In this episode:
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Why should someone want a partner?
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The 3 reasons why a business could franchise
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The two types of advice: Opinion and Wisdom
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A morning ritual is a strong way to get your day rolling
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When should you hire your first employee?
Hungry, like any college student, Nick Friedman (Pomona College 2004) was looking for ways to make a quick legal buck. He and his best friend Omar Soliman (University of Miami 2004) thought about what they were good at, and found some inspiration for a name from Soliman’s mom created, College Hunks Hauling Junk. Laughed at by many of their friends, the two co-founders grinded through their idea, wrote a business plan and won a big University of Miami business competition. They didn’t immediately keep going though. Instead, both opted for corporate jobs following graduation.
Friedman kept the old business plan on the shelf at his stuffy corporate gig, and reviewed it daily. One day he emailed Omar and asked, “How close are we to making this a reality?” To which Omar in all caps replied, “NOW!”
The two scraped together a few grand each, and with the backing of their parents got a small bank loan. They bought a truck and hustled through. Still with many doubters throughout the first few years, they seeked mentors to help. And an unlikely book, the E-Myth Revisited, and joining the International Franchise Association, helped guide them to take their D.C. focused business into franchises.
Fast forward ten years, the two have pitched on the first episode of Shark Tank, been named to a plethora of who’s who lists, all while growing to 100 franchises and well over 1,000 employees throughout the corporation.
Motivation can be fueled through laughter and skeptics. This story is no different. To this day, the bootstrapped founders pave their own way through grit and steady growth. They believe the next three years will be bigger than the first 12, which led them to over $100,000,000 in revenue and in 2008 Inc. Magazine named Friedman as one of the “Top 30 Entrepreneurs Under 30”.
College Hunks Hauling Junk and Moving is THE premier moving, junk hauling, and hourly labor service you’ve been looking for. Honest, Uniformed, Nice, Knowledgeable, Service is what makes a true HUNK a HUNK. https://collegehunkshaulingjunk.com/
College Hunks is a national moving and junk removal company and an established, award-winning franchise business. https://collegehunksfranchise.com/
Quotes:
“You are a mixture of the 5 people you surround yourself around”
“It’s hard to soar like an eagle when you hang out with turkeys”
“Don’t overexpand and run out of money” — Fred DeLuca Subway
“Hire people that are better at their role in the business than I am”
“Balance is always tough”
“Trying to document and systemize your business as effectively as possible so they (your team) can function without you as a founder physically there should be the end goal”
“Do more due diligence and ask for more referrals”
Favorite tools:
Yammer: https://www.yammer.com/
Slack: https://slack.com/
Favorite book:
Traction: Get a Grip on Your Business: https://www.amazon.com/Traction-Get-Grip-Your-Business-ebook/dp/B007QWLLV2/
International Franchise Association: https://www.franchise.org/
Entrepreneurs’ Organizations: https://www.eonetwork.org/
Young Entrepreneurship Council: https://yec.co/
Young Presidents Organization: https://www.ypo.org/
Tools, books, products, services, organizations, etc mentioned:
E-Myth Revisited: https://www.amazon.com/E-Myth-Revisited-Small-Businesses-About/dp/0887307280/
Purple Cow: http://www.sethgodin.com/purple/
The Tools of Titans: https://toolsoftitans.com/
Good to Great: https://www.amazon.com/Good-Great-Some-Companies-Others/dp/0066620996
Tony Hsieh Zappos: https://www.zappos.com/c/about-zappos-monkeys
Awards/Accomplishments:
https://www.inc.com/30under30/2008/prolist.html
http://under30ceo.com/30-most-influential-under30ceos-of-2010/
http://businessobserver4040.com/nick-friedman-omar-soliman/
Shark Tank: https://youtu.be/liRocCeV61U