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- W98314731 abstract "ABSTRACT College Hunks Hauling Junk (CHHJ) was founded in 2005 by two friends from Washington, D.C. By 2009 the company had moved its headquarters to Tampa, FL, and had appeared on the Inc 500 list of fastest growing companies in America, Its founders had appeared on TV as guests of Oprah, Shark Tank, and Millionaire Matchmaker, However, by the end of 2009, CHHJ had lower revenue than 2008 and many franchisees were not earning the income that they expected. This case presents the decision about whether CHHJ should consider diversifying its range of services to continue growing its revenue. INTRODUCTION Nick Friedman, co-founder of College Hunks Hauling Junk hung up the phone. His co-founder, Ornar Soliman, overheard the conversation and saw the troubled look on his face. Omar, I just got offa conference call with several franchisees. It was almost an hour long, and I did a lot of listening but not much talking. The frustration among them is growing. If we don 't help them raise their revenue, I think we might be facing a revolt early next year, Ornar expected this kind of news. During 2009 system-wide revenues for the company were 19% lower than 2008. Even before the Great Recession impacted the company, only a few of the franchisees were generating the revenue that they expected. Even if the recession ended tomorrow, Ornar and Nick needed a plan to restore the franchisees' confidence and grow the revenue of their young company. They knew that some of the franchisees were not executing the company's strategy very well. Others, however, were working diligently and on plan, but their franchise territories probably did not have big enough markets to keep them growing. For the sake of their reputation and their financial situation, they could not afford to have declining revenue for two years in a row. BACKGROUND In 2003 Ornar Soliman was a business management major at the University of Miami. During the summer after his junior year he started a business to make money for school. The concept was simple: identifying customers who would pay for junk to be hauled away from their homes or businesses. That summer, he borrowed the moving van that his mother used for her furniture business in Washington, D.C. She needed the van only occasionally, and allowed him to use it when she did not need it. The business was more lucrative than he expected, so he began dreaming of bigger things. When he returned to the University of Miami for his senior year, he heard about the business plan competition hosted by the college of business. He wrote a business plan describing College Hunks Hauling Junk (CHHJ) and won the top prize in the competition, which was a check for $ 10,000. Soon after graduating, Ornar reconnected with an old high school friend, Nick Friedman. Both had accepted corporate jobs after college, but neither was happy with their roles. They both had the urge to become entrepreneurs instead. They decided to resign from their corporate jobs and found their company - Friedman and Soliman Enterprises, LLC - as the sole owner of College Hunks Hauling Junk. Hauling junk would no longer be merely a summer job, but would become a year-round business. In 2005 the company was founded in Washington, D.C. They were both 25 years old at the time. Friedman and Soliman spent three years refining the business model, the brand, and building revenue. In those years, they were the only employees. They answered the phones, scheduled appointments, drove the truck, and hauled all the junk themselves. Ornar recalled those early years. Somehow we did a good job of looking like a bigger, more sophisticated company. Most people did not seem to notice that the whole company was just Nick and me doing all the work. One day we were driving down the road in our only truck when the cell phone rang. It was our only company phone and all customer calls came to it. Nick answered. A woman was calling to say that one of the company trucks was driving erratically. …" @default.
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- W98314731 date "2012-01-01" @default.
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- W98314731 title "Searching for New Customers in a New Industry: Case Study of College Hunks Hauling Junk" @default.
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