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22 08, 2018

The Franchise Manual Podcast – Episode #18 – Franchise Development 101 (Sales)

By |August 22nd, 2018|Franchise Development, Franchise Lead Management, Franchise Recruitment, Podcast, Uncategorized|Comments Off on The Franchise Manual Podcast – Episode #18 – Franchise Development 101 (Sales)

Mike Pollock give us tips on how to build a franchise development system for your franchise. But it was more than just that because we also talked about how to take a warm lead through the process to close the deal.

Time Stamp
Mike Pollock Intro – 00:00:40

Segment 1 – 00:03:15
Get to know Get to know Mike

Segment 2 – 00:22:10
Topic Segment – Franchise Development 101 (Sales)

Segment 3 – 01:18:40
Quickdraw Questions

Topics discussed in this episode:

How to set up an efficient process for franchise development

  • Brand Overview Presentation (45 minutes to 1 hour long)
  • Develop a solid franchise prospect application that focuses on:
    • Background
    • Financial situation
  • Have the Unit Economics Call
    • FDD introduction call (15 minutes)
    • Unit Economics (45 minutes)
    • Receive signed Item 23 (Proof of receipt of FDD)
    • Password
    • Validation instructions
  • Validation Debriefing Call
  • Discovery Day
    • Brand Overview Review
    • Meet the Team
    • Lunch and dinner are the best opportunity to visit with prospects
    • Field Visits
  • Voting Process

It is best to have multiple prospects attend a discovery day (between 4 and 5)

If you are going to hire a company such as FranLift to manage the franchise development process, then it is best to get them involved earlier rather than later.

Have a marketing budget set aside in advance. It typically costs between 8K and 15K to bring 1 franchisee in the door.

Mike Pollock
FranLift Franchise Experts
mikep@franlift.com
214-551-0261

Kit Vinson
FranMan Inc. (Franchise Manuals)
Kit.vinson@franman.net
214-736-3939 x1

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27 04, 2017

The Franchise Manual Podcast – Episode #14 – Building a solid, emerging franchise model

By |April 27th, 2017|Franchise Development, Franchise Lead Management, Franchise Recruitment, Franchising Basics, Podcast|Comments Off on The Franchise Manual Podcast – Episode #14 – Building a solid, emerging franchise model

Pete Baldine talks about how to build a solid, emerging franchise model. It is a very broad topic, but the episode is filled with great ?take-aways? and is a must-listen for any emerging franchisor.

Time Stamp

Segment 1 – 03:01

Get to know Pete Baldine

Segment 2 – 33:58

Topic Segment – Building a solid emerging franchise model

Segment 3 – 01:12:32

Quickdraw Questions

Topics discussed in this episode:

  • Establish a solid, proven model
    • Running a business and being a franchisor are completely different
    • Prove the model by establishing good unit economics so you can develop a solid story of success
  • Be capitalized well enough to build proper infrastructure and support new franchisees
    • New franchisee training
    • FDD / FA
    • Ops manual
    • Ongoing training programs
  • Stage One franchise system growth – friends and family
    • Support friends and family franchisees and make them successful
    • Search your existing franchisee base for success stories and duplicate them
  • Stage Two franchise system growth – professional candidates
    • Successful franchise sales requires a solid process
  • What is a new franchisee worth – what are the costs
  • The importance of establishing trust
  • How to evaluate prospective franchisees candidates
  • Don’t bury your franchisees with validation calls
    • How to manage the franchise validation process
    • Validation conference calls
  • Listen to franchisees and build support program around that
    • Supporting single-unit operators versus multi-unit operators and area developers
  • Don’t grow faster than you can support your system
  • Tracking Validation
    • Communicating / Coaching franchisees before the validation call
    • “Download” meeting with prospect after the validation call
    • Evaluate how well candidate assesses information from validation call

Pete Baldine

Moran Family of Brands

pbaldine@moranbrands.com

708-297-2240

Kit Vinson

FranMan Inc. (Franchise Manuals)

Kit.vinson@franman.net

214-736-3939 x1

Find this podcast on:

10 10, 2016

The Franchise Manual Podcast – Episode #10 – Psychographic Analysis for Franchisors

By |October 10th, 2016|Franchise Development, Franchise Recruitment, Franchisee Profiling, Podcast|Comments Off on The Franchise Manual Podcast – Episode #10 – Psychographic Analysis for Franchisors

zoracle Rebecca Monet of Zoracle talks about how to utilize Psychographic Analysis, or personality profiling, to assist in franchisee selection and help franchisors select franchisees who will more likely fit into the corporate culture and who are more likely to be the best performers in the system.

Time Stamps
00:02:33 – Segment 1 – Get to know Rebecca
00:21:06 – Segment 2 – Psychographic Analysis for Franchisors
00:50:30 – Segment 3 – Quick Draw Questions

Segment 1 – Get to know Rebecca
Recorded on at the Franchise Expo West, Denver Colorado
Born in Au Switzerland
She is NOT related to Claude Monet
Grew up speaking High German (Swiss German) in the house. Lived on a dairy farm as a child. Parents were Baptist missionaries.
Moved to the United States when she was 14 years old.
Moved to California in 1984 as a single mother to seek her fortune.
Founded her first business in 1994, Noodle Metrics
Co-founded her second business called Proven Match in 2009
Founded Zoracle Profiles in 2013

Segment 2 – Psychometric Assessments for Franchisors
How franchisors can use psychometric assessments to improve franchisee performance.
To a franchisor, granting a franchise is very much like getting married, with very little courting in order to “get to know” their partner.
Personality style questions are not used at Zoracle because there is less than a 3% correlation between personality and performance.
The science of the process is not in the questions themselves, rather how the participant orders certain words into a hierarchy of preference that is weighted on the back end. This gives clues about motivation, drive, and the decision making process of the participant.
The psychographic analysis is not fool-proof but there are mechanisms in place to report out inconsistencies in the answers of the participant.
Startup franchisors with no existing franchisees can still benefit from a psychographic analysis tool.
A psychographic analysis tool will help a franchisor in the following ways:

  • Faster ramp-up
    • Better quality franchisee and faster ramp-up
  • Better validation
    • Greater franchisee satisfaction, better validation and less litigation
  • Reduced cost to support
    • Reduced cost to recruit, support and train franchisees
  • Greater retention
    • Stronger franchisee compliance and retention
  • Increased performance
    • Increased franchisee performance and profitability

Segment 3 – Quick Draw
Rebecca’s favorite book – The Autobiography of Benjamin Franklin
PC and iPhone
Doesn’t watch TV – doesn’t own a TV
Working on her master list of movies that her friends helped her create in order to learn more about Americana culture.
IFA – Dentate YES!
Hobbies: golf, painting, cooking
Dog person: Bernese Mountain Dog
She used to be a car collector – 1967 Cougar
In a time machine, she would go to 1955 when cars were sexy
She has wanted to be a psychologist her entire life

Rebecca Monet’s Contact Information

Kit Vinson’s Contact Information

Books Mentioned in the Episode:

  • Autobiography of Ben Franklin
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