Learn more about the outstanding opportunity with 5th Avenue Acquisitions & Venture Capitalists through this interview with Reagan Rodruiguez, CEO/ Managing Partner.
What makes your industry attractive?
You will act as a legacy planner for your clients and in the business community. Your work will matter. It will leave a legacy. You'll have the opportunity to build your own M&A organization. This will allow you to develop your own style and method of developing your business. As your practice continues to grow, you will be exposed to many additional business opportunities that you can choose to participate in either actively or passively.
What types of qualities do you look for in potential franchisees?
- Current/past ownership experience or responsibility at the President/GM or C-level
- A "builder" mentality; not happy simply making a stable income
- Connections with other key leaders - business owners, CPA's, bank presidents, economic development directors, etc. - or the desire and ability to quickly establish those relationships
- A good reputation in the local community and well respected with people you've done business with in the past
- Board member experience - community, not-for-profit or other for-profit
What do your franchise fees and royalties cover?
Certification to do Valuations for the Dental and Medical profession.
How do territories work for your franchisees?
They acquire the city that they want and if they have friends or family that is in the medical profession in other states we can add that to their territory.
Why has your business model been successful?
Our recipe is our Valuations and the relationship we have with a Private Equity Group that will do 100% financing
Where do you see5th Avenue Acquisitions & Venture Capitalists in 5 years and 10 years?
Publicly traded with stock options to all Partners at 5th Avenue Acquisitions & Venture Capitalists.
What is your favorite advice for new franchisees to help them succeed?
Put together a Board of Advisors that will help you grow your Firm and help with accountability.
What would you tell potential franchisees that may be nervous about the financial burdens of starting a franchise?
With this business model focus on making just one sale because just one acquisition can bring you $100,000 to $300,000 per sale. Take things one step at a time.
What was your background and experience before founding this franchise?
Private Equity and Business Brokering
Can you tell us more about your industry and what makes it so attractive?
We take a situation that has promise and connect the right relationships to turn it into a dream come true. The interests and passions of the seller & buyer drive us.
Now we don't do this for just anyone or for any type of business. We are specialists. We focus on the Dental, Veterinary, Medical/Surgery, Ophthalmologist, and Optometry practices who need to grow or need to change. Here's a great profile to start with: an existing dentist or veterinarian that is wanting to retire, has a health challenge, going through a transition, or is looking to add on a partner and sell off part of his practice. We simply call them sellers. They have an asset of value and are ready to make a change.
Of course there can be no sale until there is a qualified buyer. The buyers we serve best have been an associate at a practice for at least 2 years and may not happy with the amount of hours he/she has to work. On top of that, they are probably not happy with the pay. This is an individual who is motivated to be in business for themselves. They are itching to do things better and make their mark.
The reason it is a great industry to start a business in today is because Healthcare is needed regardless of the economy and the baby boomers are the largest block of people in America and now is the time that they are wanting to retire and if they are Dentists, or Physicians then they are wanting an exit strategy so that they can retire.
How has your industry changed in the last 10 years? 20 years?
Most Doctors are not aware that they can sell their patients and that they can walk away with enough to retire on.
What makes the 5th Avenue Acquisitions & Venture Capitalists' business opportunity more attractive than your competitor's?
We are able to get 100% financing and our average commission is from 100,000 to 300,000 and most business brokers sell 200,000 dollar businesses that will only make them 20,000
Describe the ideal candidate. Do you think your requirements are any different than your competitor's?
Our job is to ensure 'the right people get on the bus' in our territory, and we are blessed to have a great foundation of fabulous people to build from. The people on our team are easily some of the best people we've ever had the privilege to work within our lives. 5th Avenue Acquisitions provides a phenomenal 'bus' with the best tools and methodologies and resources in the industry. Coupled with the right people, the 'bus' will get to the right place. In fact, we're so serious about this that our Board of Advisors helps us formally decide who will be awarded the chance to join our team.
The support, training, intellectual property and sheer opportunity 5th Avenue Acquisitions & Venture Capitalists provides is world-class. Our future is limitless, so long as we continue to add the right people - people with the passion to help others, the passion to be a change agent, the leadership skills to work with Doctors and Hospitals, the guts and determination to succeed at the highest levels and the commitment to learn, master and apply the business development processes and framework in the 5th Avenue tool-kit. In addition, Partners & Associates that join our team will be excited to do business within our 14 Points of Culture, will be great team players and will be great representatives of our brand.
My objective for every 5th Avenue Acquisition & Venture Capitalist partner of ours, as they move forward, they will feel called to leverage the systems, strategies, methodologies and opportunities 5th Avenue has provided to buy, build and grow a portfolio of businesses in other industries over time. These businesses will have strong principal-based cultures similar to 5th Avenue and be a vehicle to not only help create more wealth, but to also provide a place for exceptional people at all levels (from shop floor to the C-level) to be able to contribute and reap the rewards of hard work and a great culture and all be treated with the same level of dignity and respect as human beings. That provides us a platform to help many more people than we can today (only a small % of people are a great fit for 5th Avenue Acquisitions) and be able to fulfill our passions, while having a whole lot of fun growing more businesses. Eventually you will get into larger acquisitions like Reagan Rodriguez is involved with currently.
Chemistry is important, therefore they have to fit into our culture. Our culture means that every member of the team is committed to their own success and personal development. In other words, we are all committed to our own learning.
What's the strongest skill you require in a candidate?
Patience between all parties is important. In this generation of instant food, instant information and instant messaging we must not forget the great virtue of patience. Patience is not procrastination or delaying an obligation; it is waiting for the right time. In the appropriate moment we will achieve better results and avoid many difficulties throughout the acquisition.
Describe the working environment of your franchisees (indoors, home office, mobile, etc). Is your environment typical of other companies in your industry?
Working from home, setting your own timetable, spending time with family and friends, knowing that the hard work you do is for your own company and, not having to climb a so-called corporate ladder. This is what lifestyle is all about -remember, business is supposed to give you a life, not take it away
Why has 5th Avenue Acquisitions & Venture Capitalists been successful?
Going into business for yourself does not create wealth and freedom - a proper Exit Strategy with proprietary methodologies on acquisitions create wealth and freedom!
Being in business for yourself does not have to mean being in business by yourself. Working with 5thAvenue Acquisitions can be the key to overcoming those weaknesses that threaten to cause business failure. 5th Avenue Acqusitions - Partners use our proven Business Performance Review and Mentoring System to rapidly identify performance gaps and then provide the support and accountability to achieve winning results.
Use the proprietary methodologies of 5th Avenue Acquisitions
There is a vast difference between working "IN" your business and working "ON" your business. By acquiring into a partnership/firm with 5th Avenue Acquisitions we will show you how to create the time you need so you can build a business that works harder than you do, even when you're not there. Learn how to create a lifestyle rather than a life sentence.
Do you want to wait and see what the economy does, hoping it gets better. Fortunes are always being made, regardless of the economy. There is no better time to take charge of your business future than right NOW! Sitting on the sidelines waiting for something to happen is the surest way to miss out. Learning to master your "Attitude & Mindset" is one of the most important skills that you can develop during a rough economy. While others panic or freeze in their uncertainty, those who keep their wits and take action are the ones who will win big.
As a 5th Avenue Acquisition Partner we will teach you how to become an equity partner as a Venture Capitalist which will help you take your net worth exactly where you want it to go!
What advice would you give someone interested in buying a franchise in your industry?
We are conscious of our time, and responsible for our abilities and ideas. Our attitude is one of earning our way through life. Life is a gift and what we do with it is in our hands. Things don't just happen, we must make them happen. We are not born with wealth, but have been given the ability to create it. And for us, creating wealth is the marker of success - financial and relational. The key to wealthy living is a productive life. The only thing we leave is our character and reputation. Our character is developed by how productive we have been in our work and in our lives.