Case Study: Finance Franchise Owner

Paul Reeder reflects on his first six months with Expense Reduction Analysts.

Based near Sudbury in Suffolk, Paul had a successful corporate career in the construction industry, but when he retired his wife and he decided to carry on working and started to look at top franchise opportunities.

Paul takes up the story: “In the course of my investigations, I bumped into the Expense Reduction Analysts franchise manager, who talked about the network. Basically, I liked what I heard.

“From my point of view, as one joining the network, I felt that Expense Reduction Analysts didn’t have a major presence in construction, and that, given my strong connections with many FDs and CEOs within the industry, getting appointments should be fairly straightforward. I also felt that the business model was good, and that we could certainly add value to an industry that has taken up most of my life. To be honest, the construction industry does not really manage overheads well.”

FranchiseSales: How did you find the training?

Paul Reeder: The training was good and very intensive – you are ready to hit the road running, after the training.

The aftercare has been excellent. Almost every associate I have contacted has gone out of their way to help me. In fact, in four cases, I am working on projects with very experienced franchisees.

I have learnt such a lot from them, they have benefited from my inside knowledge

My plan is to develop a number of major construction industry clients, whose projects will take up perhaps 75% of my time. I have already been in meetings with experienced franchisees such as St. John Rowntree and Robert Stearn, and I have learnt such a lot from them. I think it is also fair to say that they have benefited from my inside knowledge of the industry.

FS: What has been his biggest challenge so far?

PR: I have to say that, when I was a director in the construction industry, I never realised quite how much my PA did for me! There is so much to do. That is the biggest change. I have not found that working on my own has been difficult – for one thing, I have had a lot of contact from the other associates. Cash flow is obviously a concern, but, at the start, I gave myself a year without income, and, after six months, I can see that I should be ok after that.

FS: What advice would Paul give someone thinking of buying their first franchise?

PR: Due diligence is key. Make sure the franchise is right for you, understand the people behind the operation and be certain that you can work with them. It takes money, time and hard work but, after six months, I am pretty confident that I am on the right path.