What UK companies looking to franchise in Australia need to know

Apart from the impact of COVID-19 on all sectors of business in Australia has over the past 12 months, we have had new Franchise regulations commence on 1 June 2021. The good news is there are still great opportunities for overseas companies to expand their business in Australia with many workers who are unemployed or made redundant looking to franchising as a way to earn an income.

Franchising is well entrenched in Australia with over 90,000 businesses employing over 500,000 people, generating around $155.1 billion in turnover per annum.

It is expected that the sectors revenue will decline by 2.5% with an anticipated drop around 6.8% this financial year 2021/22 largely due to the COVID-19 pandemic and flow-on economic effects. Yet Australia is still an attractive market for overseas systems due to our standard of living consumer spending and our stable economic political and regulatory systems.


The new Franchise Code Regulations came into operation on the 1 June 2021 and apply to all franchise agreements entered into on or after the 1 July 2021 and include a number of key changes for franchisors. View Robert’s simple guide to these changes. https://www.linkedin.com/pulse/simple-guide-franchise-code-changes-robert-toth/

Overseas Franchisors since around 2015 are no longer required to provide a Disclosure Document to its Master Franchisee, or a separate disclosure to its unit franchisees.

A Master franchisee must still comply with the Franchise Code and provide its unit franchisees proper Disclosure (FDD) and a Code compliant franchise agreement.

The cost to upgrade overseas franchise documents (dependent on the jurisdiction) and provide Franchise Code compliant documents generally range from around $8,000.00 to $12,000.00 AUD subject to the model and its complexity.

There are numerous provisions we find that need to be updated in overseas agreements that around the disclosure of supplier rebates, end of term arrangements, online sales, audit of marketing funds, jurisdiction and governing laws, dispute resolution and terminations provisions.

Clear and concise agreements assist in the process of onboarding franchisees and reduce unnecessary negotiations with a franchisees advisor so you can get out to the market.


There are various business entry models for overseas companies to enter the Australian market such as:

  • Master franchising;
  • Direct licensing to a single or multi-unit Franchisee;
  • Area Development Agreements;
  • Partnership, Joint Venture or Partnering Agreements.

Each model has its own pros and cons and seeking advice from a Franchise Specialist is highly recommended to select the right model for a successful roll out of the system.

Robert Toth and his Franchise legal team has over 35 years’ experience advising local and overseas companies in the franchise and corporate sector. We are Members of the Franchise Council of Australia (FCA) the recognized National Franchise body, the IFLA (International Franchise Lawyers Association) and the US Commercial Service, International Advisory Experts (IAE) and the Lawyers Alliance Global Network an alliance of global lawyers.

We know the trends in the market, the local regulatory environment and have a network of consultants in Franchise development, demographic research, leasing and tax advice to assist overseas franchisors and companies to establish their business successfully in the Australian and New Zealand market.


This is the most common model adopted by overseas Franchisors, the advantage is that effectively the obligations, role and responsibilities of the overseas Franchisor are taken up by the Master Franchisee.

The overseas Franchisor does not contract directly with the unit franchisee and therefore, legal liability and any “litigation” risks rest with the Master Franchisee under Australian law.

The Master Franchisee is responsible for compliance with the mandatory Australian Franchise Code to establish its own sites and recruit Franchisees, meet performance criteria, train and support franchisees and meet the costs of establishing infrastructure to ensure the system operates successfully.

The overseas Franchisor may have worldwide brand recognition and systems in place to support the Master Franchisee.

The key ultimately is choosing the right Master Franchisee as this can make or break the successful roll out of the brand.

A disadvantage of Master franchising is that although there are controls via the Master Franchise Agreement, the Franchisor is one step removed from practical control and input into the local unit franchisees as face-to-face management is left primarily to the Master Franchisee.  The Master franchisee therefore needs to not only have the capital resources but also the ability, personality and skills to succeed!


This is where the overseas Franchisor grants rights directly to an individual unit Franchisee in the country which can now more readily be done due to the online environment and systems operating in the cloud.

Here the overseas Franchisor has more direct involvement and control in relation to their unit Franchisee as they contract with the local franchisee directly but at the same time this means the overseas franchisor is directly liable and carries the risk if the franchise fails.

The overseas Franchisor is usually well established and confident in its systems and business format to support the Franchisee from abroad. This model may not be suitable for many business sectors where local on the ground training and support is required.

It may also not be as attractive to prospective franchisees, as they may be concerned about the lack of a local presence by the Franchisor.

The Overseas Franchisor in this case will need to be registered as a foreign Company with the ASIC our corporate regulator or they may set up a fully owned subsidiary entity.

Financially it can be better for the overseas Franchisor as the royalty is paid directly without a split to a Master Franchisee.


This model enables an overseas Franchisor to test the market by appointing an Area Developer whose role is not to actually establish a franchise but act as an agent for the overseas company to find and secure a Master Franchisee or unit Franchisees.

The Area Developer may be given strict performance criteria, but they do not enter into any agreement with a Master or unit Franchisee.

The local unit Franchisees contracts directly with the overseas Franchisor which means that the overseas Franchisor has direct control over its Franchisees.

The Area Developer may be paid a success fee on signing up a franchisee and also paid to provide additional services and support to franchisees.


We have been involved in a number of joint venture partnerships and Limited partnership arrangements which involve careful tax considerations for both the overseas entity and local partnership. A Limited partnership protects the limited partners as all liability rests with the General partner.

This model requires shareholder or partnership agreements to cover the key issues such as capital contribution, distribution of profit, the parties’ roles and responsibilities and also exit rights such as pre-emptive buy out rights and triggers on default.

The benefit here is that the partners each have contributed some equity and they have a vested interest to ensure the success of the business in the market.

Here the overseas Franchisor still remains as an independent entity and is protected from the risk of liability if the business does not succeed.

Where do overseas companies go wrong?

A lack of local due diligence and market feasibility: That is overseas companies often do not understand the Australian market and how different the market is between our regions, States and Territories.

This is an area where we can assist with our on the ground knowledge as it is a big country and the State or Territory of entry can make or break the system. Consumer demand varies greatly between States and Territories as does the demographics so a franchise system highly successful in Queensland may not transport well to Victoria.

Overestimating the market and placing unrealistic performance criteria on a Master Franchise: We often see unrealistic targets set on master franchisees and area developers which cannot be met as the process from sign on of a franchisee top opening can take many months. Setting unrealistic targets places undue pressure on the local master franchisee.

We have had to renegotiate a number of Master Franchise arrangements due to unrealistic performance and roll out criteria, which was impacted by a tightened financial and lending market and other economic impacts more recently of course COVID-19 pandemic event.

Seeking an unrealistic Master license fee: The days of asking a Master franchisee to pay a huge upfront capital fee for the rights are gone. There is now an expected “sharing of the risk” with both parties sharing the risk and also the rewards over time. The Overseas Franchisor may have to accept a less upfront payment and receive payments on the successful sign up of each franchisee particularly as obtaining finance is very restricted in the Australian finance sector.

Not appointing experienced Franchise specialists in the region: Getting local on the ground Specialist legal, tax and demographic advice will limit the risks.

Failing to develop a specific business entry plan: We recommend (as for any business) that an overseas company has a business entry plan for a new territory to identify the risks, costs and benefits, competitors in the market and also do their financial modelling to make sure it is financially viable for the overseas franchisor, the Master franchisee and the unit franchisee.

Without this plan it is like sailing a ship without a rudder! A Happy franchise system is one where the model works for the unit franchisee If they are making money that is, they can take out a reasonable salary for their effort, pay their loans and overheads and get a return on their investment then the franchisor will also do well.

Failing to ensure their IP and brand is registered before entering the market: We have seen cases where an overseas company did not conduct the basic trademark searches and could not then use their overseas brand in the local market due to the name being registered by a local company.


Master Franchisees and unit franchisees now expect more from their Franchisor’s by way of systems, support and marketing.

The upfront Master License fee and the Franchise fees set, must be realistic with the trend being that the fee is significantly less to make the business opportunity attractive and affordable. The key for an Overseas Franchisor is selecting the right Master or Area developer as often the best candidate may not have the capital necessary to take up the rights, whereas the interested party may have the money but not be the right fit or person for the role.

Franchisors therefore need to think laterally as to how to get the right people on board, where they don’t have the capital. We are finding that vendor terms and staggered payments based on milestones are ways to achieve this.

As Edward de Bono says (may he rest in peace) we need to think “outside the square” particularly in the current world we are living in. There are still great opportunities in Australia, and we can assist you to get established for the best chance of success.

Robert TOTH Consultant – Accredited Commercial and Franchise Law Specialist MARSH&MAHER RICHMOND BENNISON PH: 0412 67 37 57 Email: robert@mmrb.com.au 

Why consider investing in a Master Franchise?

Master Franchising isn’t for everyone but for some, it can be a very rewarding experience both financially, and in terms of job satisfaction.

For those readers who are unfamiliar with the term Master Franchise, for the purposes of this article, I am defining it as acquiring the rights to own and operate a proven franchise model in a geographic region or country; the Master Franchisee acquires the know-how to not only be able to deliver the service/product at a local level, but also that required to build a network of sub-franchisees in effect replicating all aspects of what the franchisor has accomplished in their domestic market.

Whilst there can be many reasons that someone may wish to go down this route, let me cite 3 that in my experience are very common:

Financial Rewards
The initial investment required to acquire a Master Franchise for the UK, will typically run into hundreds of thousands of pounds. However, the potential returns are very attractive. Once a Master has established a network of franchisees, they will enjoy several income streams: franchise fees from new franchisees joining the network; ongoing royalties/management service fees (MSF) from existing franchisees; possibly income from one or more corporately owned and operated franchises; possibly margin on the supply of products/additional services. The larger the network becomes, the more resilient the ongoing MSF income, and the more predictable the EBITDA. So, a successful Master Franchisee can enjoy a very healthy income during their ownership of a country licence, and at the same time, build a an attractive asset which can be sold at some point. I can think of several Master Franchisees who have built and sold their UK rights in the last year or so interestingly, on ore than one occasion, the buyer has been the franchisor!

Helping Others Succeed
One of the major differences between being a franchisee, and a Master Franchisee, is that the customer focus is different. A franchisee’s customer will be the person/organisation buying the service/product being sold by the franchisee whoever the franchisee received money from; the latter principle remains true for a Master Franchisee, but of course in this case, income is received from franchisees, normally a percentage of their income. So the focus of the Master should be their sub-franchisees after all, the more successful they become, the more successful the Master. Therefore a good Master will see their customer as the franchisee, and will ensure that the initial and ongoing training and support provided enables franchisees to achieve their business and personal goals. Its very much about motivating and equipping which can be hugely rewarding when franchisees respond positively, and make a success of their businesses.

Flexibility within a Structured framework
Most franchise concepts which are new to the UK will require some local market adaptation this can be due to legal requirements, cultural norms, or consumer preferences. However, there will be certain aspects of the franchise which will not change – these include the brand, the corporate culture and values, the core offer, and the target market(s). One of the first jobs of the Master Franchisee, is to launch a corporate franchise to test the model in the UK, to make adaptations as required (in conjunction with the franchisor), and to ensure that the unit economics work. Examples of this include Food & Beverage brands adapting some of their menu items to reflect local tastes; and premise-based concepts adapting the outlet footprint to reflect the (typically) higher real estate costs in the UK compared to certain other markets (eg the USA). So there is much more scope as a Master, to make changes to different aspects of the business model apart from contractual obligations to ensure that the franchisor is agreeable to such changes, there is a very practical reason for involving them it may be that what is proposed has already been tried elsewhere in the world, and has failed! As a unit franchisee, there will be relatively little scope for localisation after all, one of the benefits of taking a franchise, is that customers have expectations of what they will receive in terms of product/service, and if there is inconsistency across the country, the brand can become devalued. So for the more entrepreneurially-minded franchisee, a Master provides scope to input into country adaptation, whilst retaining all of the benefits of using a proven business model.

Interested in finding out what Master Franchise could work for you? Contact me at iain.martin@thefranchisingcentre.uk

Brooklyn Dumpling Shop Inks First Multi-Unit Franchising Deal

Brooklyn Dumpling Shop, the nation’s fastest growing dumpling automat concept, has signed its first franchising deal to bring five locations to Connecticut. The brand is poised to disrupt the quick-service restaurant industry with their innovative automat technology and contactless format. Even before the first location opens its doors in New York, potential franchisees are eager to sign on to the concept.

I am very excited about Brooklyn Dumpling Shop, the brand’s innovative technology is exciting and the food is delicious, says the first franchisee, who would like to remain anonymous at this time. Getting into the brand early is a very wise decision. In the next two or three years, I expect we will see a lot of automat restaurants, so it’s great to jump on board with the innovative concept now.

The unique flavor combinations are imagined by the founder, Stratis Morfogen, who is inspired by traditional diner delights such as cheeseburgers, French onion soup and even peanut butter and jelly. Each dumpling has a perfect bite, thanks to the advanced robotic technology creating them. Chefs and a full kitchen are not needed in this innovative concept, making it easy to find quality staff and perfect for small spaces.

We are thrilled to team up with this franchisee, who has a tremendous track record in [quick-service restaurants], says Morfogen. We couldn’t have picked a better partner for Connecticut.

The franchisee’s first location will be in New Haven, where Yale is located, as the concept is perfect for college cities and residents will be able to boast that they have one of the first Brooklyn Dumpling Shop locations in the nation. The 24-hour concept will be an ideal spot for college students who are awake at all hours of the night looking for a delicious to-go meal. The custom packaging is noteworthy, as it has been specifically designed to ensure all products from dumplings to Frosé.

This is the first of many deals expected to close for the brand on its goal towards launching 500 units in the next five years. Everything from the technology, packaging and food combinations has been thoughtfully designed to maximize return-on-investment and ensure a safe environment for customers.

Multi-unit & multi-brand franchisees – A bright future for UK franchising?

By Dr Mark Abell and Shelley Nadler Bird & Bird

Multi-unit / multi-brand franchisees have long been a feature of the US franchise market, a great many of this have become hugely wealthy and some have even floated. Without them the US franchise market could not have expanded as it has done. These exciting new large-scale franchisees have started to emerge in the UK Although the master franchisee/owner operator franchisee model of franchising has a role in franchising in the UK, many are beginning to realise that it has a number of severe limitations and that franchisors looking to launch their brands in the UK should be looking to engage with successful multi-unit franchisees.

Through the emergence of successful multi-unit / multi-brand franchisees in brands such as Costa, Domino’s and KFC a key resource has evolved. Due to market saturation and hence a lack of opportunity for further significant expansion within their current brands, these multi-unit operators can be usefully exploited by other franchised brands looking to turbo-charge their growth within the UK.

Who are these multi-unit / multi-brand franchisees?
Typically, these multi-unit/multi-brand operators are individuals who, through years of operating well developed franchise concepts, have developed a strong set of operational skills together with an effective operational and managerial infra-structure. Many of them have professional backgrounds as accountants, lawyers or MBA graduates. They have applied their professional training and rigour to the effective implementation of their chosen concepts (often fast food and coffee shops), whilst at the same time taking a bigger picture and strategic view as regards the structuring, financing and growth horizons of their business.

Often they acquire their first franchise at a young age and this is usually in the food and beverage sector. These operators are good negotiators and have a history of finding securing good locations at competitive rents. They also understand how to motivate and retain good quality staff which ensures that standards are maintained for stores whether they are operating one or fifty. Many multi-unit / multi-brand operators have invested heavily in real estate and worked strategically to build a portfolio of brands that can occupy adjoining sites in a hub type structure. These operators know how to keep costs down by sharing resources. Importantly, these operators all have access to substantial capital that is available to invest in appropriate projects.

Once established as a multiple franchisee with one brand the multi-unit franchisee typically switches to a non-competing brand to spread the risk. Lessons have been learnt following the BSE crisis in the 1990’s when sales of burgers plummeted that it is good to own more than one type of food concept. The same could be said of the KFC chicken shortages earlier this year. So, the multi-unit / multi-brand franchisees learnt to diversify, perhaps owning a chicken, pizza and coffee brand. With worries regarding staff shortages following Brexit, multi-unit/multi-brand operators are looking for new opportunities in sectors where there is greater reliance on technology and less need for staff. Many are looking at fitness and wellness concepts and service concepts that are less labour intensive.

Interestingly, these multi-unit/multi-brand operators typically do not want to become master franchisees as they feel that requires a different skill set and does not play to their key strengths, which is operational implementation rather than the recruitment, training and management of franchisees. Another appealing factor is that these multi-unit/multi-brand operators are often regionally based within the UK and they understand the geography and markets in those regions. Appointing a number of regional multi-unit franchisees rather than one master franchisee could quickly give a foreign brand coverage across the UK.

The advantages and disadvantages of dealing with multi-unit/multi-brand franchisees
From a franchisor’s point of view the great attraction of such multi-unit/multi-brand operators is that they have a huge amount of operational expertise and an established infrastructure and the financial resources to expand quickly. If a foreign brand is seeking to enter the UK in a competitive sector (such as gyms) by using experienced multi-unit/multi-brand operators the brand owner may be able to quickly get coverage in the UK ahead of other gym brands. In allowing multi-unit franchisees to open multiple stores, franchisors know they are dealing with someone who has experience of the system and a proven track record and will need so much less support then a new franchisee. Often successful multi-unit franchisees are able to take over poor performing franchisees. A system that uses multi-unit operators will have less franchisees to deal with but this can be a blessing and a curse.

Partnering with such franchisees is not without a potential downside for franchisors. Fundamentally the nature of these multi-unit/multi brand franchisees means that the classical relationship dynamics between the franchisor and its franchisees are bound to be impacted due to the size and bargaining power of the franchisee. These franchisees do have the resources to challenge the franchisor. Another disadvantage is that by over extending themselves they are not able to implement a new brand concept. There is also a risk of know-how leakage and potential cross contamination between different concepts.

However, matched against the obvious commercial upside these risks are clearly manageable so long as franchisors do not simply ignore them. Franchisors will probably need to adapt their ways of working for multi-unit / multi-brand franchisees but if care is taken we believe it will be worthwhile.

How can franchisors best engage with multi-unit/multi-brand franchisees?
To be successful in the UK market most foreign brands need to invest a good deal or time and money adapting the concept to the UK market or finding a developer or master franchisee with sufficient faith in the brand to make that investment for them. For well-known legacy brands that may be possible but for many smaller brands that is often a struggle. By partnering with a successful multi-unit/multi-brand operator, such franchisors can effectively pilot and adapt their brand to the UK market on a relatively low risk manner. Of course, it is critical that this new style relationship is properly structured and documented. A classic joint venture is unlikely to work but a subordinated equity type relationship is a proven way of structuring an effective catalyst for such a relationship.

A subordinated equity arrangement is a variation on the traditional joint venture model adapted for the franchise industry. In a subordinated equity arrangement, a franchisor takes a minority shareholding in a franchisee company but the primary relationship between the parties remains that of franchisor and franchisee rather than as joint venture parties. The franchisor exercises the usual controls over the franchisee under the franchise agreement rather than by holding board and shareholders meetings under a joint venture agreement. A special purpose vehicle is set up with the multi-unit franchisee as the majority shareholder and the franchisor holding a minority stake. Multi-unit franchisees favour this arrangement as the franchisor “has skin in the game” and it will encourage the franchisor to establish a “boots on the ground” presence locally to help set up the new concept. The franchisor benefits by having the greater rewards that equity participation brings and also, in some cases, the option to buy out the franchisee company once the concept is established at a pre-agreed valuation.

If a foreign brand already has a master franchisee in the UK accessing good unit franchisees is always a challenge. Potentially good operators can find it difficult to obtain the required capital to invest in a franchised business and many of those with the available capital do not fit the brand profile or are unlikely to be good operators. Also, managing a large number of individual franchisees spread the length and breadth of the country is a stretch for many developing franchise concepts. Engaging with multi- unit/multi-brand franchisees could be a solution to this challenge for master franchisees.

New start up UK based franchisors can also take advantage of multi-unit/multi-brand franchisees. Proving a concept and establishing the first 10 or so franchise outlets is a hard and slow process for new franchisors. One potential solution to this is partnering with a multi-unit/multi-brand franchisee and leveraging off of its operational expertise and infrastructure. Clearly this type of relationship is very different from the classical franchisor/ franchisee relationship but, properly structured – perhaps through a subordinated equity structure (as mentioned above),this could enable brands that will otherwise struggle to get over the sustainability threshold as regards the number of outlets, to leap frog over those market entry barriers and establish themselves as a successful and credible brand much more quickly and with fewer difficulties than would usually be the case.

The way forward
So, in conclusion, the UK franchising market has evolved, in an almost Darwinian fashion, to offer franchisors the opportunity to take advantage of a new “gene pool” of relevant expertise and capital that handled appropriately can greatly add to their chances of success. Foreign franchisors and UK start-ups should consider developing their brand in the UK using multi-unit / multi-brand franchisees rather than appointing a master franchisee.

The key is to ensure that the relationship with them is captured in an appropriate legal mechanism. Joint Ventures rarely succeed, particularly between franchisors and their franchisees. Instead, subordinated equity structures and other specially developed relationships can be used to ensure a full alignment of interests and mutually attractive exit strategies.

Multi-brand franchisee is owner of Domino’s, Costa Coffee and Anytime Fitness franchises

Mike Racz is a multi-unit, multi-brand franchisee, based in the North East with a passion for building businesses and developing people. He’s helping people build brighter futures and bringing life back to areas that have sometimes been neglected by investment. Mike currently owns Domino’s, Costa Coffee and Anytime Fitness franchises across the North East.

Name: Mike Racz
Location: North East England
Franchise: Domino’s / Costa / Anytime Fitness

What is your business background?
I don’t have one. Everything I know, I learned from experience; I started from the bottom, selling stickers in school when I was 6, started my first business at 13 under my dad’s name, and later moved into Domino’s and worked my way up from being an in-store assistant to manager to area manager and finally opening my first store and becoming a franchisee, learning as much as I could on the way.

Why did you choose Domino’s, Costa Coffee and Anytime Fitness franchises to invest in?
I loved Domino’s since I started working there in 2004. I didn’t pick it because it was a safe option, I just love the brand. I spent quite a while looking for Costa and Anytime Fitness, I needed to find the right businesses to achieve my vision and accelerate growth. I didn’t always get it right, I had another two franchises that failed but I think it only counts as failure if you don’t learn anything from it. I took those lessons and I made my other companies stronger.

What’s the best thing about being a multi-unit/multi-brand franchisee?
People. Finding talent is a very rewarding aspect of being a franchisee. I get to challenge people, give them opportunities and watch them grow. Most of my Head Office team started at the bottom. If someone has passion and ambition, I want to push that and get the best from them. No two days are the same within the Racz Group, everyone has the chance to develop, learn new skills and be who they want to be. A Barista at Costa could become a PT at Anytime Fitness if they wanted, there is always opportunity to try something new. Attitude is everything, you can’t build a successful company without enthusiastic team members and there is nothing better than finding someone who is a perfect fit.

How would you describe your role as a multi-unit/multi-brand, franchisee? What is your management style/method?
Strategic. Almost exclusively. I don’t involve myself in hiring and training etc., I have an excellent team whom I trust completely to take care of those things. I hold Marketing and Finance close to my heart, I focus on growing my profit level and my revenue, I like to know what the top and bottom lines are. Everything in-between is in safe hands with my Head Office team, Area Managers and Managers.

What training and support did you receive initially and ongoing from your franchisors?
I was an Area Manager when I opened my first franchise of Domino’s and I’d learned a lot on the job. I knew I wanted more, I wanted to progress, so I made sure to do my homework and educate myself on how to make a business thrive. Obviously, I’d been trained at an operational level but becoming a multi-unit, multi-brand Franchisee has largely been a self-taught venture. It’s been a hard journey but it’s definitely worth it.

What are some of the challenges you have faced being a multi-unit/multi-brand franchisee, and how did you overcome them?
When you expand quickly, you have to learn to let go of things. It’s very easy to think I know better than everyone else and that I’m the best at everything, but it’s just because I care so much and it’s not true half the time anyway. Learning to delegate and completely hand over control of some things was a tough one. Now I have a solid team, each of whom are experts in their respective fields. I can trust them to take even the vaguest idea and make it happen, and I know they’ll do a great job.

When you own a business, you need to take a holistic view. Make sure you have purpose and vision, define it and work on it. I had to not let myself get bogged down, finding a way to make my vision a reality would have been impossible without the team I’ve built.

What are your long-term plans for your business and what are your goals for the future?
I want to provide opportunities, I want to change the lives of my team members and our customers. I want to give people the chance to be who they want to be and achieve their goals. Ultimately, I want Racz Group to be the largest company based in the North East of England by turnover and number of team members. If you want me to put a number on it, I’d say £300 million in sales is step 1.

What is the most invaluable piece of advice you could give someone looking to become a multi-unit/multi-brand franchisee?
Do not have an exit strategy. Every business guru will tell you to have one but it isn’t for me. You can’t build a visionary company by having the mindset that you’re only there to make money. You need purpose, passion, vision and values. You should focus on the company culture, build something meaningful. Enjoy what you do! You need to know where you want to go and what you want to achieve. It’s clich, but they’re right when they say you should never stop chasing your dreams.