Franchising’s Life Lessons

by Michael Iannuzzi

As an advisor to many franchise businesses, I often get to see firsthand the charitable nature of the franchise community. There are many ways franchisees and franchisors give back to their communities to name a few:

• Numerous foundations set up by franchisors • Team sponsorships that local franchisees are part of • Annual days of service • Community outreach

Aside from the immeasurable impact the franchise community has in terms of charitable contributions, the industry is also a job generator, creating about 7.6 million jobs through 800,000 franchise businesses in the U.S. alone, according to the International Franchise Association (IFA). With a tradition of giving back to local communities and a track record for creating jobs, one of franchising’s greatest qualities, which often gets overlooked, is the impact franchising has on preparing teenagers and young adults for life in the real world.

Franchising, in my opinion, should be thought of as the ultimate paid business internship…

Franchising, in my opinion, should be thought of as the ultimate paid business internship, offering unique training to high school and college kids across the nation. Working in a franchise teaches these young employees how to run a business, customer relations, how to deal with conflict, how to think on your feet and how to succeed. These employees are learning key life skills that could be applied to many different careers and these thoughts led me to reflect on my own personal experiences.

Growing up, I was fortunate to have had the opportunity to work in my uncle’s pizzeria as one of these young employees. Now, this wasn’t a franchise, but with such a large volume of pizza franchises out there, there are definitely parallels. My brother and I went to work at a very young age, making boxes at the pizzeria. We initially worked two days a week and, as we got older, we started to bus tables, help out at the register, learn how to change money, learn how to speak to customers, answer the phone and take orders. As an adult, you may say “what’s the big deal?” As a kid, this is major stuff. I eventually left the pizzeria and went on to work at a few other restaurants, working as a waiter and in other roles. One of the owners gave me control of the dining room, leaving it to my discretion to comp a drink or a dessert, which was a tool used to increase customer satisfaction and loyalty. Looking back, these life experiences were game changers for me.

Fast forwarding to the present, I am now a CPA, a partner at my firm, and co-leader of Citrin Cooperman’s Franchise Accounting and Consulting Practice. Some may believe that my past experiences growing up in restaurants from a young age had no impact on my career today. I would say whole heartedly that those experiences were just as important as what I learned while earning my college degree. The life experience gained from serving people, watching how others interacted, overcoming challenges and learning how to talk to people are lessons that can only be learned in real-life scenarios. I apply a lot of what I learned then to what I do now. I truly believe that the lessons learned at these restaurants helped pave the way for my career. Franchising gives back in many forms, and for many years to come.

miannuzzi@citrincooperman.com

Michael Iannuzzi is a partner and co-leader of the firms franchise practice providing audit and accounting, business consulting and advisory, and tax planning services to a wide spectrum of franchise related businesses. Michael works with franchisors and multi-unit franchisees in a variety of industries, including, but not limited to, fitness and athletic centers, children entertainment centers, junk removal companies, mobile concepts, Quick Service Restaurants (QSRs), and grocery stores.

Links –

Franchise Website Link - https:// www.citrincooperman.com/industries/franchising Social Media: Michael Iannuzzi - https://www. linkedin.com/in/michael13/ Citrin Cooperman: https://www.linkedin.com/company/citrin-cooperman/ https://twitter.com/citrincooperman https://www.facebook.com/Citrin.Cooperman.CPAs/ https://www.instagram.com/citrincooperman/