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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 31 Dec 2017
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      A thing I want to read a bit about this year: franchising. Not because of any desire to do it, but successful franchises figured out how to productize some, most, or effectively all back office tasks of a business. That's a neat trick.

      7 replies 12 retweets 142 likes
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      Patrick McKenzie‏ @patio11 31 Dec 2017
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      My mental model for a franchise is that it's essentially a bit of software and contracts which is sophisticated enough to use a human, who thinks they are running things, as an actuator to sign additional contracts, hire, rent real estate, etc.

      4:42 PM - 31 Dec 2017
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      8 replies 8 retweets 66 likes
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        2. Kevin Kuchta‏ @kkuchta 31 Dec 2017
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          Replying to @patio11

          Are all franchises that controlling? It seems like, at the lower end of sophistication, a franchise could be little more than a brand that you license access to. Darn, now you've got me wanting to research franchises too.

          1 reply 0 retweets 1 like
        3. Mitko‏ @themitak 31 Dec 2017
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          Replying to @kkuchta @patio11

          Same. I wonder if there is a mechanism design oriented writeup for it

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        1. Gordon Shephard‏ @ghshephard 31 Dec 2017
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          Replying to @patio11

          How much do the humans really think they are running things though? The most successful franchises seem to have an *incredibly* well documented and pre-set training and processes in place. Super important to read their manuals/process docs. Will open your eyes (more).

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        1. Ryan P. McGarvey‏ @RPMcgarvey 31 Dec 2017
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          Replying to @patio11

          Isnt that human is also assuming some significant chunck of risk?

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        1. Jeffrey (Week 17, almost back to normal)‏ @jebbery 31 Dec 2017
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          Replying to @patio11

          Start relaxed, with a movie, The Founder, based on the McDonald’s story.

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        1. Alexander Dean‏ @alexcrdean 1 Jan 2018
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          Replying to @patio11

          That's a good analogy. Franchises seem ripe for automated decisioning: in 2038, you get given Ray, the McDonald's franchisee intelligent agent, alongside your brand pack.

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        2. Alex Elliott‏ @alexpotato 1 Jan 2018
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          Replying to @patio11

          I learned from watching @TheProfitCNBC and @marcuslemonis that franchise ageeements are regulated by the SEC! Was very surprised. Patrick, if you haven’t ever watched that show I think you would like it if only for the multiple of ARR Marcus gives to people (usually <1X)

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        3. Alex Elliott‏ @alexpotato 1 Jan 2018
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          Replying to @alexpotato @patio11 and

          Also, really great book about Great Harvest Bakery and how they ran their franchise in a very no traditional way. Eg have to follow ALL the rules the first 2(?) years and then you get a lot@more freedom. https://www.amazon.com/Bread-Butter-Bakers-Business-Happiness/dp/0312265913 …

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