolling"},{"speaker":"Average Joe Finances","startTime":1557.49,"endTime":1560.52,"body":"it over to fund their business."},{"speaker":"Bob Bernotas","startTime":1560.57,"endTime":1561.18,"body":"They're rolling it up."},{"speaker":"Bob Bernotas","startTime":1561.21,"endTime":1564.85,"body":"You could roll it over to pay off a"},{"speaker":"Bob Bernotas","startTime":1561.21,"endTime":1564.85,"body":"loan, but typically you're rolling"},{"speaker":"Bob Bernotas","startTime":1564.85,"endTime":1566.54,"body":"it over to fund your business."},{"speaker":"Bob Bernotas","startTime":1567.19,"endTime":1570.99,"body":"And to be able to do it without"},{"speaker":"Bob Bernotas","startTime":1567.19,"endTime":1570.99,"body":"taxation, as long as it has to be"},{"speaker":"Bob Bernotas","startTime":1570.99,"endTime":1574.89,"body":"done in a certain way and there's"},{"speaker":"Bob Bernotas","startTime":1570.99,"endTime":1574.89,"body":"entities out there that I can introduce"},{"speaker":"Bob Bernotas","startTime":1574.89,"endTime":1576.51,"body":"clients to that will help them."},{"speaker":"Bob Bernotas","startTime":1576.9,"endTime":1580.57,"body":"They'll help them do that and show"},{"speaker":"Bob Bernotas","startTime":1576.9,"endTime":1580.57,"body":"them how to set that up and make"},{"speaker":"Bob Bernotas","startTime":1580.57,"endTime":1583.78,"body":"sure they stay in compliance, filing"},{"speaker":"Bob Bernotas","startTime":1580.57,"endTime":1583.78,"body":"the proper paperwork and so forth."},{"speaker":"Bob Bernotas","startTime":1583.78,"endTime":1588.72,"body":"But my clients that have a substantial"},{"speaker":"Bob Bernotas","startTime":1583.78,"endTime":1588.72,"body":"401k and they can, if they control it,"},{"speaker":"Bob Bernotas","startTime":1589.05,"endTime":1593.2,"body":"if they're not employed by that employer"},{"speaker":"Bob Bernotas","startTime":1589.05,"endTime":1593.2,"body":"anymore, or if they're of a certain age"},{"speaker":"Bob Bernotas","startTime":1593.49,"endTime":1598.16,"body":"they can, or if it's in an IRA, they can"},{"speaker":"Bob Bernotas","startTime":1593.49,"endTime":1598.16,"body":"roll it into a roll it into a business."},{"speaker":"Average Joe Finances","startTime":1598.86,"endTime":1601.92,"body":"Oh, so this"},{"speaker":"Average Joe Finances","startTime":1598.86,"endTime":1601.92,"body":"could be done with a 401k or an IRA."},{"speaker":"Average Joe Finances","startTime":1601.92,"endTime":1605.87,"body":"So the 401k, they obviously can't be"},{"speaker":"Average Joe Finances","startTime":1601.92,"endTime":1605.87,"body":"working with that company anymore,"},{"speaker":"Average Joe Finances","startTime":1606.23,"endTime":1607.72,"body":"but, oh that's very interesting."},{"speaker":"Average Joe Finances","startTime":1607.72,"endTime":1608.96,"body":"I had no idea you can do that."},{"speaker":"Average Joe Finances","startTime":1608.96,"endTime":1612.32,"body":"So obviously you need to get a CPA"},{"speaker":"Average Joe Finances","startTime":1608.96,"endTime":1612.32,"body":"to help you with something like that."},{"speaker":"Average Joe Finances","startTime":1612.32,"endTime":1616.48,"body":"But that is that's pretty amazing that"},{"speaker":"Average Joe Finances","startTime":1612.32,"endTime":1616.48,"body":"you can actually, because if you think"},{"speaker":"Average Joe Finances","startTime":1616.49,"endTime":1619.39,"body":"about it, you think about your 401k, you"},{"speaker":"Average Joe Finances","startTime":1616.49,"endTime":1619.39,"body":"think about your IRA, you think about"},{"speaker":"Average Joe Finances","startTime":1619.39,"endTime":1620.82,"body":"what your rate of return is on that."},{"speaker":"Average Joe Finances","startTime":1621.41,"endTime":1625.09,"body":"If you were to take that money and"},{"speaker":"Average Joe Finances","startTime":1621.41,"endTime":1625.09,"body":"put it into a franchise where you're"},{"speaker":"Average Joe Finances","startTime":1625.09,"endTime":1628.59,"body":"seeing, 100 percent rate of return,"},{"speaker":"Average Joe Finances","startTime":1625.09,"endTime":1628.59,"body":"for a lot of these within two years,"},{"speaker":"Average Joe Finances","startTime":1628.92,"endTime":1630.28,"body":"that's what I've seen my friends do."},{"speaker":"Average Joe Finances","startTime":1630.54,"endTime":1632.93,"body":"They got their money back"},{"speaker":"Average Joe Finances","startTime":1630.54,"endTime":1632.93,"body":"in two years or less."},{"speaker":"Average Joe Finances","startTime":1633.4,"endTime":1634.72,"body":"That's a hundred percent rate of return."},{"speaker":"Average Joe Finances","startTime":1635.16,"endTime":1637.35,"body":"So that's amazing right there."},{"speaker":"Average Joe Finances","startTime":1637.35,"endTime":1637.88,"body":"So that,"},{"speaker":"Bob Bernotas","startTime":1638.27,"endTime":1639.59,"body":"what was"},{"speaker":"Bob Bernotas","startTime":1638.27,"endTime":1639.59,"body":"your friend's investment?"},{"speaker":"Bob Bernotas","startTime":1640.29,"endTime":1641.77,"body":"What was your friend's investment in that?"},{"speaker":"Average Joe Finances","startTime":1642.47,"endTime":1642.91,"body":"In what?"},{"speaker":"Bob Bernotas","startTime":1642.97,"endTime":1643.79,"body":"In Koala."},{"speaker":"Average Joe Finances","startTime":1644.49,"endTime":1646.93,"body":"Oh,"},{"speaker":"Average Joe Finances","startTime":1644.49,"endTime":1646.93,"body":"well, he's got 10 areas now."},{"speaker":"Average Joe Finances","startTime":1646.93,"endTime":1647.24,"body":"I,"},{"speaker":"Bob Bernotas","startTime":1647.35,"endTime":1648.09,"body":"Oh, yeah."},{"speaker":"Bob Bernotas","startTime":1648.09,"endTime":1648.46,"body":"Okay."},{"speaker":"Bob Bernotas","startTime":1648.46,"endTime":1649.16,"body":"So his initial,"},{"speaker":"Average Joe Finances","startTime":1649.16,"endTime":1651.05,"body":"I don't know"},{"speaker":"Average Joe Finances","startTime":1649.16,"endTime":1651.05,"body":"what it, I think his initial was"},{"speaker":"Average Joe Finances","startTime":1651.05,"endTime":1654.05,"body":"like 140 ish or something like that."},{"speaker":"Average Joe Finances","startTime":1654.34,"endTime":1655.71,"body":"He made it back really quick."},{"speaker":"Average Joe Finances","startTime":1656.08,"endTime":1659.0,"body":"Then my other buddy he's got"},{"speaker":"Average Joe Finances","startTime":1656.08,"endTime":1659.0,"body":"the junk removal service."},{"speaker":"Average Joe Finances","startTime":1659.4,"endTime":1661.53,"body":"And he's already."},{"speaker":"Average Joe Finances","startTime":1662.23,"endTime":1666.745,"body":"Right now for this year, what he's"},{"speaker":"Average Joe Finances","startTime":1662.23,"endTime":1666.745,"body":"going to net in profit is already"},{"speaker":"Average Joe Finances","startTime":1666.745,"endTime":1670.315,"body":"more than halfway paying what he put"},{"speaker":"Average Joe Finances","startTime":1666.745,"endTime":1670.315,"body":"into this business for the truck,"},{"speaker":"Average Joe Finances","startTime":1670.325,"endTime":1671.955,"body":"for the franchise fee, everything."},{"speaker":"Average Joe Finances","startTime":1671.965,"endTime":1674.575,"body":"And I'm like, Holy crap,"},{"speaker":"Average Joe Finances","startTime":1671.965,"endTime":1674.575,"body":"dude, that's amazing."},{"speaker":"Average Joe Finances","startTime":1675.135,"endTime":1678.265,"body":"But yeah, the fact, that's a"},{"speaker":"Average Joe Finances","startTime":1675.135,"endTime":1678.265,"body":"powerful tool though, that you can"},{"speaker":"Average Joe Finances","startTime":1678.265,"endTime":1681.045,"body":"actually roll over your 401k and IRA."},{"speaker":"Average Joe Finances","startTime":1681.045,"endTime":1684.395,"body":"And you think about that rate of"},{"speaker":"Average Joe Finances","startTime":1681.045,"endTime":1684.395,"body":"return you can get versus leaving it."},{"speaker":"Average Joe Finances","startTime":1684.65,"endTime":1688.96,"body":"In the stock market or an index"},{"speaker":"Average Joe Finances","startTime":1684.65,"endTime":1688.96,"body":"funds or ETS which are safe and"},{"speaker":"Average Joe Finances","startTime":1688.98,"endTime":1694.33,"body":"pretty strong things to invest with,"},{"speaker":"Average Joe Finances","startTime":1688.98,"endTime":1694.33,"body":"invest in, if you want to get a nice"},{"speaker":"Average Joe Finances","startTime":1694.33,"endTime":1699.39,"body":"retirement in, 20, 30, 40 years,"},{"speaker":"Average Joe Finances","startTime":1694.33,"endTime":1699.39,"body":"where you can get that same return in"},{"speaker":"Average Joe Finances","startTime":1699.39,"endTime":1702.52,"body":"a couple of years with a franchise,"},{"speaker":"Average Joe Finances","startTime":1699.39,"endTime":1702.52,"body":"at least what it sounds like to me."},{"speaker":"Average Joe Finances","startTime":1702.54,"endTime":1703.6,"body":"So that's pretty amazing."},{"speaker":"Average Joe Finances","startTime":1704.3,"endTime":1707.71,"body":"As long as you let's see why a lot of real"},{"speaker":"Average Joe Finances","startTime":1704.3,"endTime":1707.71,"body":"estate investors are making that shift."},{"speaker":"Bob Bernotas","startTime":1708.645,"endTime":1711.775,"body":"Yes, I'm it's a"},{"speaker":"Bob Bernotas","startTime":1708.645,"endTime":1711.775,"body":"seismic shift at this point."},{"speaker":"Bob Bernotas","startTime":1711.935,"endTime":1715.535,"body":"So many of my clients that are in"},{"speaker":"Bob Bernotas","startTime":1711.935,"endTime":1715.535,"body":"real estate now have shifted so"},{"speaker":"Bob Bernotas","startTime":1715.535,"endTime":1717.055,"body":"much funds  over to franchising."},{"speaker":"Average Joe Finances","startTime":1717.755,"endTime":1718.775,"body":"Yeah, that's pretty."},{"speaker":"Average Joe Finances","startTime":1718.825,"endTime":1719.615,"body":"That's pretty amazing."},{"speaker":"Average Joe Finances","startTime":1720.145,"endTime":1720.455,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1720.455,"endTime":1723.235,"body":"So now I'd like to know"},{"speaker":"Average Joe Finances","startTime":1720.455,"endTime":1723.235,"body":"a little bit about."},{"speaker":"Average Joe Finances","startTime":1723.725,"endTime":1728.455,"body":"What you actually do when"},{"speaker":"Average Joe Finances","startTime":1723.725,"endTime":1728.455,"body":"it comes to helping people,"},{"speaker":"Average Joe Finances","startTime":1728.555,"endTime":1729.645,"body":"get into a franchise, right?"},{"speaker":"Average Joe Finances","startTime":1729.645,"endTime":1731.985,"body":"Because obviously, that's"},{"speaker":"Average Joe Finances","startTime":1729.645,"endTime":1731.985,"body":"what you do, right?"},{"speaker":"Average Joe Finances","startTime":1731.995,"endTime":1736.165,"body":"You help, you, you pair people up"},{"speaker":"Average Joe Finances","startTime":1731.995,"endTime":1736.165,"body":"with the right franchise for them."},{"speaker":"Average Joe Finances","startTime":1736.165,"endTime":1738.655,"body":"Now, what does this look like if"},{"speaker":"Average Joe Finances","startTime":1736.165,"endTime":1738.655,"body":"somebody comes to you and says,"},{"speaker":"Average Joe Finances","startTime":1738.655,"endTime":1740.715,"body":"Hey, Bob, this is what I want to do."},{"speaker":"Average Joe Finances","startTime":1741.055,"endTime":1743.085,"body":"I don't really care what space I get into."},{"speaker":"Average Joe Finances","startTime":1743.085,"endTime":1744.965,"body":"I've got this much money to put into it."},{"speaker":"Average Joe Finances","startTime":1745.275,"endTime":1746.955,"body":"This is the kind of rate"},{"speaker":"Average Joe Finances","startTime":1745.275,"endTime":1746.955,"body":"of return I'm looking at."},{"speaker":"Average Joe Finances","startTime":1746.955,"endTime":1747.975,"body":"This is the market I'm in."},{"speaker":"Average Joe Finances","startTime":1748.145,"endTime":1750.495,"body":"What kind of questions are you"},{"speaker":"Average Joe Finances","startTime":1748.145,"endTime":1750.495,"body":"asking them to make sure you"},{"speaker":"Average Joe Finances","startTime":1750.495,"endTime":1753.385,"body":"place them in that right fit?"},{"speaker":"Average Joe Finances","startTime":1753.585,"endTime":1755.795,"body":"That's going to get them that rate"},{"speaker":"Average Joe Finances","startTime":1753.585,"endTime":1755.795,"body":"of return that they're looking for."},{"speaker":"Bob Bernotas","startTime":1756.41,"endTime":1759.28,"body":"Yeah the 1st thing I do is"},{"speaker":"Bob Bernotas","startTime":1756.41,"endTime":1759.28,"body":"I spend some time to get to know them."},{"speaker":"Bob Bernotas","startTime":1759.31,"endTime":1761.77,"body":"I'll ask him to complete a"},{"speaker":"Bob Bernotas","startTime":1759.31,"endTime":1761.77,"body":"confidential questionnaire."},{"speaker":"Bob Bernotas","startTime":1761.77,"endTime":1765.1,"body":"It's going to take him about 20,"},{"speaker":"Bob Bernotas","startTime":1761.77,"endTime":1765.1,"body":"30 minutes to do, but that gives me"},{"speaker":"Bob Bernotas","startTime":1765.1,"endTime":1768.84,"body":"the initial information I need on"},{"speaker":"Bob Bernotas","startTime":1765.1,"endTime":1768.84,"body":"them to start doing my job properly."},{"speaker":"Bob Bernotas","startTime":1769.5,"endTime":1771.36,"body":"That'll be followed by a consultation."},{"speaker":"Bob Bernotas","startTime":1771.37,"endTime":1775.12,"body":"I'll spend maybe an hour or so with"},{"speaker":"Bob Bernotas","startTime":1771.37,"endTime":1775.12,"body":"them reviewing the confidential"},{"speaker":"Bob Bernotas","startTime":1775.14,"endTime":1778.77,"body":"questionnaire and I'll have lots"},{"speaker":"Bob Bernotas","startTime":1775.14,"endTime":1778.77,"body":"and lots of questions for him."},{"speaker":"Bob Bernotas","startTime":1779.33,"endTime":1782.66,"body":"I take all the information that they"},{"speaker":"Bob Bernotas","startTime":1779.33,"endTime":1782.66,"body":"share with me in the confidential"},{"speaker":"Bob Bernotas","startTime":1782.67,"endTime":1785.79,"body":"questionnaire and the information"},{"speaker":"Bob Bernotas","startTime":1782.67,"endTime":1785.79,"body":"they gave me during the consultation"},{"speaker":"Bob Bernotas","startTime":1786.24,"endTime":1788.73,"body":"and I build what I call a profile."},{"speaker":"Bob Bernotas","startTime":1788.74,"endTime":1792.29,"body":"Usually it's, I put it in writing,"},{"speaker":"Bob Bernotas","startTime":1788.74,"endTime":1792.29,"body":"it's usually two or three pages, but"},{"speaker":"Bob Bernotas","startTime":1792.37,"endTime":1797.1,"body":"basically it's a profile of who they are"},{"speaker":"Bob Bernotas","startTime":1792.37,"endTime":1797.1,"body":"and what's going to drive them and what"},{"speaker":"Bob Bernotas","startTime":1797.34,"endTime":1798.88,"body":"potentially could be good fits for them."},{"speaker":"Bob Bernotas","startTime":1799.15,"endTime":1802.36,"body":"I use that to start matching"},{"speaker":"Bob Bernotas","startTime":1799.15,"endTime":1802.36,"body":"them with franchise concepts"},{"speaker":"Bob Bernotas","startTime":1802.36,"endTime":1803.93,"body":"that I think will be a good fit."},{"speaker":"Bob Bernotas","startTime":1804.42,"endTime":1808.98,"body":"I may start out behind the scenes with"},{"speaker":"Bob Bernotas","startTime":1804.42,"endTime":1808.98,"body":"looking at a hundred different franchises."},{"speaker":"Bob Bernotas","startTime":1809.44,"endTime":1812.75,"body":"I do my territory checks depending"},{"speaker":"Bob Bernotas","startTime":1809.44,"endTime":1812.75,"body":"upon where they are in the country."},{"speaker":"Bob Bernotas","startTime":1812.75,"endTime":1817.04,"body":"Often the territory check is going"},{"speaker":"Bob Bernotas","startTime":1812.75,"endTime":1817.04,"body":"to cut at least half of them out."},{"speaker":"Bob Bernotas","startTime":1817.39,"endTime":1819.49,"body":"Okay, it's already going"},{"speaker":"Bob Bernotas","startTime":1817.39,"endTime":1819.49,"body":"to be sold in their market."},{"speaker":"Bob Bernotas","startTime":1819.5,"endTime":1820.15,"body":"Could be more."},{"speaker":"Bob Bernotas","startTime":1820.57,"endTime":1822.345,"body":"That's why I do that many to begin with."},{"speaker":"Bob Bernotas","startTime":1822.575,"endTime":1827.545,"body":"But then I'll try to whittle the list"},{"speaker":"Bob Bernotas","startTime":1822.575,"endTime":1827.545,"body":"down further on their behalf and by the"},{"speaker":"Bob Bernotas","startTime":1827.545,"endTime":1832.635,"body":"time we do the next the next call, the"},{"speaker":"Bob Bernotas","startTime":1827.545,"endTime":1832.635,"body":"next zoom call, which will last about 75"},{"speaker":"Bob Bernotas","startTime":1832.635,"endTime":1836.705,"body":"minutes to an hour, I'll probably have it"},{"speaker":"Bob Bernotas","startTime":1832.635,"endTime":1836.705,"body":"down to about a half dozen concepts that"},{"speaker":"Bob Bernotas","startTime":1836.705,"endTime":1838.915,"body":"I think will be excellent fits for them."},{"speaker":"Bob Bernotas","startTime":1839.545,"endTime":1840.865,"body":"On that zoom call."},{"speaker":"Bob Bernotas","startTime":1840.865,"endTime":1842.245,"body":"We'll review those concepts."},{"speaker":"Bob Bernotas","startTime":1842.245,"endTime":1845.345,"body":"I'll answer any questions"},{"speaker":"Bob Bernotas","startTime":1842.245,"endTime":1845.345,"body":"that they have about them."},{"speaker":"Bob Bernotas","startTime":1845.365,"endTime":1849.685,"body":"I'll give you, I'll give them my"},{"speaker":"Bob Bernotas","startTime":1845.365,"endTime":1849.685,"body":"opinion on those at the end of the call."},{"speaker":"Bob Bernotas","startTime":1849.725,"endTime":1853.665,"body":"I'll say, Mike, let's try to"},{"speaker":"Bob Bernotas","startTime":1849.725,"endTime":1853.665,"body":"pair this list down further."},{"speaker":"Bob Bernotas","startTime":1853.675,"endTime":1856.175,"body":"Maybe to the top 2, possibly 3."},{"speaker":"Bob Bernotas","startTime":1856.44,"endTime":1860.56,"body":"To dive into more deeply, we don't want"},{"speaker":"Bob Bernotas","startTime":1856.44,"endTime":1860.56,"body":"to try to look at too many at a time."},{"speaker":"Bob Bernotas","startTime":1860.8,"endTime":1862.39,"body":"It will be overwhelming for you."},{"speaker":"Bob Bernotas","startTime":1862.39,"endTime":1864.86,"body":"Once they've identified 2"},{"speaker":"Bob Bernotas","startTime":1862.39,"endTime":1864.86,"body":"or 3, they like the best."},{"speaker":"Bob Bernotas","startTime":1865.08,"endTime":1866.33,"body":"You can always come back to the others."},{"speaker":"Bob Bernotas","startTime":1866.74,"endTime":1868.22,"body":"Let's start with these 2 or 3."},{"speaker":"Bob Bernotas","startTime":1868.26,"endTime":1871.52,"body":"Then we take a deeper dive into"},{"speaker":"Bob Bernotas","startTime":1868.26,"endTime":1871.52,"body":"those and learn about them."},{"speaker":"Bob Bernotas","startTime":1871.78,"endTime":1875.61,"body":"The process when I engage with"},{"speaker":"Bob Bernotas","startTime":1871.78,"endTime":1875.61,"body":"with a client generally is going"},{"speaker":"Bob Bernotas","startTime":1875.61,"endTime":1881.28,"body":"to run somewhere between 8 to"},{"speaker":"Bob Bernotas","startTime":1875.61,"endTime":1881.28,"body":"12 to 16 weeks could be longer."},{"speaker":"Bob Bernotas","startTime":1881.31,"endTime":1884.21,"body":"Sometimes we're starting and"},{"speaker":"Bob Bernotas","startTime":1881.31,"endTime":1884.21,"body":"stopping and so forth, but"},{"speaker":"Bob Bernotas","startTime":1884.21,"endTime":1885.71,"body":"typically that's the time frame."},{"speaker":"Bob Bernotas","startTime":1885.71,"endTime":1888.7,"body":"And hopefully we can find something"},{"speaker":"Bob Bernotas","startTime":1885.71,"endTime":1888.7,"body":"that's going to be a good fit."},{"speaker":"Bob Bernotas","startTime":1889.05,"endTime":1894.74,"body":"My service is actually free to the"},{"speaker":"Bob Bernotas","startTime":1889.05,"endTime":1894.74,"body":"candidates that I work, work with."},{"speaker":"Bob Bernotas","startTime":1895.22,"endTime":1897.5,"body":"My industry is very similar"},{"speaker":"Bob Bernotas","startTime":1895.22,"endTime":1897.5,"body":"to the real estate industry."},{"speaker":"Bob Bernotas","startTime":1897.56,"endTime":1902.05,"body":"Franchise companies compensate me for"},{"speaker":"Bob Bernotas","startTime":1897.56,"endTime":1902.05,"body":"bringing qualified candidates to them."},{"speaker":"Bob Bernotas","startTime":1902.37,"endTime":1906.09,"body":"I will never put somebody in front"},{"speaker":"Bob Bernotas","startTime":1902.37,"endTime":1906.09,"body":"of a franchise company unless"},{"speaker":"Bob Bernotas","startTime":1906.09,"endTime":1909.08,"body":"they check all the boxes that the"},{"speaker":"Bob Bernotas","startTime":1906.09,"endTime":1909.08,"body":"franchise companies are looking for."},{"speaker":"Bob Bernotas","startTime":1909.45,"endTime":1912.4,"body":"And if you compare that to the"},{"speaker":"Bob Bernotas","startTime":1909.45,"endTime":1912.4,"body":"way most people are looking"},{"speaker":"Bob Bernotas","startTime":1912.4,"endTime":1914.34,"body":"for franchises, they go online."},{"speaker":"Bob Bernotas","startTime":1915.22,"endTime":1918.83,"body":"Incredibly frustrated, but to go"},{"speaker":"Bob Bernotas","startTime":1915.22,"endTime":1918.83,"body":"online, you're looking at a million"},{"speaker":"Bob Bernotas","startTime":1918.83,"endTime":1920.64,"body":"different franchises out there."},{"speaker":"Bob Bernotas","startTime":1920.64,"endTime":1921.71,"body":"They're reaching out to some."},{"speaker":"Bob Bernotas","startTime":1921.72,"endTime":1924.35,"body":"Some will get back to them, some"},{"speaker":"Bob Bernotas","startTime":1921.72,"endTime":1924.35,"body":"won't some they're going to be"},{"speaker":"Bob Bernotas","startTime":1924.35,"endTime":1929.68,"body":"qualified for, some are not going to"},{"speaker":"Bob Bernotas","startTime":1924.35,"endTime":1929.68,"body":"be qualified for franchise companies."},{"speaker":"Bob Bernotas","startTime":1929.73,"endTime":1933.2,"body":"95 percent of the people coming"},{"speaker":"Bob Bernotas","startTime":1929.73,"endTime":1933.2,"body":"to those franchise companies"},{"speaker":"Bob Bernotas","startTime":1933.54,"endTime":1934.95,"body":"end up not being qualified."},{"speaker":"Bob Bernotas","startTime":1934.951,"endTime":1937.11,"body":"So the franchise companies"},{"speaker":"Bob Bernotas","startTime":1934.951,"endTime":1937.11,"body":"waste a lot of time."},{"speaker":"Bob Bernotas","startTime":1937.11,"endTime":1941.11,"body":"So they prefer to work with a"},{"speaker":"Bob Bernotas","startTime":1937.11,"endTime":1941.11,"body":"qualified consultant like myself."},{"speaker":"Average Joe Finances","startTime":1942.105,"endTime":1942.485,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":1942.665,"endTime":1943.735,"body":"That's great."},{"speaker":"Average Joe Finances","startTime":1943.735,"endTime":1946.615,"body":"And I really appreciate you showing"},{"speaker":"Average Joe Finances","startTime":1943.735,"endTime":1946.615,"body":"me like, and explaining each one of"},{"speaker":"Average Joe Finances","startTime":1946.615,"endTime":1950.355,"body":"those steps that you take to find"},{"speaker":"Average Joe Finances","startTime":1946.615,"endTime":1950.355,"body":"the qualified candidates, but also"},{"speaker":"Average Joe Finances","startTime":1950.355,"endTime":1952.765,"body":"find the right franchise for them."},{"speaker":"Average Joe Finances","startTime":1952.815,"endTime":1956.125,"body":"It's pretty much, like playing"},{"speaker":"Average Joe Finances","startTime":1952.815,"endTime":1956.125,"body":"matchmaker, and that's exactly what you're"},{"speaker":"Average Joe Finances","startTime":1956.125,"endTime":1957.545,"body":"doing, you're finding the right fit."},{"speaker":"Average Joe Finances","startTime":1957.985,"endTime":1961.515,"body":"But like being a real estate agent, you"},{"speaker":"Average Joe Finances","startTime":1957.985,"endTime":1961.515,"body":"don't get paid until the deal closes."},{"speaker":"Average Joe Finances","startTime":1961.595,"endTime":1962.025,"body":"Correct."},{"speaker":"Average Joe Finances","startTime":1962.195,"endTime":1963.505,"body":"Yeah it also."},{"speaker":"Average Joe Finances","startTime":1963.995,"endTime":1966.725,"body":"Is important that you're talking"},{"speaker":"Average Joe Finances","startTime":1963.995,"endTime":1966.725,"body":"to somebody that's taking it very"},{"speaker":"Average Joe Finances","startTime":1966.725,"endTime":1970.145,"body":"seriously, which is why I assume the"},{"speaker":"Average Joe Finances","startTime":1966.725,"endTime":1970.145,"body":"questionnaire is something that you"},{"speaker":"Average Joe Finances","startTime":1970.145,"endTime":1974.685,"body":"use to weed out, somebody who's just"},{"speaker":"Average Joe Finances","startTime":1970.145,"endTime":1974.685,"body":"like a tire kicker versus someone"},{"speaker":"Average Joe Finances","startTime":1974.685,"endTime":1976.045,"body":"who's okay, I want to buy the car."},{"speaker":"Bob Bernotas","startTime":1976.965,"endTime":1977.185,"body":"Yeah,"},{"speaker":"Bob Bernotas","startTime":1977.285,"endTime":1978.465,"body":"my time is money."},{"speaker":"Bob Bernotas","startTime":1978.515,"endTime":1979.905,"body":"I don't want to spend a lot of time."},{"speaker":"Bob Bernotas","startTime":1979.945,"endTime":1983.455,"body":"Somebody has no intention really of"},{"speaker":"Bob Bernotas","startTime":1979.945,"endTime":1983.455,"body":"doing it, but if they're qualified"},{"speaker":"Bob Bernotas","startTime":1983.455,"endTime":1988.175,"body":"financially, which we can ascertain"},{"speaker":"Bob Bernotas","startTime":1983.455,"endTime":1988.175,"body":"pretty quickly, they have a desire to"},{"speaker":"Bob Bernotas","startTime":1988.83,"endTime":1994.33,"body":"be their own boss, so to speak, start"},{"speaker":"Bob Bernotas","startTime":1988.83,"endTime":1994.33,"body":"building a legacy, start building"},{"speaker":"Bob Bernotas","startTime":1994.37,"endTime":1998.52,"body":"equity in the business of their own,"},{"speaker":"Bob Bernotas","startTime":1994.37,"endTime":1998.52,"body":"then I'll be happy to work with them."},{"speaker":"Bob Bernotas","startTime":1998.74,"endTime":2002.51,"body":"And again, the franchise companies"},{"speaker":"Bob Bernotas","startTime":1998.74,"endTime":2002.51,"body":"compensate me for bringing qualified"},{"speaker":"Bob Bernotas","startTime":2002.75,"endTime":2004.45,"body":"people to them if they go forward."},{"speaker":"Average Joe Finances","startTime":2005.15,"endTime":2005.71,"body":"All right, Bob."},{"speaker":"Average Joe Finances","startTime":2005.71,"endTime":2006.57,"body":"Yeah that's fantastic."},{"speaker":"Average Joe Finances","startTime":2006.62,"endTime":2010.057,"body":"It's good to get down into the"},{"speaker":"Average Joe Finances","startTime":2006.62,"endTime":2010.057,"body":"weeds and see what you do behind"},{"speaker":"Average Joe Finances","startTime":2010.057,"endTime":2013.057,"body":"the scenes, because, for people"},{"speaker":"Average Joe Finances","startTime":2010.057,"endTime":2013.057,"body":"that are listening right now and"},{"speaker":"Average Joe Finances","startTime":2013.057,"endTime":2015.207,"body":"they're like, maybe franchising"},{"speaker":"Average Joe Finances","startTime":2013.057,"endTime":2015.207,"body":"is something I want to get into."},{"speaker":"Average Joe Finances","startTime":2015.207,"endTime":2017.927,"body":"And then they hear that and they're"},{"speaker":"Average Joe Finances","startTime":2015.207,"endTime":2017.927,"body":"like okay, I need to make sure I'm"},{"speaker":"Average Joe Finances","startTime":2017.927,"endTime":2021.637,"body":"serious before I even think about"},{"speaker":"Average Joe Finances","startTime":2017.927,"endTime":2021.637,"body":"dipping my toe into the water."},{"speaker":"Average Joe Finances","startTime":2021.807,"endTime":2024.767,"body":"I want to make sure that if I dip my toe"},{"speaker":"Average Joe Finances","startTime":2021.807,"endTime":2024.767,"body":"into the water, I'm committing to dive in."},{"speaker":"Average Joe Finances","startTime":2025.332,"endTime":2027.322,"body":"So that, I think that's"},{"speaker":"Average Joe Finances","startTime":2025.332,"endTime":2027.322,"body":"another important thing too."},{"speaker":"Average Joe Finances","startTime":2027.322,"endTime":2028.752,"body":"I like to use analogies."},{"speaker":"Average Joe Finances","startTime":2028.762,"endTime":2029.092,"body":"Sorry."},{"speaker":"Average Joe Finances","startTime":2029.092,"endTime":2030.412,"body":"I'm all over the place with that."},{"speaker":"Average Joe Finances","startTime":2030.462,"endTime":2030.942,"body":"That's great."},{"speaker":"Average Joe Finances","startTime":2031.642,"endTime":2032.262,"body":"But yeah, Bob."},{"speaker":"Average Joe Finances","startTime":2032.292,"endTime":2032.632,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2032.652,"endTime":2033.922,"body":"So this is, this has been great."},{"speaker":"Average Joe Finances","startTime":2033.962,"endTime":2037.412,"body":"I'd like to transition this into"},{"speaker":"Average Joe Finances","startTime":2033.962,"endTime":2037.412,"body":"something that I call the final round."},{"speaker":"Average Joe Finances","startTime":2037.872,"endTime":2039.692,"body":"It's where I'm going to ask"},{"speaker":"Average Joe Finances","startTime":2037.872,"endTime":2039.692,"body":"you the same 4 questions."},{"speaker":"Average Joe Finances","startTime":2039.692,"endTime":2043.162,"body":"I ask everybody that comes on the show"},{"speaker":"Average Joe Finances","startTime":2039.692,"endTime":2043.162,"body":"and it gives us a good idea of how"},{"speaker":"Average Joe Finances","startTime":2043.272,"endTime":2046.242,"body":"Bob is under a little bit of pressure."},{"speaker":"Average Joe Finances","startTime":2046.592,"endTime":2047.552,"body":"So if you're ready to go,"},{"speaker":"Bob Bernotas","startTime":2047.762,"endTime":2049.692,"body":"are there"},{"speaker":"Bob Bernotas","startTime":2047.762,"endTime":2049.692,"body":"right and wrong answers?"},{"speaker":"Average Joe Finances","startTime":2050.527,"endTime":2051.927,"body":"No, there"},{"speaker":"Average Joe Finances","startTime":2050.527,"endTime":2051.927,"body":"is no such thing as a right or"},{"speaker":"Average Joe Finances","startTime":2051.927,"endTime":2053.077,"body":"wrong answer to these questions."},{"speaker":"Bob Bernotas","startTime":2053.077,"endTime":2053.427,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2053.817,"endTime":2054.157,"body":"So"},{"speaker":"Bob Bernotas","startTime":2054.317,"endTime":2054.877,"body":"Fire away."},{"speaker":"Average Joe Finances","startTime":2055.107,"endTime":2058.547,"body":"Bob, the first"},{"speaker":"Average Joe Finances","startTime":2055.107,"endTime":2058.547,"body":"question of the final round for you is"},{"speaker":"Average Joe Finances","startTime":2059.147,"endTime":2063.237,"body":"what's the biggest mistake you've ever"},{"speaker":"Average Joe Finances","startTime":2059.147,"endTime":2063.237,"body":"made when it comes to your finances,"},{"speaker":"Average Joe Finances","startTime":2063.237,"endTime":2065.547,"body":"investing real estate, or just business."},{"speaker":"Bob Bernotas","startTime":2066.247,"endTime":2067.037,"body":"Oh my goodness."},{"speaker":"Bob Bernotas","startTime":2067.047,"endTime":2071.607,"body":"I'll give you one of the biggest mistakes"},{"speaker":"Bob Bernotas","startTime":2067.047,"endTime":2071.607,"body":"because I've made plenty of big mistakes,"},{"speaker":"Bob Bernotas","startTime":2071.607,"endTime":2076.157,"body":"but I back in the day when I first got"},{"speaker":"Bob Bernotas","startTime":2071.607,"endTime":2076.157,"body":"into my first franchise was West Coast"},{"speaker":"Bob Bernotas","startTime":2076.157,"endTime":2080.977,"body":"Video and I was opening a number of"},{"speaker":"Bob Bernotas","startTime":2076.157,"endTime":2080.977,"body":"them in the Philadelphia market and I"},{"speaker":"Bob Bernotas","startTime":2080.977,"endTime":2085.447,"body":"lost my mind, went up to New York and"},{"speaker":"Bob Bernotas","startTime":2080.977,"endTime":2085.447,"body":"I opened the first one in Queens and"},{"speaker":"Bob Bernotas","startTime":2085.457,"endTime":2089.947,"body":"I built the building and I brought a"},{"speaker":"Bob Bernotas","startTime":2085.457,"endTime":2089.947,"body":"contractor up from Philadelphia to do it."},{"speaker":"Bob Bernotas","startTime":2090.647,"endTime":2094.437,"body":"It turns out he just didn't know"},{"speaker":"Bob Bernotas","startTime":2090.647,"endTime":2094.437,"body":"the ropes in New York, and it turned"},{"speaker":"Bob Bernotas","startTime":2094.437,"endTime":2100.147,"body":"into an absolute debacle and what it"},{"speaker":"Bob Bernotas","startTime":2094.437,"endTime":2100.147,"body":"should have cost me, it cost ended up"},{"speaker":"Bob Bernotas","startTime":2100.147,"endTime":2105.417,"body":"costing me 2.5 times as much to build"},{"speaker":"Bob Bernotas","startTime":2100.147,"endTime":2105.417,"body":"that building and get that unit open."},{"speaker":"Bob Bernotas","startTime":2105.807,"endTime":2107.647,"body":"So that was an expensive lesson."},{"speaker":"Average Joe Finances","startTime":2108.347,"endTime":2108.777,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2108.777,"endTime":2109.667,"body":"Yeah, definitely."},{"speaker":"Average Joe Finances","startTime":2109.927,"endTime":2113.077,"body":"I appreciate your, transparency"},{"speaker":"Average Joe Finances","startTime":2109.927,"endTime":2113.077,"body":"there and sharing that."},{"speaker":"Bob Bernotas","startTime":2113.077,"endTime":2113.877,"body":"Stupidity, you mean?"},{"speaker":"Average Joe Finances","startTime":2113.927,"endTime":2115.127,"body":"No,"},{"speaker":"Average Joe Finances","startTime":2113.927,"endTime":2115.127,"body":"definitely transparency."},{"speaker":"Average Joe Finances","startTime":2115.557,"endTime":2115.937,"body":"All right."},{"speaker":"Average Joe Finances","startTime":2115.947,"endTime":2119.097,"body":"So Bob, the next question, and"},{"speaker":"Average Joe Finances","startTime":2115.947,"endTime":2119.097,"body":"these kind of tie into each other."},{"speaker":"Average Joe Finances","startTime":2119.367,"endTime":2122.977,"body":"But what is something that you've"},{"speaker":"Average Joe Finances","startTime":2119.367,"endTime":2122.977,"body":"learned that you wish you knew"},{"speaker":"Average Joe Finances","startTime":2122.987,"endTime":2124.297,"body":"when you first got started?"},{"speaker":"Bob Bernotas","startTime":2124.997,"endTime":2127.807,"body":"Oh, my"},{"speaker":"Bob Bernotas","startTime":2124.997,"endTime":2127.807,"body":"goodness, I wish I knew."},{"speaker":"Bob Bernotas","startTime":2127.897,"endTime":2134.237,"body":"Look, I've made some mistakes in terms"},{"speaker":"Bob Bernotas","startTime":2127.897,"endTime":2134.237,"body":"of identifying the type of franchise."},{"speaker":"Bob Bernotas","startTime":2134.237,"endTime":2137.097,"body":"I want to be involved and not"},{"speaker":"Bob Bernotas","startTime":2134.237,"endTime":2137.097,"body":"the knock the video industry, not"},{"speaker":"Bob Bernotas","startTime":2137.097,"endTime":2138.177,"body":"to knock the tanning industry."},{"speaker":"Bob Bernotas","startTime":2138.177,"endTime":2141.577,"body":"The 1st, 2 concepts that I got"},{"speaker":"Bob Bernotas","startTime":2138.177,"endTime":2141.577,"body":"into, but I think I would have"},{"speaker":"Bob Bernotas","startTime":2141.597,"endTime":2143.097,"body":"taken it in a different direction."},{"speaker":"Bob Bernotas","startTime":2143.557,"endTime":2149.522,"body":"I wish I had a mentor or an expert,"},{"speaker":"Bob Bernotas","startTime":2143.557,"endTime":2149.522,"body":"someone who could have guided me through"},{"speaker":"Bob Bernotas","startTime":2149.522,"endTime":2153.212,"body":"that process, steered me in the right"},{"speaker":"Bob Bernotas","startTime":2149.522,"endTime":2153.212,"body":"direction, because otherwise you're"},{"speaker":"Bob Bernotas","startTime":2153.212,"endTime":2157.972,"body":"throwing darts, at least I was in my"},{"speaker":"Bob Bernotas","startTime":2153.212,"endTime":2157.972,"body":"situation, it fortunately worked out"},{"speaker":"Bob Bernotas","startTime":2158.392,"endTime":2162.742,"body":"pretty good for me, but it could have"},{"speaker":"Bob Bernotas","startTime":2158.392,"endTime":2162.742,"body":"worked out a heck of a lot better when in"},{"speaker":"Bob Bernotas","startTime":2162.742,"endTime":2165.752,"body":"retrospect, when I looked back and looked"},{"speaker":"Bob Bernotas","startTime":2162.742,"endTime":2165.752,"body":"at some of the concepts that I passed up"},{"speaker":"Bob Bernotas","startTime":2165.752,"endTime":2169.212,"body":"on when I could have gotten involved in,"},{"speaker":"Bob Bernotas","startTime":2165.752,"endTime":2169.212,"body":"but I just didn't know enough about it."},{"speaker":"Average Joe Finances","startTime":2169.912,"endTime":2170.232,"body":"Sure."},{"speaker":"Average Joe Finances","startTime":2170.262,"endTime":2172.472,"body":"Yeah, that, that makes perfect sense."},{"speaker":"Average Joe Finances","startTime":2172.502,"endTime":2176.122,"body":"And, it's one of the things I talk"},{"speaker":"Average Joe Finances","startTime":2172.502,"endTime":2176.122,"body":"about a lot on here too is having"},{"speaker":"Average Joe Finances","startTime":2176.132,"endTime":2178.092,"body":"the right person be your mentor."},{"speaker":"Average Joe Finances","startTime":2178.102,"endTime":2181.362,"body":"And how important that is to have"},{"speaker":"Average Joe Finances","startTime":2178.102,"endTime":2181.362,"body":"somebody that you can lean on."},{"speaker":"Average Joe Finances","startTime":2181.472,"endTime":2183.342,"body":"So definitely appreciate"},{"speaker":"Average Joe Finances","startTime":2181.472,"endTime":2183.342,"body":"that answer as well."},{"speaker":"Average Joe Finances","startTime":2183.487,"endTime":2188.457,"body":"Bob the next question is, do you"},{"speaker":"Average Joe Finances","startTime":2183.487,"endTime":2188.457,"body":"have any tips or tricks that you"},{"speaker":"Average Joe Finances","startTime":2188.457,"endTime":2191.847,"body":"would recommend to someone that"},{"speaker":"Average Joe Finances","startTime":2188.457,"endTime":2191.847,"body":"is just getting started out today?"},{"speaker":"Bob Bernotas","startTime":2192.547,"endTime":2193.767,"body":"Yeah, I would."},{"speaker":"Bob Bernotas","startTime":2194.212,"endTime":2198.812,"body":"Be very cautious about going online"},{"speaker":"Bob Bernotas","startTime":2194.212,"endTime":2198.812,"body":"and searching for franchises."},{"speaker":"Bob Bernotas","startTime":2198.812,"endTime":2203.412,"body":"That way, if your intent is to"},{"speaker":"Bob Bernotas","startTime":2198.812,"endTime":2203.412,"body":"find a franchise concept, if you"},{"speaker":"Bob Bernotas","startTime":2203.412,"endTime":2207.692,"body":"have an advisor, a trusted advisor,"},{"speaker":"Bob Bernotas","startTime":2203.412,"endTime":2207.692,"body":"you can certainly go to them."},{"speaker":"Bob Bernotas","startTime":2207.962,"endTime":2208.662,"body":"Be aware."},{"speaker":"Bob Bernotas","startTime":2208.742,"endTime":2210.562,"body":"Be aware that many."},{"speaker":"Bob Bernotas","startTime":2210.797,"endTime":2214.817,"body":"Be it accountant, be it a lawyer,"},{"speaker":"Bob Bernotas","startTime":2210.797,"endTime":2214.817,"body":"they're not necessarily franchise"},{"speaker":"Bob Bernotas","startTime":2214.827,"endTime":2218.527,"body":"experts, but they may be able to"},{"speaker":"Bob Bernotas","startTime":2214.827,"endTime":2218.527,"body":"give you some, some direction."},{"speaker":"Bob Bernotas","startTime":2218.577,"endTime":2221.857,"body":"I would look for someone"},{"speaker":"Bob Bernotas","startTime":2218.577,"endTime":2221.857,"body":"who's a franchise expert."},{"speaker":"Bob Bernotas","startTime":2221.927,"endTime":2224.367,"body":"Do your due diligence,"},{"speaker":"Bob Bernotas","startTime":2221.927,"endTime":2224.367,"body":"find the right person."},{"speaker":"Bob Bernotas","startTime":2224.887,"endTime":2229.007,"body":"There's plenty of people out there that"},{"speaker":"Bob Bernotas","startTime":2224.887,"endTime":2229.007,"body":"call themselves franchise experts and"},{"speaker":"Bob Bernotas","startTime":2229.007,"endTime":2233.897,"body":"maybe with a group that provided some"},{"speaker":"Bob Bernotas","startTime":2229.007,"endTime":2233.897,"body":"training to them, some organization,"},{"speaker":"Bob Bernotas","startTime":2233.907,"endTime":2237.977,"body":"and they spent two weeks learning about"},{"speaker":"Bob Bernotas","startTime":2233.907,"endTime":2237.977,"body":"franchising, they're given a certificate"},{"speaker":"Bob Bernotas","startTime":2237.977,"endTime":2239.787,"body":"saying now you're a franchise expert."},{"speaker":"Bob Bernotas","startTime":2240.227,"endTime":2241.967,"body":"And they knew nothing about franchising."},{"speaker":"Bob Bernotas","startTime":2241.967,"endTime":2246.377,"body":"So really look, dive in, look at"},{"speaker":"Bob Bernotas","startTime":2241.967,"endTime":2246.377,"body":"what the advisor's background is,"},{"speaker":"Bob Bernotas","startTime":2246.867,"endTime":2251.107,"body":"how long or how much of a experience"},{"speaker":"Bob Bernotas","startTime":2246.867,"endTime":2251.107,"body":"do they have in franchising?"},{"speaker":"Bob Bernotas","startTime":2251.107,"endTime":2253.047,"body":"How many businesses have they owned?"},{"speaker":"Bob Bernotas","startTime":2253.387,"endTime":2255.617,"body":"Do they really know what the"},{"speaker":"Bob Bernotas","startTime":2253.387,"endTime":2255.617,"body":"heck they're talking about?"},{"speaker":"Average Joe Finances","startTime":2256.317,"endTime":2256.747,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2256.887,"endTime":2257.327,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2257.367,"endTime":2259.222,"body":"That's that's a great advice right there."},{"speaker":"Average Joe Finances","startTime":2259.222,"endTime":2262.492,"body":"Great tip for anybody that's starting"},{"speaker":"Average Joe Finances","startTime":2259.222,"endTime":2262.492,"body":"out, making sure that you have the"},{"speaker":"Average Joe Finances","startTime":2262.492,"endTime":2263.972,"body":"right person in your corner, right?"},{"speaker":"Average Joe Finances","startTime":2264.377,"endTime":2268.687,"body":"Just because they're an expert in,"},{"speaker":"Average Joe Finances","startTime":2264.377,"endTime":2268.687,"body":"doing your taxes and working out your"},{"speaker":"Average Joe Finances","startTime":2268.687,"endTime":2271.627,"body":"finances does not necessarily mean they"},{"speaker":"Average Joe Finances","startTime":2268.687,"endTime":2271.627,"body":"know what they're talking about when"},{"speaker":"Average Joe Finances","startTime":2271.627,"endTime":2275.247,"body":"it comes to franchises, And that's why"},{"speaker":"Average Joe Finances","startTime":2271.627,"endTime":2275.247,"body":"I think it's always important that, at"},{"speaker":"Average Joe Finances","startTime":2275.247,"endTime":2279.837,"body":"least for me, like my network, I always"},{"speaker":"Average Joe Finances","startTime":2275.247,"endTime":2279.837,"body":"like to say that I know a guy, right?"},{"speaker":"Average Joe Finances","startTime":2279.887,"endTime":2282.887,"body":"If there's something in a particular"},{"speaker":"Average Joe Finances","startTime":2279.887,"endTime":2282.887,"body":"field, I know a guy, I know somebody"},{"speaker":"Average Joe Finances","startTime":2282.887,"endTime":2287.227,"body":"I can talk to that specializes"},{"speaker":"Average Joe Finances","startTime":2282.887,"endTime":2287.227,"body":"in that specific thing, right?"},{"speaker":"Average Joe Finances","startTime":2287.327,"endTime":2291.357,"body":"Just lawyers, you can use a lawyer from"},{"speaker":"Average Joe Finances","startTime":2287.327,"endTime":2291.357,"body":"any walk of life to draw you up a power"},{"speaker":"Average Joe Finances","startTime":2291.357,"endTime":2294.737,"body":"of attorney or a will or whatever it is,"},{"speaker":"Average Joe Finances","startTime":2291.357,"endTime":2294.737,"body":"but there are lawyers that specialize in"},{"speaker":"Average Joe Finances","startTime":2294.737,"endTime":2297.327,"body":"that there are lawyers that specialize"},{"speaker":"Average Joe Finances","startTime":2294.737,"endTime":2297.327,"body":"in real estate, there are lawyers that"},{"speaker":"Average Joe Finances","startTime":2297.327,"endTime":2300.447,"body":"specialize in immigration, whatever"},{"speaker":"Average Joe Finances","startTime":2297.327,"endTime":2300.447,"body":"it is that you need a lawyer for, they"},{"speaker":"Average Joe Finances","startTime":2300.447,"endTime":2303.387,"body":"specialize in that particular focus."},{"speaker":"Average Joe Finances","startTime":2303.637,"endTime":2304.227,"body":"So I think"},{"speaker":"Bob Bernotas","startTime":2304.627,"endTime":2306.517,"body":"franchising to"},{"speaker":"Bob Bernotas","startTime":2304.627,"endTime":2306.517,"body":"your point there's lawyers"},{"speaker":"Bob Bernotas","startTime":2306.517,"endTime":2307.767,"body":"to specialize in franchising."},{"speaker":"Bob Bernotas","startTime":2307.767,"endTime":2309.927,"body":"I always recommend"},{"speaker":"Bob Bernotas","startTime":2307.767,"endTime":2309.927,"body":"don't ever use a lawyer."},{"speaker":"Bob Bernotas","startTime":2309.927,"endTime":2314.027,"body":"That's a non franchise attorney to review"},{"speaker":"Bob Bernotas","startTime":2309.927,"endTime":2314.027,"body":"an FDD and franchise agreement for you."},{"speaker":"Bob Bernotas","startTime":2314.657,"endTime":2317.337,"body":"It's going to, in the long run, it's"},{"speaker":"Bob Bernotas","startTime":2314.657,"endTime":2317.337,"body":"going to end up costing you more"},{"speaker":"Bob Bernotas","startTime":2317.367,"endTime":2320.437,"body":"because first they have to learn"},{"speaker":"Bob Bernotas","startTime":2317.367,"endTime":2320.437,"body":"franchise law, which most of them"},{"speaker":"Bob Bernotas","startTime":2320.437,"endTime":2325.667,"body":"have no idea what it's about and"},{"speaker":"Bob Bernotas","startTime":2320.437,"endTime":2325.667,"body":"understand the real nuance of it before"},{"speaker":"Bob Bernotas","startTime":2325.667,"endTime":2327.377,"body":"they can really advise you properly."},{"speaker":"Average Joe Finances","startTime":2327.697,"endTime":2329.477,"body":"They're going to"},{"speaker":"Average Joe Finances","startTime":2327.697,"endTime":2329.477,"body":"say yeah, we could take care of that."},{"speaker":"Average Joe Finances","startTime":2329.487,"endTime":2331.587,"body":"And what they're going to be"},{"speaker":"Average Joe Finances","startTime":2329.487,"endTime":2331.587,"body":"doing is actually going reading"},{"speaker":"Average Joe Finances","startTime":2331.617,"endTime":2334.087,"body":"their manuals and Googling things."},{"speaker":"Average Joe Finances","startTime":2334.087,"endTime":2335.907,"body":"And, this You got to watch out for that."},{"speaker":"Average Joe Finances","startTime":2335.907,"endTime":2337.487,"body":"So yeah, definitely"},{"speaker":"Average Joe Finances","startTime":2335.907,"endTime":2337.487,"body":"appreciate that as well."},{"speaker":"Average Joe Finances","startTime":2337.877,"endTime":2341.847,"body":"Okay, Bob, the final"},{"speaker":"Average Joe Finances","startTime":2337.877,"endTime":2341.847,"body":"question of the final round."},{"speaker":"Average Joe Finances","startTime":2342.727,"endTime":2348.037,"body":"Do you have a favorite business investing"},{"speaker":"Average Joe Finances","startTime":2342.727,"endTime":2348.037,"body":"or real estate related book or podcast?"},{"speaker":"Bob Bernotas","startTime":2348.887,"endTime":2353.977,"body":"E-Myth, uh, which"},{"speaker":"Bob Bernotas","startTime":2348.887,"endTime":2353.977,"body":"really addresses franchising."},{"speaker":"Bob Bernotas","startTime":2353.977,"endTime":2356.187,"body":"There's the E-Myth and E-Myth Revisited."},{"speaker":"Bob Bernotas","startTime":2356.187,"endTime":2358.577,"body":"A lot of the same things were"},{"speaker":"Bob Bernotas","startTime":2356.187,"endTime":2358.577,"body":"covered in the E-Myth Revisited."},{"speaker":"Bob Bernotas","startTime":2358.577,"endTime":2360.717,"body":"So if somebody was going to"},{"speaker":"Bob Bernotas","startTime":2358.577,"endTime":2360.717,"body":"get one of those books, I'd"},{"speaker":"Bob Bernotas","startTime":2360.717,"endTime":2362.457,"body":"suggest the E-Myth Revisited."},{"speaker":"Bob Bernotas","startTime":2362.817,"endTime":2367.667,"body":"But it really gives you some great"},{"speaker":"Bob Bernotas","startTime":2362.817,"endTime":2367.667,"body":"insight into the world of franchising."},{"speaker":"Average Joe Finances","startTime":2368.367,"endTime":2368.757,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2368.777,"endTime":2369.107,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2369.117,"endTime":2369.977,"body":"Great recommendation."},{"speaker":"Average Joe Finances","startTime":2369.977,"endTime":2371.787,"body":"I've actually heard this"},{"speaker":"Average Joe Finances","startTime":2369.977,"endTime":2371.787,"body":"recommendation before."},{"speaker":"Average Joe Finances","startTime":2371.787,"endTime":2373.867,"body":"So that one's definitely on my list."},{"speaker":"Average Joe Finances","startTime":2373.867,"endTime":2375.907,"body":"I'm going to get my original tuned."},{"speaker":"Average Joe Finances","startTime":2376.037,"endTime":2376.907,"body":"Definitely going to read that."},{"speaker":"Average Joe Finances","startTime":2377.447,"endTime":2379.587,"body":", Bob, that is it for the final round."},{"speaker":"Average Joe Finances","startTime":2379.617,"endTime":2380.787,"body":"Pat yourself on the back."},{"speaker":"Average Joe Finances","startTime":2380.797,"endTime":2381.907,"body":"You survived."},{"speaker":"Average Joe Finances","startTime":2382.137,"endTime":2383.167,"body":"Fantastic job."},{"speaker":"Average Joe Finances","startTime":2383.617,"endTime":2384.027,"body":"But Hey."},{"speaker":"Average Joe Finances","startTime":2384.702,"endTime":2385.722,"body":"That's not it, though."},{"speaker":"Average Joe Finances","startTime":2385.752,"endTime":2387.112,"body":"I do have another question for you."},{"speaker":"Average Joe Finances","startTime":2387.112,"endTime":2390.842,"body":"And this is going to be the most important"},{"speaker":"Average Joe Finances","startTime":2387.112,"endTime":2390.842,"body":"question of this entire interview, right?"},{"speaker":"Average Joe Finances","startTime":2390.842,"endTime":2392.862,"body":"Because you've dropped"},{"speaker":"Average Joe Finances","startTime":2390.842,"endTime":2392.862,"body":"a lot of golden nuggets."},{"speaker":"Average Joe Finances","startTime":2392.862,"endTime":2395.372,"body":"You've given us some"},{"speaker":"Average Joe Finances","startTime":2392.862,"endTime":2395.372,"body":"fantastic information."},{"speaker":"Average Joe Finances","startTime":2395.832,"endTime":2400.822,"body":"I Feel like somebody that's listening"},{"speaker":"Average Joe Finances","startTime":2395.832,"endTime":2400.822,"body":"to this episode today has a good surface"},{"speaker":"Average Joe Finances","startTime":2400.832,"endTime":2405.212,"body":"view of whether or not a franchise"},{"speaker":"Average Joe Finances","startTime":2400.832,"endTime":2405.212,"body":"might be a good idea for them or not."},{"speaker":"Average Joe Finances","startTime":2405.722,"endTime":2409.872,"body":"And with that being said, for the ones"},{"speaker":"Average Joe Finances","startTime":2405.722,"endTime":2409.872,"body":"that want to move forward in that, and"},{"speaker":"Average Joe Finances","startTime":2409.872,"endTime":2413.032,"body":"they want to find more information about"},{"speaker":"Average Joe Finances","startTime":2409.872,"endTime":2413.032,"body":"you, do you have a website you could"},{"speaker":"Average Joe Finances","startTime":2413.032,"endTime":2415.982,"body":"share with us or any social media profiles"},{"speaker":"Average Joe Finances","startTime":2413.032,"endTime":2415.982,"body":"people could follow and check you out?"},{"speaker":"Bob Bernotas","startTime":2416.682,"endTime":2416.852,"body":"Sure."},{"speaker":"Bob Bernotas","startTime":2416.852,"endTime":2419.952,"body":"The easiest thing you can"},{"speaker":"Bob Bernotas","startTime":2416.852,"endTime":2419.952,"body":"do is just go to my website."},{"speaker":"Bob Bernotas","startTime":2419.972,"endTime":2422.792,"body":"It's franchisewithbob."},{"speaker":"Bob Bernotas","startTime":2422.812,"endTime":2423.272,"body":"com."},{"speaker":"Bob Bernotas","startTime":2423.332,"endTime":2425.322,"body":"Again, franchisewithbob."},{"speaker":"Bob Bernotas","startTime":2425.342,"endTime":2425.752,"body":"com."},{"speaker":"Bob Bernotas","startTime":2426.042,"endTime":2427.492,"body":"Lots of information on there."},{"speaker":"Bob Bernotas","startTime":2427.492,"endTime":2431.232,"body":"You can connect with me directly and"},{"speaker":"Bob Bernotas","startTime":2427.492,"endTime":2431.232,"body":"we can potentially set up an initial 30"},{"speaker":"Bob Bernotas","startTime":2431.232,"endTime":2434.932,"body":"minute call and just take temperature"},{"speaker":"Bob Bernotas","startTime":2431.232,"endTime":2434.932,"body":"and see if it makes sense for us to"},{"speaker":"Bob Bernotas","startTime":2434.932,"endTime":2439.252,"body":"work together, but you'll find lots of"},{"speaker":"Bob Bernotas","startTime":2434.932,"endTime":2439.252,"body":"resources and information on the website."},{"speaker":"Average Joe Finances","startTime":2439.922,"endTime":2440.292,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":2440.292,"endTime":2441.922,"body":"franchisewithbob.com."},{"speaker":"Average Joe Finances","startTime":2441.942,"endTime":2445.737,"body":"That doesn't seem too hard  to"},{"speaker":"Average Joe Finances","startTime":2441.942,"endTime":2445.737,"body":"type out, but I will make"},{"speaker":"Average Joe Finances","startTime":2445.737,"endTime":2447.097,"body":"sure that's in the show notes."},{"speaker":"Average Joe Finances","startTime":2447.327,"endTime":2450.387,"body":"So it's easier for my listeners"},{"speaker":"Average Joe Finances","startTime":2447.327,"endTime":2450.387,"body":"to copy and paste or click away."},{"speaker":"Average Joe Finances","startTime":2450.387,"endTime":2452.867,"body":"The only thing I ask is that you don't"},{"speaker":"Average Joe Finances","startTime":2450.387,"endTime":2452.867,"body":"do it if you're driving right now."},{"speaker":"Average Joe Finances","startTime":2453.427,"endTime":2456.327,"body":"So Bob, this has been"},{"speaker":"Average Joe Finances","startTime":2453.427,"endTime":2456.327,"body":"absolutely phenomenal."},{"speaker":"Average Joe Finances","startTime":2456.597,"endTime":2460.217,"body":"I do want to ask you something else"},{"speaker":"Average Joe Finances","startTime":2456.597,"endTime":2460.217,"body":"though, before we, we close things out."},{"speaker":"Average Joe Finances","startTime":2460.557,"endTime":2463.737,"body":"And that is, do you have any final"},{"speaker":"Average Joe Finances","startTime":2460.557,"endTime":2463.737,"body":"thoughts for our listeners today?"},{"speaker":"Bob Bernotas","startTime":2464.437,"endTime":2467.007,"body":"I would well, first of"},{"speaker":"Bob Bernotas","startTime":2464.437,"endTime":2467.007,"body":"all, thank you really appreciate the"},{"speaker":"Bob Bernotas","startTime":2467.007,"endTime":2469.187,"body":"opportunity to be on your podcast."},{"speaker":"Bob Bernotas","startTime":2469.287,"endTime":2470.977,"body":"Very impressed by how you handle it."},{"speaker":"Bob Bernotas","startTime":2471.277,"endTime":2477.177,"body":"I would I'd be just if you're considering"},{"speaker":"Bob Bernotas","startTime":2471.277,"endTime":2477.177,"body":"any type of investment, if you're into"},{"speaker":"Bob Bernotas","startTime":2477.177,"endTime":2481.337,"body":"real estate investing, if you're thinking"},{"speaker":"Bob Bernotas","startTime":2477.177,"endTime":2481.337,"body":"about starting a business, if you're"},{"speaker":"Bob Bernotas","startTime":2481.347,"endTime":2486.957,"body":"just downright sick of corporate America"},{"speaker":"Bob Bernotas","startTime":2481.347,"endTime":2486.957,"body":"and you want to start developing an off"},{"speaker":"Bob Bernotas","startTime":2486.957,"endTime":2491.667,"body":"ramp and develop some additional income"},{"speaker":"Bob Bernotas","startTime":2486.957,"endTime":2491.667,"body":"so you can eventually step away from"},{"speaker":"Bob Bernotas","startTime":2491.667,"endTime":2494.247,"body":"corporate America, consider franchising."},{"speaker":"Bob Bernotas","startTime":2494.367,"endTime":2499.447,"body":"Franchising, I think, is the best"},{"speaker":"Bob Bernotas","startTime":2494.367,"endTime":2499.447,"body":"investment opportunity that exists today."},{"speaker":"Average Joe Finances","startTime":2500.422,"endTime":2501.932,"body":"Awesome,"},{"speaker":"Average Joe Finances","startTime":2500.422,"endTime":2501.932,"body":"Bob, thank you so much for that."},{"speaker":"Average Joe Finances","startTime":2501.932,"endTime":2505.612,"body":"And thank you so much for your"},{"speaker":"Average Joe Finances","startTime":2501.932,"endTime":2505.612,"body":"kind compliment on on the podcast"},{"speaker":"Average Joe Finances","startTime":2505.612,"endTime":2507.912,"body":"itself and this interview,"},{"speaker":"Average Joe Finances","startTime":2505.612,"endTime":2507.912,"body":"it was absolutely phenomenal."},{"speaker":"Average Joe Finances","startTime":2507.912,"endTime":2510.142,"body":"I thought you were a"},{"speaker":"Average Joe Finances","startTime":2507.912,"endTime":2510.142,"body":"fantastic guest as well."},{"speaker":"Average Joe Finances","startTime":2510.402,"endTime":2514.122,"body":"There was no me having to try"},{"speaker":"Average Joe Finances","startTime":2510.402,"endTime":2514.122,"body":"to pry information out of you."},{"speaker":"Average Joe Finances","startTime":2514.122,"endTime":2519.092,"body":"You were an open book and both me and"},{"speaker":"Average Joe Finances","startTime":2514.122,"endTime":2519.092,"body":"my listeners genuinely appreciate that."},{"speaker":"Average Joe Finances","startTime":2519.092,"endTime":2523.002,"body":"So again, thank you so much for taking"},{"speaker":"Average Joe Finances","startTime":2519.092,"endTime":2523.002,"body":"the time out of your busy schedule"},{"speaker":"Average Joe Finances","startTime":2523.002,"endTime":2526.292,"body":"today to chat with me and my listeners."},{"speaker":"Average Joe Finances","startTime":2526.292,"endTime":2527.182,"body":"I really appreciate it."},{"speaker":"Bob Bernotas","startTime":2528.172,"endTime":2528.782,"body":"Thank you, Mike."},{"speaker":"Bob Bernotas","startTime":2528.782,"endTime":2530.002,"body":"And thanks for the opportunity."},{"speaker":"Average Joe Finances","startTime":2530.202,"endTime":2530.802,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":2530.802,"endTime":2534.632,"body":"And Hey, I also want to thank all"},{"speaker":"Average Joe Finances","startTime":2530.802,"endTime":2534.632,"body":"of my listeners for joining me and"},{"speaker":"Average Joe Finances","startTime":2534.632,"endTime":2538.542,"body":"our special guest, Bob Bernatos on"},{"speaker":"Average Joe Finances","startTime":2534.632,"endTime":2538.542,"body":"the Average Joe Finances podcast."},{"speaker":"Average Joe Finances","startTime":2538.902,"endTime":2541.072,"body":"Go leave us a five star review"},{"speaker":"Average Joe Finances","startTime":2538.902,"endTime":2541.072,"body":"and tell us what you liked"},{"speaker":"Average Joe Finances","startTime":2541.082,"endTime":2543.362,"body":"about today's episode with Bob."},{"speaker":"Average Joe Finances","startTime":2543.642,"endTime":2546.192,"body":"Aloha from Hawaii and have"},{"speaker":"Average Joe Finances","startTime":2543.642,"endTime":2546.192,"body":"a great rest of your day."}]}