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 complete store package including brand compliance and construction-related activities along with fixtures, graphics, signage and other opening supplies. Use the whole program or just what you need including: • Concept design • Architectural drawings • Fixture manufacturing • Construction management • Logistics & installation • Space planning • Permitting • Fulfillment & décor • Graphics & signage Call Larry Myer at 800-728-0338 x110 www.fcdadson.com Franchiseupdate Issue I V, 2012  51