So we’ve finally made it to the stage in your journey where I get to make introductions. This is a very exciting step, but it can also be intimidating to start sizing up potential franchisors face to face. To help this process go smoothly, let me tell you a little about what you’re about to get into.
Before you hop on a plane to see the franchise in action and wine and dine your future partners, there will be some preliminary dialogues. Franchise development managers will soon contact you to set up a time for your first conversation with them, where they will tell you more about their business, outline the discovery process, and begin to answer your questions. Remember that you are not alone! I will work with you throughout this process, providing you with tips and tools for each step, and supporting you as you interact with franchise development managers and the franchisees. I will preserve your credibility with any of the franchise companies that I introduce to you, but I also need your help and honesty. If at any point you wish to discontinue or put on hold your conversation with a company, let me know, and I will take care of it for you.
I hope you’ve picked up on the few times that I’ve mentioned this process is a dialogue, not a monologue. Just as you want to find the right fit for your next business venture, the franchisor is seeking the best people to partner with for their brand to move forward. This is very much a 2-way street. This relationship is not adversarial and in many cases you’ll find, especially in the beginning, that the franchisor isn’t trying to “sell” you a thing. They want to educate you on their brand, to simply determine if you are interested in taking next steps. Think back to those time-honored and beloved interview questions here. Ask things like, “where do you see this franchise system in five years and what steps are you taking to reach those goals?”, and “what are the strengths and weaknesses of this franchise?” And when it’s your turn to answer their questions about your background, do so to the best of your ability. Take diligent notes. If this occurs over a video meeting service, ask for a copy.
If all goes well on both sides of this first conversation, you’ll most likely be invited to a Discovery Day. This is a critical step, and for most prospective franchisees this is the moment you will decide whether or not to pull the trigger and join this business. Therefore, the stakes are high for both franchisee and franchisor here. Expect a full day (or longer) of meetings and activities that will allow you, along with other prospective buyers, to imagine your life as a future franchise owner in this system. Lately, many franchises have transitioned to completing these important days online, but some still invite the potential franchisee to visit a functioning franchise location or headquarters. This also acts as proof of the prospects’ level of commitment to learning about the company. Some of my best tips for Discovery Days are to make sure your own ducks are in a row before you go, get ready to assess the corporate culture of the business you’re visiting, do your research before you get to this penultimate point in your journey, and get ready to put your best foot forward with some good questions. Hopefully we discover that you’re a great fit for the franchise!
I love getting to this stage, because I get to see the people I help get genuinely excited and serious about their future. If this type of experience sounds interesting to you, I’d love to chat. Send an email my way!