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Donna Genie's franchise business failed when the franchisor didn't hold up their end. Locked into five-year leases, she couldn't leave, so she rebuilt it from scratch with industry experts. Twenty years later, the business still runs.
Donna Genie's franchise business failed when the franchisor didn't hold up their end. Locked into five-year leases, she couldn't leave, so she rebuilt it from scratch with industry experts. Twenty years later, the business still runs.
When was the last time you failed so hard that you weren't sure if you were going to recover? Well, if you're an entrepreneur, you've had these moments, I guarantee it. Well, we decided we were going to look at a franchise business. We ran our tails off trying to make this thing work. And ultimately our franchisor failed to provide his end of the deal. We had leases, after all, that were five year leases that we couldn't just walk away from a year into the lease, or we would have to buy our way out or negotiate our way out of a lease. So. So our other alternative was to reinvent ourselves, recreate the business in a different way, do it the right way. It ended up that that failure created a lot of havoc in our lives for a while, but it turned out to be a good thing. At the end of the day, we were successful in being able to turn that business around because we surrounded ourselves by people who were doing it the right way. We had consultants, we had some other colleagues in the industry who were doing it the right way, and we followed in their footsteps. We made a success out of it. That business is still operating to this day and we're talking 20 some years ago now.
