I am/was a HoReCa franchise consultant for years. The hard part is not explaining the advantages, is calibrating expectations. A franchisee puts his trust in you thinking he gets freedom with counsel. Understanding the brand requirements and limitations is key and should be upfront, otw the gap between the entrepreneur’s dream and the brand guardian grows exponentially 😎
"You are never making your first major business decision completely alone" was true for me across three brands in 15 years, with one caveat: the quality of that room varies wildly by system. One of my peer networks would pick up the phone at 10pm; another brand's "support" was a royalty invoice and a portal login. Buyers should diligence the franchisee network as hard as they diligence the FDD.
I am/was a HoReCa franchise consultant for years. The hard part is not explaining the advantages, is calibrating expectations. A franchisee puts his trust in you thinking he gets freedom with counsel. Understanding the brand requirements and limitations is key and should be upfront, otw the gap between the entrepreneur’s dream and the brand guardian grows exponentially 😎
"You are never making your first major business decision completely alone" was true for me across three brands in 15 years, with one caveat: the quality of that room varies wildly by system. One of my peer networks would pick up the phone at 10pm; another brand's "support" was a royalty invoice and a portal login. Buyers should diligence the franchisee network as hard as they diligence the FDD.
Great feedback Jay, and spot on! Thank you for adding to the conversation.