E19: Beyond the Field: The Franchising Experiences of Edwin Jackson and Brandon Beachy

Beyond the Game: Wealth Mastery for Athletes

In this episode, Kris Benson and Alec Ogletree are joined by former MLB pitchers Edwin Jackson and Brandon Beachy where they dish out some major league advice.

With over 20 seasons of playing ball between them, EJ and Beachy share their experiences transitioning to the business world of franchising after hanging up their cleats. They've got some great advice on evaluating opportunities as franchising pros.

Tune in as they break down their transitions from baseball champs to owning franchises and consulting brands. You won't want to miss these players turning their game-winning skills into franchising success.

Here are some power takeaways from today’s conversation:

[03:46] - The power of networking

[07:15] - Brandon’s career background

[10:19] - Limiting beliefs around investing in franchise

[20:08] - Mentorship, challenges in franchising, and the importance of asking for help

[24:26] - Franchising and evaluating financial viability

[29:46] - Evaluating franchise investments

[37:21] - Mitigating risks and applying due diligence

[41:34] - Franchising, brand selection, and relationship-building

Episode Highlights:

[03:46] The Power of Networking

Despite not knowing each other, Edwin connected with Raining Berries founder Bimal Bhojani at a wealth summit, where they discussed their acai bowl concept, Raining Berries. Intrigued, Edwin saw potential in franchising the brand through his fund LCP Concessions. His chance encounter led to an unexpected partnership, showing how industry events foster valuable connections.

[07:15] Brandon Beachy's Transition from Baseball to Business Ownership

After retiring from baseball, Brandon Beachy sought the entrepreneurial freedom and control over his schedule that playing sports lacked. However, with no business experience, he found franchising provided a proven system. A friend introduced Brandon to a home insulation franchise, allowing him to apply his strong work ethic. He now owns a thriving insulation franchise while also consulting others on franchise opportunities through his company What's Next Franchising. Brandon proves how franchising can smoothly help athletes transition into their next career chapter.

[10:19] Limiting Beliefs Around Investing in Franchise

One common limiting belief that prevents people from getting more involved in franchising is a lack of knowledge or understanding about what opportunities exist. Not being familiar with franchising as an option can act as a hurdle. Some may feel they aren't knowledgeable enough or don't have the right background, so they don't even consider it as a path. A fear of the unknown or not being an "expert" deters many from exploring franchising further. A lack of education about the industry and the support available is often the core reason this belief becomes a barrier.

[37:21] Doing Your Homework

Due diligence is key when evaluating any franchise opportunity in order to fully understand the risks involved. Edwin and Brandon stressed the importance of thorough research, including speaking with multiple existing franchise owners to learn about their experiences. While established franchise systems may have worked out many kinks, there are still adjustments to be made as brands evolve. Both emphasized the need for prospective franchisees to be prepared for potential bumps in the road and ensure the business model fits their goals, demographic focus and risk tolerance. Diligent upfront analysis is vital to making an informed investment decision.

Resources Mentioned:

https://www.rainingberries.com/franchising