Do you have a succession plan in place for your business?
You’ve started a single-unit business and it’s going really well. You have a good team, the business is easy to manage and you feel like you have the secret sauce to branch out and start expanding into additional locations as a franchise system.
A good franchise model is built on some obvious things: a repeatable business model, valuable brand, solid business economics and the quality of your training and marketing. These are tangible things that can be measured - you KNOW if they exist, or not.
The freedom of owning a business and having more control over your economic future - it’s an appealing and ambitious thought for many people.
A few weeks ago we discussed a few of the top ways that franchisees can fail - most of which come down to not staying connected and following the franchise model. Today, we’re going to dive into a few of the key ways that franchisors can fail and hurt the future success of their business, as well as their franchisees.
I was recently asked to participate in the IFA’s Marketing, Operations & Development (MOD) Virtual Conference as a panel discussion moderator. The topic was Making Peer Groups More Effective to Support Franchisees, While Adding Long-Term Value.
If you’re a franchisor or multi-unit operator, you’ll want to check out the new article I wrote for LeaseCake. It’s a cautionary tale about what can happen when a busy franchise organization doesn’t have the systems and tools in place to manage their locations effectively - and the important details that can slip through the cracks.
Are You Ready to Make the Move From Founder to CEO?
There is an unseen phenomenon in businesses where the Founder - who worked so hard to start and build the company - suddenly becomes a roadblock to its future success.
Last month, we dove into the chaos of the COVID-19 CoronaVirus outbreak business shutdown and shared some ideas and tips to help franchise business owners. Much has happened in the past few weeks, and now I want to share ideas on taking steps to get ready for what’s next.