Franchise “Speed Dating”
I recently spent 3 days down in Florida at a franchise conference. Not just any type of convention as no investors/would be franchisee are invited… This is a special type of event for industry professionals where franchise brands and consultants “speed date”. Specific portions of time are set to focus on the bullet points of business models so consultants can absorb high quantities of important data and reaffirm assumptions.
Why do I attend? This is a fantastic opportunity for me to learn about new brands or simply reacquaint myself with details about brands that I already know. I am always open to learning and building relationships with franchise insiders.
But the real reason to attend? It continues to help my matching process. The main purpose of my consulting company is to help clients find strong business models that fit their skill set. The key to success in franchising lies in the franchisee’s ability to execute the business model. The simple question “Who makes the best franchises in your brand” may sound like a softball question, but there are deep truths that lie in those answers. Of course there are common themes… motivated… not afraid to roll up their sleeves.. etc. What I listen for is the transferable skills they seek.
I know these sound like buzzwords to throw around, but investing in a franchise is more than just mailing in a check and expecting success.
- Franchisors want to align themselves with the best possible candidates to drive the business model.
- Investors should want to look for models where their skills will be advantageous.
- When this match happens, there should be a higher probability of success.
Perhaps I can help you make a match?