The Franchise Player | Chequan Lewis

Chequan Lewis is the CEO of Crunch Fitness. He came to franchising from the law, taking a job as a franchise lawyer with almost no knowledge of franchising, and went on to serve as COO of Pizza Hut and its first Chief Equity Officer. In this Owner Mode conversation, he explains how a high earner should actually pick a franchise. He starts with who franchising suits and who it does not, then the three kinds of risk to weigh: capital, interpersonal and emotional. He covers why you should ask any franchise broker how they get paid, why existing franchisees are the best source of truth on a brand, and the three checks he would run before buying: unit-level economics against the peer group, the brand's growth discipline, and its support for operators. His sharpest warning is that it is very easy to buy yourself a job and not realize it. On a thin-margin unit, paying a manager can leave too little to replace a salary, so he asks whether the franchise needs to be your job before anything else. He closes on the three C's franchisors screen for, capability, capital and commitment, and on why the hands-off franchise is mostly a myth. Chapters: 00:00 One thin-margin unit can buy you a job 00:30 From litigator to franchise lawyer to a P&L at 35 07:34 Chief equity officer, COO, then Crunch Fitness 14:45 Who franchising is for, and the risk underneath it 23:11 Picking a category and sizing your capital 35:26 Brokers, franchisee calls, and three checks to run 44:45 Unit math, hands off, and buying yourself a job 53:07 The three C's and the future of franchising Links: Explore the Acquire pathway: gravywealth.com/acquire Full transcript: gravywealth.com/podcast/chequan-lewis-franchise-player/transcript Owner Mode Memo: gravywealth.com/memo Owner Mode podcast: gravywealth.com/podcast DNA Assessment: go.gravywealth.com/DNA Disclaimer: This content is for educational and informational purposes only and reflects the personal experiences and opinions of the participants. Nothing here is investment, legal, tax, or financial advice, or a recommendation to buy or sell any security. Past results do not guarantee future outcomes. Do your own research and consult your own professional advisors before making any financial decision.