Erik owns multiple businesses in California while living the 4HWW on his ranch in the black hills of South Dakota. He uses semi-absentee franchise ownership as the vehicle to living the lifestyle he wants.
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Time Stamped Show Notes
(click the time stamp to jump directly to that point in the episode.)
- [01:03] – Erik grew up in a small town, but moved to Virginia for law school
- [01:14] – He started a small landscaping company and discovered franchising
- [02:30] – His area of expertise is in helping other people find great franchises that match their skill set
- [02:57] – Share something we don’t know about your area of expertise that as Entrepreneurs, we probably should: Matching people with a brand is not a formula. It’s about understanding a person’s unique situation and where they want the business to take them
- [04:51] – Worst Entrepreneurial Moment: Erik bought an investment house right before the 2007 – 2008 recession. Instead of making money like he had in his previous flips, he lost money. He felt he was a really bad investor until 2008 came along…
- [05:30] – Make a decision to do something
- [05:57] – A mentor of Erik’s had his wealth explode after 2007 because he made investments at the right time
- [08:24] – There’s a “third side” of the coin
- [09:21] – Entrepreneurial AH-HA Moment: Erik quit law school when he moved to Virginia. He was doing landscaping for an older couple when one day, the lady came outside asked him what he wanted to do with his life. Erik said he wanted to be a real estate investor. The lady shared that she and her husband also invested in property and they were in the process of selling a property. Erik asked how much it was and it turned out they only wanted somebody to assume the mortgage and pay the closing costs. Erik wrote an option contract and bought the house. When the house sold, it was his seed money for his franchise.
- [11:00] – Erik realized his income is not tied to the hours he works
- [12:04] – Don’t look at the reasons why you can’t do something; if you want to do something, find a way to do it
- [12:30] – What is the one thing you are most FIRED up about today? “I love helping other people reach their financial goals and their lifestyle goals through franchising”
- [13:08] – Erik loves to share the possibility of having financial freedom through franchising
- 15:49 – Check out Erik’s work at ILoveFranchising.com
- [16:31] – The Lightning Round
- What was holding you back from becoming an entrepreneur? – “There was nothing holding me back”
- What’s the best piece of advice you’ve ever received? – “Use your money to buy time”
- What’s a personal habit that contributes to your success? – “I ask good questions vs talking”
- Share an internet resource, like Evernote, with Fire Nation – Calendly
- If you could recommend one book to our listeners, what would it be and why? – Cashflow Quadrant – “He (the author) really paints the picture of how to go from employed, to self-employed, to a business owner, to investor”
- 26:38 – Erik’s services to help you find a great franchise is 100% FREE TO YOU! Check him out at ILoveFranchising.com/Fire
- [27:03] – “Don’t let fear keep you from reaching your full potential”
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