Summary
This episode focuses on the business takeaways from Alison and Phillip’s Smoothie King study.
A big takeaway from the study is to make sure you have a clear understanding of your “why” and then make the upfront investment necessary to be successful. It is also important to pay attention to the numbers and make sure you have a good professional to help you stay on top of those numbers to assist with your business growth. Additionally, look for trends that you can invest in and make sure to pick a business that you are passionate about. Pooling resources with friends and family is also an option, but it is important to make sure that everyone is equally as motivated and passionate about the business.
Emotional clarity is important when taking on a business partner, whether that partner is a friend or family member. Having a CPA, as well as a good attorney to draw up a buy-sell agreement to ensure that everyone is on the same page. If both parties are not equally passionate about the business venture then they may not be a good fit as investment partners.
Chapters
0:01:13: Conversation Summary: Smoothie King and the Benefits of Healthy Living
0:04:11: Discussion on Investing in a Smoothie King Franchise
0:09:40: Investing with Friends and Family: Tips for Success
Quotes
Powered by ReiffMartin CPA and Stone Hill Wealth Management
https://www.reiffmartincpa.com/
https://stonehillwealthmanagement.com/
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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