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CATEGORIES: Podcast
On this episode of the Franchise Secrets podcast, Erik is joined by Megan Reilly, the co-founder and COO of Tippi Toes Dance. Megan shares her experience running a business as a hands-on mother of three daughters, as well as appearing on Shark Tank.
Appearing on Shark Tank isn’t a silver bullet
Megan takes Erik on a deep dive into her appearance on Shark Tank, including how she and her sister prepared and what she’s taken away from the experience. She also shares some behind-the-scenes information about how the deal they accepted on the show eventually fell through after the cameras were finished rolling.
This is the perfect episode for working parents, those that want to franchise their business the right way, and anyone potentially thinking about appearing on Shark Tank.
Listen to Erik and Megan talk about Shark Tank:
Introduction
Being a mom and running a business (2:06)
Megan talks about her three daughters and touches on both the hurdles and advantages of being a hands-on parent while running a business. From having conference calls with kids screaming in the background to educating them about business, Erik and Megan talk about their children and some of the ways they’ve helped them form business ideas.
Knowing when to take a break (10:37)
It can be easy to get into the routine of working to build your business but one of the hardest things for business owners can be knowing when to take a break. Erik and Megan discuss what their own tells are.
Starting Tippi Toes (12:25)
Megan shares the story of her sister, Sarah, starting Tippi Toes. After losing her waitressing job, the idea to go into schools and teach dance sprang into Sarah’s mind. Megan joined soon after.
When did the business take off? (15:15)
With Megan still in school and earning a degree in nutrition, Sarah was doing Tippi Toes full time. It was at that point both Megan and Sarah realized the business was taking off. They spent the next 10 years building up the brand across the country before opening their first official franchise.
Franchising the business (19:56)
After failing to create a television show, someone pointed out franchising the business was a viable option. Megan opens up about their process, from hiring a consultant to help set it up to spending a full year working with just one franchisee to ensure their processes were correct and well tested.
Shark Tank (24:29)
Megan and Sarah went on Shark Tank to pitch their television show but quickly found the panel to be far more interested in their business. Megan shares her belief on whether their advice to drop the show was correct.
Preparing for Shark Tank (26:48)
Megan talks about her experiences preparing for the show, including some of the things she studied for.
What she learned on Shark Tank (29:04)
Megan and Erik discuss some of the lessons learned after appearing on Shark Tank, including the confidence gained from being so prepared. Erik opens up about how he prepares (or sometimes doesn’t prepare) for each show.
Deal or no deal (31:30)
Despite agreeing to a deal with Mark Cuban on the show, Megan explains how some issues with contract language stopped everything right in its tracks.
Why did they want to make a deal (35:09)
Megan talks through some of the reasons she went on the show and wanted to make a deal in the first place.
Where is Tippi Toes now (36:46)
Megan and her sister have expanded Tippi Toes to 35 domestic franchises and another franchise in China. She also talks about the difficulties of the business through the pandemic and how they’ve helped their franchisees.
Who is your mama podcast (41:02)
Erik and Megan talk about her podcast, which talks to the mothers of some important and high-profile people, including major brand CEOs.
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