Andy came down to Florida in 1995. While looking to buy a business, he encountered a company named Transworld Business Brokers. He continued his search for a business, but was offered a position at Transworld as an agent. He joined the company and quickly became one of South Florida’s top performers.
Now over thirty years old, Transworld is the number one business brokerage in the State of Florida and a nationwide Franchisor. They have currently over 100 business brokers in the organizations and have over 1500 businesses for sale. They also have 40 franchisee’s in the US and one in Canada.
His signature event “Andy’s Family Pasta Dinner” is in its 10th year and has raised well over $200,000. He is father to two. Rachel, Lauren and his wife, Allison are Hollywood residents (Allison since 1970, Andy since 1994).
FranchiseExpo: Tell us about the TRANSWORLD BUSINESS ADVISORS concept.
Andrew Cagnetta: TBA is a 30 year old company that is the # 1 business brokerage firm in the United States. We began to offer franchises 1 ½ years ago after successfully building and growing the business corporately for years. This is a great business model because the business brokerage industry is normally very fragmented, and for the most part, terribly under represented. Think about it, if one wanted to sell their existing business, who do they turn to? We all know if we wanted to sell our home, we would contact a number of realtors who are well known such as Century 21, ERA, etc. But if you ask anyone to recommend a business broker, nobody knows. What we do is match buyers with sellers and make a good commission in the process.
FE: How and when did you become involved with TRANSWORLD BUSINESS ADVISORS?
AC: I have always been an entrepreneur and have started and owned my own businesses over the years. I grew up in the northeast part of the U.S. and my wife wanted to move to Florida because she had family living there, and, the weather is fantastic. I was looking to start or purchase another business in Florida and that’s when I was guided by a colleague of mind to contact TRANSWORLD BUSINESS BROKERS as that was the name of the company at that time. I visited their offices in Ft. Lauderdale, Florida to meet with them about helping locate a suitable business that matched my talents and goals. After meeting with the owner of the company and going through their process, I was greatly impressed with their team and process and it made me look at the business brokerage industry over all. Well, the industry that really matched what I was looking for was business brokering and the company that intrigued me was TRANSWORLD. So, I made another appointment with the owner and made him an offer to buy his company, which I accomplished. That was 20 years ago! I expanded the business into the largest business of its kind in the U.S. to include 80 broker agents that work for me today. It was not until I met with Ray Titus, CEO of UNITED FRANCHISE GROUP also based in South Florida, that I became very interested in turning my business into a franchise opportunity. We formed a joint venture and turned TRANSWORLD BUSINESS BROKERS into TRANSWORLD BUSINESS ADVISORS. Today, in addition to my 80 agents, we have awarded 60 franchise licenses for various markets around the country, and we are also in the process of awarding “master licenses” for development of Canada and Central America.
FE: What was your background prior to joining TRANSWORLD?
AC: Serial entrepreneur. I had a restaurant, import / export business and a service business.
FE: What are some of the advantages in being a TRANSWORLD franchisee?
AC: Short answer, terrific support and world class training. There are of course many benefits, but training and support are our strengths.
FE: Who is your ideal franchisee?
AC: Great question. I would say that our business is certainly not meant for just anyone. If a person has great people and diplomacy skills, attention to detail skills and can follow a proven system and desires to be part of a winning team, than this could possibly to the ideal business opportunity for them.
FE: Tell us a little about the business brokerage market?
AC: The industry is severely under represented. An many of the people that are in the industry are not professional. That leaves a fantastic void waiting to be filled. This is what I realized some years ago myself and why I bought the company.
FE: What are some of the greatest lessons you’ve learned in growing this franchise?
AC: That our success depends on putting the right people into the business. We know that the industry is a great industry and that it holds tremendous opportunities for years to come. The challenging part for us as a franchise organization is to associate ourselves with individuals that enhance what we have started and to build on this legacy. You need good team players to create a winning team.
FE: Do you have a mentor and is their someone you use for inspiration?
AC: Yes, I personally believe that everyone needs a mentor to sustain inspiration. Certainly my parents were excellent role models for me and instilled a number of traits that I carry with me today. My wife is my best friend and a source of inspiration. I would also have to say that our many talented franchisees and brokers within the TRANSWORLD family are also a source of inspiration for me. We have some excellent individuals who represent our company in a very professional manner and I am proud of them.
FE: What advice do you have for someone looking to acquire a Franchise?
AC: Do your research. As I did years ago looking at TRANSWORLD, visit the company’s corporate offices and meet their team. There is nothing that can replace this step and it will reveal a great deal about their character, passion and support.
FE: In your opinion, why do you think that TRANSWORLD would be a great opportunity for someone?
AC: Well, if a growth industry is important to one, this is it. If you like to work for yourself, but yet, have the security of a solid company for support and training, than TRANSWORLD BSUINESS ADVISORS could be the ideal business for you.