Youngest person to by a GNC FRANCHISE

[Max C Moore]

Investment Info:

Other other investment.

Purchase price: $220,000

GNC FRANCHISE STORE

The youngest person to ever buy a GNC franchise store (22 years old) Completely passive income.

What made you interested in investing in this type of deal?

As a GNC operation manager, I increased sales at two locations by over 200% during the pandemic. The store owner became a mentor and offered to support me in starting a franchise business or real estate venture. Although I had my real estate license, I realized I needed passive income to pursue real estate sales and decided to explore the franchise opportunity. Thats around the time I watched the BP Episode "Buy a 6 figure income"

How did you find this deal and how did you negotiate it?

I worked as an operation manager for a GNC store for three years. When you asked for a raise and didn't get one, you asked the owner how much it would cost to buy one of his stores. The owner gave you a price based on the store's income for the two years before you worked there, as a way of supporting your business aspirations.

How did you finance this deal?

7 year loan term at 3.25% + Prime; with a credit line of 45% of the full purchase price @ 3.24%

How did you add value to the deal?

I doubled the inventory in the store & ran some facebook ads, so far we have increased sales by 15% on average a month.

What was the outcome?

I have full time employees who manage the day to day task, I am now a very successful realtor & get passive GNC checks

Lessons learned? Challenges?

I should have bought both stores. Getting GNC to approve me, I had to have 350k in a bank account to be approved, so my parents co-signed.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

lenders