Podcast

S1 E6: How FranShares Is Lowering the Barriers to Franchise Ownership

Unlocking franchise ownership is the defining mission of Kenny Rose and FranShares. Find out how he’s helping potential franchise owners get in on the ground floor.

After discovering Fundrise, a fractional share trading platform for commercial real estate, Kenny knew he’d found a gap in the market for franchise ownership.

FranShares was born, and in those early days, Kenny spent his time diligently building an audience he’d later market the FranShares offer to.

The Wolf and Kenny talk all things franchise and founders. From building a company from the ground up with $ 1.4 million in investments to what it’s like having more than 23,000 on the waiting list ready to invest.

You’ll hear how FranShares is dramatically lowering the barrier to franchise ownership. Why owning a piece of a local business is a powerful virtuous circle and how, at scale, FranShares will enable franchises to be traded like stocks.

When you’re looking to get in on franchise ownership, you need a team on your side to smooth the path. FranShares makes it easy to build, manage and grow your portfolio from as little as $500. Find out more: franshares.com

Follow Kenny:

LinkedIn: linkedin.com/in/kennyrose

Twitter: InvestLocally

Check out The Wolf’s newsletter

Stay up-to-date on all things Franchise Empires by following The Wolf on Twitter: https://twitter.com/franchisewolf


Episode Transcription

Kenny Rose:

When you invest, you get equity in the company. It’s not just cash flow, you get equity. That’s a big plan of ours going forward with a lot of our growth funds, is that we want private equity to be a buyer from us. And basically, if you’ve got 10 plus locations, they tend to snap ’em up and they’ll overpay too. Cause they typically just have to beat market rate. And I’d love to be a supplier for ’em. So when we have an exit of a portfolio, all the investors in the portfolio get their shares worth of exit value from there. So it’s almost like if you owned shares of a publicly traded company and they got acquired and you get a payout, it’s the same type of thing here. It’s, it’s already set up for the first portfolio.

The Wolf of Franchises:

Welcome to Franchise Empires, where aspiring entrepreneurs learn exactly what it takes to become a successful franchise owner from one location to 10 and beyond. I’m the Wolf of franchises.

Hey guys, it’s the Wolf. We have a bit of a different vibe coming your way in the show today. My conversation this time is with Kenny Rose, the founder and CEO of Fran Shares. If you’ve listened to this podcast before, you’ve probably heard the advertisements that we’ve done for them. But this is a candid conversation with Kenny where we dive into how exactly Fran Shares is able to give access to real franchises at just $500 a share and what that can mean for you as an investor. We also discussed the ultimate roadmap for F Shares, where Kenny foresees a future in which you can be dining or working out at a local franchise. And with the simple scan of a QR code, invest some money right then and there to have ownership in that business. It’s a super cool business idea and I think you’re going to love hearing from Kenny.

Narrator:

The Wolf of Franchises is the CEO of Wolf Pack Franchising as well as a creator at Workweek Media. All opinions expressed by the Wolf and podcast guests are solely their own opinions and do not reflect the opinion of Wolfpack franchising or workweek. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. The Wolf Workweek and Wolfpack Franchising may maintain positions in the franchises discussed on this podcast.

The Wolf of Franchises:

How much do you work on F shares? I mean, it’s a startup and I know you have a employee now.

Kenny Rose:

I have a couple employees and they give me crap all the time. Cause they check my calendar. They’re like, I can’t book time with you. Honestly, especially now we’re doing on top of all the normal stuff I have to do. We also do user interviews. Cause I want, it’s be making assumptions if it’s like, oh, here’s what they don’t understand and here’s where we need to educate them. Here’s why they like it. It’s like you don’t really know until you actually start talking to them. And so we started, originally it was just as people signed up, it was part of the regular onboarding. So, hey, do you want to talk to the founder for 15 minutes? And then, I mean, I’ve done, I lost count. I mean, I can go in our CRM and check, but I’ve probably done four or 500 of them now. And I’ve done 30 already this week. And I probably have another 40. This is, it’s also when we had our influencer stuff start going out, wait list exploded. So my calendar just poof, immediately gone, booked with everything. So my girlfriend gives me crap because she’s like, you need to schedule a luncheon there. Cause it’ll literally, especially if they’re 15 minute calls, I’ve had days where they’re like 30 in a row and I’m just <laugh>.

The Wolf of Franchises:

Holy crap,

Kenny Rose:

Man. Yeah, sometimes you’re hope hoping people cancel on, you’re like, I need to run and go do something for a minute.

The Wolf of Franchises:

Geez. And that’s just letting them ask any questions they have about the platform.

Kenny Rose:

So I usually structured along the same way where it’s like, how’d you find out about us? Why are, why’d you care? And that we really go on that. I learn more about them. And then it’s like, okay, well, I always ask if they read the white paper yet, and shocking amount have not. And I tell ’em, when we hang up, you need to go read the white paper, because I’m like, we want to educate everyone, but it doesn’t work if you don’t read. So also it let’s them understand we’re like, Hey, I’m not going to, well, I mean just, it would’ve gone a lot better if you had already read. So it’s like, all right, what questions do you have before you read that? Because you’re going to get a lot more information out of there than I can give you in 15 minutes. And then it’s been so busy that we now, we’re doing weekly webinars and for certain people we’ll still do one-on-ones, which obviously there were a lot of certain people this week.

The Wolf of Franchises:

Yeah. Wow. Yeah, it’s a lot. I mean, that’s kind of Paul Graham do things that don’t scale.

Kenny Rose:

Yeah, yeah. Yeah.

The Wolf of Franchises:

Seems like a good playbook for any startup founder is just in the early days, get to know your customer, learn from them, see what you could do that that makes your product better early on. So it’s

Kenny Rose:

Amazing the variety of people that you get on there too. It’s everyone from the, oh, I might do 500 bucks, but it’s a lot to me, all the way to, I’m probably going to do half a million, but I might do some more. We’ll see. And then <laugh> on top of that. It’s just how they treat you too. A lot of people think they’re really appreciative and they’re like, Hey, it’s great to connect you. I didn’t actually expect to be talking to the founder. I thought it’d be someone else. Yeah,

The Wolf of Franchises:

It’s

Kenny Rose:

Cool. And then there’s some people who just treat me a complete piece of garbage and they’re like, you’re trying to earn my money. Okay, let’s see. Let’s get the man’s study. I’m like, Hey, I’m going to answer everything, but I’m not your stockbroker. I’m here to help you. If you want to do something, we got over 20,000 on the wait list. I don’t have to give you time.

The Wolf of Franchises:

You’re not desperate here.

Kenny Rose:

Yeah. Yeah.

The Wolf of Franchises:

That’s funny. Yeah, no, I mean, that reminds me back to my past life as a franchise salesperson where right from the get go, you get on the introductory call that they booked to learn about your franchise. And it’s just right off the bat, it’s very almost confrontational as if they’re automatically expecting that you’re trying to rip them off and like, Hey, you booked this call and you’re asking me questions.

Kenny Rose:

So I actually, when I was running my brokerage mpia, I would address that head on and first call, I’d be like, Hey, just so you know, there’s like a 95% chance that you’re never going to do this, but I’m here to help you go through the process and see if you want to, here, there’s a ton of reasons why my probably won’t work out for you, but if it does make sense for you, then I’m going to make sure we do everything to get you there. And it was a couple reasons for that. I wanted people to know that I’m not planning on closing them. Odds are, I’m never going to make money off this. But I tell them, yeah, I want you to learn all of this, and also you’re going to end up referring people to me down the road if it’s not a good fit for you.

And I think it was, they were very comforting in that. And also I wanted to test them too, because some people are just looking into franchising for all the wrong reasons. And as a business owner, you’re going to get kicked in the face. I don’t care if it’s franchising or startup, you have to grind and work your way up. And so I wanted to be that to be the first pushback. It’s like, well, if they hear that, are they going to be done? Because great, that’s what they needed to hear then. And they should not go into this. Yeah,

The Wolf of Franchises:

No, definitely. Yeah, that was part of my initial thing on the intro call as well, was just, I call it setting the upfront contract. It’s like, Hey, this is the process. If you make it that far, chances are you’re, you’re going to drop out for one of X reasons. And you and I too were different in that you’re a broker. How many brands did you represent?

Kenny Rose:

Five

The Wolf of Franchises:

Or 600. Couple hundred at least. Yeah. Okay. Five or 600. I mean, I was working for a development firm that had five or six brands at most at one time. So I would say, I’d be like, look like there’s tons of brands out there. If this one isn’t it, that’s it. That’s our relationship’s over. Thank you. Goodbye. But yeah, I mean it would usually help to build trust. But yeah, I also just kind of disarm, hopefully those ones who come in hot who think you’re trying to steal their money or something.

Kenny Rose:

And I like that You said the upfront contract, isn’t that Sandler Sales Training?

The Wolf of Franchises:

Yeah. Sandler Baby Sand

Kenny Rose:

Franchise franchises for everything. I love it.

The Wolf of Franchises:

Yeah, man. Yeah, Sandler is great. Great sales training. Oh yeah. Honestly, I don’t want to sound dramatic, but it changed the trajectory of my career because I was working for a franchise. This is before the development firm. And so this is the first job I had out of college territory manager for this. It’s a H V A C Supply House franchise. Oh, okay. And so I was selling to, I was a territory manager selling to residential and commercial contractors, and I was getting groomed for it, but long story short salesman passed away who was older, unexpectedly. So I was going to replace him in a few years when he retired. Oh no. But they’re like, all right, hey you, you’re in. Oh geez, time to get in there. And I’m like, I have no idea what I’m doing. And luckily the manager there just sent me to a Sandler class. He didn’t really want to, I don’t think, but I don’t even know how it happened. But thank God he did that because I learned so much. Yeah, it was awesome,

Kenny Rose:

Man. That’s really cool. So especially in the FranNet days, we, we’d sell Sandler everywhere. And so they’d actually want to make sure that we both did a great job and them specifically. And so they’d give us some trainings at conferences and stuff, which was really cool.

The Wolf of Franchises:

Oh, that’s kind of cool.

Kenny Rose:

Yeah, as we get for free. Cause honestly, I was technically an independent contractor, so my bosses weren’t paying for it. So I’m like, great, yeah, I’ll take the free stuff.

The Wolf of Franchises:

Yeah, no, definitely. And so brokering was for people who don’t know being a franchise broker sometimes they’re referred to as consultants in the industry. But the reality is they’re brokers. They represent hundreds of brands and they function much like a real estate broker, would they help you find a franchise? You don’t have to pay for them. They get commissioned by the franchise if you end up purchasing one of their brands, that was your introduction to the franchise world, or will you do

Kenny Rose:

Something industry? That was it. And I love that you said the same stuff about brokers that I do, is that I use the term broker all the time, especially with my last company was seia franchise brokerage. I threw it right out there because I find the term consultant very misleading. It’s like consulting’s, usually you pay them and they give you advice on how to change things for the benefit. And it’s really, it’s like you get paid if you close, that’s a broker. And so they like to just I think broker had, they thought broker has a negative connotation, but I wanted to lean into it and be like, yeah, that’s what I am. People come to brokers when they needed a specific service. And so I wanted to be upfront and honest. That was, I think, calling it anything different. I felt misleading.

The Wolf of Franchises:

Yeah, no, I mean, love that. I think I wish more people did it because I’ve definitely spoken to candidates who got a bad taste in their mouth from brokers because maybe they weren’t sure of what the incentive structure was. And then all of a sudden they looked back and they’re like, oh, well now I know why. They were pushing me hard to a few brands that I made clear I wasn’t really that interested in. And yeah, I think there’s definitely, there can be issues with that model. Well, what was your whole first impression though, of just the franchise industry when you got into it? <laugh>

Kenny Rose:

So funny. It’s actually my ex-girlfriend’s dad introduced me to franchising. Great guy I got, so I’d known him for years and he was the CEO of a company that coaches CEOs. So I’ve always known him as that. And after college he’s like, Hey, I got a ton introductions for you. I, I’d love to get your job. So I’m like, Hey, I worked hard to get into Merrill Lynch. I’m going to go get a job there. Cause I’d interned there for too special. I’m, that’s my career path I set up. And so I went there, got the job, was there for a year or two, hated it. I was like, I need to get out of this immediately. And I started talking to him, Hey Jim, I, I’d love to start taking you up on your offer. And then he threw me an absolute curve ball.

And he was like, what do you know about franchising? Franchising? What do you know about it? I, I’m thinking McDonald’s, subway, k ffc, Woody, everyone listening originally was like, yeah. And he’s like, did you know my company’s a franchise? I’m like, you’re a franchise. He’s like, yeah, I didn’t know that was franchise. He says they have franchises for everything. And he’d been with FranNet for years on the brokerage side. And so he said, I want you to meet a couple guys. And they were my mentors in the franchise industry, and they owned the Southern California territory. And so I started off in Biz Development forum, but it was kind of like when I had my first interview to actually be an intern at Maryland, it was just like I didn’t know what it was. And I’ve gotten a quiz of mind. So I asked a hundred questions, and I think they saw me connecting with it very quickly because my dad’s always been an entrepreneur. I would’ve loved to be an entrepreneur or back then, but I didn’t have a specific idea. It’s hard to have the idea that’s going to really carry or have the systems in place. So I’m hearing this and I’m like, man, this is a great, and funny enough, like I said, they have a franchise for everything. FranNet is a franchise too. So it was a franchise brokerage franchise.

The Wolf of Franchises:

That’s like the most meta thing I’ve heard. Yeah. <laugh>, wait, so he was the c e O of his own FranNet franchise.

Kenny Rose:

He was the franchisee of that territory.

The Wolf of Franchises:

Yeah. Yeah. Okay. Alright.

Kenny Rose:

I get into a little loose area when it comes to being the c e O of a franchise when it’s a franchisee because Fair enough. I know there’s some people who mislead others by saying they’re the president of the company and you’re the CEO O of that. And it’s just like, well, you got to be specific about that. You were of that territory if you Yeah,

The Wolf of Franchises:

Yeah. No, for sure. For sure. Oh, interesting. Okay. So I didn’t know that. So where do you go from there? You’re a broker for a few years and obviously you went to Mfia, so you just figured I’d rather be the top deal maker versus working within the system of supporting another broker?

Kenny Rose:

Yeah. Well, originally I started off doing business development form. And so I was going to a bunch of networking events driving all over Southern California. And then they brought me up and made me a full fledged broker. And then I was starting off helping out in Orange County. Then eventually took over half of LA County for ’em. And I was doing it for, I don’t know, a year or two of running that territory. And then got to this point of where it was my lease was coming up and just was thinking about life. I had moved to Redondo Beach in South Bay of LA and I always said I’d never moved to la but I was like, it’s an opportunity. I couldn’t pass up. But my first years coming up there and I’m like, okay, well what’s the next move? I got to be thinking long term?

Cause I can’t buy this company. They’re the franchisees. They’d been the franchisees for 30 years. They were not selling it. And so I was like, what’s the next move? So yeah, I’m thinking about reflecting and it’s like they would do two conventions a year, and I felt like every convention I was going to, they’re doing a new seminar on something that I’d come up with pretty much. And then they were expanding on and teaching it to everyone else. Then it got to when I went to one of the broker trainings for them and literally flip open the training manual, I’m like, these are my emails. <laugh>, like why are my emails in your book? And I was like, oh, I didn’t get paid for that. And then also this other thing, this book here is I’m one of the 15 business thought leaders and an Amazon bestseller.

And I actually had to pay Love It to help them get it published. And it is a Amazon bestseller and I do not get royalties on it. So I’m like, okay, I think I’m helping you guys more than you’re helping me at this point. And between that and all this stuff, I was like, I’ve learned it all. It’s been five years about I’m going to go out and start on my own. And so I moved out to Chicago, started my own, and I wanted a very different focus because normally it’s like they’re all consultants and they work with people in career transition. Normally it’s executives who get laid off who are, they’d also get tired of finding a job. A lot of the time it’s like, oh, I can buy this business and do it that be an entrepreneur. It’s a great route if you have the mindset, it’s a great way to get in business for yourself.

But I realize that’s not what a lot of them wanted. A lot of them were like, no, I like corporate. I want a side business. I think this is the way to do a side business, especially semi absentee franchises were coming up more and more. Cause all the technology’s there to have a lot of ’em run automat, not automatically, but you can manage the manager a lot easier with all the technology there. So I was like, exactly, I want to dive headfirst into that side of things. And especially coming with the Merrill Lynch background, it was, okay, I know how to sell investments and I know franchising, so let’s sell franchising as an investment. And so I really focused on that. And then I just had a big push on education too. Everyone hears me talk about it constantly. I did it with Mpia too. I want people to learn about it. And then just kind of took off from there.

The Wolf of Franchises:

Wow. Okay. What concepts did you either find the most success with? Meaning that candidates were interested in? Or just some of your favorite concepts if you were representing 500 to 600?

Kenny Rose:

I worked with concepts in everything. I was very agnostic. Cause every person’s very different, so you want to find the right one for ’em. But again, because I was doing a lot of semi absentee stuff, fitness was one that was especially just more common. I’d say that hair care came up a whole lot.

The Wolf of Franchises:

Oh

Kenny Rose:

Really? My favorite ones are the weird ones. The ones that people just do not think of as being a business, waste management dryer, vent cleaning, window washing. It’s things that people don’t think of as, and they’re all around. People just don’t see us like, oh, that’s a business. And it’s like, those are the ones I like. Yeah. Because people tend to the more flashier stuff. And everyone always comes in asking about like, why do you want a, and I’m like, well, it’s the golden arches. Everyone knows it. It’s everywhere. I’m like, well, there’s a lot of brands like that. What are you looking for out of it? And we start talking more. I’m like, so you want to make money? Yeah, I’m great. Well, one, McDonald’s is kind of harder to do that. They’re very expensive. It’s very tight margins. If you want 50 McDonald’s, you’ll make money, like you’re saying, but why not for the cost of one McDonald’s? Why don’t you five super cuts? They’re like, I can do that. Yeah. I’m like, yeah, you don’t have as big of a storefront. You don’t have as many employees. You don’t have to build a kitchen. And they’re like, oh, well that makes sense. Cause it’s just that people don’t know about franchising. They have an idea. And then when they start learning, they’re like, oh crap, this is actually, I was looking in a totally different direction than what I meant to go in.

The Wolf of Franchises:

It’s a pretty similar mindset to what I, and what I learned from being at the dev firm was just that the best and the most successful multi-unit operators were the ones who, like you said, right, just find a good concept with good unit unit economics, build out multiple of them. The real estate was more attractive, less labor’s always a good thing. Or even just if you can do a GM to a location, essentially like a manager per store, and then you’re just managing the managers. Or even maybe you’re the first manager. And then after that, after a few locations, you hire someone and kind of outsource it. But yeah, that’s definitely the playbook that seemed to be the best with multi-unit operators.

Kenny Rose:

Yeah. So you really got to have that empire building mindset going into because yeah, a lot of people just try cheaping out right off the bat. They’re like, oh, they recommend spending 70,000 on a gm. Well, you know what? I can find one for 50 and they’re going to be great. It’s like, yeah, you can find one for 50. It’s not going to be a good one for 50. But yeah, that’s what people do is they start sheeping out in these different areas. They’re not in the empire building mentality where it’s like, no, if I’m in empire mode instead of 70, I’m going to spend 90. Cause I want the best and I want the one who’s going to bring the best employees, crank out the best numbers and make my ROI higher in the long run. It’s like you can see 20 grand in the short run, or what 20 grand gets you in the long run.

The Wolf of Franchises:

Exactly. Yeah. The long term mindset’s key and right. Cause I mean, you start getting turnover early on as you’re building new locations and you can just confine yourself in really tough spots. And especially if you’re going for that semi absentee role where maybe you have a job still. I mean, it’s just,

Kenny Rose:

Man, just huge. And I don’t know why people always overspend if you can, and if you can’t wait until you can, how it should be.

The Wolf of Franchises:

Yeah, no, definitely. All right. Well, so when did you decide, and maybe it wasn’t that, you know, tell me, was it that you got sick of or just tired of the broker game, or was it a push or a pull to Fran shares, and how did that idea develop?

Kenny Rose:

Man, I got thrown off a cliff that I had to do this right then because I actually had the idea for Fran shares right around when I was starting. And that was part of the reason of starting it was I was like, so this is six, seven years ago, I heard about Funde and they’re series A, and I started diving all into funded. I’m like, oh gosh, I can do this for franchising. It had a lot that needed to be fleshed out. And also, yeah, I didn’t see myself personally as someone who was fundable by venture capital. I was like, I’m not there yet. So I wanted to get there. And I also knew that what people in the franchise industry tend to get in their tracks and they stay in their tracks and they don’t think, what can I do differently? So I was like, I don’t think no one’s going to beat me to this idea.

And so I was like, okay, let me go build this other company, make myself extremely fundable, and then we’ll start Fran shares. It was even called that then. I didn’t have a name at the time. So then big part of doing what I did with Mfia was like, become a thought leader in the space. You’re already off to a hell of a better start than I did, ed, it’s living for you. But I started off just writing on Quora and answering questions. And honestly, I had a big break on there where I answered one about how much a Chick-fil-A franchise costs. And it’s insane because yeah, it, it’s insane because when you write answers, you get people engaging and upvoting it with it, because I didn’t even know they’re sneakily. One of the most visited websites, it’s like 300 million users a month. So I answer a question and then people upvoted it and they see that’s got good engagement.

They’ll send it in their daily emails, they call it a daily digest. And so then it’s like, we just sent your answer to 500 people. And I was like, oh my gosh, that’s awesome. And then they gauge how people react to that, if they should send it to more. And so then it’s like, Hey, we send it to a thousand. Hey, we sent it 20,000 every time, losing my mind. And then it was then, hey, we sent it to a million. And oh my gosh, I’ll never forget, I was in an elevator, actually, thankfully I had a reception. I think I was on my way to a party too. And we just sent your answer to 20 million people and shit. I just walk in and just, my jaws dropped. They’re like, what’s going on? And I just show ’em the notification. I even opened it yet we all just lost our minds. So until they sent it to 40 million people, and it just kept taking off from there. It got cited a bunch of articles. I remember not long after this, I was reading the Hustle which you’re a hustle reader too, right? Yeah,

The Wolf of Franchises:

Yeah. Well, the work week crew. So now that I’m working with them and partner with ’em, the content, the core, the founders are from The Hustle.

Kenny Rose:

Oh, okay. There you go. That makes sense. Yeah, especially when the Hustle got acquired by HubSpot. I was so excited for them. But yeah, well hopefully work week’s. Not mad we’re talking about ’em, but Oh no, they’d

The Wolf of Franchises:

Be excited. No, no.

Kenny Rose:

Yeah. So I was reading the Daily newsletters and one of ’em said, Hey, we’re writing an article on Chick-fil-A. Does anyone have any insights into it? It’s Reach Out. And then they book a call with me, and I’m talking to Zack Crockett, he’s like the head writer for the Sunday stories. And he’s like, this is crazy. I actually have your answer open in another tab. You’re like, the guy I wanted to talk to I’m perfect. And so then they end up writing a whole Sunday story about it. And beginning of last year, they sent out, it was one of their top stories for the entire year of the hustle.

The Wolf of Franchises:

It went viral. Man, that was a sick writeup. Cause I love that Sunday. I mean, they still do it. The Sunday edition is awesome.

Kenny Rose:

They always have such amazing things in there. You’re just like, why did you even think that this was a thing to ride on? And then how’d you get so in depth on it?

The Wolf of Franchises:

It’s incredible. Yeah, Z does a killer job. I’m curious what drove more to sef, the Quora? Was your phone or email blowing up from that, or was that much more an awareness? I’d say

Kenny Rose:

It was more of an awareness thing. I get some coming from there. But Ossie, it was a combination. You have to start stacking up these different routes where people find you. Because another one is have you ever heard of a Harrow Help reporter out?

The Wolf of Franchises:

Yeah.

Kenny Rose:

Yeah. So for those that don’t know, if you want to be a source for something, you sign up for it, they send you three emails a day and it’s broken down by section. And so for three years straight, three times a day, every day, I’m opening those up and looking for something about franchising. And believe me, they do not write about franchising very much anywhere. But I manage to end up getting picked up in Forbes. American Expresses blog. Eventually Business Insider did a whole article on me, which I thought I was just doing a quote in it. They’re like, no, the whole article’s on you and you’re work in the industry. I’m like, oh my gosh, it’s amazing. Yeah, so awesome. In total with all those, I reached 300 million people without any ad spend. And so it was like they were just coming in from different sources.

It just kept stacking up over time. And so when you asked about how did Frontier Cup was like Ozzie, I built a good brokerage. I was very happy with everything. It was a struggle to get there, don’t get me wrong. But I was very happy with where I was at the time. And then especially when quarantine hit and Covid first breaking out, actually, I had a ton of deals that were going on still. And a lot of people were like, oh, I especially, they’re like thing long term, it’s not going to last forever. We can start building things up however. But then I read an article that people were gambling on the stock market because sports weren’t on. And I was just like, oh

The Wolf of Franchises:

Yeah. Oh my gosh, my Wall Street bats baby.

Kenny Rose:

Yeah. I was just like, oh my gosh, I’m late. It wasn’t even question, I was like, shut seia down, get Fran shares going. It was just not even a question.

The Wolf of Franchises:

So that was the moment, you’re like, now is the time. Yeah,

Kenny Rose:

It had to happen. I was just like, if this was already running, I’m like, man, I could have gotten a billion in assets under management immediately but I was like, Hey, better late than never. And then I had a bunch of friends in the startup world especially, I got to give a shout out to Cody Barb with Trusted Will. He was a friend from college, we were fraternity press at the same time. And he’d been through multiple fundraise, different companies for good and bad. And so he just helped me get all the way here. And then yeah, now we’re sitting with 23,000 on the wait list.

The Wolf of Franchises:

Yeah. So did you raised money? Yeah. Right. Once you were mid quarantine and you’re like, I got to get this going. Was your first instinct build it yourself or did you know that this was going to need venture backing?

Kenny Rose:

Oh, I knew it was impossible to do without venture backing legal fees. Registering with the s e C is not a cheap thing. And especially, I wasn’t at who would do it for cheapest. I was looking for who would do it. So I could found, have gotten it done for a fourth of the price, if not less. But I was like, I want the best lawyers in the country on this. I want to pay top dollar because it’s a security, it’s an asset. I want to make sure we’re doing this right. So yeah, it had to go raise money for that. And also marketing, it’s important to, if you’re going to do marketing, you got to spend it. And so I knew just those two, I had to raise money for it.

The Wolf of Franchises:

And so if someone’s never heard of shares, but maybe they’re interested in, in investing, they have Robinhood, maybe they have a few fractional trading platforms like Rally Road or Fund Drive, like you mentioned earlier, just from the product end for the consumer, what’s the experience going to be like? Is there an app and how is it going to work?

Kenny Rose:

The app will become in later this year

The Wolf of Franchises:

But nice.

Kenny Rose:

It’s a pretty standard workflow in the fractional investing world because when you think about it’s just investing in stocks, it’s like you need the ability to learn about the investment and deposit money. And then really the rest is the management side that’s done by the company you’re investing in. And so it’s a really smooth interface ing. The only concern is you have to go through the know your customer and anti-money laundering checks with everyone, which I feel people are like, I just want one quick checkout. It’s like, yeah, this is investing. I got to make sure you’re who you say you are. And yeah, it’s funny cause especially in the world of crypto, they don’t even want to give your name. It’s like, here’s my number. And so I think that’s the only part that people don’t care for. But realistically, it’s great interface to be able to go in, learn everything about the franchises that you’re investing in.

I’m about over education, so I want people to know everything about the franchises, the leadership teams, why we chose them, what their locations make normally how much they cost. Because I feel like there’s just so little transparency going on that there needs to be something that is, and that’s a great thing about franchising is everything’s regulated by the Federal Trade Commission. So a lot of our stuff, we we’re pulling from the Federal Trade Commission filings and we’re like, Hey, we’re not giving you the numbers. This is the stuff that they put out that is regulated by the ftc.

The Wolf of Franchises:

Oh, beautiful. So are you going to have basically information from the franchise disclosure documents in the app? It, let’s just pretend it’ll say from McDonald’s F D D, this is the average unit volume.

Kenny Rose:

Yeah, so I, we couldn’t fit the entire F DDS because that it, yeah, honestly, my own filings not as long as those, but things like the item seven S for costs, item nineteens for returns. I wanted to show people, Hey, we’re not making up numbers for you. I want to use their numbers. Honestly, with the setup we have, we’re going to be beating average performance, but I wanted to show people average performance and make sure that they’re comfortable with that. And we’re stretching out the ramp up period and overdoing how much management costs are there. Cause I’d rather underpromise and over-deliver when it came to this.

The Wolf of Franchises:

Definitely. And let’s dive into that. As far as your setup versus a standard franchise owner, how does it differ?

Kenny Rose:

I think one of my concerns with, there are a lot of great franchise owners out there, but there’s also some terrible ones. And oh, and every franchisor can tell you certain things that do it for ’em. And a lot of times it’s people not following the process or they’re not properly financed. They want to do their own thing on their own time. And so what we do is really bring more of the portfolio fund approach to it where we’re building out teams instead of like, Hey, can this one person skillset transition over from corporate to the franchise world? And also can they personally do it? Can they deal with not being in office instead going to working in a small business instead of doing all this stuff, it’s put in teams in place that actually have already done it and that they’re very well experienced.

And so instead of one person doing 10 different functions from marketing and finance, even with the support of the franchise, or it’s still a lot to do, but instead it’s, Hey, if we’re doing 20, 30 locations of something, we can build out a team and instead of one person doing marketing and finance, we can have actual people that are designated for each one. And so they can be more effective in it. And so we bring a stronger foundation and that’s why franchisors have already been loving this. Some of the ones we’re working with are already talking to us about rolling up other locations. I’ve got, man, the big names in franchising that have reached out already has been amazing because they see this, it’s what private equity does, but if private equity did it right, because a lot of times private equity’s there, they’re like, Hey, we’ll overpay, we’ll strip things out cause we just need to beat market rates. I’m held accountable by investors, so I want to destroy those market rates. And private equity can buy our funds later for much more. And I thank you for it in advance.

The Wolf of Franchises:

Okay. So yeah, what I’m hearing is basically, I mean this is not a slight towards franchise owners at all. It’s just there’s good ones and there’s bad ones. But what you’re bringing to the table, to the franchise horse perspective is not only you’re not going to be a good franchise owner, you’re almost like institutional, professionally managed franchises with legitimate teams behind all the locations. And a standard franchise owner, just like the real estate, you can’t afford that to do that from scratch.

Kenny Rose:

Yeah, it’s kind of a good comparison. Be like if you were an individual buying a commercial property or if you’re a REIT and you’ve got all those systems in place and you’ve got the capital, you’ve got the people, you’ve got the operations, it’s like I’d rather go with those big guys because they have everything set up already.

The Wolf of Franchises:

Yeah, no, okay. That’s a great comparison. How do you balance sort of, alright, I mean this merged I don’t know, philosophical question. So you’re a startup founder, but you obviously know the benefits of franchises really well. If someone’s hearing this, they might think, oh, this is awesome, Kenny’s founding F shares, and maybe they’re pulled towards a startup life, but you also have so much experience working with franchise owners. What do you see as the pros and cons? Would you recommend one over the other, go a company or, Hey, this is high risk, high reward. The F path is probably better.

Kenny Rose:

It’s the same thing as vetting anyone who wants to get into franchising anyway. It’s that there’s no one sweeping answer. That’s right. It really depends on your goals. If you’re looking at franchising as just an investment and you’re like, I want to get our return on investment from these tangible businesses, we’re the way to go. If you’re, Hey, I’m trying to get out of the corporate world, I’ve got a great skillset and I’m ready to run my own business and I’ve got a driving need to do it. Franchising is definitely a great way to, I mean, we’re still franchising, but being an owner operator is a great way to go. And then if you’re comparing it to startup world, honestly, just the odds are so against you. And starting from scratch and especially the startup tech world, and I got so many viral posts on LinkedIn the last six months cause I’ve been actually telling my story finally because there were plenty of struggle.

I’ve invested 10 years to get to this point and it’s a lot of people are like, man, how has no one done this? Oh, you got to be so excited. I’m, there were no cheerleaders the last 10 years. It wasn’t until now. And that’s part of how I was able to get funding was that I invested 10 years to get to this point to no one has ever thrown me a curve ball of a question on a venture call. They want us poke holes in whether it’s my experience or franchising or this model, and I’m just knock ’em all out of the part. I know I’m patting myself on the back really hard here, but I mean, after a couple hundred calls of it, I think you get a little grace to do that.

The Wolf of Franchises:

No, definitely, man. Definitely. Yeah, I mean, I’m sure it’s been a lot of rejections to get to this point but I do know when I heard, I either found out about it from a newsletter or I don’t know if there was an announcement or something, but I found out about airs that my first reaction would say, damn, how do I think of that? Yeah, it’s genius, man. I’m very much on top of all the fractional share platforms. I’m aware of them. I love it. I’m a big fan of FinTech, so love it to me, being in the franchise world. And here I was like, ah, I missed that one.

Kenny Rose:

I, I’d been paying attention to it all for a long time. It was honestly perfect timing for us. The market’s really matured and adopted to fractional investing in alternatives, and there’s still so much more room for it. It’s actually still a small fraction of people that really think about fractional investing in real estate and artwork and soon franchises. So it’s not well known still, but yet it’s still a huge industry already.

The Wolf of Franchises:

Yeah, no, for sure. It’s got a ton of room to run. And I think part of it’s probably there’s ways where it can get integrated more into, let’s call it traditional forms of investing. Meaning you can allocate some of it from your IRA or a 401K even. I don’t know why that shouldn’t happen. There’s probably a risk for a 401K to have. So

Kenny Rose:

It’s actually starting come so, oh, okay. A big thing that happened with this was, I think it was June of 2020 the Department of Labor issued a letter saying, Hey, cause before it was about all about risk tolerance is that 401ks can’t invest in alternatives because they’re too risky. But then basically they start, they’ve been reviewing this the last couple years, and then the Department of Labor came out and said, we’re going to start letting 401ks actually investigate. I mean, there are some already that can do this. If you’re open an alto IRA or Rocket Dollar, there’s ways to do it, but they’re the only ones. Soon you’ll have these big institutional funds that are opening up. So once you get the, Hey, it’s okay to do it, you still need a couple years to ease into the market. So soon anyone’s going to be able to access out of any 401k. It takes time for the market to get there, especially when it’s around finances.

The Wolf of Franchises:

Yeah, no, definitely a lot of red tape to get through. And so as we’re recording this today, it’s March 9th, the first fund is hopefully launching in, let’s call it a month. And we can’t say the brands, right?

Kenny Rose:

No, don’t, not honestly, when it comes to the S E C I just air to the side of caution.

The Wolf of Franchises:

Yeah, I would definitely do the same. Yeah,

Kenny Rose:

It’s, especially with all these user interviews I’ve been doing, there’s so many questions I get and I’m like, Hey, I’d love to tell you about this, but it’s technically soliciting an unregistered fund at that point. And so I’m just, yeah, hands off. And luckily everyone, everyone’s been really cool with that. I think they get it, but it’s funny how much people love this. And I get still almost hate me. When’s this opening already? And I’m like, whoa. Yeah, calm it down. I want it yesterday too.

The Wolf of Franchises:

Yeah, people are hungry for the franchises, but I guess just generally there’s going to be, what, 25 locations of one franchise, 25 of another to start for fund

Kenny Rose:

1 25 and 30.

The Wolf of Franchises:

And if someone is throwing, it’s $500 a share, let’s just say the buying four shares of $2,000, that’s just getting distributed equally across the fund, correct?

Kenny Rose:

Yeah. The way I saw it is if someone was first start getting into investing in stocks, you wouldn’t tell ’em to invest in one or two stocks. You’d say, hop into a mutual fund, watch it. Yeah, learn it, and then you can go there. So I wanted the same approach for this. So it’s a mutual fund of franchises, so you’re diversified by different geographies, different brands and different industries.

The Wolf of Franchises:

I love it just not having it be sector dependent. I think that’s great.

Kenny Rose:

And a lot of people would ask, can I pick individually? I’m like, you wouldn’t know what you’re looking at really.

The Wolf of Franchises:

Yeah, no, for sure. And as you grow, let’s say this first fund obviously been building a massive wait list, I would imagine it it’ll be oversubscribed once you’re officially able to open it up. I think

Kenny Rose:

We can fill this fund four times overall already.

The Wolf of Franchises:

Amazing. As you add brands, is it kind of a rinse and repeat playbook, just what you’re going to be doing for these first two brands, just keep doing that for other brands? Or is there almost other financial products or as realms that you can go down

Kenny Rose:

Getting there? Yeah that’s how I viewed that is that I’m any financial product that exists outside of shorting stuff, I want to have a product for. So this first fund is a growth fund. The next portfolio is going to be an income portfolio. And so they’ll have different objectives and structures based on what investor goals are, because some people don’t want things like the first fund and they’re going to want the second one and set. Other people want to diversify across the two and more. So we’ll have a lot of different ones going forward. But one of the big things I really want to get towards is this localization effect where I’m in Chicago, I want to own the things I go to every day. I’d like to go get a haircut at a super cuts I own or get my oil changed at a Meineke I own, go work out with the Orange theory I own. And so I think people really get, that’s a power powerful feeling there is walking around your town and going to things that you co-own. And anytime a friend of your says, man, I hate my gym, you’ll be like, oh, you should come over to this one. I’m actually a co-owner. And they’re all of a sudden they’re talking about their own investments and people, they’re bringing people to actually have an impact on their investments. It’s like, yeah, you can go work out here. And they’re making themselves money doing that.

The Wolf of Franchises:

Yeah, yeah. So at scale, this could be just, could theoretically be segmenting by geography so that you can actually target and say, I want to buy the franchises in my town. Yeah.

Kenny Rose:

Well eventually I want you to just scan a QR code and buy some shares the place you were just eating from.

The Wolf of Franchises:

Oh, that would be sweet. And obviously, right, we’re talking, there’s steps that need to build to this. But yeah, would it theoretically trade a stock market in the sense of there’s open market hours where you can trade your shares and there’s someone else on the other end of that transaction buying it from you? I

Kenny Rose:

Mean, even this first portfolio, we’re at a secondary trading platform, so you could start doing it with this one, but eventually I’d like it to do on other levels where you’re trading other types of shares, other classes, stuff like that. But yeah, well, I wanted to make sure, cause as a alternative asset, we can’t guarantee liquidity. So I want to do everything I can to help facilitate. So having the trading platform there, having an extra wait list there, I want all these things in there so we can really help as much as we can. But we tell everyone, plan, on a long term, five to seven year old, that’s what you should be planning on and that’s how you’re going to see the most benefit. But I know shit, and I want to be a helpful hand, not just a imposition on people.

The Wolf of Franchises:

And from an investor standpoint, it, let’s say there’s another growth fund, it’s an earlier stage franchise, not a proven brand like a McDonald’s or an Orange Theory, but let’s say this franchise does really well. All of a sudden as an investor, it’s the possibility that not only you’re getting monthly distributions from your shares, but could those actual shares increase in value that if you decide to, you can trade it on the secondary market for higher than you purchased it. We’re already

Kenny Rose:

Doing that for the first fund. When you invest, you get equity in the company. It’s not just cash flow, you get equity. So that’s a big plan of ours going forward with a lot of our growth funds, is that we want private equity to be a buyer from us. And basically if you’ve got 10 plus locations, they tend to snap ’em up and they’ll overpay too. Cause they typically just have to beat market rate. And I’d love to be a supplier for ’em. So when we have an exit of a portfolio, all the investors in the portfolio get their shares worth of exit value from there. So it’s almost like if you owned shares of a publicly traded company and they got acquired and you get a payout, it’s the same type of thing here already set up for the first portfolio.

The Wolf of Franchises:

Beautiful. I love that. And I think that, I imagine the reception has been pretty easy then for investors, right? Cause there’s

Kenny Rose:

So many, especially Capables. Yeah, and the higher level ones too. We’ve got a ton of family offices reaching out, institutional capitals starting to reach out to bunch of private equity groups. So the demand’s there and we’re just excited to get it out there for people.

The Wolf of Franchises:

Fantastic. And if you own a franchise, I mean, this is a smaller audience than just your everyday investor who could throw 500, $2,000 into this, I feel like that’s your main target is just giving, lowering the bear to entry for them. But as a franchise owner, is there ever a world in which, probably not at first, but laid down the road, they can go to shares and let’s say they need growth capital to build locations. Is that part of the vision or is that more just not on the roadmap?

Kenny Rose:

It is part of it. We definitely want to have debt offerings. It’s just that you have to do it in the right way. Because I, I’ve seen platforms where they do small business loans, especially for startup costs. And the problem is that a lot of times, honestly, the SBA back to loans are fantastic. And that should be where you go generally. So it’s hard to beat those. And so if you’re not going there, typically people are charging too much interest and it’s just not beneficial for the franchisee. And frankly, a lot of the investors, it’s not enough pull form anyway. So it’s hard to find the right balance there. So we’re definitely going to see the best way to do that. But I think honestly, a lot of them are going to prefer to sell a little equity, get some chips off the table, but sell it to their local market. And so that way you’ve got more buy-in from what are your community and you’re going to have built-in customers. You’re going to have built-in evangelists telling people to go there. So that’s definitely a route I see us going, but I want to be able to benefit them in any ways. Just that, again, it’s hard to beat the sba.

The Wolf of Franchises:

I just love that community aspect though, because you’re right. I mean the buy-in is, I mean, it’s never been done before, right? No, I mean my, it’s funny, my parents love buying stocks. My mom especially, she owns class, I don’t even know Class Z of Berkshire Hathaway. Yeah. But own the world basically. So anytime she’s having a product that they own, whether it’s like Dairy Queen or Coca-Cola, God knows how many companies that big owners of, she likes to pretend like, yep, she’s boosting her stock price.

Kenny Rose:

Those are harder to actually think of that too. A lot of people own Disney shares. They don’t watch a movie. And they’re like, yeah, Disney, I’m contributing. Versus if you actually see the store walking or driving down, that’s very different. That’s tangible. It’s the tangibility factor. It’s really

The Wolf of Franchises:

Hard. Exactly.

Kenny Rose:

You can own shares of Walmart stock. We’ve tried by Walmart. Most people just don’t really think about it. It’s also commercial real estate. It’s also usually not in their market at all. So you don’t go driving by like, oh, there’s 400 wack West Wacker. Yeah, guys, get it. Love it. So it’s things that you can actually be a part of Antsy.

The Wolf of Franchises:

No. Yeah. It’s way more exciting. And I think there’s just an element of fun to it. So that’s cool, man. Yeah. I guess anything I didn’t touch on that you’d want to get out? But I feel like we’ve covered the mission and just how it’s going to work for investors.

Kenny Rose:

I mean, I think we’re going to have to have many conversations in the future. Cause I go on about a million things, but <laugh> actually, we got a little sidetrack. There was the actual funding of the company itself. He asked me if I could have done this on my own, but that I didn’t. Yeah. So you want to go down that road? We got time. Yeah,

The Wolf of Franchises:

Yeah, yeah.

Kenny Rose:

Awesome. Yeah, because it was funny, when I first started this, I was just like, oh, there’s so many companies that do fractional ownership of stuff shouldn’t be a problem to get funding. And I reached out to three or 400 different venture capital groups and might’ve gotten two or three responses to be honest. And those were just friendly ones. They were typically Chicago based. And Joe just like, oh, you’re in Chicago. Sure, let’s chat. And I was like, ah, it’s early. Good luck. And I was like, all right. Well, again, I saw the vision. I’m like, I’m going to keep St marching through. And so I actually started off, I did a little backwards. Normally you’d have a venture capital group lead the round, and then you fill it with other investors. Since Venture was talking to me, I went and found Angel investors first. And it’s amazing how much that narrative changes when you’re talking to people who are closer to the industry or just on a more personal level where they don’t get the offers as often.

Because I ended up raising almost 600,000 in three weeks. Then I started going back to the venture capital groups. And it’s amazing when you say, Hey, I have over half a million. They all a sudden their tune changes a lot and they’re just like, yeah, oh yeah, let’s talk. And then, I mean, everyone was so receptive. It was great. But I got a lot of the same feedback. This is a great idea. You’re definitely the guy to do it. I don’t know anything about franchises. And that was just always the nail hit in the coffin. I’m just like, great. I got to find someone in VC who knows franchises. All right, here we go. But it was great because everyone understood where this was going, that they would at least want to refer you to someone that might be more in that space, or especially sometimes they invest later stage and they’re like, you’re too early, but let me refer you to this person because they’re going to help you out and then you’re going to remember me.

So then eventually I got introduced to Chicago Ventures, which is great. They’re down the street from me. And they were coming off home run after home run cameo project 44 M one finance. They had six or seven companies turning into unicorns, a billion dollar valuation in the same year. And so I got introduced to them, and I’m talking to a couple people from the Gloria level to get the conversations going. And then eventually I’m finally getting introduced to the founder or one of the founders of the fund, Stuart. And right before Stewart Hops on, my analyst I was working with tells me, Hey, I just found out he’s actually invested in franchising before. I’m like, how do you never mention this before? I just found out. I’m like, oh my God. And so he hops on and immediately I’m just like, all right, I’ve heard you invested in franchise before.

Tell me about it. And he is like, well, me and some partners rolled up 500 locations of he prefers, I don’t say the name, but of a very major fast food brand to become their largest franchisee and then sold it to private equity. And he’s like, it’s one of the best deals I ever did. And I’m like, there you go. Oh, so you get this? He’s like, yeah, I get it. And right then I’m just deals done. He gots it in, we’re done. And they were just the perfect group to work with and some of their LPs are large franchisees too. And so I just, amazing connections coming out of it. It was beautiful. It was just perfect. And so I couldn’t be happier to be working with them.

The Wolf of Franchises:

That’s great, man. Yeah, I mean, franchising’s just such, if you’re on the inside, you can see the potential through, there’s tons of ways to make money in the franchise world, but if you’re not in it, it’s always like it’s just too foreign of a concept to really want to dive in.

Kenny Rose:

And maybe they think about some, someone’s stuck behind a fast food counter who hates life. That’s kind of the vision they get. And it’s just like, that’s not it. <laugh>

The Wolf of Franchises:

Like I credit to McDonald’s, but for how big they are. But it is kind of annoying the Mindshare. They have the monopoly on the mindshare of what franchising means to society. I feel,

Kenny Rose:

Well, I have fear on why that is too, because I hear that all the time too, obviously. And what I say is that because Franchising’s about having the business systems in place to establish market dominance and also scale and all these things, and when the thing is fast food is one of the most competitive industries known to man. So if you’re in one of the most competitive industries, known demand, what part of the business system do you really need marketing? And so they’re the ones that are in the most competitive, so they have to market the most. So people hear about them the most, but then, and then all the other ones, you just don’t hear about them because they don’t have to market as much. They win your business in other ways. And so I think franchise is going to change that. I think you’re going to change that.

I think franchising as a whole is going to have a very different decade or two coming up because I think people love the idea of working for themselves and being self-employed and making their own way in the world, but they think startup is the way to do it. And it’s just like, well, hey, we can accomplish all these same things if you just release the idea of it has to be your unique startup idea, but you’re open to using an idea that’s already proven, it’s already there and leverage their systems because then it’s like, Hey, you want to make six figures, run your own hours, all that stuff. Yeah, franchising can do that for you. You just have to suspend the ego and be like, can I hop into a plug and play system? Which they were already doing in the corporate world anyway, so it’s like what’s wrong with it doing it here?

The Wolf of Franchises:

Yeah. There’s kind of two breakthroughs. It’s one that the franchises are beyond fast food and McDonald’s, right? That it, it’s a whole wide world of different businesses that you could jump in on. And then secondly that you can leverage them to actually make very good returns. I think people get caught up on either that it’s oh or bust and I can’t buy McDonald’s, or they get past that and then they’re like, ah, I don’t want to pay a royalty. But the reality is that, I mean, what that gets you is a lot, you mentioned the proof of concept. I mean, yeah, it’s people. If you want to start your own small business, I’m not saying that you shouldn’t do that depending on the person. Maybe you don’t have the personality to work under a franchisor or maybe you’re just incredibly talented or talented and can build your own amazing small business. But if not, I mean there’s franchises out there at various levels of growth that have anywhere from 10 locations open to a couple hundred that, I mean, those are data points for you as an entrepreneur to say, okay, it works in X amount of markets. It’s average revenue is whatever the number is. And for you, I mean that’s, as an entrepreneur, that’s just a higher likelihood of success is what that translates to.

Kenny Rose:

Yeah. One of the biggest things is a trend that I see coming is the last 10, 15 years especially have been really romanticizing the startup world. But with part of that is that you have this whole generation of people who, especially in tech sales, in tech sales, they work you to the bone and you’re aged out by 35 or 40. And so you’ve got this whole generation of people who are great at sales, they want to make six figures. They got to provide for their family though, need some predictability, and they, they’re like, how do I put all these things together? It’s like you’re literally a perfect kick franchisee. You just need to what? Go of the idea that it’s not right for you and start learning about it. And cause a lot of ’em, they’re like, oh, I can move to a different company and sell this something else, but then it’s hard to get hired because you’re aged out. But it’s like, Hey, why don’t you go sell something easier, own the business and go take over the market. And also, it’s just being more part of the community. It matches up what people are looking for. They just have the F word connotation stuck in their head.

The Wolf of Franchises:

Yeah, it’s the F word man that there really is a stigma with it. Which I mean, for better or worse, I do understand part of it. But yeah, man, I do think what you’re doing is helping to usher in hopefully a new era. So thank you for that. We’re rooting for you over here. You’re

Kenny Rose:

Doing it too. Your logos awesome, your content’s awesome. You’re way better at social media than I am. I hope to aspire to be at your level one day.

The Wolf of Franchises:

Yeah. Well maybe we can trade secrets there. Deal at some point

Kenny Rose:

S U C, if you’re listening, that’s not trade secrets, just <laugh>. Just trying to be funny on the internet with franchising. It’s very tough.

The Wolf of Franchises:

Yeah. Well, alright man, this was a good conversation. So thanks for coming on. And where can folks find ya and F shares, whether they want to learn more about you, Kenny, or about F shares, the best places for them to research.

Kenny Rose:

So fran shares.com or come find me on LinkedIn. I’m super active on there and really appreciate you having me on. This has been awesome watching you start from the beginning and get this up and going. I’m super excited to see everywhere this is going to go because it, it’s a big industry and someone need to be a voice in. I think I’m stoked. You

The Wolf of Franchises:

Likewise, man. Appreciate it. We’ll talk soon. All

Kenny Rose:

Righty.

The Wolf of Franchises:

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