Alesha and David Magby initially met at Morgan State College in 1999. After a quick relationship in 2003, they went their separate methods, however reconnected 12 years later, in 2015, at Homecoming. Each had skilled life individually, changing into older and wiser. They determined to marry in October 2020, and their union has created not simply life companions however co-parents of a blended household and homeowners of a portfolio of a number of franchise models throughout Washington, D.C., and Maryland.
Since getting into the franchise world in 2018, the Magbys now personal 4 Tropical Smoothie Café franchises — two in Washington, D.C., and two in Maryland, with the most recent location opening in 2023, throughout from their alma mater, Morgan State College, in Baltimore. Baltimore can also be dwelling to a Phenix Salon Suites franchise, which they bought in 2022.
5 franchises in 5 years, with a couple of model, is a formidable accomplishment that BLACK ENTERPRISE knew our readers would wish to hear extra about. Alesha agreed to share extra about their journey, how they plan to increase their portfolio, and recommendation for others trying to construct group and generational wealth by means of franchising.
BLACK ENTERPRISE: What drew you to the Tropical Smoothie Café (TSC) and Phenix Salon Suites manufacturers?
Alesha Magby: With Tropical Smoothie Café, we have been loyal prospects earlier than even contemplating franchising. A location opened in our neighborhood, and it rapidly turned a part of our weekly routine. Each Saturday morning, after our exercise, we’d cease in to seize a smoothie and share a wrap. That small ritual—simply the 2 of us having fun with one thing wholesome and constant—lasted for over a 12 months and made the model really feel private to us. Once we lastly determined to discover franchising alternatives, Tropical Smoothie Café was on the high of our checklist. It aligned completely with how we stay and serve, providing wholesome, scrumptious choices in a welcoming setting. It wasn’t only a sensible enterprise transfer however a pure extension of one thing we liked.
We have been drawn to Phenix Salon Suites as a result of it represents one thing larger than only a enterprise; it’s about empowerment. This mannequin allowed us to help particular person entrepreneurs—stylists, estheticians, barbers, and wonder professionals, by serving to them change into enterprise homeowners in their very own proper.
We liked the concept of offering lovely, totally outfitted salon areas the place professionals may run their companies flexibly and independently, with out the large overhead of opening a conventional salon. It felt like an ideal match for our values, providing actual individuals a path to possession and stability. There was additionally robust demand within the communities we serve. The sweetness and wellness business continues to develop, and plenty of professionals search non-public, trendy areas providing extra management and security. Phenix Salon Suites as a result of it allowed us to diversify our portfolio whereas straight impacting entrepreneurs’ lives, particularly ladies and minority-owned companies, by serving to them construct one thing of their very own inside a supportive, high-quality setting.
Diversifying
BE: I perceive you’re rising your portfolio with two new franchise manufacturers: Einstein Bro. Bagels and Jersey Mike’s. What was it about these manufacturers that drew you to them?
Magby: Sure, we’re enthusiastic about bringing Einstein Bros. Bagels again to Prince George’s County, MD, by means of a franchise growth deal we solidified with the model, and we’ve additionally signed a one-store take care of Jersey Mike’s.
As skilled multi-brand franchisees, we acknowledge the worth of robust, modern ideas that match nicely into our current portfolio and resonate with the communities we serve. Einstein Bros. Bagels gives a high-quality, fast-casual breakfast and lunch expertise, which was lacking in a number of of our native markets, particularly in Prince George’s County, the place we grew up.
The model’s dedication to contemporary elements, heat hospitality, and skill to drive substantial morning site visitors made it a pure complement to our different franchises.
We have been tremendous followers of Jersey Mike’s earlier than we ever considered franchising with them. For years, our household gatherings weren’t full and not using a Jersey Mike’s catering field on the desk.
Throughout varied Worldwide Franchise Affiliation (IFA) occasions, we might go to the Jersey Mike’s sales space to community and genuinely rave about our love for the model. As we regarded for extra methods to diversify our portfolio, the dialog with the Franchise Growth crew shifted from raving followers to potential franchise companions.
What sealed the deal was the tradition. The Govt Board reminded us of what we liked about Tropical Smoothie Café: a robust, values-driven crew that was welcoming, skilled, and really needed you to really feel like a part of their household. The help, the individuals, and the model integrity all aligned with our requirements for partnership and progress.
BE: Funding is all the time a subject individuals are curious to learn about. Are you able to share a bit about the way you’ve funded your portfolio?
Magby: Funding is all the time tough; there’s no straightforward path. We’ve realized easy methods to navigate it by being resourceful, persistent, and proactive. Conventional banks weren’t all the time the perfect match for us, so we began working with business lenders who higher understood the wants of franchise companies. We additionally did the legwork to seek out and apply for native grants and state funds particularly put aside for small companies and entrepreneurs like us. Funding alternatives exist, however you should be keen to dig. Meaning researching always, asking questions, exhibiting up at state and native places of work, and confidently telling individuals what you’re attempting to construct. While you’re clear about your imaginative and prescient and refuse to take “no” for a solution, the data and the help finally come.
Recommendation from an Skilled
BE: What’s your recommendation on constructing a profitable, various portfolio, and the way does your success encourage others?
Magby: Constructing a various franchise portfolio begins with understanding your strengths and your long-term imaginative and prescient. You wish to select manufacturers that not solely complement one another operationally but in addition replicate your values and way of life. We’ve got six key items of recommendation: 1) Begin with what and love, 2) Diversify neatly, not only for the sake of selection, 3) Spend money on robust management and programs, 4) Know your numbers and money circulate, 5) Leverage each useful resource—grants, lending companions, and state packages, and 6) Keep engaged with the franchise group.
As for uplifting others, we don’t all the time have a look at ourselves as “profitable” within the conventional sense, as a result of to us, success is an extended journey, not a vacation spot. There’s nonetheless a lot we should study; we hardly ever really feel we’ve got all of the sources or solutions. Day by day presents one thing new, a problem to beat or a lesson we didn’t see coming. This path will not be straightforward by any stretch. If something is inspiring about our story, it’s that we’ve executed it collectively. The true success isn’t within the variety of models we function or the manufacturers we signify; it’s in being true teammates and companions, in each life and enterprise. That’s the muse of every part we’ve constructed. We hope others see that you simply don’t should have every part found out to get began. What issues most is exhibiting up day by day, trusting one another, and constructing in your strengths with relentless willpower. If our journey exhibits something, you possibly can create one thing highly effective while you lead with objective, help one another, and by no means cease studying.
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