In this podcast episode of "Money & You," Michelle Perkins speaks with Cliff Nonnenmacher, who began his career as an investment banker at Morgan Stanley. After leaving his Wall Street career in 2003, he acquired a Master Franchise for New York and Connecticut, diving headfirst into the franchising industry. Since then, Cliff has owned and operated various franchise businesses, as well as non-franchise companies. He has also developed well-known domestic and international brands like Four Seasons Sunrooms, Contours Express, Island Fin Poke, and Krak Boba.
With over 25 years of experience in franchising, finance, and business, Cliff has been involved in every aspect of the franchisor-franchisee relationship. Cliff now uses his extensive knowledge to assist corporate executives in building generational wealth, diversifying their investment portfolios, and navigating career transitions through franchise ownership.
The guest shares insights on the realities of being a franchisee, highlighting that many franchise owners are essentially operators rather than true owners, which affects their long-term financial outcomes.
The episode also touches on the impact of artificial intelligence on various professions, including franchising, and the importance of adapting to technological advancements. They discussed the franchising model, and the best franchising ideas for a new age. This show offered exciting ways that people could be business owners without some of the start up headaches.
00:01 - Mindset and money connection
07:17 - Wealth mindset myths debunked
12:54 - Franchising insights and opportunities
23:31 - AI's impact on professions
29:17 - Disruption and entrepreneurial survival
36:60 - Tax strategies for wealth building
The podcast emphasizes that our relationship with money is crucial for overcoming financial obstacles. A positive mindset towards wealth is essential, as negative thoughts about money can hinder financial success.
The podcast discusses the rise of AI in franchising, including concepts like AI-operated convenience stores and the need for entrepreneurs to embrace technology to remain competitive in the evolving market. The guest identifies four “hot” categories: testosterone-related brands, services catering to an aging population, youth enrichment programs, and anti-aging or beauty-related businesses, all of which are seen as resilient to market changes. They touched on ways to use retirement savings for tax effective strategies to invest in franchise businesses as well.
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