‘How Do I Franchise My Business‘ Is A Critical Question. BUT SHOULD NOT be The First Question.
Franchising A Business? Investigate First Via True Feasibility.
How to franchise a business is not the first question to ask. The right first question is: ‘SHOULD I franchise my business?’
Prospective franchisors are usually successful and gifted entrepreneurs. They know business and they know how to make decisions. But the franchise industry is peculiar industry unto itself. And rules that these entrepreneurs live may not be in sync with franchising. Franchising is a tricky format even for the most savvy business owner.
How To Franchise A Business Depends On Who You’re Asking
Franchising a business is similar to completing a jigsaw puzzle. All the pieces must be present and they all must fit together perfectly. But what are the franchise pieces and how do they fit together? If a someone hasn’t done it before then it’s guesswork. And the answers one receives will depend upon the source.
Franchise consultants come in varying degrees of expertise, aptitudes and conscience. In some cases a piranha is found. Ask that consultant how to franchise your business and you’ll hear chattering teeth encouraging you to move fast because you have a ‘great concept and a natural born franchise.’ Of course, your bank account and good name may be quickly eaten as well. Franchisor failure is common.
Here’s truth in advertising. If you engage us, and either you or your business are not good candidates for franchising, after careful analysis and discussion, we’ll tell you. And we’ll give you the reasons why. To a trained, honest eye, the obvious is obvious.
If your concept is a quality candidate for franchising, we’ll work to help you discover that truth. And if you, not us, decide to move forward, we’ll do our very best to watch over you, teach you and help make you successful.
Franchise Feasibility Not Compliments
We were the first consultancy to insist on a true feasibility. Now others talk about feasibility, but when you look closely, it’s more sales in disguise. We’ve never encouraged a client to franchise a business, but we’ve often advised against it. Again, it’s not about ‘how to franchise a business’, but ‘should it be franchised?’
Potential franchisors appreciate our thoughtful approach to the subject. Salesmanship and compliments can effect even the brightest of business people when it comes to their baby, their business. You’ll feel it.
The Franchise Disclosure Document (FDD)
Specific legal documents are required to comply with federal (and many state) laws. Franchisors tend to dislike this intricate and expensive part of the business, but we see the FDD as the backbone of the franchisor’s statement. We’re a proponent of showing it off rather than downplaying it. For more on regulations read here.
You’ll Mentor Franchisees. We’ll Mentor You.
When franchisors are wrestling with problems that can be solved with a mentor, they’re wasting valuable time and doing franchisees a disservice. Develop a friend who knows you and your business so you can sleep at night and grow your system. Clients appreciate such a relationship.
For Those Making A Comeback
Franchisors stall or never get off the ground due to concept, planning, services or relationships. If you’re loosing or stuck in neutral, you have three choices: jump ship, ride it down, or solve the problem. If you call us, we’ll evaluate and help create a new plan if possible. Many can be saved. Many others should have never franchised.
Franchising A Business Demands Strong Relationships
We understand franchise relationships and best practices. The onset of hard feelings between a franchisor and franchisees is a nightmare. If that’s the case we can establish calm for a new conversation. All parties want to get back to business in peace without litigation where possible.
Based on my experience with different franchise consultants, the Bibby Group’s approach is unparalleled. They understand the importance of the human element in franchising, and tailor their work accordingly. There is simply nothing ‘boilerplate’ about their approach. That was truly evident when I realized that the advice we were given initially created fundamental problems in our program and finally needed a different kind of advisor. Bibby Group came in, broke down our system, identified the holes, and very effectively changed our program from the roots up. They threw out the “boiler plate” and affected a program that was ‘us’. We have a trusted friend and advisor – and we are growing our franchise network. Jason Puleio, President, The Barker Lounge