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How Franchising Has REALLY Changed (And What’s Next) - With Ray Titus
The Franchise Hot Seat Podcast with Dr. John P. Hayes - Director, Titus Center for Franchising
DESCRIPTION:
Ray Titus, in an interview with John Hayes, discusses the common misconceptions about franchising, including the belief that franchises are run by large corporations. He points out that less than 1% of the approximately 1,600 franchisees under the United Franchise Group are corporate-owned. Titus talks about his family's long history in franchising and the significant changes in the industry from the pre-internet era to the current age of artificial intelligence. He emphasizes the importance of embracing technology, such as digital printing and AI, which he refers to as a ""thought partner"" that aids in decision-making processes, including acquisitions.
Titus credits his father Roy's approach to risk-taking and focus on increasing the number of franchisees to enhance support and purchasing power. He also discusses the process of evaluating potential franchisees, focusing on their compatibility with the brand and their work ethic. When asked which franchise he would invest in if he were 25 years old with $100,000, he shares his choice.
Titus also talks about his contribution to the Titus Center at Palm Beach Atlantic, a faith-based institution he endowed to educate students about franchising, foster career growth, and promote wider education about franchising. He underscores the importance of servant leadership, mentorship, and remaining grounded in the industry.
- With Ray Titus
TIMESTAMPS:
02:55 The Biggest Lie 99% Of People Believe About Franchising.
07:50 The One Skill That Determines If Your Business Dies Or Survives.
08:45 Why A General Manager Turned White When He Saw The Future.
14:20 The Brutal Reason 90% Of Franchisees Fail (It’s Not What You Think).
19:10 How A Trip To The Middle Of Nowhere Inspired A Million Dollar Donation.
31:10 The Fatal Mistake That Destroys 99% Of Franchise Startups.
34:50 Why The University President Said A 40-Person Board Was Impossible.
39:00 The One Sentence From A Warehouse Worker That Made Him Quit The Family Business.
49:00 The 80-Year-Old Dad’s One Rule That Keeps A $1 Billion Empire Humble.
LINKS:
WEBSITE: http://franchisehotseats.com/
LinkedIn: https://www.linkedin.com/in/drjohnhayes/
Twitter: https://twitter.com/drjohnhayes
YouTube: https://www.youtube.com/c/Howtobuyafranchise
Instagram: https://www.instagram.com/hayesjph/
TikTok: https://www.tiktok.com/@johnphayesfranchise
Pinterest: https://www.pinterest.com/DrJohnHayes/
Facebook: https://www.facebook.com/franchisehotseatpodcast
