Insights from a CPA and Franchisee - With Natalya Hummer

DESCRIPTION:
John Hayes interviews Natalya Hummer from FinaTech Accounting and Advisors, who also owns three Crumble Cookie franchises, in this episode of the Franchise Hot Seat Podcast. Natalya shares her experience as a CPA and her transition into the franchising world, highlighting the essential elements for franchisee success. They delve into the importance of comprehending business metrics, such as KPIs, and the difficulties new franchisees encounter when shifting from corporate roles. Natalya underscores the importance of recruiting the right team, being financially literate, and implementing a robust training system. She provides valuable insights on effectively controlling labor and costs, and ways for franchisors to enhance their support for franchisees. The discussion also explores the importance of branding, franchisor training, and how advisory and accounting firms assist franchisees in understanding their financial status. Natalya expresses gratitude for her involvement with the Titus Center Advisory Board and briefly discusses the student internship program.

- With Natalya Hummer

TIMESTAMPS:
00:00 Intro
00:40 Why know your numbers in business?
02:39 Biggest franchising challenge and strategy?
07:14 How to hire the right people?
14:01 How did you discover franchising?
23:00 How important is brand recognition?
24:57 Key benefits and costs of franchising?
26:56 Why specialize in franchise accounting?
29:24 Key success factor for franchisees?
34:03 Insight from running multiple stores?

LINKS:

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