Young Ones to Watch: Elliot Smith, Franchisee of Take 5 Oil Change

Elliot Smith, 29, graduated college in 2013 with a Bachelor's degree in accounting and finance. Shortly thereafter, he began working at CliftonLarsonAllen, where he spent five years in various positions, working his way up to manager. Then, in August of 2018, Smith and his friend-turned-business partner, Andrew Morrison, quit their jobs and began the search for a new business opportunity. The two came across Take 5 Oil Change’s franchising opportunity in an internet posting and decided to give it a shot. Smith and Morrison, 27, signed their Take 5 franchise agreement in November 2018 and are on track to open their first location in Zionsville, Indiana, at the beginning of 2020. 

1851 connected with Smith to learn more about his journey from the accounting world to becoming a Take 5 Oil Change franchisee at the fruitful age of 29. 

1851: What initially drew you to franchising? 

Smith: Andy and I quit our jobs in August of 2018. We were looking for a business to acquire and operate, and to be honest, we weren’t really looking for a franchise initially. We then randomly came across Take 5 through an online posting and from there, we started talking to the team. As we learned more about the opportunity with Take 5, we became more and more intrigued by it, and knew it was the type of business concept we wanted to invest in. 

1851: Where do you see the most opportunities in franchising and why are you excited about the future of the industry? 

Smith: The one thing [Andy and I] liked about franchising in general was the opportunity to run our own business; to start from the ground up and develop our own people and culture all while still having that proven business model of success. That, paired with the marketing and operational support you receive from corporate, proved to be a very enticing opportunity for us. 

Franchising has the best of both worlds: An entrepreneurial feel to it, with a proven track record of success from other franchisees before you. Franchising also helps mitigate a lot of risk, especially financially, because you are following a model that has been shown to work.  

Take 5, specifically, has a really cool value proposition to customers—they like the speed and convenience of our service, so we’re really excited to bring that to the Indiana market. This industry provides something that people will always need. 

1851: What advice do you have for other young up-and-comers in the space?

Smith: When you first come across a brand, it’s easy to get really excited about it, which is good, but I think it’s very important to take a step back and perform your due diligence surrounding it. Think about all the aspects of the business and how/if you are going to be able to make it work. Being excited about the opportunity is good, but you have to understand how each aspect of your business is going to work in order to be successful. 

1851: What advice would you give your younger self? 

Smith: The advice I would give to my younger self is to just get into the business earlier. We are about one year in right now, but I’d honestly like to be about three or four years in. It’s a great business opportunity and we are really excited about it, but development and everything that comes with it is a challenging process. It does make us excited for the future and what’s to come. 

1851: Who is someone you look to for inspiration?

Smith: I really look to my partner Andy for inspiration. He holds me accountable and makes me a better businessman, and really even makes me a better person in general. He holds himself to a high standard, which makes me want to do the same for myself, so it works well for our business.