Franchise Update Magazine Issue IV, 2012 | Page 53
able to attract the best crew possible to
represent themselves and the brand. Up
front, prospects should consider: What
are their expectations for their involvement in the business? What do they see
as a realistic work schedule?
What is their people plan? Who will
be involved in daily operations? Will
management be incentivized? What is a
good crew? How are you going to recruit
them? There must be a major focus on
the people plan.
The best and most valuable information typically comes from existing franchisees. Before approaching them, the
prospect should truly understand their
own strengths and weaknesses to see how
they line up with those of the franchisees.
Are they similar?
The prospect should speak with as
many franchisees as possible—single-unit,
multi-unit, successful, and challenged—to
begin understanding the common denominators. What do they like about being a
franchisee? What do they not like? Are
they satisfied with the franchisor? How
are franchisor/franchisee relations? Remember to speak with franchisees who
are new to the system as well as those
who have been on board a while.
The best discussions happen when
the prospect asks second- and third-
level questions. When a franchisee
answers a question, it is the prospect’s
duty to drill down to why the question
was answered that way. For example:
Are you happy with the franchisor?
Find out why, or what makes them
happy/unhappy. Then ask for real-life
examples and situations.
Unit economics/ROI is critical. Find
out if the franchisees are satisfied financially. Then, using second- and third-level
questions, ask if they are above or below
the system’s average unit volume.
My favorite question to ask a franchisee at the end of the visit: Would you do
it again? n
Grow Market Lead
“The best and most valuable information
typically comes from existing franchisees.
Before approaching them, the prospect
should truly understand their own
strengths and weaknesses.”
Think you’ve read it all?
Visit mufranchisee.com
for more content.
Turnkey, Interior Build-Out Program
F.C. Dadson works with you to get your locations open for
business quickly and cost-effectively. We coordinate the
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• Concept design
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• Permitting
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www.fcdadson.com
Franchiseupdate Issue I V, 2012
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