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Nick Friedman
How College Hunks Hauling Junk implemented a winningadvisory boardBy Marissa Levin
“Get On Board” will be spotlighting companies that have successfullyimplemented advisory boards. This month, we spotlight College HunksHauling Junk, the largest and fastest-growing U.S.-based moving andhauling franchise opportunity. If you have a successful advisory boardand would like your firm to be spotlighted in this column, please emailMarissa at [email protected]. If you are looking toimplement an advisory board, we would like to hear from you as well.See below for more information.
College Hunks Hauling Junk (CHHJ) is the largest and fastest-growing U.S.-based moving and haulingfranchise opportunity. Started by two college kids in 2005, the company now has over 70 franchiselocations throughout the U.S. and over 1,000 employees system-wide. Headquartered in Tampa, FL, thecompany has been on the Inc. 5000 list five years in a row, and was recently named to Entrepreneur’sFranchise 500. In addition, the company has appeared on numerous national television programs, includingthe very first episode of ABC’s Shark Tank. In the following interview, Nick Friedman, CEO and founder ofCHHJ, provides a comprehensive view of his company’s winning advisory board.
Tell us about CHHJ. How longhas it been around, and howlong have you been CEO?
The summer before my senior yearof college, my best friend from highschool and I were back inWashington, DC, looking to makesome extra money, so we borrowedmy friend’s mom’s cargo van and putcomputer printout flyers around theneighborhood that said “CollegeHunks Hauling Junk.” People had aneed for the service and had aplayful reaction to the name, so wewrote a business plan our senioryear of college, which ended up
winning first prize in The Rothschild Entrepreneurship Competition out of over 150 entries. We graduatedfrom college and briefly worked for consulting companies in the corporate world, and we decided to quitour jobs after about six months and start hauling junk full time. In 2008, we moved our headquarters fromWashington, DC, to Tampa, FL, to open a call center and begin franchising.
What are your core service offerings, and who are your primary customers?
Our core service offerings are full-service commercial and residential local moving, packing, loading,unloading, donation pickup and delivery, as well as junk removal from homes and businesses. Basicallyanything that trucks and labor can be utilized for, we offer. We provide friendly collegiate teams to deliver astress-free experience for anyone who needs something moved or removed. Our primary clients arehomeowners, typically the female household decision-maker who has disposable income and appreciatesgreat service. We also do a lot of work with businesses and referral partners such as property managers,realtors, assisted living facilities and corporations.
When did you first implement an advisory board?
We first implemented an advisory board in 2010, during the peak of the economic recession.
What prompted you to do so? Was it in response to a pain or challenge, was it in response to agrowth strategy or goal, or was it a combination of the two?
We had just started franchising our company, and we were starting to struggle financially due to theeconomic downturn. We were not sure if we were struggling because of the economy or the businessmodel or the brand or what, but we needed to enlist some unbiased expert guidance and input. We knewour business model and brand were strong, but we did not know how to strategically grow throughchallenging economic cycles, nor did we know whether we should expand our service offering from justjunk removal to junk removal and moving.
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How many people serve on your advisory board?
Currently six people.
How did you recruit your advisors?
We made a short wish-list of about 20 influential experts in the Tampa region who we felt we could benefitfrom in terms of their subject-matter expertise, including franchising, marketing, finance and technology.We created a cover letter and sent it to all 20 of the people on our list. Some people ignored our invitation,some people graciously declined for one reason or another, and some people accepted.
How often do you meet? What is the format?
We meet on a quarterly basis. Here is a rough outline of the format:
Discuss how we will achieve the growth we desire.
Role of board is to advise and help hold the CEO and leadership of company accountable.
Focus on experts in niches such as marketing, advertising, HR, strategic alliances, multi-unit franchising,international business, and those who have helped build companies at leadership level.
Possible attendance and presentation by executive team members, with questions from board.
Agenda:
Review of vision1.
Cover questions on the prep package without restating it2.
Creative discussion, insight gathering, and debate around two to three critical areas the company isworking on (group discussion)
3.
Review of company financials4.
Discussion of company’s future5.
Bottlenecks6.
Top 3 quarter/month/year7.
What information do you provide to your board prior to the meeting so that it is as impactfulas possible?
Company’s achievements since last meeting
Areas in which company is struggling
Key metrics
Financial flash report and financial statements showing key ratios and performance versus budget,including previous quarter and year performance
Key decisions the company may be facing in the coming quarter and year
The vision, as an ongoing reminder of what’s being built
Focus on specific facts and feelings leadership team has regarding company
Do you have a board of directors? If so, how does it integrate with or complement theadvisory board?
We do not have a board of directors currently. We do have an advisory council comprised of some of ourfranchise owners, and they help provide feedback and issues that the franchise system faces. The franchiseadvisory council helps complement the advisory board by providing more granular field feedback andrecommendations. Both groups have a mutual respect for one another.
What has been the single greatest benefit of your advisory board?
The biggest benefit was our decision to add moving services to our core competency, which took place in2012. The board was very instrumental in helping us to decide to add a service line to our core business,and it was also very helpful in helping us execute on this additional revenue stream. The results have beensignificant. Moving now accounts for nearly 50 percent of our overall system-wide revenue.
What advice would you give to a CEO looking to implement a board?
Be patient; it takes time to materialize and gel. Be disciplined and commit the time, because the boardmembers are committing valuable time as well. Read Marissa’s book! I wish I had read her book back whenwe first assembled our board, as it has much more specific and executable processes to assemble aneffective board. Also, do not be afraid to ask someone to join. The worst they can say is “no.” Think of it asa sales opportunity to try and invite someone influential and experienced to join.
“Get On Board” will also be spotlighting companies that are looking to implement advisory boards, and willserve as an online recruiting center to connect potential advisors with these firms. If you are currentlybuilding an advisory board, please email Marissa at [email protected].
Marissa Levin is chairman of strategic communications firm Information Experts, and CEO of SuccessfulCulture, a consulting firm that helps CEOs build excellent cultures. She is the author of Built toSCALE. www.successfulculture.com. Contact her at [email protected] or on Twitter@marissalevin. Contact us at [email protected].
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