Welcome back to another episode of the Franchise My Business podcast, hosted by Kevin Oldham. In today’s episode, Kevin will explore the concept of turnkey businesses and debunk the idea of a truly hands-off, effortless venture.
But how does the concept of turnkey apply specifically to the franchise space? And what are some of the key responsibilities and tasks that a business owner still has to handle despite being in a turnkey scenario? Let’s find out!
Today we will join Kevin as he discusses the common misconception of turnkey businesses being completely automated and requiring minimal effort from the owner. He shares examples and insights from his own experiences, revealing the truth that even seemingly passive income streams and established franchises still demand attention, management, and mental space. Join us as we challenge the belief of turnkey businesses and uncover the truth behind this widely misunderstood concept.
Let’s dive in!
HIGHLIGHTS:
Unpacking the Turnkey Illusion: The Truth Behind – Kevin Oldham
“Let’s think about a resale. Let’s think, hey. It’s a turnkey business opportunity. I’m gonna sell you my McDonald’s. We’re going to do a transaction, and I’m sure McDonald’s corporate’s gonna get very involved. But I’m gonna assume this franchise opportunity from you. And let’s just say it’s working great. It could be a true turnkey opportunity. Because when I think about McDonald’s, I hardly ever see the owners there, if ever. I don’t know if I’ve ever seen a McDonald’s owner at a McDonald’s. And, it could be just this financial transaction. But the thing is, there’s still this financial transaction. There’s still this back end management and all these things that somebody has to do. And so I think that turnkey is a decent term to say, hey. We’ve done a lot of the work, and you don’t have to do as much. But the reality is you still gotta manage it. And if nothing else, it’s gonna take up space in your head. Right? And that’s not free.”
Find out more about Kevin and Franchise My Business:
- LinkedIn: https://www.linkedin.com/in/kevinoldham/
- Website: https://kevinoldham.live/
- Apple Podcast: https://podcasts.apple.com/us/podcast/franchise-my-business/id1662386614
- Spotify: https://open.spotify.com/show/4Vaii25ruNrSph6F6JZm8W
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