An Australian Franchisee Case Study
Name: Martin Pearce
Location: Cairns QLD
Franchise: Snap-on Tools
Why did you choose franchising and Snap-on Tools franchise?
I looked at a lot of businesses before purchasing a Snap-on Tools franchise. Franchising (at first) was not the reason I looked at Snap-on. I looked at it from a business point of view and realised that buying into a franchise system would definitely make this business more profitable and easier to manage from day one and onwards.
Well managed franchises use proven and tested methods and have a huge support network to assist with the day to day running of your business, something you would not get if starting or buying a non franchised business.
What did you do before taking up you Snap-on franchise?
I worked as a mechanic for approximately 20 years in numerous roles from apprentice to workshop manager, both on heavy vehicles and plant and equipment.
I took 12 months off from the trade and did a Certificate IV in Business Studies, Accounting, Marketing and Computers.
The extra studies have helped in running my business. Although not essential for purchasing a business, completing further study has given me a lot more confidence and understanding of business matters.
How did you raise the finance?
I used equity from my property portfolio to raise loan funds from the ANZ bank that recommends Snap-on Tools as a preferred franchise.
What training and support did you receive initially and ongoing?
Initial training involved 3 weeks riding with a field manager who trained me in every aspect of running the business. This initial assistance and training was invaluable. Ongoing support and training is always available, easy to access and normally only a phone call away.
What challenges have you faced?
Managing a business has many challenges, both small and large. This is where being part of a Snap-on Tools franchise really helps. My biggest challenge so far has been upgrading my truck and fit out. Snap-on helped with the design and fit out, as well as the set up of the new truck. An example of a smaller challenge (and there are numerous) , was my computer slowing down and not working properly, just one phone call to the Snap-on IT department and the problem was solved.
Has becoming a franchisee changed your life, if so how?
Yes, becoming a franchisee has changed my life. I am a lot busier now than ever, however the rewards are that I am financially better off and experience a greater deal of satisfaction now than as an employee. I also have the flexibility to balance my own work/life situation.
What advice would you give to someone thinking of buying their first franchise?
Carry out the appropriate due diligence with the assistance of professionals (accounting and legal advice), making sure the sums add up for your individual situation. Be prepared to work hard and then you will reap the rewards. As the saying goes “the harder you work the luckier you get”.
Make that “one day” today, and just do it.
What are your plans for the future?
My plans for the future are to keep working hard in my business and stick to my business plan. I would like to eventually have a couple of trucks and continue to increase my property and investment portfolio.
My long term plan when I am ready to exit the Snap-on Tools family, after being able to share my years of experience with others, is to retire and enjoy the rest of my life with my family and friends.
Would you do it again?
YES!
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