This week on Empire builders we interview Marc Millet - Multi-Unit Baskin-Robbins Franchisee
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Welcome to the latest episode of Empire Builders! Today, Tommy Yionoulis is excited to welcome Marc Millet, the owner of Millet Desserts Inc., a Baskin Robbins franchisee. Marc shares insights from his journey in the dessert franchise industry, from joining the family business to expanding to multiple locations.
Key Points Discussed:
Introduction to Marc Millet:
- Owner of Millet Desserts Inc.., a Baskin Robbins franchisee
- Transitioned from a decade in law enforcement to entrepreneurship.
- Grew the business from one location to nine as of last month.
Challenges and Strategies in Franchise Operations:
- Discusses the financial and personal adjustments required to succeed.
- Highlights the grind of working long hours and gradual financial improvement.
- Emphasizes the independence and growth opportunities franchising offers.
Managing Multiple Locations:
- Importance of delegation and efficient solutions like smart safes for cash management.
- Benefits of franchising, particularly the simplicity of managing Baskin Robbins.
- Critical inflection points in business growth and establishment of efficient systems.
Acquisition Strategy:
- Focus on purchasing existing stores rather than building new ones.
- Evaluating store value and negotiating with owners, often utilizing owner-carry loans.
- Balancing acquisitions with occasional new builds to diversify and grow the portfolio.
Future Plans:
- Potential expansion into other brands within the Inspire Brands portfolio.
- Ambition to grow the Baskin-Robbins network and explore opportunities in other franchises like Jimmy John's and Buffalo Wild Wings.
- Insights on strategic growth, efficient management, and the entrepreneurial mindset needed to scale successfully.
Marc also discusses current business challenges and solutions:
- Financing: Difficulty in obtaining loans due to banks not understanding franchising.
- Hiring: The need for digital solutions for the current generation of applicants.
- Inflation: Significant cost increases post-COVID and the struggle to balance menu prices.
Local Store Marketing:
- Despite the digital age, traditional methods like coupon packs still yield good returns.
- Effectiveness of "buy one, get one" offers.
Story Time:
- A difficult winter faced with severe financial challenges due to inflation and bad weather.
- High-interest loans and tough decisions were made to recover.
- Emphasizes the importance of dedication and treating the business like a child.
Conclusion:
Tommy and Marc wrap up the discussion with reflections on the franchise industry, the importance of strategic investments, and the continuous need for operational excellence. Whether you’re an entrepreneur, a franchisee, or simply interested in the dynamics of the franchise business, this episode offers valuable insights into running successful multi-unit operations.
Tune in to this episode for an in-depth conversation on scaling success, operational strategies, and navigating challenges in the franchise industry with Marc Millet.
Links And Resources:
- Millet Desserts Inc.
- Marc Millet on LinkedIn
- Tommy Yionoulis on Linkedin
- OpsAnalitica
Thank you for joining us this week! Are you interested in subscribing to Empire Builders? We would love to hear your feedback! Connect with us on Spotify or Captivate.fm and leave us a review.
15 episode