WHAT WILL THE AUDIENCE LEARN?
Our audience will learn what the practical aspects of owning a franchise entail. - Our audience will learn how to assess their personality to see if franchising is a promising fit for their personality style. - Our audience will gain tools and a road map of key elements to know when starting as a franchise owner.
With the Covid-19 pandemic’s upheaval of the workforce as we once knew it, many mid-level and semi-senior employees are contemplating their next business move. Some may have lost jobs during or after the pandemic, or due to economic hardship. Others may have felt the sting of dissatisfaction with their long-time positions or careers, as reflected by the statistics around The Great Resignation.
With many employees longing for more independence and autonomy, yet unsure if they want to risk being fully self-employed, being a franchisee (franchise owner) could be an excellent new path.
What are the personality traits, marketing considerations, and legal and practical factors for potential franchisees to consider? Our guest tonight, Lori Karpman, will discuss how to determine whether franchising may be a good fit for you!
Lori’s Profile: www.linkedin.com/in/lorikarpman
Eric welcomes his guest, Lori Karpman, founder and CEO of Lori Karpman & Company. He also introduced tonight's topic surrounduing franchising in the pandemic and whether it's a good fit for you. Lori is the CEO of a full service management consulting, legal services, and business coaching firm. She has also been voted one of North America's most outstanding management consultants. Lori started out her career as a tax lawyer. She later worked for a multi billion dollar Canadian corporation who owned three different businesses that used the franchise model. This is where she learned about franchising. Lori took this knowledge and created a chain of restaurants. She franchised them and sold them. Her deep interest in this area made her open her own firm to work with those who want to franchise their business or buy a franchise. Lori speaks about how franchising has been affected by the pandemic. One way it has been affected is that more people want to be financially independent and be more in control of one's destiny. Lori and Eric talk about how the thing with franchising is that there is freedom with accountability.
Eric and Lori continue talking about accountability being a franchisor. Lori mentions that franchisors are very careful that they don't get involved in anything between the franchisee and their employees. Eric explains the joint employer rule which is that if the franchisee violates a labor law, the franchisor may have to be responsible as well. One factor Lori says that you should consider if you’re thinking of franchising is personality. In this area, she explains that there are procedures and rules to follow and because of this, veterans are the most successful franchisees. They are used to “following the book”. Other skills that are important are having skills that a franchisor can’t teach you. Some examples are interpersonal skills, organizational, management and priorities skills. Another big factor is being comfortable with selling. Lori says that she uses an assessment called Kolbe to show how someone reacts in situations and your innate strengths.
Lori talks about marketing considerations when becoming a franchisee. She says that marketing consideration is an easy factor because one of your financial commitments to the franchisor is to pay a monthly or weekly percentage of your sales to the franchisor that goes to an advertising fund. She says that as a franchisee, you have a lot of tools for advertising and things of that nature. What you do have to consider are the financial factors. Lori also gets into the financial aspects while giving an example of franchising a restaurant. She goes into an example of the expenses such as a fee and what the money is used for as well as the start-up expenses. She also makes a point that you would need to have 3-6 months of money to live off of because money won’t generate right away. Eric also points out another important factor of looking at one's credit score when becoming a franchise owner. Lori also talks about the process one goes through when a potential franchisee comes to her firm.
Lori talks about some of her strategies in coaching and guiding her clients as well as success stories. She says that she loves the franchise model because she has had the chance to see people control their own destiny, being in charge of their own business and more. She finds it rewarding. Lori has also been able to help people migrate from another country and be able to buy businesses. She mentions a couple who were able to buy a beauty salon franchise and eventually buy other units. Loti also explains how people like these are able to build their success and are able to obtain several units. Lori and Eric also discuss any red flags in this field. Lori says to do “mystery shopping”, meaning go to several locations of a franchise that you're interested in, seeing what your overall experience is like. Lori also tells a story of how a franchisee from one of her restaurants wasn’t complying with what food items were being served. Eric and Lori talk about how if one location makes people give a bad review, it can affect other locations that may otherwise be doing very well. You can connect with Lori through her website at Lorikarpman.com, her email at firstname.lastname@example.org, as well as Linkedin.
00:00:56.520 --> 00:01:03.810 Eric Sarver - Employment Lawyer (Management): Good evening, welcome to employment law today i'm your host erick solver i'm an employment law and business law attorney.
00:01:04.110 --> 00:01:11.790 Eric Sarver - Employment Lawyer (Management): And I host this live weekly talk radio show and it's live weekly video broadcast right here on talk radio nyc.
00:01:12.090 --> 00:01:21.030 Eric Sarver - Employment Lawyer (Management): Every Tuesday night from 5pm to 6pm Eastern standard time where I have guests who discuss some of the most novel and interesting topics and challenges.
00:01:21.300 --> 00:01:36.990 Eric Sarver - Employment Lawyer (Management): That employers and business owners are facing during these trying and challenging times and in that spirit, I would love to welcome to the show tonight, our guest miss lori cartman founder and CEO of lori cartman and company lori welcome to the show great to have you.
00:01:40.500 --> 00:01:42.030 Eric Sarver - Employment Lawyer (Management): I think you're muted there.
00:01:42.480 --> 00:01:42.930 Lori Karpman: Thank you.
00:01:43.290 --> 00:01:45.540 Lori Karpman: yep no thanks it's a pleasure to be here.
00:01:46.140 --> 00:01:58.050 Eric Sarver - Employment Lawyer (Management): Excellent yeah i'm really excited about our topic tonight i'm going to share our topic with our audience and i'll give you, of course, a proper introduction as well, so we have some background on you and and so forth, and.
00:01:58.680 --> 00:02:04.530 Eric Sarver - Employment Lawyer (Management): Our topic tonight folks is franchising independence is it right for you.
00:02:04.980 --> 00:02:12.870 Eric Sarver - Employment Lawyer (Management): And the issue here that lori and I will discuss involves the fact that, with the coven 19 pandemics upheaval, the workforce, as he wants to do it.
00:02:13.290 --> 00:02:22.440 Eric Sarver - Employment Lawyer (Management): Many mid level and semi senior employees are thinking about their next businessman, some may have lost jobs during or after the pandemic or do the economic hardship.
00:02:22.980 --> 00:02:31.890 Eric Sarver - Employment Lawyer (Management): and others may have felt the sting of dissatisfaction with their long time positions or careers as reflected by the statistics around the green resignation.
00:02:32.310 --> 00:02:43.800 Eric Sarver - Employment Lawyer (Management): With many employees longing for more independence and autonomy, yet unsure if they want to risk being fully self employed being a franchisee revenge owner can be an excellent new path.
00:02:44.370 --> 00:02:53.190 Eric Sarver - Employment Lawyer (Management): So the question becomes, what are the personality traits the marketing considerations, the legal impractical factors potential franchisees to consider.
00:02:53.790 --> 00:03:05.790 Eric Sarver - Employment Lawyer (Management): And our guest tonight, as I mentioned, is lori cartman will discuss how to determine whether franchising may be a good fit for you, and now, or if I take a moment just to introduce you more more formally and properly.
00:03:06.570 --> 00:03:14.340 Eric Sarver - Employment Lawyer (Management): Our guest on the show tonight is this lori cartman as the CEO of the Multi award winning lori cartman accompany me to mention that as well.
00:03:15.000 --> 00:03:23.460 Eric Sarver - Employment Lawyer (Management): As a full service management consulting legal services and business coaching firm lori is recovering attorney I love that phrase.
00:03:23.790 --> 00:03:36.930 Eric Sarver - Employment Lawyer (Management): And it's specialist in the areas of multi unit business development, such as franchising and licensing she's a prolific writer and speaker and has been voted one of North america's most outstanding management consultants.
00:03:37.350 --> 00:03:46.830 Eric Sarver - Employment Lawyer (Management): So we you know always get top quality guests on the show people who can talk about some really powerful issues and, with that lori again really glad you can join us this evening.
00:03:47.340 --> 00:03:48.060 Lori Karpman: To be here.
00:03:48.660 --> 00:03:56.280 Eric Sarver - Employment Lawyer (Management): Wonderful I love the recovering attorney, by the way, everyone knows i'm an attorney at 23 years and I definitely understand some of the ups and downs.
00:03:57.810 --> 00:03:59.820 Lori Karpman: I practice 38 years.
00:04:00.000 --> 00:04:00.750 Eric Sarver - Employment Lawyer (Management): Three years.
00:04:01.860 --> 00:04:04.200 Lori Karpman: yeah and then I, and then I retired.
00:04:04.320 --> 00:04:06.750 Lori Karpman: And I said i'm done with the legal part of.
00:04:07.230 --> 00:04:08.400 Lori Karpman: The management consulting.
00:04:08.820 --> 00:04:17.310 Eric Sarver - Employment Lawyer (Management): wow you kind of mentioned my first question, which is you know if I am a sort of a if you wouldn't mind tons bit more about yourself mainly how'd you.
00:04:17.550 --> 00:04:25.710 Eric Sarver - Employment Lawyer (Management): Initially start out and then what prompted you to delve into this French I think space to become a management consultant and founder lori cartman and company.
00:04:26.460 --> 00:04:34.080 Lori Karpman: Well it's interesting I certainly didn't start out with franchising in my brain or my future in any way, shape.
00:04:34.080 --> 00:04:36.240 Lori Karpman: or form, I started out as a tax lawyer.
00:04:36.600 --> 00:04:42.450 Lori Karpman: And I practice tax law doing mergers acquisitions and succession planning for about seven years.
00:04:44.040 --> 00:04:57.870 Lori Karpman: And then I was tired of private practice because, for me, private practice was always putting out fires, and I wanted to do something preventative so I went to become in house counsel.
00:04:58.200 --> 00:05:07.350 Lori Karpman: For this multibillion dollar Canadian corporation, and they own three different businesses in Canada, all of which were using the franchise model.
00:05:07.860 --> 00:05:18.120 Lori Karpman: So, by working with them, I spent 10 years there I learned everything there was to know about franchising and not just the legal aspect, but the marketing and the operations and.
00:05:18.420 --> 00:05:27.420 Lori Karpman: All of those things and and I left after 10 years I took that knowledge and I created a chain of restaurants and then I franchise those and I sold them.
00:05:28.260 --> 00:05:37.140 Lori Karpman: So when I sold them, I was in my I guess my early 40s and it was like okay well now what am I going to do with my life, now that i'm grown up.
00:05:38.010 --> 00:05:55.530 Lori Karpman: Right, so I looked at my skill set and I said, you know, aside from the fact that i'm aware like you know I have awards for marketing and branding and for copywriting and I know operations, and I said when I was a franchise or I spent a lot of time managing professionals.
00:05:56.700 --> 00:06:05.370 Lori Karpman: And if that had been taken off my plate, I would have had more time to sell franchises and I realized that that every franchise or suffers from that same dilemma yeah.
00:06:06.030 --> 00:06:18.870 Lori Karpman: So I opened a full service firm and we've been around for 22 years now and yeah we work with brands that want to franchise their business, and we also work with individuals that want to buy a franchise.
00:06:20.190 --> 00:06:24.660 Eric Sarver - Employment Lawyer (Management): just saying you know i'm always fascinated by people's like their career path and.
00:06:25.020 --> 00:06:31.830 Eric Sarver - Employment Lawyer (Management): You know, some some will tell me well, I since I was a very small ones that you know follow this field and go into this area.
00:06:32.100 --> 00:06:41.460 Eric Sarver - Employment Lawyer (Management): of practice and others will kind of stumble upon something by accident and others like yourself, you know, I will say, be in a field where they're developing and honing the skill sets.
00:06:41.790 --> 00:06:48.960 Eric Sarver - Employment Lawyer (Management): That, then, when they think okay I don't want to do that anymore, but what can I do I have these great skills from being an attorney from.
00:06:49.470 --> 00:06:57.540 Eric Sarver - Employment Lawyer (Management): Yesterday, and in house counsel and franchising and then, knowing that you can help others with those skills, you have so.
00:06:58.200 --> 00:07:09.360 Eric Sarver - Employment Lawyer (Management): Again, always good to know that I feel like our audience listening likes to hear like you know what, how do you become the you know the you have today where you are right now so interesting.
00:07:10.410 --> 00:07:13.680 Lori Karpman: That your body can may have today by writing and speaking.
00:07:15.870 --> 00:07:16.110 Eric Sarver - Employment Lawyer (Management): and
00:07:16.980 --> 00:07:30.510 Lori Karpman: Writing and speaking I have built my career and built my practice I do a lot of writing and speaking, and you know when you do a lot of writing and speaking people see you they hear your name, and so you know that helps certainly helps to drive business.
00:07:31.020 --> 00:07:39.450 Eric Sarver - Employment Lawyer (Management): Absolutely writing or speaking a huge part of our careers as attorneys and in certain professions as well, I can definitely attest to that.
00:07:39.690 --> 00:07:49.080 Eric Sarver - Employment Lawyer (Management): Better though it kind of brings me to the next question lori which has to do with the little thing called epidemic and wondering did it a packet everything.
00:07:49.590 --> 00:08:00.120 Eric Sarver - Employment Lawyer (Management): A question is, how is the pandemic impacted the world of franchising and are used, for example, you seeing higher rates of new novice franchise owners these past two years or fewer.
00:08:01.350 --> 00:08:07.350 Lori Karpman: You know it's a horrible thing to say, but cove it was a real boon to the franchise industry.
00:08:07.830 --> 00:08:25.500 Lori Karpman: You know franchising is a way to be in business for yourself, but not by yourself and it is a way to get into business with a limited amount of risk right there's risk involved in anything but you know the risks are delineated right.
00:08:27.450 --> 00:08:38.880 Lori Karpman: And so, because of coded a lot of people started working at home and realize that they can in fact work at home and then realize that they like working alone at home, and how can they do that.
00:08:39.330 --> 00:08:55.650 Lori Karpman: professionally right then there's people that are being packaged out so you know a lot of the C suite people in the top level executives are being packaged out there for us to take early retirement, but they're not ready to retire, and in a lot of cases they can't afford to retire.
00:08:56.280 --> 00:09:19.380 Lori Karpman: Right so, and you know so there's you know there's a lot of reasons why people would buy a franchise there's this tremendous wave, if you will, of independence financial independence of being in control of your own destiny, you know and franchising allows you to do all of those things.
00:09:20.010 --> 00:09:24.150 Eric Sarver - Employment Lawyer (Management): huh yeah you know the part about the pandemic.
00:09:24.720 --> 00:09:34.710 Eric Sarver - Employment Lawyer (Management): You said you think they're interesting lori voice a lot of interesting there, but the interesting things I heard were about this, the C suite folks people got pushed out package out, as they say severance package.
00:09:34.980 --> 00:09:41.160 Eric Sarver - Employment Lawyer (Management): You know golden handcuffs are packed on the golden parachutes certainly those folks who are like well, I have this money and.
00:09:41.580 --> 00:09:49.830 Eric Sarver - Employment Lawyer (Management): I have savings and i'm too young or not ready to retire, and they can't afford to retire, what can I do for franchise but the other group, you mentioned.
00:09:50.250 --> 00:10:00.510 Eric Sarver - Employment Lawyer (Management): That I find interesting is people who are sort of working remotely and in a sense, got like a tasty comes like a taste for being a defect those have employed, in other words, they were.
00:10:00.870 --> 00:10:11.700 Eric Sarver - Employment Lawyer (Management): They may have been working for a company, but rather than going into the office where maybe they had been previously like micromanage or hovered over or we're constantly in meetings accountability, with their.
00:10:12.330 --> 00:10:20.700 Eric Sarver - Employment Lawyer (Management): superiors were sort of given the work and the company's got busy and they're like you do this work and get it to us and then people were saying their own schedules bit more and.
00:10:21.270 --> 00:10:31.980 Eric Sarver - Employment Lawyer (Management): Taking the reserve their own hours and their own time and pace, so I think that's definitely another group that arguably that interested in in franchising you know mining.
00:10:33.330 --> 00:10:35.730 Lori Karpman: And the third interesting group are millennials.
00:10:36.000 --> 00:10:36.570 Eric Sarver - Employment Lawyer (Management): Oh yes.
00:10:37.050 --> 00:10:50.100 Lori Karpman: very interesting group because they don't want to work for someone else period, so I see a lot of millennials coming in and in a lot of cases it's their parents that are helping them get into business.
00:10:51.270 --> 00:11:01.770 Lori Karpman: But I see a lot of millennials because they just they don't want to work for it for somebody else you know they've they've you know done there you know nine to five jobs that they had to do.
00:11:01.890 --> 00:11:12.330 Lori Karpman: To push themselves from school and then they're like Okay, I want to be my own boss, you know just down the street for me there's there's my my trainer.
00:11:12.600 --> 00:11:18.600 Lori Karpman: My exercise trainer and he was working at a gym he's 21 years old, and he just opened up his own place.
00:11:18.900 --> 00:11:19.350 wow.
00:11:20.460 --> 00:11:27.060 Lori Karpman: yeah and I was like and that's the generation that you see it's the millennials they're skipping the workforce altogether.
00:11:27.540 --> 00:11:33.150 Eric Sarver - Employment Lawyer (Management): Yes, millennial than perhaps some gen Z folks are in there as well, who are coming up these days right.
00:11:33.780 --> 00:11:38.520 Eric Sarver - Employment Lawyer (Management): younger millennials and definitely seen that also yeah it's definitely something you have that.
00:11:39.270 --> 00:11:53.490 Eric Sarver - Employment Lawyer (Management): it's you can say the best of both worlds interesting because you have the name and the brand behind you right resources and equipment or other things you might need to some extent, but also can decide, you know how you run that that franchise.
00:11:53.520 --> 00:11:55.800 Eric Sarver - Employment Lawyer (Management): Now yeah for business.
00:11:56.640 --> 00:12:05.100 Lori Karpman: yeah you're creating your own business, you know you're creating equity for yourself you're creating a business you're you know in control of your destiny.
00:12:05.640 --> 00:12:13.890 Lori Karpman: And you know and there's a lot of freedom in that, and the reason you do it through a franchise is because let's say you want to open a pizza shop.
00:12:15.150 --> 00:12:25.830 Lori Karpman: Right, you can go and get a designer and then get a chef and then get an architect, and then get you know, an interior designer for the inside and.
00:12:25.890 --> 00:12:26.130 Eric Sarver - Employment Lawyer (Management): You know.
00:12:26.310 --> 00:12:33.900 Lori Karpman: You can go and you can get all these but franchise doors invest millions of dollars in perfecting their system.
00:12:34.740 --> 00:12:38.010 Lori Karpman: So when you buy a franchise you're buying a business in a box.
00:12:38.220 --> 00:12:54.210 Lori Karpman: um the parameters of the box are within which you have to operate within those parameters so there's leeway but there's also very strict standards and and that's what makes franchising successful is because the key is consistency.
00:12:54.600 --> 00:12:56.400 Lori Karpman: So brands that have really strict.
00:12:56.400 --> 00:13:01.650 Lori Karpman: standards have a lot of consistency between their locations and that's what makes them successful.
00:13:02.910 --> 00:13:12.240 Eric Sarver - Employment Lawyer (Management): So suppose a standard woman or you know, or maybe some preps curtailing of complete free independence, we might have you know when you're on the pizza store.
00:13:12.480 --> 00:13:23.640 Eric Sarver - Employment Lawyer (Management): Where is there is any theme and he logo and the color you know low, we might want to use or but you're always creating some independence for some support and backup.
00:13:23.940 --> 00:13:25.860 Eric Sarver - Employment Lawyer (Management): I find an issue in business right, I mean.
00:13:25.950 --> 00:13:31.230 Eric Sarver - Employment Lawyer (Management): You know, you and I are you self employed i'm a law Office, my law practice firm and you have your company and.
00:13:32.040 --> 00:13:39.480 Eric Sarver - Employment Lawyer (Management): Like I told you, before the show yesterday was, and I said well my tech is out on vacation and I really struggled with some.
00:13:39.930 --> 00:13:52.710 Eric Sarver - Employment Lawyer (Management): tech issues and delete train all these matters and I, you know I don't have very large firm the person I could just call in to fix everything you know my sister and give me a car, you know.
00:13:53.370 --> 00:14:07.050 Eric Sarver - Employment Lawyer (Management): So i've got to take the bull by the horns and you know run out and get it repaired and, of course, like my spare computer at home so either you know do other things, but, but their freedom, you get that we get being self employed is what responsibility lot of freedom as well.
00:14:08.280 --> 00:14:08.610 Eric Sarver - Employment Lawyer (Management): When we.
00:14:08.640 --> 00:14:12.690 Lori Karpman: Right, but the thing about franchising is there's freedom with accountability.
00:14:13.740 --> 00:14:22.980 Eric Sarver - Employment Lawyer (Management): And that i'd say is a good system for, especially for new business owners and you know we're actually our first commercial break, do you believe it lori, but we have, so I will just say that.
00:14:23.670 --> 00:14:35.340 Eric Sarver - Employment Lawyer (Management): folks stay tuned to the law today with me Eric solver and a lot of business attorney and my guest tonight and story cartman franchise and bid management consultant, when we come back we'll talk more about.
00:14:35.880 --> 00:14:50.700 Eric Sarver - Employment Lawyer (Management): benefits of owning a franchise but also some practical considerations like marketing financial personality based to help me decide franchising is right for you so stay tuned to employment law today, right here i'm talking to nyc stick around we'll be right back.
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00:17:05.010 --> 00:17:17.340 Eric Sarver - Employment Lawyer (Management): Welcome back i'm a lot today with our guest tonight miss lori cartman founder the cartman sorry founder lori cartman a company and talking about franchising this evening, if it's right for you.
00:17:17.790 --> 00:17:24.810 Eric Sarver - Employment Lawyer (Management): practical considerations, you know the benefits pros and cons, you know, like where we left off lori before the break you talked about.
00:17:25.110 --> 00:17:38.250 Eric Sarver - Employment Lawyer (Management): How franchising gives you sort of freedom within a structure freedom and accountability, and I find being self employed having clients or clients of mine employers business owners who need help with employment law.
00:17:39.450 --> 00:17:43.800 Eric Sarver - Employment Lawyer (Management): I find that you know that accountability can be key with you get it from.
00:17:44.640 --> 00:17:55.080 Eric Sarver - Employment Lawyer (Management): workplace or a franchise that you answer to an overarching franchise or or whether it's through connections and colleagues, so I think it's really interesting truck for that you described.
00:17:55.560 --> 00:17:59.130 Eric Sarver - Employment Lawyer (Management): And I actually am wondering about something here in terms of like.
00:17:59.580 --> 00:18:04.800 Eric Sarver - Employment Lawyer (Management): Maybe our audience wondering to you know I know as an employment lawyer, that you have to know the employment Labor laws.
00:18:05.070 --> 00:18:14.160 Eric Sarver - Employment Lawyer (Management): With if you're a franchise or event, whether you own a franchise or you work, you know owners, not a franchise private company and wondering let's say a franchise where it gets into trouble.
00:18:15.540 --> 00:18:28.890 Eric Sarver - Employment Lawyer (Management): Employee file summation sued apartment lavery complaints whatnot does he does an overarching franchise provide them with resources resources such as outsource legal counsel, or they have to get their own counsel Maybe you can talk.
00:18:29.100 --> 00:18:38.760 Lori Karpman: They have to get their own counsel because franchise doors, have to be really careful yeah because you know the joint employer rule.
00:18:39.000 --> 00:18:50.220 Lori Karpman: Right that's a big issue so franchise doors are very careful that they do not get involved in anything between the franchisee and their employees.
00:18:50.490 --> 00:18:58.770 Lori Karpman: right they stay as far away from that as they can, because otherwise the joint employer role may come into effect.
00:18:58.980 --> 00:19:00.600 Lori Karpman: And that's a whole pandora's box in.
00:19:00.600 --> 00:19:01.380 Lori Karpman: and of itself.
00:19:01.830 --> 00:19:09.030 Eric Sarver - Employment Lawyer (Management): Right and for those that are aware tonight that to an employer will talks about how liability can attach to the and we're talking about the franchise or with.
00:19:09.030 --> 00:19:10.950 Eric Sarver - Employment Lawyer (Management): Your company.
00:19:11.190 --> 00:19:16.770 Eric Sarver - Employment Lawyer (Management): Right and then they distance themselves employees saying from France, I think, which is the person that owns it.
00:19:17.490 --> 00:19:25.680 Eric Sarver - Employment Lawyer (Management): Like the smaller same version and their employees and the joint the definitely the code to employer will talks about how if say.
00:19:26.370 --> 00:19:37.590 Eric Sarver - Employment Lawyer (Management): you're a franchisee violates the law and Labor law than the overarching franchise or can be responsible as well, they can share a liability it's part of it, so I hear what you're saying about how the.
00:19:38.160 --> 00:19:42.630 Eric Sarver - Employment Lawyer (Management): You know the franchise or and again it's the same, for example, but thousands of the franchise or.
00:19:42.870 --> 00:19:44.820 Eric Sarver - Employment Lawyer (Management): ranking on one of the storage of the franchisee.
00:19:45.810 --> 00:19:50.970 Eric Sarver - Employment Lawyer (Management): citizens themselves from your employment policies, so you need to make sure that your policies are.
00:19:51.450 --> 00:20:02.250 Eric Sarver - Employment Lawyer (Management): Up to stuff with Labor employment laws so if say a franchisee were to be sued by the employee they'd be responsible for getting their own employment counsel yes right right.
00:20:02.820 --> 00:20:09.420 Eric Sarver - Employment Lawyer (Management): it's a good point to consider, because you do have resources but you're not the same level resources, you have if you're.
00:20:09.600 --> 00:20:16.350 Lori Karpman: right but remember as a franchisee you have a separate company or a separate legal entity, a separate corporation right.
00:20:16.710 --> 00:20:21.030 Lori Karpman: Right this franchise or doesn't get involved in the internal operations.
00:20:21.330 --> 00:20:22.050 Lori Karpman: on that.
00:20:22.320 --> 00:20:29.460 Lori Karpman: organization, the franchise or only gets involved to make sure that they're following the rules of franchise system consistently.
00:20:30.180 --> 00:20:35.190 Eric Sarver - Employment Lawyer (Management): Right yeah definitely I see as well i'm glad you mentioned that there is an important point for audience.
00:20:35.580 --> 00:20:44.640 Eric Sarver - Employment Lawyer (Management): In case a listener cider considering becoming a franchise franchise owner that you make sure you have the resources to hire the help you need if you need help with these issues.
00:20:45.480 --> 00:20:55.500 Eric Sarver - Employment Lawyer (Management): Of course, you know I think is important, out of compliance in advance, and I know it's where you can also with helping people to prepare to become a franchise owner so there's anything I think I think that.
00:20:55.800 --> 00:21:10.110 Eric Sarver - Employment Lawyer (Management): We talked about those and cons, you know that maybe some people might consider it a con that Oh, what I have to get my resources within again if you own your own say Peter stop shop and you get sued you definitely are your own counsel.
00:21:10.170 --> 00:21:19.530 Lori Karpman: You know, absolutely absolutely not a franchise the world will usually have some kind of a template of a policy manual or a human resource manual that they will give you.
00:21:19.740 --> 00:21:33.750 Lori Karpman: But is your responsibility, you know if the franchise or is it you know, is in you know Maryland and you're in Texas is your responsibility to make sure that that employment manual is up to date with Texas employment law.
00:21:34.200 --> 00:21:39.840 Eric Sarver - Employment Lawyer (Management): hundred percent aware that you're recovering the trainings when you talk about these issues as well and that with you, and you know and.
00:21:40.140 --> 00:21:52.320 Eric Sarver - Employment Lawyer (Management): very true yeah I think it's important for our audience tonight, and again I think you know comes down to you have accountability and yet structure we used to have a freedom and independence, and that requires you know certain responsibility to bear for.
00:21:53.340 --> 00:22:02.730 Eric Sarver - Employment Lawyer (Management): You know when they need, you know certain tech support or certain the same you know employment law Council whatnot, so I think you know all kinds of good stuff to know.
00:22:03.840 --> 00:22:06.990 Eric Sarver - Employment Lawyer (Management): i'm wondering every talk about different issue, or is there more related which is like.
00:22:07.440 --> 00:22:15.690 Eric Sarver - Employment Lawyer (Management): Actually we're talking about it in the sense, right now, some other practical considerations marketing related an annual personality based that people have to be.
00:22:16.110 --> 00:22:24.540 Eric Sarver - Employment Lawyer (Management): careful about give careful thought to before deciding if a franchise is right for them what are some like marketing and financial and personality factors to consider.
00:22:25.560 --> 00:22:29.520 Lori Karpman: The first factors that you need to consider our personality factors.
00:22:29.700 --> 00:22:31.110 Lori Karpman: yeah because.
00:22:32.130 --> 00:22:39.540 Lori Karpman: What franchise ORs are looking for is people who we affectionately referred to as interrupt runners.
00:22:40.470 --> 00:22:53.400 Lori Karpman: So these are people who come to the table with business experience sales experience marketing's here's some kind of expertise, they can contribute to the brand.
00:22:54.840 --> 00:22:55.440 Eric Sarver - Employment Lawyer (Management): Yes.
00:22:55.710 --> 00:23:07.080 Lori Karpman: So that's one of the first things and so to be an entrepreneur, you have to understand that, while you may have all these great ideas.
00:23:07.650 --> 00:23:09.930 Lori Karpman: cannot just go and implement them yourself.
00:23:10.260 --> 00:23:12.810 Lori Karpman: But there's policies and procedures that you'll have to.
00:23:12.810 --> 00:23:13.260 follow.
00:23:14.460 --> 00:23:16.950 Lori Karpman: And that's why veterans.
00:23:18.060 --> 00:23:18.930 Lori Karpman: Are the make.
00:23:18.960 --> 00:23:27.570 Lori Karpman: The most amazing franchisees and are the most successful group amongst franchisees because they're used to following a book.
00:23:27.990 --> 00:23:34.260 Lori Karpman: yeah you tell me to do this, I do this, you tell me do this I did this and they're great at that and that's why they're so successful in business.
00:23:34.560 --> 00:23:36.930 Lori Karpman: Because they're used to following a plan.
00:23:37.230 --> 00:23:39.510 Lori Karpman: they're used to someone directing them.
00:23:40.080 --> 00:23:47.850 Lori Karpman: hmm, then the other skills, the franchise ORs look for our skills that a franchise or cannot teach you.
00:23:48.870 --> 00:23:54.540 Lori Karpman: So, for example, if a franchise or have a pizza franchise can teach you how to make pizza.
00:23:54.780 --> 00:23:58.920 Lori Karpman: yeah they can teach you how to pour drinks, they can teach you how to count inventory.
00:23:59.250 --> 00:24:09.510 Lori Karpman: But they can't teach you interpersonal skills yeah they can teach your organizational skills or teach you the ability to prioritize what needs to get done.
00:24:11.280 --> 00:24:19.800 Lori Karpman: They also can't train you on supervisory skills and management skills so they're looking for people that have supervised other people before.
00:24:20.040 --> 00:24:28.290 Lori Karpman: yeah right that have some kind of organizational skills and then i'm really good interpersonal skills and for the most part, are not afraid to sell.
00:24:29.040 --> 00:24:37.260 Lori Karpman: that's a really big thing, because if you're afraid to Sally you don't like selling you don't you think you're not good at it, which is that's a whole other topic in and of itself.
00:24:37.530 --> 00:24:43.320 Lori Karpman: Sure, if you know you're going to hire someone to do the sales for you so that's always an option.
00:24:44.400 --> 00:24:48.900 Lori Karpman: But remember whatever money you're paying out to someone else's money that's not showing up in your pocket.
00:24:49.620 --> 00:24:53.040 Lori Karpman: Right right when you know soon as you farm it out so.
00:24:54.570 --> 00:25:08.250 Lori Karpman: yeah but people who have some kind of management experience and most people 90% of the people have skills that are transferable from their current and previous positions, regardless of what they did.
00:25:08.910 --> 00:25:11.850 Lori Karpman: Right right there's always transferable skill sets.
00:25:13.170 --> 00:25:27.450 Eric Sarver - Employment Lawyer (Management): yeah absolutely I think is a really good point here I mean, these are the skills that I would say, someone in business for themselves themselves really needs to have an organization no good delegation supervisory skills.
00:25:28.140 --> 00:25:43.770 Eric Sarver - Employment Lawyer (Management): interpersonal but politically with a franchise is interesting to note that the veterans make a sort of my profile excellent franchisees because the fact that you know they used to, for the following a system nearly to the rules and places or you know policies and such.
00:25:44.850 --> 00:25:51.660 Eric Sarver - Employment Lawyer (Management): And yeah they have that press the building do things on their own, because they're there to train to take charge do things.
00:25:51.960 --> 00:25:57.150 Lori Karpman: yeah yeah, but they do, they take charge and they get stuff done.
00:25:57.930 --> 00:25:59.970 Lori Karpman: Just braid operators, you know.
00:26:00.240 --> 00:26:03.210 Lori Karpman: They are not lazy they don't procrastinate and I know that i'm.
00:26:03.570 --> 00:26:05.280 Lori Karpman: Making a stereotype out of it but.
00:26:05.580 --> 00:26:05.820 Lori Karpman: yeah.
00:26:05.850 --> 00:26:07.110 Eric Sarver - Employment Lawyer (Management): But i've just seen so.
00:26:07.110 --> 00:26:15.720 Lori Karpman: Many examples of it yeah that the training that you get military training really sets you up to be a fabulous franchisee.
00:26:16.110 --> 00:26:23.820 Eric Sarver - Employment Lawyer (Management): hmm I that some folks when I thought of that when they come out of the military that they can have a career in this in this part in this area of franchising.
00:26:24.090 --> 00:26:34.290 Eric Sarver - Employment Lawyer (Management): yeah What I wonder is like so sticking to this say that the personality part you know of their consideration, though, whether that one might be a good franchise owner.
00:26:34.890 --> 00:26:40.860 Eric Sarver - Employment Lawyer (Management): Good franchisee are there, certain tests say like personality test that people can take that.
00:26:41.190 --> 00:26:48.570 Eric Sarver - Employment Lawyer (Management): really helps them to see for themselves, some people don't always know they think oh i'm a great people person i'm great with you know final direction when they.
00:26:48.990 --> 00:26:55.200 Eric Sarver - Employment Lawyer (Management): When they get down to they really maybe are not, are there any personality tests or that you recommend or assess people with yeah.
00:26:55.560 --> 00:27:02.310 Lori Karpman: I assess people with are using assessment called colby which is cake cake oh lb de.
00:27:03.510 --> 00:27:17.580 Lori Karpman: And colby i've been using for 20 years i'm a certified will be professional because there are many assessments out there, there is myers briggs and there's you know there's a.
00:27:19.050 --> 00:27:20.640 Lori Karpman: Oh, my God there's desk and.
00:27:20.730 --> 00:27:22.680 Lori Karpman: there's just a whole whack of them out there.
00:27:23.010 --> 00:27:28.590 Lori Karpman: Now strengths Finder and the issue that I have with all of those.
00:27:28.800 --> 00:27:34.380 Lori Karpman: Is that they are greatly affected by several factors.
00:27:34.500 --> 00:27:37.680 Lori Karpman: um how you're feeling at the time that you take the assessment.
00:27:39.090 --> 00:27:45.420 Lori Karpman: And things like age education race social status gender.
00:27:46.590 --> 00:27:51.780 Lori Karpman: And so what you're really getting with those assessments is just a snapshot in time.
00:27:52.410 --> 00:27:56.400 Lori Karpman: Right, the snapshot of that person right in that very moment.
00:27:56.790 --> 00:27:57.270 Lori Karpman: done.
00:27:57.570 --> 00:28:00.990 Lori Karpman: What colby guys is colby does not give you a snapshot.
00:28:01.080 --> 00:28:11.550 Lori Karpman: colby says this is how this person is hardwired from birth to act if they're in this situation, this is what they're going to do.
00:28:12.180 --> 00:28:24.240 Lori Karpman: If they're in this situation, this is what they're going to do and it's predicted now I did my call be 20 years ago and I was recertified two years ago I did it again it seems for.
00:28:24.540 --> 00:28:26.670 Lori Karpman: Because, for me, it does not try to change your.
00:28:26.700 --> 00:28:29.460 Lori Karpman: Call be works on what are your innate strength.
00:28:29.640 --> 00:28:30.750 Lori Karpman: And how can you work.
00:28:30.750 --> 00:28:41.550 Lori Karpman: Better with urinate strengths, so a lot of franchise ORs come to me to do pull be on their franchise prospects to tell them is this person going to be a good franchisee yeah.
00:28:42.390 --> 00:28:51.570 Lori Karpman: Right colby is great doesn't matter what you're hiring for colby is just one of the best tools out there and that's you know something I do a lot of, and I really enjoy.
00:28:52.110 --> 00:29:02.940 Eric Sarver - Employment Lawyer (Management): hmm interesting, the whole thing about you know, the idea of taking more than just a snapshot and seminars not biased by education race cultural background, but rather just.
00:29:03.330 --> 00:29:11.550 Eric Sarver - Employment Lawyer (Management): really shows I guess the person's hardwiring or even how they've been perhaps you know nature nurture hadn't been sort of raised from terms, their environment.
00:29:12.210 --> 00:29:20.760 Eric Sarver - Employment Lawyer (Management): So I guess even help wanted to know really if they have let's say the selling skills, you know the interpersonal skills, the soft and hard skills that you need.
00:29:20.850 --> 00:29:22.920 Eric Sarver - Employment Lawyer (Management): yeah to run a franchise.
00:29:23.190 --> 00:29:32.220 Lori Karpman: yeah it tells me what kind of research they're going to do it tells you a little kind of implemented they're going to be a child, with the kind of leader, they are it tells me.
00:29:32.460 --> 00:29:35.400 Lori Karpman: You know how what their adversity to risk is.
00:29:35.550 --> 00:29:38.460 Lori Karpman: I mean it just tells me everything, whether or not they're organized can.
00:29:38.460 --> 00:29:47.610 Lori Karpman: They prioritize all of these things people are amazed they do their colby and then I do the debrief with them and they're like, how do you know all that about me like.
00:29:48.000 --> 00:29:58.800 Lori Karpman: A here, you know it's right in front of me your sports right in front of me and the thing about colby is that there's no perfect every score is a perfect score because you are who you are.
00:29:59.340 --> 00:30:02.400 Eric Sarver - Employment Lawyer (Management): yeah right there's no wrong or right answer way to.
00:30:02.820 --> 00:30:04.260 Eric Sarver - Employment Lawyer (Management): judgment yeah.
00:30:05.550 --> 00:30:13.260 Eric Sarver - Employment Lawyer (Management): Interesting you know I know you really covered a lot in terms of the personality trait factors to consider when we come back we're going to Russia break.
00:30:13.590 --> 00:30:22.560 Eric Sarver - Employment Lawyer (Management): i'll ask lori more about some the other practical considerations, for, if you want to franchise know economic marketing operational legal and such so.
00:30:22.860 --> 00:30:34.800 Eric Sarver - Employment Lawyer (Management): Stay tuned folks listening to employment law today our topic tonight is about franchising Is it right for you here with lori cartman so stick around talk real nyc and we will be right back.
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00:31:38.340 --> 00:31:49.230 www.TalkRadio.nyc: Small Business trying to navigate the coven 19 related employment laws Hello i'm Eric savoured climate log business law attorney and host of the new radio show employment law today.
00:31:49.830 --> 00:32:02.430 www.TalkRadio.nyc: On my show will have guests, to discuss the common employment law challenges business owners are facing during these trying times tune in on to the things from 5pm to 6pm Eastern time on talk radio dot nyc.
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00:32:39.330 --> 00:32:47.940 Eric Sarver - Employment Lawyer (Management): Welcome back to implement a lot today once again i'm your host erick solder, and employment law business law attorney here in New York City.
00:32:48.480 --> 00:32:59.160 Eric Sarver - Employment Lawyer (Management): And here on target radio in Boise with our guest lori cartman founder of work hartman and company so lori really good conversation so far about franchising, I must say.
00:32:59.520 --> 00:33:12.960 Eric Sarver - Employment Lawyer (Management): Absolutely yeah you know going back before the commercial break, we were discussing some of the practical considerations marketing financial personality wise that people might want to consider.
00:33:13.590 --> 00:33:19.800 Eric Sarver - Employment Lawyer (Management): In order to assess whether or not a franchise is right for them, and I think you know, during these times have covered it in and.
00:33:20.580 --> 00:33:35.400 Eric Sarver - Employment Lawyer (Management): we're as a nation where it's sort of you know, employees are considering becoming employers, so this is a good topic and whatever we can go back to those other factors like, for example, some of the financial considerations let's say in the marketing considerations.
00:33:35.940 --> 00:33:37.920 Eric Sarver - Employment Lawyer (Management): They get through accounts sure.
00:33:39.150 --> 00:33:54.570 Lori Karpman: Marketing considerations, is the easy one, because one of your financial commitments to the franchise or is to pay a monthly or weekly percentage of your sales to the franchise or which goes into an advertising fund.
00:33:55.050 --> 00:34:08.670 Lori Karpman: So the franchise or then creates with that fund they do a few things they will use it to generate brand awareness, for the brands everywhere, like websites and Facebook pages and things like that.
00:34:09.180 --> 00:34:17.670 Lori Karpman: And they also use the money to create specific local store marketing initiatives that the franchisees can do at the local level.
00:34:17.910 --> 00:34:23.370 Lori Karpman: is really important, in franchisees get involved in their local community, so the franchise or helps you by.
00:34:23.730 --> 00:34:29.550 Lori Karpman: Preparing and giving you all the marketing materials that you need so as a franchisee.
00:34:29.850 --> 00:34:41.850 Lori Karpman: You just have to make sure you actually implement them, but all the tools that you need, you will get from the franchise or and that's the beauty of franchising is you don't have to come up with new ads you don't have to come up with new specials.
00:34:42.090 --> 00:34:52.050 Lori Karpman: It all comes to you on a regular basis right so that sort of so you don't really need to worry about that well, you do have to consider, though, are the financial factors and.
00:34:52.950 --> 00:35:03.810 Lori Karpman: i'll explain it this way when you look at an ad for a franchise you're going to see two numbers, the first number you're going to see is what's called the initial investment or the initial franchise fee.
00:35:04.950 --> 00:35:08.820 Lori Karpman: And then you're going to see a total franchise cost.
00:35:10.920 --> 00:35:11.460 Eric Sarver - Employment Lawyer (Management): Okay.
00:35:12.300 --> 00:35:14.490 Lori Karpman: So let's say you're buying a restaurant.
00:35:15.510 --> 00:35:20.940 Lori Karpman: Okay, so the franchise fee to buy a restaurant may be $35,000.
00:35:21.150 --> 00:35:26.280 Lori Karpman: hmm right and then let's say it's another $300,000 to build it.
00:35:27.090 --> 00:35:30.900 Lori Karpman: Yes, so the total investment is $330,000.
00:35:31.230 --> 00:35:36.240 Lori Karpman: Right, the $30,000 is the only money that goes to the franchise or.
00:35:36.750 --> 00:35:45.870 Lori Karpman: huh and that money goes to the franchise or and is intended to reimburse the franchise or for the cost of putting the franchisee into business.
00:35:46.110 --> 00:35:57.240 Lori Karpman: So it pays things like the Commission on the franchise sales their pace things like you know the training crew to go out to the franchisees location and train their staff.
00:35:57.540 --> 00:36:09.360 Lori Karpman: It pays for everything all the manuals and the operations manuals and the marketing manuals and all of those things so that's called the initial franchise fee and it's the only money that goes to the franchise or.
00:36:09.960 --> 00:36:11.160 Lori Karpman: The rest of the money.
00:36:11.700 --> 00:36:28.320 Lori Karpman: That total investment goes to suppliers, so if we're talking restaurant it'll go to equipment landlord it'll go to security deposits, you know it'll go to inventory, it will go to interior design architects plumbing air conditioning it'll be paid out to all these other people.
00:36:28.590 --> 00:36:30.990 Eric Sarver - Employment Lawyer (Management): Right insurance which one would that fall in the.
00:36:31.380 --> 00:36:35.250 Lori Karpman: Now the insurance is going to be part of the franchisee startup expenses.
00:36:35.340 --> 00:36:36.330 Eric Sarver - Employment Lawyer (Management): I see yes.
00:36:36.360 --> 00:36:48.030 Lori Karpman: So the second thing I wanted to get to with this is exactly what you're talking about as well, what are the startup expenses franchise ORs, they will tell you and they'll give you a list of this is what it costs to start up.
00:36:48.780 --> 00:36:56.820 Lori Karpman: But what you need to make sure you have is you need to have three to six months of money to live on.
00:36:57.000 --> 00:37:01.890 Lori Karpman: Yes, because your business is not going to generate revenue from day one.
00:37:02.760 --> 00:37:18.030 Lori Karpman: Right it's not going to generate enough revenue to pay you to do your payroll all of those things on day one, so you need to have about three to six months of working capital and living expenses down so that you can feel comfortable because that's what it takes to ramp up a business.
00:37:18.570 --> 00:37:26.220 Eric Sarver - Employment Lawyer (Management): Yes, I think, excellent point there and something for employers and business owners like to consider whether you're a franchise.
00:37:26.520 --> 00:37:31.590 Eric Sarver - Employment Lawyer (Management): To see your none, but with a franchisee of the franchise to get that feeling that initial fee.
00:37:31.920 --> 00:37:41.250 Eric Sarver - Employment Lawyer (Management): which covers all those different bases and then I guess the supplies and at least and so forth, but definitely an idea that if you're the financial considerations and more than just.
00:37:41.550 --> 00:37:57.420 Eric Sarver - Employment Lawyer (Management): The cost to get started, because imagine writing part of your classic might be safe and not drawing a profit or salary, for the first three or four months or five months or six months or a friend or a frack knows already that you would have drawn let's say in your last job you're.
00:37:57.450 --> 00:38:00.120 Eric Sarver - Employment Lawyer (Management): Right, then you need money to live on.
00:38:01.200 --> 00:38:08.430 Eric Sarver - Employment Lawyer (Management): A lot of folks have seen I know at the pandemic, a lot of outsourced fractional CFO people that I just know.
00:38:08.790 --> 00:38:21.600 Eric Sarver - Employment Lawyer (Management): Because we have the synergy in terms of the clients we help have told people you know, to save for even more than that right, save for you know the disaster that you know people would often say all its destination of catastrophic thinking and Then along came.
00:38:21.960 --> 00:38:24.720 Eric Sarver - Employment Lawyer (Management): A crowded in your country, and your comes inflation and.
00:38:25.830 --> 00:38:35.730 Eric Sarver - Employment Lawyer (Management): Possibly recession, you know, in a more efficient way, so right now fingers crossed not but you know, like, but I think there's definitely a lot of factors out there.
00:38:36.420 --> 00:38:46.980 Eric Sarver - Employment Lawyer (Management): You know for sure current financial and financial considerations I met and also credit would be an interesting thing to consider enough, you could say need to get certain business loans right to make this you know this franchise.
00:38:47.550 --> 00:38:53.160 Eric Sarver - Employment Lawyer (Management): dream happen, do you have the solid preventing the sport it.
00:38:53.760 --> 00:38:59.190 Lori Karpman: Absolutely and most franchise ORs would look for a credit score of at least 700.
00:38:59.550 --> 00:39:01.710 Lori Karpman: hmm well you know I mean.
00:39:01.890 --> 00:39:16.380 Lori Karpman: Some of them will do 650 but they really like to see a credit score around 700 that's what makes them much more obviously, the higher the better right on the lower end would be you know sort of 700 a minute, as a minimum, credit score.
00:39:16.740 --> 00:39:23.730 Eric Sarver - Employment Lawyer (Management): Right my they raised with the initial franchise fee for a lowercase or personal be the same, we.
00:39:24.210 --> 00:39:27.690 Lori Karpman: Know it's the same because the initial franchise fee is meant.
00:39:27.750 --> 00:39:30.480 Lori Karpman: to reimburse the franchise or for their expenses.
00:39:30.630 --> 00:39:31.170 Eric Sarver - Employment Lawyer (Management): I see.
00:39:31.770 --> 00:39:37.590 Lori Karpman: And also, it gives the franchisee the right and the license to use the trademark.
00:39:38.010 --> 00:39:39.270 Eric Sarver - Employment Lawyer (Management): hmm interesting.
00:39:40.440 --> 00:39:51.150 Eric Sarver - Employment Lawyer (Management): yeah so we've covered so far, the marketing the financial and the personality based factors, you know going into you franchise franchise only ownership and I think it's important to note, those people.
00:39:52.140 --> 00:40:01.830 Eric Sarver - Employment Lawyer (Management): Who are considering, you know these these possible avenues of the next you know path in their career, most certainly, you know, I think that you know you're in Canada correct.
00:40:02.100 --> 00:40:02.520 Lori Karpman: yeah.
00:40:02.760 --> 00:40:09.300 Eric Sarver - Employment Lawyer (Management): Do you find that the the standards are pretty much the same weather in Canada, or the United States or.
00:40:09.450 --> 00:40:12.270 Lori Karpman: yeah I mean I am I live in Canada, and this is.
00:40:12.270 --> 00:40:20.760 Lori Karpman: More I began my practice, but I am an international practice and I probably do 90% of my business in the US, most of my clients are American.
00:40:21.540 --> 00:40:22.020 Eric Sarver - Employment Lawyer (Management): Right.
00:40:22.710 --> 00:40:36.660 Eric Sarver - Employment Lawyer (Management): You know I know that this this show the station has an international REACH, but most a lot of clients lot of people listen rather a lot of audience so maybe compliance what audience are going to be in the sort of the you know this in the United States in general, you know.
00:40:36.690 --> 00:40:37.020 Lori Karpman: Right.
00:40:37.410 --> 00:40:41.790 Eric Sarver - Employment Lawyer (Management): Out of the US so but, of course, our listeners outside of that area as well.
00:40:42.960 --> 00:40:48.900 Eric Sarver - Employment Lawyer (Management): But I think it's just an important to note, you know and it kind of brings me to the next question I have for you i'm wondering.
00:40:50.130 --> 00:41:05.790 Eric Sarver - Employment Lawyer (Management): We have any say success stories to share let's say people that came to you with the potential interest in becoming a franchise owner and said lori you know, can you help me how we help them and what are some like happy endings you can share with us see.
00:41:05.820 --> 00:41:06.840 Lori Karpman: are absolutely.
00:41:07.140 --> 00:41:07.770 When.
00:41:09.090 --> 00:41:13.560 Lori Karpman: When a potential franchisee comes to us, they.
00:41:13.590 --> 00:41:21.450 Lori Karpman: go through an interview process and then there's a fairly long application that they have to fill out.
00:41:22.140 --> 00:41:28.530 Lori Karpman: And I use all of that information to help make good choices for them.
00:41:28.860 --> 00:41:39.360 Lori Karpman: um so I use my colby assessment and there's you know some other you know documents and tools that I have that I use, but they go through a process and it's like a matchmaking.
00:41:40.410 --> 00:41:50.400 Lori Karpman: So, but we do everything for them, so you know they say Okay, you know what i'm really looking for something in the automotive industry so we'll go and do the research.
00:41:51.030 --> 00:41:52.140 Lori Karpman: You know, pick out two or.
00:41:52.140 --> 00:41:55.320 Lori Karpman: Three come back say here, these are the two or three we recommend.
00:41:56.640 --> 00:42:13.260 Lori Karpman: And then, if they say yeah we like those I go ahead, I contact the franchise or get all the documents I get all the legal documents and I go back to the prospects and say okay here are these are, these are the documents, these are the pros and cons of these three choices.
00:42:13.440 --> 00:42:16.770 Lori Karpman: um and then they're going to decide which one they'd like to pursue.
00:42:17.580 --> 00:42:29.670 Lori Karpman: Where they may say after the first three they may say no, I don't like any of these none of these men, in which case we'll go back to the drawing board and we'll and we'll bring them in other three to five choices so once they've decided.
00:42:29.970 --> 00:42:31.350 Lori Karpman: Then we work with them.
00:42:31.410 --> 00:42:33.330 Lori Karpman: Through the franchise sales process.
00:42:33.600 --> 00:42:37.050 Lori Karpman: So we will help them fill out the application form.
00:42:37.410 --> 00:42:39.840 Lori Karpman: will help them through the franchise sales cycle.
00:42:40.110 --> 00:42:42.900 Lori Karpman: We will negotiate the franchise agreement for them.
00:42:44.280 --> 00:42:45.240 Lori Karpman: And we will.
00:42:45.270 --> 00:42:50.850 Lori Karpman: You know, take the the complete transaction from the day they're interested to the day they close.
00:42:54.780 --> 00:42:55.890 Lori Karpman: you're on mute Eric.
00:42:58.740 --> 00:43:08.880 Eric Sarver - Employment Lawyer (Management): Apologies for that that's what happened there, it sounds like he's from New York to methods and strategies and how you work with clients who need to be right in terms of adaptive process and the steps to take.
00:43:09.690 --> 00:43:20.820 Eric Sarver - Employment Lawyer (Management): Absolutely i'm wondering, I mean I know you have your processes around like using your work with a new client and I want to hear more about those but I needed to take another commercial break so.
00:43:22.020 --> 00:43:32.130 Eric Sarver - Employment Lawyer (Management): Once again folks i'm Eric sober and employment law today here with our guest lori cartman franchise itself extraordinaire stay tuned to talk radio nyc.
00:43:32.580 --> 00:43:40.560 Eric Sarver - Employment Lawyer (Management): we're about a minute away from the commercial break under that i'd rather just take it then that asked you to start a question, then, after break in the middle.
00:43:41.760 --> 00:43:54.000 Eric Sarver - Employment Lawyer (Management): But when we come back Laura and I will discuss more about franchising including some success stories lori's had with some of her own clients so stay tuned to talk radio nyc and we will be right back.
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00:45:53.940 --> 00:46:06.150 Eric Sarver - Employment Lawyer (Management): Welcome back to employment law today partner one second folks there we go i'm Eric Sabra hosted the show and i'm here tonight with our guest lori cartman of lori cartman and company so lori.
00:46:06.780 --> 00:46:13.740 Eric Sarver - Employment Lawyer (Management): I know you're on mute just to remind you, there too, I know it happens on best of us, and I think my question to you is just.
00:46:14.190 --> 00:46:28.200 Eric Sarver - Employment Lawyer (Management): Signals back to the left off before the commercial break like give you can talk more about some of your methods and strategies for coaching and guide your clients through the franchise process and also, if you wouldn't mind sharing wanted to success stories you've had with your client.
00:46:28.710 --> 00:46:30.120 Lori Karpman: Sure um.
00:46:31.470 --> 00:46:34.620 Lori Karpman: i've been working in the franchise space for 30 years.
00:46:35.760 --> 00:46:40.890 Lori Karpman: i've been a franchise or i've also been a franchisee and a franchise lawyer.
00:46:42.180 --> 00:46:58.650 Lori Karpman: And I love the franchise business model because i've been able to see so many people really enjoy controlling their own destiny, being in charge their own business people who otherwise.
00:46:59.070 --> 00:47:00.690 Lori Karpman: would never have been able to get into.
00:47:00.690 --> 00:47:13.350 Lori Karpman: Business before so it's very rewarding I do a lot of work with people who are actually immigrating from other countries to Canada or the US to work with immigration lawyers, because.
00:47:13.710 --> 00:47:24.600 Lori Karpman: You know, because to come in on one of these investor programs, you have to be making a certain investment in a business in the country so so that's where you know I really been able.
00:47:24.990 --> 00:47:38.820 Lori Karpman: To make an impact and to make a difference is what people are coming from other countries, and they need to get away from wherever it is they're from and i've been had been able to help them emigrate to Canada or to the last you know and by businesses.
00:47:40.290 --> 00:47:41.280 Lori Karpman: You know I.
00:47:44.130 --> 00:47:51.810 Lori Karpman: I have several clients, I have a client you I sold him a beauty salon franchise.
00:47:52.020 --> 00:47:52.560 Eric Sarver - Employment Lawyer (Management): mm hmm.
00:47:52.950 --> 00:48:02.910 Lori Karpman: And it was him and his wife and they were looking for something and they weren't really sure what they were going to do, and they came to see me and they liked beauty and that kind of industry, so we fell on top of this.
00:48:04.080 --> 00:48:10.230 Lori Karpman: So they bought their first unit and they opened it and they ran in went really well they bought their second unit I think they're on their fifth down.
00:48:10.590 --> 00:48:11.100 Eric Sarver - Employment Lawyer (Management): Oh wow.
00:48:11.610 --> 00:48:18.270 Lori Karpman: So you know when you can create that kind of wealth, with you know the real money when you're an owner of a franchise you're making a good living.
00:48:18.660 --> 00:48:22.230 Lori Karpman: yeah and you could be making a lot of money, if you have a $5 million franchise.
00:48:22.500 --> 00:48:24.630 Lori Karpman: But for the most part, most people don't.
00:48:25.800 --> 00:48:29.310 Lori Karpman: Take a real money comes in, is when you have multiple units.
00:48:29.400 --> 00:48:30.960 Lori Karpman: Because, then you get economies of.
00:48:30.960 --> 00:48:31.350 scale.
00:48:32.400 --> 00:48:36.360 Lori Karpman: So the franchisees that i've seen being the most successful.
00:48:36.750 --> 00:48:39.900 Lori Karpman: Are those who have taken the profits from their first store.
00:48:39.930 --> 00:48:49.680 Lori Karpman: And reinvest it into a second store and then a third store and then building up you know and owning five or 10 locations and being multi unit franchisees.
00:48:50.100 --> 00:48:58.170 Eric Sarver - Employment Lawyer (Management): hmm, so I think sort of building on their success with one store to to taking those profits, investing in the third or fourth store.
00:48:59.010 --> 00:49:02.640 Eric Sarver - Employment Lawyer (Management): And I suppose as a calculus involved the factory where.
00:49:02.910 --> 00:49:17.790 Eric Sarver - Employment Lawyer (Management): The the cost of financial considerations, we talked about earlier those expenses right for per store, then you weighed against big passion of the the profits and such and you know, of course, the ideal goal is that the profit that way, the expenses that's when you're doing business.
00:49:18.060 --> 00:49:19.800 Eric Sarver - Employment Lawyer (Management): Right interesting that.
00:49:20.100 --> 00:49:26.040 Lori Karpman: But when you have more than one unit like normally you know you have a manager for every location.
00:49:26.340 --> 00:49:29.520 Lori Karpman: And multi units five locations, you really only need to have two.
00:49:29.520 --> 00:49:39.540 Lori Karpman: managers, you need to have five assistant managers really only need two managers who will go and supervise the others so there's a huge savings just on Labor right there.
00:49:40.380 --> 00:49:41.760 Eric Sarver - Employment Lawyer (Management): Because it can rotate your thing right.
00:49:42.690 --> 00:49:44.670 Lori Karpman: that's what they do is they rotate in and out.
00:49:45.180 --> 00:49:53.610 Lori Karpman: And they're really managing the assistant managers at each level, but an assistant manager is significantly less expensive than a manager.
00:49:54.090 --> 00:49:56.400 Eric Sarver - Employment Lawyer (Management): Right salary considerations and so forth yeah.
00:49:57.090 --> 00:50:03.810 Eric Sarver - Employment Lawyer (Management): yeah and I think that's sort of part of the beauty of this model is that you have this efficiency level like that's built into it.
00:50:04.200 --> 00:50:04.680 Eric Sarver - Employment Lawyer (Management): and
00:50:04.770 --> 00:50:08.040 Eric Sarver - Employment Lawyer (Management): Is the way there's a certain structure with the cost of the initial setup and so forth.
00:50:08.640 --> 00:50:20.280 Eric Sarver - Employment Lawyer (Management): I think it's you know I feel like it's attorneys would look for those win, win situations that our clients and I can see how the French I saw right the big name read that pays off.
00:50:20.760 --> 00:50:28.410 Eric Sarver - Employment Lawyer (Management): And the fantasy pays off as well, they kind of a mutual like both parties are benefiting it's not either or it's both ends.
00:50:29.100 --> 00:50:30.240 Lori Karpman: And that's the key.
00:50:30.390 --> 00:50:35.580 Lori Karpman: You know when you're interviewing franchise doors, you know you want to hear them say things like we.
00:50:35.760 --> 00:50:50.430 Lori Karpman: Or are we consider our franchisees family we consider our franchisees partners, you know that's, the best thing you've been here as we consider our franchisees partners because those who view their franchisees as partners and success, otherwise that have the most successful units.
00:50:51.240 --> 00:50:57.780 Eric Sarver - Employment Lawyer (Management): interesting point they'll or you know brings you to a good question it's like you know you think about this, what are some of the sort of the the warning signs.
00:50:58.710 --> 00:51:05.160 Eric Sarver - Employment Lawyer (Management): The red flag, if you will, to look out for your friends, I see when you're wearing which franchise to buy into.
00:51:05.490 --> 00:51:14.160 Eric Sarver - Employment Lawyer (Management): Any you know when you're looking for a job certain warning sign red flags like when you're talking to your potential boss about certain things and any red flags that you think like.
00:51:14.520 --> 00:51:24.690 Lori Karpman: yeah, the most important thing you can do is to do your homework and the best way to do that is to mystery shop so become pretend that you are a customer.
00:51:25.170 --> 00:51:38.520 Lori Karpman: and try to do business at four or five different locations go in look at the location see if their merchandise, the same you get the same point of greeting get the same kind of experience is that's what you're looking for because.
00:51:38.820 --> 00:51:45.630 Lori Karpman: If you're going into location, on your location and you're seeing that they're consistently merchandise, the stores are well kept or.
00:51:45.630 --> 00:51:47.190 Lori Karpman: Then you know the customer service.
00:51:47.190 --> 00:52:02.250 Lori Karpman: People are doing what they're supposed to do that shows you that the franchise or runs a tight ship and that's what you want, you want a franchise or that runs a tight ship, because if one franchisee you know breaks the rules they ruin it for everybody else in the system.
00:52:02.490 --> 00:52:05.790 Lori Karpman: yeah and the franchise or is they just can't have that.
00:52:06.570 --> 00:52:22.890 Eric Sarver - Employment Lawyer (Management): So I guess looking for consistency among the other fans to say franchisees will tell you as a prospective franchisee Oh, this is a linear type franchise where their uniform standards in place that are well trained I it's funny I experienced that when I go see certain types of.
00:52:23.940 --> 00:52:31.770 Eric Sarver - Employment Lawyer (Management): You know franchises like say you know coffee place where it's like each time they know the coffee's for the good and the service as quick as it's the same consistency.
00:52:32.130 --> 00:52:42.960 Eric Sarver - Employment Lawyer (Management): Whereas other places i'll go to you and i'll find that, like you know it's like a malicious place you know if you're in maplewood New Jersey, but if you're in like to say milburn it's terrible you know it's.
00:52:43.710 --> 00:52:51.990 Eric Sarver - Employment Lawyer (Management): Very it's a fire that say looking to be a franchise owner, I might think twice about that getting into their franchise for us yeah.
00:52:52.110 --> 00:52:52.770 Lori Karpman: Exactly.
00:52:53.160 --> 00:53:02.640 Lori Karpman: You know, you want to look for signs that the franchise or is enforcing their agreement and that everybody's operating the same you know I mean, I can tell you a story when I had my chain of restaurants.
00:53:02.850 --> 00:53:08.310 Lori Karpman: During my dad I have one of my franchisees the biggest thing that we sold in our restaurants was chicken.
00:53:08.970 --> 00:53:17.580 Lori Karpman: And I had one franchisees who refuse to buy the specified chicken and so her office, I was starting to get complaints.
00:53:17.850 --> 00:53:18.780 Lori Karpman: From customers.
00:53:18.990 --> 00:53:27.120 Lori Karpman: I went there they change their chicken it's not good anymore i'm not going to go back and I went to the franchisee and they said hey you're after by specify chicken.
00:53:27.570 --> 00:53:30.900 Lori Karpman: Great and he gave me, you know, one of these words my business and as my.
00:53:30.900 --> 00:53:32.460 Lori Karpman: causes of no you don't understand.
00:53:32.820 --> 00:53:38.610 Lori Karpman: hmm i've invested over a million dollars in creating this concept not going to allow one.
00:53:38.610 --> 00:53:42.540 Lori Karpman: franchisees to break the rules and ruin it for everybody else.
00:53:42.780 --> 00:53:43.770 Lori Karpman: know either you're going to.
00:53:44.040 --> 00:53:45.300 Lori Karpman: Change the chicken.
00:53:45.540 --> 00:53:48.540 Lori Karpman: More i'm going to lock the door, those are really the only two options that you.
00:53:48.540 --> 00:53:49.740 Eric Sarver - Employment Lawyer (Management): Have right.
00:53:50.370 --> 00:53:59.850 Lori Karpman: And at the end of the day we ended up locking the door, because what happens is let's say so, this was in Montreal let's say you go to a franchise in Ottawa.
00:54:00.120 --> 00:54:02.190 Lori Karpman: And you're someone who's never been to that restaurant he.
00:54:02.190 --> 00:54:07.560 Lori Karpman: said oh let's go to joe's pizza yeah person in Montreal is going to say, oh no I went there and Montreal was horrible.
00:54:07.980 --> 00:54:09.270 Lori Karpman: Right now, the guy.
00:54:09.390 --> 00:54:18.300 Lori Karpman: in Ottawa who's doing a great job is losing business because one bad franchisee in Montreal and that's why consistency is the key.
00:54:18.900 --> 00:54:26.760 Eric Sarver - Employment Lawyer (Management): And that's interesting because when you own your own business and it's not a franchise write your name so six with you, but if you are a pizza shop and it's just your name.
00:54:27.030 --> 00:54:38.640 Eric Sarver - Employment Lawyer (Management): If someone else done two blocks down a terrible pizza it doesn't reflect upon you, but if someone else has to have a pizza and has the same sort of overarching franchise it robs, you have the opportunity, you know for sure.
00:54:40.350 --> 00:54:46.470 Eric Sarver - Employment Lawyer (Management): yeah good point you know, because that you can approach it from different you know perspectives like in terms of you know, the the franchise around the franchisee.
00:54:46.770 --> 00:54:55.680 Eric Sarver - Employment Lawyer (Management): I know that you know, being an appointment lots or any having practiced on both sides with employers and employees gives me a different perspective, so I might be true for you.
00:54:56.880 --> 00:55:05.220 Eric Sarver - Employment Lawyer (Management): You know, we live in, we are coming close to the end of our show, I want to give to the forward to you, Lord for about two minutes to scale take some time.
00:55:05.550 --> 00:55:13.950 Eric Sarver - Employment Lawyer (Management): share with us like How do people contact you, you know your website or any information or to share any any promotions, you might be having now, the floor is yours.
00:55:14.490 --> 00:55:16.590 Lori Karpman: Oh that's awesome Thank you sure.
00:55:17.640 --> 00:55:25.680 Lori Karpman: i'm really easy to get a hold of because everything is under my name, so my website is simply lori cartman.com.
00:55:26.100 --> 00:55:26.580 mm hmm.
00:55:27.720 --> 00:55:36.810 Lori Karpman: And then my email is lori at lori apartment.com though it makes it very easy to find i'm on linkedin.
00:55:37.350 --> 00:55:37.800 i'm.
00:55:39.420 --> 00:55:51.300 Lori Karpman: I am happy to speak and I have on my calendar link, I have a free strategic consultation, so if there's somebody out there and you're thinking you might be interested in you like to have a conversation with me.
00:55:51.960 --> 00:55:58.410 Lori Karpman: You can book it on my calendar which is currently.com slash lori hartman.
00:55:59.280 --> 00:56:09.870 Lori Karpman: know everything is just has my name in it, and I would be pleased to speak to anybody there's absolutely no charge, and if you want to see if this is, you know something that may be a good fit for you will be my pleasure.
00:56:10.920 --> 00:56:26.220 Eric Sarver - Employment Lawyer (Management): Excellent but just for those that might be listening tonight on apple podcast spotify you don't have the visual the video lori is spelled E ll O R I and cartman K rpm and I know those watching can see your screen, but I want to share that with those.
00:56:26.250 --> 00:56:30.120 Lori Karpman: Right that's Thank you for pointing that out because that's true people are listening can see.
00:56:30.720 --> 00:56:32.790 Eric Sarver - Employment Lawyer (Management): All part of the experience of post in the show so.
00:56:33.570 --> 00:56:46.230 Eric Sarver - Employment Lawyer (Management): Right right great stuff for you to really create you know conversation, well, I want to thank you tonight for taking the time to be on the show you know really appreciate your you know, showing up tonight and sharing this all this really great information.
00:56:47.370 --> 00:56:57.270 Eric Sarver - Employment Lawyer (Management): You know, for those that enjoyed the topic, if you liked what you heard tonight, if you like, the show tell your clients or your colleagues tell your friends to tune in to the nights 5pm to 6pm.
00:56:57.660 --> 00:57:04.950 Eric Sarver - Employment Lawyer (Management): Here on talk radio nyc to also find us an apple podcast spotify stitcher Google play and Amazon.
00:57:05.280 --> 00:57:11.670 Eric Sarver - Employment Lawyer (Management): And you know stay tuned to talk radio nyc the station has some fantastic shows, including one right after this.
00:57:11.940 --> 00:57:25.680 Eric Sarver - Employment Lawyer (Management): At 6pm Eastern standard time so once again i'm Eric solver i'm an employment law attorney here in New York, and I want to thank you lori cartman want to wish everyone out there in the in the audience tonight, a happy and.
00:57:26.850 --> 00:57:31.710 Eric Sarver - Employment Lawyer (Management): safe and peaceful remainder of the week so lori Thank you so much for joining us this evening.
00:57:33.300 --> 00:57:36.390 Eric Sarver - Employment Lawyer (Management): All right, excellent have a wonderful evening.