What do sports medicine and business franchises have in common? Seth Lederman. He’s been in both businesses and helping people find their perfect franchise (or turning their successful business into a franchise) is what really gets him out of bed in the morning.
“I was a successful spine and sports medicine physician. As you know, most doctors are not good business people. That’s the belief,” Seth says. “But I realized my passion was business, not treating patients.”
Lederman read the book The E Myth Revisited by Michael Gerber, and its ideas struck a chord with him. Seth says he realized that Gerber was right, that business exists to serve people, not vice versa.
“And that book talks about the purpose of businesses to serve your life. Not your life to serve the business, right? But if the business depends on you, then you don’t really have a business.”
Lederman took the principles from the book and applied them to his practice.
“I stopped treating patients. I wound up with 10 different physicians in multiple specialties, grew the practice 400% in 36 months, and I was no longer seeing patients and had basically four times our revenue,” Seth says. “I just always had a desire for being different, being unique, and doing things my own way.”
Lederman initially consulted in healthcare because of his credibility in that field, being a doctor.
“Then I wound up working with franchise brands and saw my success was the result of my operational expertise, not my clinical skills. What got me successful was treating the business as the product and applying what I had learned,” Seth says.
Ten years ago, Lederman founded Frannexus, a business that helps people find the perfect franchise for their own talents and needs and also helps people with a successful business turn it into a franchise. He discovered that many people choose the wrong franchise for the wrong reasons.
“I would go out to find out why franchisees were not doing well when they should have,” he says. “These business owners were well-educated, established people with a good brand, yet I kept finding a mismatch. It turns out these people are making decisions the wrong way, thinking, ‘I like pizza, so I should buy a pizza franchise.’”
Seth did this kind of work for a long time until he realized he needed to follow Bishop Desmond Tutu’s famous advice.
“I got tired of trying to rescue people that were too late in the drowning process and wanted to go upstream and stop them from getting thrown in the river in the first place,” Seth says. “I found this little cottage industry that nobody really even knew about that helps people navigate the franchise space, and that was my journey. I committed myself to being the number one in the industry by being a thought leader, and we achieved that.”
Frannexus uses algorithms, a confidential questionnaire, and psychometric assessment to predict potential franchise owners’ compatibility and future performance potential with different franchise brands. There’s a process that provides consulting in not only the franchises but also funding options, as well as personal introductions to representatives of the brand that the client chooses. The process generates more successful franchise businesses than other advisors’ methods. Seth Lederman is proud of this, and rightfully so.
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