So, Monday this week was a little different for me and the other franchisees at Sourced. We had all travelled down to Birmingham for a training update day. Sourced paid for us all to stay at the very nice Genting Hotel, so I jumped on the train on Sunday afternoon. On arrival, I met up with Claire the franchise manager and Chris, the training and development director at Sourced HQ. The other franchisees arrived throughout the day and we all met up for food and drinks. We all had a fun night and ended up having drinks in the onsite casino!
Waking up the next morning feeling surprisingly fresh, I again met up with the fellow franchisees at breakfast. We made our way up to the training room to begin our day of learning. The day belonged to Kevin Wright and his unbelievable knowledge of bridging finance and creative finance. Something I’d never even heard of until a few months earlier. I was keen to hear how this form of lending could push my business on to greater things, and it didn’t disappoint.
It was interesting to hear how implementing a cash buyer mindset could give power to my negotiations and open up deals to me that I had previously thought I wouldn’t be able to finance to add value myself. It all sounds so simple now we know how. Another option is un-mortgageable properties, which can be bought with this type of finance, made mortgageable and sold on for profit.
Kevin finished about 3:30pm, and I must say, my head was filled with information and ideas. I was left thinking about my current deals and the opportunities bridging finance could offer to help me grow my business.
The day finished with a couple of hours networking amongst ourselves. Sourced have over 25 franchisees across the country and one in Scotland, and we fully took advantage of each others contacts, networks and knowledge. It is definitely a great benefit of being part of the Sourced network to have like-minded colleagues to work with, bounce off, share ideas and of course socialise with.
We quickly understood the power of a network. When you come together as a group and realise you can help each other, it’s strengthening. Between all of us, we have properties in Manchester, Liverpool, Preston and Sunderland to name a few, and some of the franchisees had the investors. It’s a match made in heaven and shows what a network can do for a business. It makes life so much easier and explains why many sourcers working on their own are joining us.
All in all, it was a great day funded by Sourced as part of our franchise.