MOVE IT OR LOSE IT
Nick Friedman & Omar Soliman had nearly 10 years of experience and 40 franchise locations when we met. That’s TONS of moving, hauling and hustling. Both guys are sharp, driven and entrepreneurs at heart. These guys were interested in the business of the business but invested in the people of the business.
One of their top performing franchises was leaking oil…badly. The insurance industry was taking chunks out of College Hunks. New franchisees couldn’t get work comp in the standard market & were stuck in their state’s fund. Existing zees were being hammered with work comp audits due to estimated annual premiums. It’s difficult to sell franchise units. It’s extremely difficult selling franchise units that can’t get off the ground.
“Why not consider a PEO” was my advice to an associate of Nick & Omar. Kind of a friend of a friend of a guy who knows the guy sort of thing. “That sounds good” said the associate who knew a little about PEO’s through the restaurant industry. Restaurants LOVE the PEO industry because they like to save money & blow through human capital at other’s expense. The associate gave me the Tampa College Hunks location. This was no doubt a test.
College Hunks had 40 locations and Nick & Omar were already rising to young rock star levels. The awards were piling up and the business was booming. What wasn’t working in other parts of the country was working in Tampa. While other locations were leaking fluids, Tampa was a machine. A great organization is great because of its people & College Hunks is no exception. Inside this organization is someone I’ll refer to as RC (like the cola).
When the young entrepreneurs realized how beneficial the PEO was, with some help from RC, they invited me to their headquarters.
This was a short meeting. “Is it scalable and can it be national” they asked. The answer was yes, and we were off & running. Wait! Remember the young rock stars & awards part? When I took ‘College Hunks’ to the national PEO markets they laughed me out of their buildings. The most common response was “call us when you have 30 units ready to sign”. College Hunks had 40 locations but corporate wasn’t going to dictate ALL their zees into a PEO program. Most zees had never heard of a PEO! We needed to offer it and let them see it to believe it.
Long story short we found a national PEO willing to write 2 units & grow organically. It worked out well for all those willing to take a chance. Those national PEO’s that told us to pound sand are the same ones begging for a piece of the pie today. The moral of the story is to take some chances and move forward!
Nick & Omar didn’t know what a PEO was or stood for but quickly learned and took a chance. It paid off and today they rub elbows with venture capitalists that own several PEO’s.
Today College Hunks still does business with the PEO willing to take a chance on them. This PEO knows that others vulture their business regularly, but they remain focused on the big picture & helping College Hunks franchisees grow. If you own a small business with an entrepreneurial drive, you may benefit from partnering with a PEO. If you’re not familiar with the PEO model or have questions about which PEO is best for your business, you’re in the right place. Get the facts, make a decision, and move it or lose it!
Welcome our newest HBC family member Roots Tap Room & Wine Bar. Brandon & Jerilyn are amazing, and a great example of putting your passion into action. Follow your dreams!
-TIP-
True growth occurs when you get out of your comfort zone. Take time to read
“Good to Great” by Jim Collins. Find out what happens when companies are willing
to accept & embrace change versus the ones who ‘do it the way always done’.
Don’t be a DITWAD!
Workers Compensation isn’t just insurance; it’s the law. Penalties for workers comp fraud include
hefty fines or even prison. Don’t risk everything you’ve worked hard to build.
If you’re not sure or have questions, contact us! You don’t have to be our client to ask questions.
