The Truth About Franchise Risk: What No One Tells You

Most new business owners treat insurance like a boring afterthought—until it wipes out a year of profit in a single day. I know, because it happened to me.

CONNECT WITH THE GUEST - WADE MILWARD
https://www.protectmyfranchise.com

CONNECT WITH THE HOST – TY MCBRIDE
LinkedIn:   / tymcbrideokc  
Preservan Franchise Info: gopreservan.com

On today’s episode of Entrepreneurship Through Franchising, we’re breaking down what every future business owner needs to understand about risk, coverage, compliance, and hidden exposure BEFORE they invest.

I’m joined by Wade Millward, founder and CEO of Rikor Insurance Consultancy, one of the few people in the country who truly understands where business owners get blindsided. Wade has placed over $100M in premium and specializes in helping franchise systems and small business owners avoid costly mistakes—from incorrect liability policies to subcontractor COI disasters.

In this episode, you’ll learn:

Why insurance is not just a box to check

How to read the FDD (Item 7 + Item 8) to understand true startup and operational risk

The single biggest insurance mistake first-time owners make

What to ask the franchisor during discovery to uncover hidden risk

How to validate insurance assumptions with existing owners

The subcontractor trap that quietly destroys margins

How businesses get hit with surprise audits and massive premiums

What insurance you actually need on day one in home services

Why some business models aren’t viable in certain states due to insurance alone

How Rikor helps owners get clarity long before they sign

If you’re evaluating a franchise or thinking about buying a business, this is the insurance masterclass you didn’t know you needed. Understanding this before you invest can protect your capital, your sanity, and the future of your business.