Wade Milward on Franchise Insurance Secrets to Success and Best Practices

The Franchise Insiders "Inside Scoop" Podcast

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Ever wondered how franchise insurance works and who you can turn to for the right coverage for your current or future franchise?

In this episode, we sit down with Wade Milward, the founder of Rikor, to explore the fascinating world of franchise insurance. Wade takes us on a journey from his roots in the family insurance business to becoming a trailblazer in franchise insurance, offering insights that are both informative and entertaining.

Wade explains the complex relationship between franchisees and franchisors, breaking down how clear expectations and open communication can prevent costly mistakes—especially when it comes to understanding insurance costs. We dive into the diverse insurance needs across various franchises, highlighting why coverage is essential for high-risk businesses like roofing and why treating insurance as a strategic investment is key to long-term success.

Throughout the conversation, we tackle the unique challenges and rewards of franchise ownership, discussing the importance of sticking to proven systems and processes, how to navigate regional differences, and the value of mentorship in scaling your business. Wade shares his own story of breaking free from the corporate world and how that move led to greater personal freedom, growth, and opportunity.

If you're navigating the world of franchise insurance—or just curious about how to protect and grow your franchise—this episode is packed with valuable insights you won’t want to miss.

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Chapters

1. Wade Milward on Franchise Insurance Secrets to Success and Best Practices (00:00:00)

2. Franchise Insurance Needs and Solutions (00:00:22)

3. Setting Clear Expectations for Franchisees (00:09:02)

4. Franchise Ownership (00:16:59)

5. Entrepreneurial Mindset and Innovation (00:22:46)

6. Path to Franchise Ownership Success (00:26:12)

7. Franchise Owner Support and Advice (00:35:56)