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National Public Radio's State of Affairs program for the University of Louisville's station, WFPL, rebroadcast on Monday a 50-minute interview about buying a franchise with experts Dr. Wayne Jones of the University of Louisville, who teaches a franchising class; Otis Brown, a UPS franchisee; Thom Crimans, a local FranNet franchise broker; and Billy Fox, Jr., founder of the J. Gumbo's Down Home Cajun Cookin' franchise. Here are a couple of excerpts from the show:
Q: Are banks more apt to finance a franchise?
A: "They [franchise systems] have a more proven track record. Most small businesses, especially the restaurant business, may have a 90% failure rate as opposed coming in with a plan and experience behind you. - Billy Fox, Jr., founder of J. Gumbo's Down Home Cajun Cookin' franchise
Q: Is there a personality profile of someone who does well?
A: "In franchising, you have to be a people person. People skills are important...." "If you are a consummate entrepreneur, you will be in constant conflict with your franchisor." - Prof. Wayne Jones, University of Louisville, teaches franchising
Editor's note: Blue MauMau wants to thank the producer of WFPL's State of Affairs program for sending us this program and giving permission to publish it.