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.
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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.
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Same. I wonder if there is a mechanism design oriented writeup for it
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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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Isnt that human is also assuming some significant chunck of risk?
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Start relaxed, with a movie, The Founder, based on the McDonald’s story.
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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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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) -
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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