Cash Generator struck a chord from the word go!
With six stores trading, Dave Elwood is an inspiration to franchise owners in the Cash Generator network - and with more stores planned, he's not resting on his laurels
Former school teacher Dave Elwood joined the Cash Generator network as a franchise owner in 1998 with the dream of becoming the owner of a chain of buy, sell & loan stores across South West England and South Wales. 18 months after launching his Barry store he became the second franchise owner in the Cash Generator network to own multiple stores, opening his second location in Pontypridd.
"It was always in the back of my mind to follow the launch through by opening additional stores and building on my early success," says Dave. He now owns seven stores, a number of which regularly feature in Cash Generator's top performing league tables. "The franchise offering from Cash Generator struck a chord with me from the word go. Since investing in my first franchise store my team has worked very hard to establish a good business. By the time we reached our fifth store I was able to self finance the operation which meant I wasn't reliant on a bank to raise capital."
Dave admits that running stores simultaneously was challenging. but as he has put a team of management staff in place the operation of multiple locations has become far more streamlined and his own role in the business has changed. "I spent five years getting to grips with managing two stores before investing in a third site in Merthyr Tydfil," he recalls. "At that point I was able to appoint an Area Manager."
"As I have grown my network, with additional stores sited in Hereford, Cwmbran, Bristol and Kidderminster, the size of my set up has enabled me to take a step back from the day-to-day management of the stores and look at the business from a distance. Instead of being reactive I can fine-tune the business, look at where we're making the money and develop a strategy."
Outside of the business, Dave is able to devote a lot of free time to his passions for sailing his yacht, diving and snowboarding. However, with an experienced team of staff smoothing the successful operation of his stores, his focus is very much upon achieving continued growth. "We are now in the process of planning our eighth store, which we hope to open later this year," he confirms. "From there we'll open two stores a year. There is no limit on the number of stores we can open!
"Cash Generator has hit upon an excellent concept and I've found that all you have to do is keep to the proven system and success will follow."
Interview by Stuart Anderson