I’ve been working closely with a franchise company to implement a process that while important and very beneficial, is going to create some work (and a little difficulty) to put into place.
If your planning strategy mirrors many franchise organizations, you probably completed the majority of your annual planning before the year even began - hopefully with enough detail and accountability to ensure it’s implemented effectively. And while much of the planning I’m involved in through my Board work is at the franchisor level, it’s just as important for smaller franchisees to plan, too. In fact, the yearly planning process can provide a unique opportunity for franchisees and franchisors to collaborate and create a planning process together. When I was with Cost Cutters and City Looks, for example, we included a support team from the corporate office that would sit down with the owners and review their business information. Together, they’d review each unit to find out the following:
Last week I had the pleasure of speaking at the 5th Annual “Franchise Capital Exchange” in Chicago. In a presentation titled, “What Makes a Deal Attractive,” I spoke to the group about my own experiences as both an investor and a franchisor. My goal was to help them understand how to make themselves attractive to the other party – and invite deals that could potentially take their businesses to the next level.
