Franchising Information, What It Takes. Part 1
Franchising: Knowing the Team
When franchisees decide to buy into a franchise, they should plan to be team players. Although everyone runs their individual business within the system, the health of each business affects the franchise as a whole. If you help a fellow franchisee, you help yourself in the long term.
Most franchisees realize that their peers are part of their support system. They look forward to getting to know the other franchisees. Yet every franchisee does not recognize the value of getting acquainted with the franchise CEO and management team. Some franchisees think that since they are operating at a different level in the franchise, they do not need to know the CEO.
Franchisees ’do’ need to know the rest of the team - including the CEO. Even if you only meet in person infrequently (although you really should do your best to make contact), the franchisee still needs to be aware of the company goals as well as the personal goals of the person at the top. Franchisees should assess this key individual in the franchise.
Questions to Ask about the CEO
•Will the person be there for some time?
•Will there be stability?
•Does this person have drive?
•Is this person a strong capable leader?
•What is their area of expertise?
Questions to Ask the CEO
•Do you plan on being in the organization for the next 20 years?
•Why did you choose this industry?
•What do you love about this company?
Of course, CEOs come in different personalities but, mainly, the franchisee wants to check if the CEO has a passion for their job. When it comes to the management team in a franchise, the longer they have been together, the better for the franchisee – and the franchise. A team of that type is able to provide an outstanding quality and level of service. It equally helps if the staff also shows a passion for their job (which is usually the case, with long term management teams). A management team resembles an orchestra - the longer they have been together, the better they can play for you.
Building a successful business requires a high level of synergy between the franchisor and franchisee. The vibes should be similar to a small family business (regardless of the size of the company) where the staff knows one another, and as well, they know the customers by name and the customers know the staff and the owners. Basically, the franchise system should have a comfortable and friendly feel - wrapped in a successful package.
Of course, not all management teams can have worked together for years (as in the case of newer franchises). Start-up conditions can make it difficult to keep staff and the franchise may be just hitting his stride. A franchisee can get a sense of the management team from observing the set-up and talking to other franchisees. If a positive synergy is present within the system, the franchise has a much better chance of success.
By
Richard Verkley
When franchisees decide to buy into a franchise, they should plan to be team players. Although everyone runs their individual business within the system, the health of each business affects the franchise as a whole. If you help a fellow franchisee, you help yourself in the long term.
Most franchisees realize that their peers are part of their support system. They look forward to getting to know the other franchisees. Yet every franchisee does not recognize the value of getting acquainted with the franchise CEO and management team. Some franchisees think that since they are operating at a different level in the franchise, they do not need to know the CEO.
Franchisees ’do’ need to know the rest of the team - including the CEO. Even if you only meet in person infrequently (although you really should do your best to make contact), the franchisee still needs to be aware of the company goals as well as the personal goals of the person at the top. Franchisees should assess this key individual in the franchise.
Questions to Ask about the CEO
•Will the person be there for some time?
•Will there be stability?
•Does this person have drive?
•Is this person a strong capable leader?
•What is their area of expertise?
Questions to Ask the CEO
•Do you plan on being in the organization for the next 20 years?
•Why did you choose this industry?
•What do you love about this company?
Of course, CEOs come in different personalities but, mainly, the franchisee wants to check if the CEO has a passion for their job. When it comes to the management team in a franchise, the longer they have been together, the better for the franchisee – and the franchise. A team of that type is able to provide an outstanding quality and level of service. It equally helps if the staff also shows a passion for their job (which is usually the case, with long term management teams). A management team resembles an orchestra - the longer they have been together, the better they can play for you.
Building a successful business requires a high level of synergy between the franchisor and franchisee. The vibes should be similar to a small family business (regardless of the size of the company) where the staff knows one another, and as well, they know the customers by name and the customers know the staff and the owners. Basically, the franchise system should have a comfortable and friendly feel - wrapped in a successful package.
Of course, not all management teams can have worked together for years (as in the case of newer franchises). Start-up conditions can make it difficult to keep staff and the franchise may be just hitting his stride. A franchisee can get a sense of the management team from observing the set-up and talking to other franchisees. If a positive synergy is present within the system, the franchise has a much better chance of success.
By
Richard Verkley
