Eye On Franchising

Simultaneously building RE portfolio and home care business with Majestic Residences’ CEO Chuck Bongiovanni

Episode Notes

Who knew you could build (2) businesses, simultaneously, and just as easily as building (1)?

 

Sounds overwhelming, right? It just raises so many questions!

 

How much legwork does that entail? What about manpower and logistics? How do you split yourself between the 2 and which one do you prioritize? More importantly, how much is that going to cost?!

 

How about we let Chuck Bongiovanni give you the answers you need!

 

Chuck Bongiovanni, MSW, MBA, CSA, CFE, CPRS is a Certified Franchise Executive and is currently CEO and Co-Founder of Majestic Residences Franchise System, a senior residential care home franchise.

 

Chuck was also the founder of CarePatrol Franchise Systems in 2009, which is the largest franchised senior placement company. In 2014 CarePatrol acquired their largest competitor, Assisted Transition Franchise Systems, and doubled overnight.  

 

His Administrative Social Work background made him the natural pioneer of the senior placement and referral industry for the past 29 years. In his placement agent career, he and his company placed over 100,000 seniors in assisted living and residential homes across the country.

 

Chuck realized that despite his success with CarePatrol, there exists a problem he has yet to address: large assisted living facilities can appear cold, distant, and institutional at times which can make his clients’ loved one’s transition from moving from their home even more difficult.

 

By investing into residential real estate, franchisees could build their investment portfolios in addition to running their senior care business, and simultaneously, provide cozier homes and environments for clients.

 

The smaller structures also provide additional benefits such as more personalized care and a lower staff to resident ratio.

 

In this episode, Chuck discusses more about their systems and structures to tackle your earlier questions. By the end of it, you’ll be left with a single question:

 

“When can I start?”

 

Tune in to our Podcast to learn more about everything you WANT and NEED on franchising, investment, financing processes and options.

This is Eye On Franchising, where we share our vision for your franchise future. 

https://www.facebook.com/lance.graulich

https://ionfranchising.com/

Episode Transcription

[00:00:00] LANCE: Welcome to Eye on franchising. Are you looking for business opportunities? Well, you are in the right place. We represent over 650 franchises and business opportunities. We will help you find your perfect franchise for free. We even have a free assessment on our website that will help us determine what the best businesses for you based on your investment level mindset, skillset and life experiences this is Eye on franchising, where we share our vision for your franchise future. I'm your host, Lance Graulich each week, we will speak to fascinating folks from the world of franchising, franchise owners and founders, franchise, funders, and franchisees are you looking to find your perfect franchise or perhaps you are an independent business owner looking to grow and scale your business by setting up a franchise, either way, our team can help you. Eye on franchising where you will [00:01:00] learn the A to Z of franchising 

[00:01:06] welcome back everyone. To another episode of Eye on franchising. I am your host, Lance Graulich today. Another great, great episode. We're going to talk about home care, but home care with a twist, it's a residential home care where you're actually getting involved in the real estate side of things. And I'm gonna let this expert tell you all about. So let's give you a little bit of background, a little teaser. He's an award winning franchiseor has been in the franchise world a long time. So we're going to hear this, this history. He was the founder of care patrol franchise system in 2009, and they were acquired in 2018 and had his, a gig with them for a few years thereafter. So he's been a franchisor now for 13 years, 13 years, lots of experience. He's got more initials in his name, I think, than any doctor I've ever seen. MBA [00:02:00] CFE, CSA, uh, CEO and co-founder of majestic residences. My friend, Chuck. Bongiovanni. Welcome Chuck

[00:02:09] CHUCK: welcome Lance. How you doing? 

[00:02:11] LANCE: Thank you. I'm doing fantastic.

[00:02:13] CHUCK: Now you're the only one. I know who's last name is almost as difficult as mine. 

[00:02:18] LANCE: Well, Graulick I tell people growl like a bear lick like a lollipop. Now it's stuck in their heads. That's forever. 

[00:02:24] CHUCK: I always tell people, you know, BonGiovanni's Italian for good John. So I had a good plumber in the family, you know?

[00:02:30] LANCE: I love it. I love it. Well, welcome Chuck. You know, let's start off with, uh, what I always call the obvious. Let's give a, let's hear your backstory. How did Chuck get to where he is today? We have a lot of people. This thing they're looking at franchise opportunities, home care is hot, very, very hot. It's been hot for a while and all the experts are projecting. I guess what we would call the hockey stick growth straight up for the next 35 years. Plus what is it? 10,000 people turn 65 every single day. Yeah. [00:03:00] Yeah. So share with us all the good stuff. 

[00:03:01] CHUCK: By the end of the decade, 24 million seniors will require long-term care, which is double of what it is today. 

[00:03:08] LANCE: Wow. Wow. Crazy people definitely, uh, want to live longer and we all hope that's the case. That's right. So let's hear it. Let's hear, let's hear how Chuck became Chuck. You can, you can take us back to care patrol or way before that. I mean, how'd you get into franchising and the first place 

[00:03:24] CHUCK: I'm going to go back to the dinosaurs. Uh, I was very college. Um, and my bachelor's degree, I worked at a nursing home as a CNA, a certified nurse's assistant hardest job in my life, but I loved it. It was absolutely awesome being around the seniors. I really enjoyed it. I was pretty close to my grandparents when I was younger, too. Um, so when I went to Arizona state for my master's degree in administrative social work, Um, right after I graduated, I started working for a home health company, a certified Medicare certified home health company as a medical social worker. And my [00:04:00] job was to go visit seniors after they were discharged from the hospital. And many times they were home, but sometimes they were in assisted living. And my boss called me one day and she said, Hey, I have a woman who was in one of these small residential care homes and she's threatening to leave and she's threatening violence. Actually. She wanted me to go to go talk her down, you know, so I went out there and I found a 74 year old. In a, in a home that specialized in memory care, and there was nothing wrong with her memory at all. And it kind of ticked me off that families just didn't know, you know, how to find the right place. So I had an idea on my way back to the hospital, as you know, if I can kind of mix medical, social work with a real estate, um, kind of genre or model I could help people find assisted living. And that's when I started, um, what became care patrol about 28 years ago. And then we started [00:05:00] franchising in 2009. I actually wanted the franchise majestic residences, this concept before care patrol, but there weren't enough residential assisted living homes. And what a residential assisted living home is. It's, it's a home just in any residential neighborhood between, you know, six to 16 residents licensed by the state, just like the nursing home. Yeah, it's basically an, uh, you know, a small assisted living nursing home in a residential neighborhood. And I can guarantee you of all your listeners out there that there's probably one within a mile of their home and anywhere across the nation. So we, uh, started franchising capital in 2009. We bought our biggest competitor in 2014 when everyone told us not to do it, but I don't tend to listen to people when it comes to that. You know, I, I believe that the more people that give you, you know, give you a great. The better idea. It really is. You know, 

[00:05:51] LANCE: that's, that's typically most entrepreneurs. 

[00:05:54] CHUCK: Yeah. We're stubborn, you know? No, we're not. Yeah. So in [00:06:00] 2018 had the opportunity to be acquired by a large private equity firm. And we decided to do that stayed on for about two and a half years. And then in the middle of COVID, I decided to start a franchise for residential care. That's kind of where we are today. I don't know, in the middle of COVID to do this, but, um, it's working well. 

[00:06:20] LANCE: Yeah. Yeah. Well, let's talk about the distinction you you'd made reference. There are so many. Home care franchise groups or franchise systems. And they're not based on real estate. They're keeping people in their actual home. These are not a sort of a residential group home like majestic is. So tell me the distinction and. Y you thought, I mean, obviously you didn't know COVID was coming and that was just a temporary speed bump or worse. Just not a good time to start. That doesn't mean it wasn't going to be crazy successful. So, uh, tell me the difference in the systems and the idea it's a different model. [00:07:00]

[00:07:00] CHUCK: Sure. Well, in the residential care home, you're, you're gonna tend to get the, the senior that's between. You know, the assisted living, independent living shuffleboard kind of person and the nursing home. So they're right in between that. So they're, they're actually need more care than some of the big places that you see on the main streets, uh, can care for, you know, the apartment kind of style. They need more, more one-to-one attention, more supervised. And so with our franchise system, you know, a franchisee can invest in the real estate and grow the real estate at the same time as a business inside it. So these places are spot 30,000 of them across the nation so far. And, uh, they represent about 25% of all senior housing beds, uh, across the nation. And like I said, you know what our franchisees find either the. There's several options. They can one find a home for sale, you know, just a regular residential care home, help modify it a little bit. We'd like to convert the garages to get two to three more bedrooms. The state usually [00:08:00] has a limit of how many beds you could have, uh, or the city does. Uh, so we stay within that number. We get them licensed by the state, have our, all of our operations, our systems, our technology, and we, we, uh, helped the franchise either come successful by, you know, having that real estate investment, but also doing, doing something that's really good for people, you know, um, and, and working with seniors in their later years.

[00:08:26] LANCE: So I would imagine, uh, on a licensing front, Whether you're doing home, home improvement, franchises, or restaurants, some cities and states are a little more complicated than others. And clearly you help with all that. And you're, you're quite aware of that. Having done this most of your life. 

[00:08:42] CHUCK: Yeah. You know, and people are always afraid of HOA's I don't believe any HOA has actually stopped the care home from opening yet. And that's because there's this little thing called the fair housing act that kind of supersedes any HOA, you know, but what I have found and what I find in my career is that, [00:09:00] you know, what an HOA is upset about a care home, opening the neighborhood, usually the president of the HOA, their parents, usually the first people, believe it or not. I see it all the time. 

[00:09:11] LANCE: Let's talk about franchising in general. What did you like about franchising that you got into it? Like at what point in your life did you say. I like the franchise model. I think I want to be part of this. 

[00:09:22] CHUCK: You know, when I look back, I've changed quite a bit in the last 13 years of the franchise, you know, in the, in the very beginning, my first year franchising and I was still, you know, really scared about people knowing my secrets, you know, and as a franchise it's to share all your secrets, you know, but you know, as I've gotten into the longer I've realized, what I love about it is watching someone else, someone else build your baby you know, and, and, and loving your baby as much as you do. You know, I, I loved going to our franchise conferences or annual conferences. What I love doing about it. It's just actually just sitting back and listening and [00:10:00] I'm seeing franchisee, so came to training and didn't know anything, zero nothing, and listen to them, talk to each other. They're experts you know, and that really, that really feels good, you know, and I was really afraid that, you know, when we were acquired, you know, it's going to be a big void in my life, but honestly it was great seeing the franchisees just take the dream that I had and make it into their own. So it became a collective dream, you know, and it just grow so much quicker when more people are involved in it. And that's kind of what, you know, we want to do with majestic, you know, there's, there's 30,000 homes, but. They're not organized, you know, there's not any kind of standards that are, that are out there. There's the technology, people run away from the technology in these small homes and we want to embrace all of that and create another system. And with the franchisee buy-in and build something that's really, really special. 

[00:10:52] LANCE: Right. Awesome. So where are the first majestic? Franchise locations. And, and who are you really looking for? [00:11:00] Who is, you mentioned real estate quite a few times. So ideally a real estate investor would be a perfect franchisee.

[00:11:07] CHUCK: We're seeing, we're seeing real estate investors. We're seeing healthcare um, they don't have to be in healthcare, but we're seeing, uh, you know, nurses or, you know, retired doctors, pretty much real estate investors. I have a franchisee who, who bought a, um, an acre property with a two bedroom house on it, and they're building 14 more bedrooms on onto it. You know, our first franchisee, um, is in Phoenix, Arizona, he owns four homes. They were already operating. So he, it was a conversion uh, franchise for us, he was 67% full. Uh, when he joined us five weeks later, he was a hundred percent 

[00:11:42] LANCE: full. Wow. So what's the difference? Where did that? 33% come from an occupancy because showing him how to market 

[00:11:50] CHUCK: it, you know, you know what it comes from all my years with care patrol, I worked with wow. 10,000 tours of families I've been inside these places [00:12:00] for twenty-something years. And, well, 

[00:12:02] LANCE: I love that you were a CNA. I mean, I didn't even know. I didn't know that I should've known that with all the initials attached. I missed 

[00:12:09] CHUCK: that initial kind of died out over the years. So I kind of dropped off with working with families, you know, after I'd show them a place and we get back into my car and they tell me everything that they liked, that. And I, like I said, I knew I was going to franchise this for a long time. So I didn't tell any of the homes or any of the assistants, immune places, things that they were telling us telling to me and such. So when we built this model, we made sure that we put everything into all the feedback we got for 20 something years. You know, we, we wanted to work with, uh, their fears, the family's fears of these places and anticipate the need rather than react. So we, we figured that if we solved all their problems before they actually came into the home and just brought them out in the open and solve them when they leave the tour, there's, there's not a question. And let me give you [00:13:00] an example, you know, before going into a lot of these homes with families, they would always say to me, does it smell? You know, because we've been in some nursing homes that smelled horrible, you know, so I took that to heart and, and of course they didn't, but, uh, family. Thought that, that they do. So what we did was, uh, we started working with chemists, you know, worked with hotels, the w hotel Hyatt place. When you walk into a Hyatt place, there's a sentence. Every Hyatt place smells exactly the same. So we really dug into the research in scent branding and, uh, so all of our homes, we have a distinct set, we call welcome home. And so all of our home smelled the same and it's, it's actually works with the brain and brings out feelings of security and comfort. And stability 

[00:13:46] LANCE: yeah. You know, it's funny, you mentioned that Steve Wynn is famous. You know, I live in Las Vegas, it's famous the, the original Mirage hotel that he owned and I thinkre sold again recently and it smelled like coconut or actually [00:14:00] suntan lotion. So it smelled like vacation when you went to check in, it smells like vacation. So there's a lot to, uh, the scent S C E N T 

[00:14:10] CHUCK: seventy-five percent of all emotions are based on scent in the human brain. Yeah. Yeah. So we wanted to make sure that we created a scent that would make people feel comfortable and secure.

[00:14:22] LANCE: Yeah. I love it. I love it. So who is we? We talked a little bit about who your typical franchisee is, and you mentioned Phoenix. You have a franchisee. You're basically targeting the U S at this point, right? 

[00:14:35] CHUCK: actually we just signed a, um, a master franchise in the Dominican Republic, Latin America fantastic. So we'll be working and we're converting a, a school to a 22 bed home there. And th the care out there is just so horrendous. Um, we're really looking forward to opening that one up and working with the government to, uh, work on a visa program, to bring some caregivers. 'cause, you know, there's a caregiver [00:15:00] crisis in this country. And so we want to, we want to bring some over, teach them how to give good care American style. So when they go back to their country, they can bring those skills with them. 

[00:15:09] LANCE: Chuck, this is, this is great stuff. So let's talk about if our listeners are looking at franchise opportunities, what, and they're not sure that home care or. Majestic residents is even right for them. Tell me about the day in the life of a typical franchisee of yours. And obviously you've been in this a long time. So how do you know when somebody is not right or is right for you? That is, 

[00:15:34] CHUCK: that's a skill you develop as a franchisor over the years and you know, and when it happens very early in the game, very early, if you're hearing from a potential franchisee. That it's all about money. They want to make all this money and they want to do it quickly. You know, they're not a good fit 

[00:15:51] LANCE: or they want to play a lot of golf 

[00:15:54] CHUCK: Yeah with majestic. You know, the, the key is hiring that good manager or a minister. [00:16:00] Because they're actually the ones going to be running that company on a day-to-day basis. My franchisee here in Phoenix, he owns four homes and he spends probably about 20 minutes in each home a day, just walks in and checks on things. You know, we have some franchisees who live in another state and they just call and have a meeting with their, with their manager. So it's semi absentee. You know, we, we want you to know what's going on in the home, of course, because you're eventually responsible for it all, but it's, it's, you're not actually changing diapers and doing those kinds of hands-on things.

[00:16:29] LANCE: Right. Well, and let's, uh, let's help define that a little bit in the world of franchising. As someone can be an owner operator where they're actually are operating at full time, semi absentee, as you mentioned, is typically defined. 10 hours a week or so in the business, because as you mentioned, there is a manager in place. Most real estate investors are going to have a manager in place, but not doing it themselves. Right. And people actually could be pretty absentee. I always tell people, you have to get your hands dirty a [00:17:00] little bit at the beginning, you have to learn the business. 

[00:17:02] CHUCK: Absolutely. And we want them to know the families, you know, because at the end of the day, it's a family has a complaint or actually, you know, want to make a compliment. They want to talk to the owner. So, yeah, we, we, we actually don't want our owners working too much in the business because our goal is for them to, you know, build the first, uh, the first home do really good at it. And then open a second, third, fourth, fifth, and, and more one of our franchisees, which we, we should be closing in about two, about two more, two more months, we already owns 15 homes and he just started. Yeah. 

[00:17:35] LANCE: So I would assume there's some money to be made in this business. 

[00:17:38] CHUCK: There is, there is, you know, um, a typical home, a typical home has a about a 25 to 28% profit at the end of the day, you know? And that's even, even now with, you know, caregivers. And demanding more money and such, you know, there's a, there's a fine line there between breakevens, about 70% occupancy, 70, 75% occupancy around they're [00:18:00] getting, so you have to have enough cash reserves to get to that point, 

[00:18:03] LANCE: the way to staffing the difference between let's say a typical home care brand versus something like majestic residents where you're actually buying real estate here

[00:18:13] CHUCK: sure. The big differences in number of employees, you know, a home care company where they bring in caregivers into someone's home, you know, they may have 50, a hundred, 150 employees, and that can be a nightmare, but the residential care home, we're usually looking at about seven employees to run the. You know, we're usually running, uh, two employees during the day to the evening and one overnight. And one of those could actually be your manager or your administrator also. So it's, it's not as, um, tenuous as having, you know, a hundred caregivers and wondering, are they going to show up to work? Yeah, that's a little, little different kind of atmosphere. And plus when they own more than one home, they can, they can maneuver them from one home to the next home.

[00:18:54] LANCE: Yeah, definitely. I mean, it would have, I would imagine from what I've heard from friends, it seems [00:19:00] like you're running a, a medical staffing company. Um, you know, when you're not involved in real estate and you get a lot of calls in the middle of the night when people miss shifts too. Right? 

[00:19:11] CHUCK: Yeah. Many years ago before I franchise care patrol actually did hit you know, and care for about a year. My partner wanted to do it really bad. I said, great. You can do it. You're fully responsible for it. I'll check in with you once a week. I did not want that headache, you know, and, and just the responsibility of, you know, one caregiver messes up and you know, your business's hurting, you know?

[00:19:31] LANCE: Yeah, exactly. Chuck, let's talk about the franchise selection process. So when somebody comes to you, I mean, obviously a broker like myself can bring you candidates. Let me how that process works. Is there a discovery day meet the team validation the whole nine yards 

[00:19:48] CHUCK: year? Uh, you know, we do things a little differently and that again has to do with the number of years of doing enfranchising and then. You know, throwing things in the air and see what happens. Right. Right. So they'll, they'll they'll first [00:20:00] get introduced to them. They'll watch a quick 15 minute video from my late partner. Who'll talk. He talked about, um, the industry in general. Uh, then I have a, about a 45 minute video on introduction to about our, our, our system. We have a quick initial phone call, uh, and then, then we do something different. A franchise systems, if not all of them do their discovery day way at the end of the whole process, to me that drove me nuts because what happens is in those discovery days, that's when you want to have the final selection, had them close the deal and be excited. But that's also when you give them the most information right. So to me, it was always kind of backwards. It's like, you know, we're overloading them with information, but yet we want them to commit right there in that. So what we decided to do with majestic residences was hold that discovery webinar early in the process very early, before they even get there, their franchise disclosure document. So after they get initial videos, initial phone calls with myself, [00:21:00] we do our, our team discovery webinar go into really all the details of the franchise system. We show them our software. All of our systems and such from there, we, uh, have a detailed conversation. We would take a look at their application. We do a little testing, look at their test results, you know, go over that with them. Then they get their franchise disclosure document. I like to have a franchise disclosure document webinar also because you know, for years we're giving people 160 page document. Who've never seen one before and say, by the way, here it is, it's written by a bunch of attorneys read it. So I like to have a quick in general. Enjoy, you know, if you're, if you can't sleep, wait to page six, you know, so we like to have a, uh, you know, 30 minutes, this is what an FTD is. This is what a franchise disclosure document is. So these are the 23 items or 23 questions that the government's asking us to disclose to you. Then we give him the FTD, give him about two weeks to read it. We have our FTD review call, and then we have. Talk to our current franchisees, both open and not open [00:22:00] because you know, you'll have to, you have to still support those who are in the process of opening after validation process. We have another meeting and we talk about any kind of themes that they heard, questions, concerns, and then the team gets together and we award the franchise, uh, to people that we think that'll, there'll be really successful, especially in the beginning. You want to make sure that people you award, reward franchise to are going to do. You know, most franchise there, wasn't the very beginning of the franchise system. You know, the running joke is they, if they have a pulse of the check, their franchisee, uh, that's not true with seasoned franchise orders anymore.

[00:22:34] LANCE: Yeah. There's there's, there are a lot of misconceptions as you. And I know about franchising. People think, you know, you have to be a multi-millionaire because they see McDonald's on every street corner. And while some franchises are certainly a larger investment than others. There's adequate financing available for people with, with some good skills. I mean, you don't have to be a rocket scientist. That's where you're following somebody, else's procedures and systems. And what have [00:23:00] you. So let's, uh, let's actually talk about financing. What do you, or the investment level? I should say. Yeah. 

[00:23:06] CHUCK: That's that's one of the really neat things with, with our system. We have different pathways for our franchisees, so they have a choice, you know, they can just lease a home from someone else so they can lease a home and run the business. Uh, that's the, the cost, the least amount of money to get into. Um, they can purchase a residential home, you know, get it licensed quick through that whole process with us, they can buy an existing residential care. And move it into our brand also. So there's, there's different pathways that they can take. And some of our franchisees, like the idea of leasing first for their first home, get to know the business and then they're buying the second home or they're building from scratch. Uh, so there's like four different avenues of opportunity within our franchise. And of course, Different pricing that goes with that the most affordable it's about 128,000 and that's with just leasing a home. Uh, and then [00:24:00] it affordable. Yeah. And it can go up from there. I mean, you know, you buy a million dollar house or $1.5 million house where you buy a $500,000 house right. So it really depends on. You know, on the market and, uh, what you could afford. And we have special lenders that specialize in senior housing, which is a real plus because a lot of banks don't understand why, how do I give a commercial loan in a residential neighborhood? Right. It gets tight. It gets kinda crazy 

[00:24:26] LANCE: yeah. And typically, what are those on average, if it's a $500,000 investment, you know, how much of a down payment typically I know it's going to depend, but you know, is it like, like the SBA would do maybe a 25% down payment.

[00:24:40] CHUCK: We've seen 10. ten to about 25%. Great. And we have different lenders. Some lenders that we have are family businesses just lend private money. You know, some do SBA, you know, some work with, with big banks. It's just a plethora of different kinds of opportunities for them for lending 

[00:24:58] LANCE: I love it. No, that's, that's fantastic. I [00:25:00] mean, it's great to know. So you have a few of those lenders that, that you refer to your candidates. 

[00:25:05] CHUCK: Yeah, I we're keeping it competitive. You know, we have about five or six lenders and I've told them by next year, we'll have three. You tell us who wants to work with us and who wants to help our franchisees at the very beginning.

[00:25:17] LANCE: I love it. Well, check. This has been very informative. What did I miss today? There's probably a whole bunch of meat that I didn't even cover today. I mean, this, this has been great. Wow. 

[00:25:27] CHUCK: Well, I, I, you know, you talked about, um, traits of, of franchisees and what I have found over the years is that the most successful franchisees in any system are ones that. Take responsibility for their business. You know, a lot of people get into franchising and they think, well, the franchisor was going to do it all for me. And that's not true. The ones that I see have been successful in both of the systems I've been involved with, take it, they take the, they take the training, they work with the franchise or directly, uh, but they take ownership of it, you know, and [00:26:00] that's part of what I said in the very beginning. They, they take the original baby and make it theirs. And that's a great thing. 

[00:26:06] LANCE: Yeah, that's a, that's a great, great point because, you know, while you do have a system to follow, uh, and you certainly have best practices, one of the best things about franchising is besides listening to all of your knowledge and your team's knowledge, franchisees, get to work off of each other and share best practices . And what have you. At the end of the day, I've had other franchisor franchisors before. Tell me that. Yeah, the unsuccessful franchisees just in work, literally, they just didn't work. 

[00:26:38] CHUCK: I've seen a few of those in my day yeah, 

[00:26:41] LANCE: well, Chuck, this has been fantastic. I appreciate having you and, uh, I wish you nothing but success in the near future.

[00:26:48] And, uh, I'm sure with our listeners, we'll close some deals on majestic residences and get, get you some new franchisees 

[00:26:55] CHUCK: Excellent and our, um, website is, uh, discover Majestic [00:27:00] residences.com 

[00:27:01] LANCE: Perfect. And we'll make sure we put that in the show notes and, uh, we'll have people reaching out. And if anybody has any questions, reach out directly to me and I will connect you with Chuck. Have a great day, everyone. 

[00:27:12] CHUCK: It's been fun thank you. 

[00:27:13] LANCE: Thanks, Chuck 

[00:27:14] Thank you very much for listening today, please like follow and subscribe so you don't miss anything here at Eye on franchising visit our website. Eye on franchising.com E Y E O N. franchising.com and complete our free assessments so we can assist with. Finding your perfect franchise this is Lance Graulich until next time.