#37 | Franchise Investing and Delayed Retirement feat. Greg Mohr & Bill Dendy

Practical Tax with Steve Moskowitz

Greg Mohr discusses the ups and downs of investing in a franchise while Bill Dendy talks about people being forced out of retirement and back into the workplace. Episode Transcript Intro: Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm. Disclaimer: The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation. Chip Franklin: Welcome to another edition of Practical Tax with tax attorney Steve Moskowitz. Steve, you're looking well, my friend. Steve Moskowitz: As you. Thank you, Chip. Chip Franklin: Joining us right now is our first guest today, Greg Mohr. He is known as the Franchise Maven. Anybody that's ever tried to start their own business, on their own or with a franchise, knows the challenges. And he's nice enough to join us here. Greg, hi. Chip Franklin and tax attorney Steve Moskowitz. You had in your past, you did the corporate ladder thing, right? Like a lot of people do, and a lot of our viewers today. Greg Mohr: Correct. Chip Franklin: And at some point along the way, you said... And I think Taco Bell was one of your first, right? You got into the world of franchise growth. First of all, tell us how that came to be. And what was the real attraction of going with a franchise instead of starting out on your own? Greg Mohr: Well, the first time I got into franchising itself was actually right out of high school, when I got one of my first jobs, was working for Taco Bell. I didn't actually realize that at the time, but I learned later that it was actually a master franchise that ran a whole bunch of Taco Bells all over the Sacramento, California area. So I started managing their restaurants for them. And I said, "This is just great, easy thing to do." No matter which one I stepped into, policies and procedures were the same for each one. Nice and smooth. I loved doing that. It was just great, for that one. After I'd been working for a while in various industries, both in the restaurant industry and in the microelectronic circuit field for Motorola Semiconductor, then I started reading some books like Robert Kiyosaki's books, Rich Dad, Poor Dad, realizing that there's something different out there. There's something better than just doing the corporate thing for myself. So I didn't have the latest, greatest idea on how to start a business or get a business going. But I remember back from my days working with Taco Bell, that I really enjoyed how the simplicity of walking into any franchise model, any unit was. And that really made me happy. It was just a really good feeling. So I thought I've got to get back somehow into that franchising space and do that, so I went out there and I started looking at different franchises, got some help from a couple different franchise consultants. And lo and behold, just got into my first franchise and they just took off from there. Chip Franklin: Steve, have you had clients that wanted to start their own businesses and looked at a franchise model? Steve Moskowitz: Oh, absolutely. And everybody's, so many people, their dream is to have their own business. I remember when I was climbing the corporate ladder and I always wanted to have my own firm. And lots and lots of people want to do that, and there's all kinds of different avenues. Like you were saying, starting on your own, going to your franchisees. I've had a number of clients that went the franchise route. Chip Franklin: Yeah. I mean, one of the things that always, I remember in the early on days,